Category: Utility Tokens

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New technology is set to revamp 4500-year-old board game

Categories Blockchain, Technology, Tokens, Utility Tokens

New technology is set to revamp 4500-year-old board game

“Go” is one of the oldest board games in the world. An abstract strategy game for two players, the aim is to occupy more territory than the opponent in the shortest amount of time, and as of 2015, there are over 40 million Go players in the world.

Whilst the rules seem easy, the game itself is extremely complex in the same way that Chess is, but Go has a much larger board with a lot of additional room for play and as such it is a lot more difficult.

A blockchain version

The current world champion of Go is a South Korean called Lee Sedol who became the fifth youngest national to become a professional at the age of 12. Now, he is widely considered to be one of the best and most skilled players in the world and he has turned his attention to creating a blockchain version of his beloved game.

In 2016, Sedol lost to AlphaGo a Google AI which was able to beat not just him, but French Go player Fan Hui. Now, two years later, Sedol has announced that he will be launching a blockchain version of the game which will be known as “GoBlock” and will be created with the assistance of the Korea-basd The Blockchain Inc.

The Blockchain Inc was designed to assist users in navigating the world of cryptocurrency, and it also manages CoinUs which is a website due to release a wallet and a device that will facilitate offline digital asset storage.

A global league

Once GoBlock is launched, players based in China, Japan, and South Korea will be able to partake in a global, professional league, but this is not all that Sedol has planned. He has also spoken about his desire to create an awards system that will benefit everyone from viewers to players and advertisers. The platform is anticipated to include both amateur and professional leagues, as well as providing training for beginners.

“I was drawn to the blockchain technology due to decentralization and transparency features. If blockchain technology and the token economy are applied to Go game, it will be able to expand the game’s ecosystem and bring about unforeseen changes to the game’s ecosystem,” said Sedol.

GoBlock will be built on the Ethereum network and tokens will be issued to support leagues, game players, and even match records. After a few years of uncertainty, it seems that blockchain has finally managed to make a dent in the gaming industry with games such as CryptoZombies and CryptoKitties making some serious waves.

 

Interested in ICOs Legislation in Malta? Contact us directly on +356 20103020 or by email at [email protected] to find out more.

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Is Amazon about to launch virtual payments?

Categories Blockchain, Cryptocurrency, Technology, Payments, Bitcoin, Tokens, Wallet, Utility Tokens, Security Tokens, Ethereum, Ripple

Is Amazon about to launch virtual payments?

Rumours have been swirling for months that e-commerce giant, Amazon is set to launch its cryptocurrency payments. Earlier in the year they purchased a range of crypto-themed domain names such as amazoncryptocurrency.com and amazonbitcoin.com which just fuelled the reports further.

Now reports from an anonymous software engineer have been circulating on Reddit stating that Amazon has been talking about accepting Bitcoin payments and that the only reason they haven’t done it yet is due to issues surrounding refunds and volatility.

There have also been talks of them offering blockchain solutions through their AWS Blockchain Templates which can be used to launch an Ethereum of Hyperledger Fabric network in a matter of moments. It has also been speculated that they are creating their own cryptocurrency. In fact, they created one back in 2013 called Amazon Coin but it never took off due to the fact it was not based on any blockchain technology and could only be used on the Amazon platform.

Whilst the tech and e-commerce giants have not revealed anything about accepting crypto or developing blockchain tech over the previous months, they have made some interesting moves during the last few weeks. An Amazon subsidiary “Amazon Technologies Inc” recently issued a patent for a data streaming marketplace which allows clients to view crypto transaction data as it happens. It is designed to function like a crypto stock trading portal with real-time updates.

The patent states:

“A group of electronic or internet retailers who accept Bitcoin transactions may have a shipping address that may correlate with the Bitcoin address. The electronic retailers may combine the shipping address with the Bitcoin transaction data to create correlated data and republish the combined data as a combined data stream.”

Whether they will do something more concrete to move forward in the space remains to be seen but what we do know is that they are interested in dallying with the technology and its implications. The fact that crypto and bitcoin has even been recognised by Amazon is a big step forward and a vote of confidence for the sector.

 

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

 

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Why are white papers important for DLT companies?

Categories Blockchain, Cryptocurrency, ICOs, Smart Contracts, Technology, Tokens, Utility Tokens, Security Tokens, White Paper

Why are white papers important for DLT companies?

