Investx appoints RBS director as COO

The firm will be holding an initial coin offering in the fourth quarter of this year and is currently seeking investors for its private sale. “Through Investx …
Tim Evershed

INVESTX, a new blockchain-backed business funding platform, has appointed former Royal Bank of Scotland (RBS) director Richard Chambers as chief operating officer.

In a 14 year-career with HSBC Leveraged Finance and RBS, Chambers has secured over £500m in bank funding for private equity-backed small- and medium-sized enterprises (SMEs), Investx said.

Read more: Young investors drawn to cryptocurrencies

The new platform will connect retail, accredited and institutional investors with SMEs looking to raise funds based on selling equity in their businesses. It will also offer a secondary market for investors.

Read more: It’s all crowdfunding

The firm will be holding an initial coin offering in the fourth quarter of this year and is currently seeking investors for its private sale.

“Through Investx, we will provide equity investment into smaller businesses in a cost-effective manner by using blockchain technology, and for the first time, we will build liquidity into the investments by creating a secondary market which means investors are not locked in for years,” said Chambers.

“This has the potential to revolutionise how SMEs access capital, and will align investors and businesses with the success of the business.”

Read more: How important are bounty hunters to an ICO?

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Fake EOS Creation Robs Newdex Exchange

Reddit users also noted that the reason the fake EOS tokens were sold so easily and without verification was the lack of a smart contract. This means …

The EOS ecosystem allows anyone to create a token of any name, and hackers have exploited that option, as explained in detail in a Reddit thread dealing with the attack. The Newdex exchange admitted to the hack, marking losses in BLACK, IQ, and ADD tokens.

The EOS attack resembles an older form of scams which affected the Waves platform and the NXT exchange service. These two platforms allow the creation of any token, as well as an internal exchange. In the case of WAVES, instances of faked Bitcoin (BTC) were not a rarity. Faked Ethereum (ETH) tokens have also caused confusion.

Reddit users also noted that the reason the fake EOS tokens were sold so easily and without verification was the lack of a smart contract. This means that Newdex does not act as a true decentralized exchange, so the parameters of the deposited digital asset were not checked.

Hackers managed to withdraw 4,028 real EOS and send them to Bitfinex. The total loss for the EOS ecosystem and Newdex users is 11,803 EOS.

But the bigger concern is that the lack of a smart contract means all deposits to Newdex are, in fact, at the mercy of human-based governance. A smart contract would ensure an immutable record of deposits and potentially guaranteed withdrawals. Using merely a deposit account gives no such assurance and proof of ownership of the deposit, making it no different from a regular exchange wallet.

According to DappRadar, Newdex had 453 users in the past 24 hours and clocked 12,474 transactions. It does not rank among the most used EOS dApps but remains among the more prominent services.

After the news, EOS prices slid under $4.80 but later recovered to $5.07. The relatively small losses did not manage to cause much of a stir since the market has absorbed hacks worth millions of dollars. But the blow on the EOS ecosystem, which follows the recent hack of the EOSBet casino, may start to weigh on its image. No signs of account freezes have surfaced.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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Smart Contracts Becoming an Essential Tool for Business

The price of running a smart contract is way lower and faster than having a document notarized. There are many reasons why smart contracts and …


Bitcoinist| Sep 19, 2018 | 07:00

Smart contracts are becoming an important part of conducting business. In the global payroll space, the technology can rid companies of redundant bureaucracy.

The world of business is increasingly global, but some borders persist. Laws, directives and ways to enforce them change from country to country, rendering international business unnecessarily complicated.

This complication translates into a waste of many work hours. Those hours are spent trying to comply to the different legislation and make sure that the contracts that you care about are enforceable where you need them to. However, an alternative global system — that is both cheaper and more efficient — is emerging due to smart contracts.

A global alternative to archaic bureaucracy

Smart contracts are a native digital system that is more suitable for the world of modern business. The system works the same anywhere in the world, and it is near impossible to interfere with its functioning.

They are non-bribable since, in many cases, they are enforced automatically by software. Moreover, running on a blockchain ensures that data can’t be manipulated. The price of running a smart contract is way lower and faster than having a document notarized.

There are many reasons why smart contracts and blockchain will probably be a big part of conducting business in the future, and those are just some of them.

Smart contracts applied to international payroll

One of the aspects of global businesses deeply hurt by the fragmented bureaucracy is payrolling. The currently employed systems are plagued by fragmented regulations and laws, inefficient communications and intermediaries. Those problems contribute to making the system unnecessarily complicated and, as a consequence, error