White papers have always been a very effective way of marketing and promoting virtual currencies. Back in 2008 when Bitcoin first launched, it was marketed through its own white paper that was said to be penned by Satoshi Nakamoto. Since those early days, almost every project on the market has been introduced via a comprehensive white paper, and now, in some jurisdictions such as Malta, this is actually a legal requirement.

Now, when the developer of an ICO is considering marketing, they have much more advanced methods at their disposal such as webinars, social media, and animated presentations. This does not mean, however, that the importance of a white paper should be discarded.

The purpose of a white paper

A white paper is a definitive guide to a project that gives the investor all of the information they will need to make a decision whether to invest or not. The main aim is to present a problem that exists within a particular sector, and then explain how the developer and the project will solve it.

The paper will also incorporate the philosophy of the company including its rationale for why it is needed a well as clearly illustrating how the model will make money.

A white paper needs to share the following information about the business:

  • The long-term goals of the company and the vision of the project
  • A problem that exists within a particular sector or market
  • A solution to the problem
  • Information on the founders, ambassadors, advisors and anyone else involved in the project
  • Information about the business
  • Technical information about how the problem can be solved
  • The tokenomics of the ICO itself

Why is a white paper important?

The truth is that very few companies will be able to hold a successful ICO without a good white paper to present with it. This paper needs to explain the scope of the project in detail but also in a way that is accessible and understandable. By creating a document that can be freely distributed, it can reach those that may not have access to a webinar or conference.

A serious investor is not going to waste time and money investing in a project that lacks the basic information on its technology. The same idea applies in presenting information to the developers and the founders of the project.

If there is no white paper, or the white paper is badly written or missing key information, most will assume that the ICO is not legitimate and it will raise a number of red flags.

How to create your own white paper

But writing a good white paper is not easy as the author has to strike a careful balance between legal compliance, being technical but accessible, and providing all of the information required in a way that is easy to read and interesting. In most cases, it is not something that a developer can write in a couple of days- it requires the input of a professional.

At E&S Group we are able analysed your white paper with the appropriate format and technical details needed.  Our team of lawyers, marketing experts, writers, and ICO specialists are on hand to ensure that your white paper ticks all of the right boxes and will be of interest to all of the right people. Send us an email on [email protected] or by telephone on +356 2010 3020

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How DLT can provide a good global payments solution

Categories Blockchain, Cryptocurrency, ICOs, Technology, Cryptocurrency Exchange, Tokens, Utility Tokens, Security Tokens

How DLT can provide a good global payments solution

The debate continues to rage regarding the potential benefits of blockchain technology and their role in improving the world of international payments.

At the moment, this is a business where many different parties need to reach a consensus in order to route payments, execute currency conversions, and manage liquidity in different jurisdictions. All of these are subject to volatility, change, and regulatory constraints.

The complexity of existing payment networks

One of the big issues that blockchain is capable of solving is the actual complexity of the payments network due to the inherent fragmentation of the financial industry itself. This makes it very impractical for individual banks or financial institutions to deal directly with any other banks in the world.

For example, when a bank receives instructions to make a payment from a client, it needs to first find a correspondent bank that is willing to accept the clients’ funds before terminating the payment locally at the receiving bank. In order to do this, the correspondent bank needs to have a nostro or vostro account with the receiving bank that has enough pre-funded liquidity to complete the payment on the client’s behalf.

The receiving bank has absolutely no way of verifying the incoming transfer from the correspondent bank, rather they correspond to the client that set the moment. That is why a SWIFT message is required from the sender so that the receiving bank is able to understand the purpose of the incoming funds and carry out any AML or due diligence on the payment.

Each party that is involved in this process has a different ledger which means they do not share one, single version of the truth. The communication between these parties is slow and error-prone and can often rely on manual interventions by staff in the bank. In addition to this, someone needs to perform a currency conversion and all parties are responsible for managing liquidity levels at nostro/vostro accounts.

The idea behind blockchain is that it aims to offer the single version of the truth which is missing from the current banking system.

Smart contracts and blockchain

A smart contract-enables blockchain to provide a single ledger and transactional engine where balances can be both maintained and transacted upon this means that payments can exist as a single, common digital object that makes reconciliation totally redundant.

Through the use of smart contracts, all involved parties cannot only register their tokenised payments and funds, but they are able to lay down the rules applying to every step of the payment process. This will significantly eliminate errors and misunderstandings, whilst increasing transparency and audibility. Everything exists on the same ledger with the same smart contracts and there is no risk of tampering or fraud.

Most of these decentralised solutions that are being proposed focus on improving the payment process through digitisation and creating single, digital representations of payments that can enforce transactions on proprietary ledgers. This is a significant improvement on the standard message-driven payment processes we use at the moment.

The problem is that an issue arises when we try to scale such systems, especially when large payments are issued by corporate clients.

Overnight, fast payments have a reliance on pre-funded nostro accounts so everyone knows that the correspondent bank has the funds to terminate the payment. Whilst these accounts then need to be rebalanced over the course of the day, large sums of money need to be moved through the central bank. Once again, this is a cumbersome, slow and error-prone process, especially when compared with real-time transactions that blockchain claims it can deliver.

Digitally native tokens

The idea of having digitally native tokens that can function as a store of value within the ledger where the payments, commercial bank balances and nostro balances are stored is a revolutionary solution. These tokens can then be used to exchange liquidity between liquidity providers and markets within seconds.

This means that it is possible to also implement token based secondary markets for liquidity exchange which then enables liquidity providers to trade with each other much easier and quicker. By using tokens and smart contracts, users can even post unused liquidity in certain jurisdictions as collateral to borrow liquidity in places where it is needed.

These tokens will need to be universal and able to support the liquidity of today’s currency markets which amount to around $7 trillion per day.

The Utility Settlement Coin project comprised of Santander, BS, Deutsche Bank, Bank of New York Mellon and others, are working on an initiative where a tokenised, digital central bank currency will be created to help overcome issues within the process.

These initiatives show a positive approach to the idea and also aim to improve liquidity management for commercial banks and market makers. As the ideas continue to develop and flourish, many believe that they will become a leading enabler of the decentralised, tokenised economy that much of the world is talking about.

 

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

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Why Vitalik Buterin was right about centralised exchanges

Categories Blockchain, Cryptocurrency, ICOs, Utility Tokens, Security Tokens, Ethereum, Exchanges

Why Vitalik Buterin was right about centralised exchanges

Vitalik Buterin, otherwise known as the founder and creator of Ethereum is without a doubt one of the leading figures in the world of cryptocurrency and blockchain. Whatever he says and whatever he does, it gets investors and the media talking and his latest opinion is on centralised exchanges.

Not one to mince his words, Buterin was quoted as saying that he hopes centralised exchanges “burn in hell”. Whilst his response may seem extreme, when we consider his arguments in this regard, they do tend to make sense. His main argument is that centralised exchanges hold pretty much all of the power when it comes to determining which cryptocurrencies are successful and which ones are not.

A centralised monopoly

He is right- when a major exchange lists a new coin, it tends to grow in value almost immediately regardless of how “good” the coin is. Centralised exchanges have created a situation where only the coins that they like and that they want to list, are able to grow. This is not a healthy situation and furthermore, it completely goes against the grain of the point of cryptocurrency- decentralisation. Without centralised exchanges holding such a monopoly on the sector, the chances are that BTC would not be the leading currency in the market and perhaps something else would have pipped it to the post. This is due to the fact that the market volumes around other cryptos would increase as well, based on their technical capabilities.

An unhealthy amount of power

But this is not the only reason Buterin hates centralised exchanges- they also have an unhealthy amount of power over customers. In the recent past, we have seen instances where some centralised exchanges raise the minimum withdrawal fees for their clients meaning that some clients are not able to withdraw at all. This has resulted in a situation where the customer’s money is being held against their will, but there is very little that the client is able to do about it. This is a level of power and manipulation that is completely unfair and goes against the whole idea behind cryptocurrency and blockchain technology. The power that centralised exchanges have over crypto is pretty much exactly the same as the power that centralised banks have over their customers. Cryptocurrency is supposed to be about returning the power to the people, but this manner of controlling crypto is very far from it.

 

Are you looking for ICO Legal Advice? Click this link to know more.

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First two-way decentralised currency ATM installed in Malta

Categories Blockchain, Malta, The Blockchain Island, Bitcoin, Tokens, Wallet, Utility Tokens, Security Tokens

First two-way decentralised currency ATM installed in Malta

Each day, a new development seems to just further cement Malta’s position as the ‘Blockchain Island’.

In an announcement by, Moon Zebra, an ATM firm that allows its users to buy and sell cryptocurrencies using fiat currency, installed the new machine at their Malta office. Through moon Zebra’s collaboration with local Bitcoin maximalist and the co-founder for Bitcoin Club Malta, Leon Siegmund the purpose of the ATM is to promote a greater public interest in crypto amongst the general public.

Siegmund stated:

“When I moved to Malta two years ago, there was not much happening regarding Bitcoin and decentralised ledger technology. But within just 2 years, and thanks to the collaborative effort of many individuals, something very special has happened…and after much blood, sweat and tears, we are happy to launch.”

The new cryptocurrency ATM will give users the ability to buy, sell, deposit, and withdraw cryptocurrency in the same way that a traditional ATM works. Customers can deposit fiat currency into the ATM, enter their wallets public key and have the cryptocurrency of their choice sent instantly.

“Users can also convert crypto back into fiat with the two-way ATM. It also gives people the ability to bypass exchanges and – on some levels- crypto ATMs could solve the issue of exchanges being centralised.”

At first, the ATM will only support Bitcoin and fiat currencies, but in the future, other cryptocurrencies will become available.

The concept of cryptocurrency ATMs is not exclusive to Malta as other sites have been popping up over the USA and Europe during the last few months. It is, however, the first of its type in Malta and it is hoped it is a sign of greater public acceptance and adoption of cryptocurrencies.

If you are looking to set up a cryptocurrency business in Malta, our team of professionals at E&S are on hand to assist you. Visit our ICO Legal Services we offer, or contact us by sending us an email  at [email protected]

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E&S Group – The First Firm to tokenise its services

Categories Blockchain, Malta, Smart Contracts, E&S Group, Technology, Tokens, Utility Tokens

E&S Group – The First Firm to tokenise its services

Malta’s leading multi-disciplinary firm situated in a picturesque village in St Julian’s has tokenised its services. E&S Group is the first-ever corporate and legal advisory firm to accept tokens instead of fiat currencies for its services.

As a Maltese firm, E&S Group has been involved in cryptocurrency hence offering Legal guidance to upcoming ICOs through its tailor-made ICO Legal Service. So far, the tokenised firm has advised over 70 ICOs from concept stage up to their actual offering.

How does it work?

Early this year, E&S Group has launched its token – ESTS. By means of Proof-of-Work, ESTS works on the Ethereum blockchain platform. In doing so, clients will pay for their services by acquiring the ESTS tokens through the platform.

Why E&S Group?

Since Malta has now become the first country to pass three progressive laws regulating cryptocurrencies, many blockchain based companies have made the move to operate on the island. E&S Group has already assisted a number of ICOs willing to open up their projects on the island.

Dr Christian Ellul, E&S Group director stated that: “Here at E&S Group, we have been involved in the blockchain and crypto world for over a year now. We are happy to learn that the Maltese authorities are supporting this by setting up the Malta Digital Innovation Authority. The intention is to present Malta as a hub to promote this technology which is very feasible, especially with the introduction of the required legislation to smooth the way forward.”  

At E&S Group, no ICO will be left disappointed. The legal team have a keen understanding of the ICO and Cryptocurrency industry, helping you to set up your ICO and perform successfully. Some of the key ICO services provided are: analysing of white paper in accordance with the Maltese Law, assisting with the design of tokens and drafting the token offer agreement.

Visit this link to know more about our ICO Legal services. E&S Group will help you make things happen!

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Saudi Arabia partners with IBM for governmental streamlining

Categories Blockchain, Cryptocurrency, ICOs, Technology, Tokens, Utility Tokens

Saudi Arabia partners with IBM for governmental streamlining

The municipality of Riyadh in Saudi Arabia has partnered up with IBM to develop a tailor-made system which will streamline government services and transactions on and over a blockchain platform.

Following an authoritative decision from the Government of Saudi Arabia, collaboration was formed with the aim to improving the quality of municipal services for residents, whilst integrating new technologies as a part of the Saudi Vision 2030 programme.

Encourage economic development

The Saudi Vision 2030 programme is designed to promote and encourage economic development as well as the diversification of the economy away from oil. Oil and related industries currently account for between 30% and 40% of the countries GDP. The agenda was introduced by Crown Prince Mohammad bin Salman and it also focusses on developing infrastructure, healthcare, tourism, the education system, and military spending.

Riyadh Municipality, IBM and a leading Saudi tech firm, Elm Company will create a series of workshops that will help to determine which services have the potential to migrate onto the blockchain. IBM will then develop the first blockchain-based solution whilst Elm will take care of implementing the technology into government services. Country General Manager at IBM Saudi Arabia, Tarek Zarg El Aioun stated that IBM is confident that blockchain technology has the potential to change the world in the same way that the internet did.

Transforming service providers

“Through the collaboration between Riyadh Municipality, Elm and IBM, we will be able to help the Saudi government reimagine and transform the way in which services are provided to citizens, residents, businesses, and visitors. It is a strategic step towards supporting the objectives of Saudi Arabia’s Vision 2030.”

Back in May, the Saudi government conducted a blockchain bootcamp which focused on bringing Ethereum smart contracts and DApps to the country. This was also a part of the larger plan to create a fully fledged digital environment. This is in addition to the Saudi Arabian Monetary Authority (SAMA) partnering with cryptocurrency Ripple in February of this year to offer support for Ripple’s international payments technology to banks within the state. The programme means that participating banks can use Ripple’s software solution ‘xCurrent’ to effect cross-border payments.

 

If you have any questions in relation to ICOs, please contact us on [email protected]

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LifeTask token offer is now live!

Categories Blockchain, ICOs, The Blockchain Island, E&S Group, Technology, Tokens, New ICO - LifeTask, Utility Tokens, Startups

LifeTask token offer is now live!

E&S Group is pleased to announce that LifeTask token offer went live!

Today, LifeTask launched its token offer. The aim of this initiative is to become the first decentralised competence platform for a talent-driven job market.

By means of AI (Artificial Intelligence), LifeTask created a P2P platform to help employers to find their suitable candidate and employees to find their perfect job.

E&S Group is pleased to be advising LifeTask, aiding to make their project a reality!

If you would like to acquire LifeTask tokens please visit their website on https://www.lifetask.io

If you wish to start off your ICO and don’t know from where to start, contact E&S Group on +356 2010 3020 or by sending an email on [email protected]. You can also visit this link to know more about our services. E&S Group will make things happen!

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A new tokenised supply chain to be launched by Deloitte veterans

Categories Blockchain, Tokenomics, Tokens, Utility Tokens

A new tokenised supply chain to be launched by Deloitte veterans

A new startup has been created by several Deloitte veterans who are coming together to create a tokenised blockchain protocol to offer a solution to one of the world’s most inefficient markets.

The startup will be called Citizens Reserve and its 32-person team will consist of the ex-Deloitte Global Blockchain leader, Eric Piscini as well as two other former members of its blockchain division. Citizens Reserve is aiming to create a permission blockchain protocol known as “zerv” which will develop to become a fully functional operating system for supply chains.

“We’re building a supply chain middleware that sits on top of the blockchain and gives you all the fundamental pieces of the supply chain,” Piscini explained.

Piscini believes that the zerv network will be able to build on existing blockchain networks such as quorum and Ethereum to create a technology that matches orders and tracks each stage of the supply chain process. The key to this, however, will be in the technologies ability to embrace blockchain and offer monetary incentives via it cryptocurrency that will be exchangeable for real-world assets.

“The real version is that this is a decentralized platform, which is very true to the blockchain. We don’t want to become a centralized system.”

He added that whilst the market will determine the value of the coin, the company is planning to accumulate the real-world assets and back the token in such a way that it will never go below $0.01. The idea is that the tokens could be redeemed for various assets by members and users of the platform.

With this vision in hand, Citizens Reserve is now looking to crowdfund millions through its initial coin offering. Whilst the total of the fundraising exercise has not been made public, Piscini has said that the aim is to also have a public sale of assets so that additional funds could be raised.

He was quick to note that raised funds will not be used to fund the company itself, but rather they will be ploughed into building and developing the zerv network.

Citizens Reserve was set up in late 2016 and is led by CEO and co-founder James Bower, the former CEO of Gamevice/Wikipad.

Whilst details of the company financing are a little scarce, Piscini has been a little more transparent about its marketing strategy. According to the company materials, the first sector to be targeted by Citizens Reserve will be the defence sector due to the fact that the markets for the trade of ammunition and weapons don’t currently utilise any such software solutions.

“In the defence industry, the way people buy and sell is by picking up the phone,” he said.

Over time it is hoped that the zerv network will be used across a range of industries such as real estate, healthcare, VR and electronics after they have conquered the munitions world. The company will provide a guarantee of the token’s value and manufacturers will broadcast their inventory across the network.

“If I want to sell my product, I’ll forecast the information I have coming up and I’ll publish that on the platform. We match the order, provide the marketplace functions and the agreement will be logged on the blockchain. We don’t put the individual asset on the blockchain.”

Whilst it seems that some plans are still a little up in the air, Piscini is ever confident that the supply chain is one of the best use-cases for blockchain technology.

“When I was working at Deloitte, across all the different use cases of blockchain, the number one use case in terms of revenue and impact was supply chain,” he said.

Piscini concluded:

“What we want is to become the number one supply chain choice for everyone who wants to do supply chain in the world.”

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

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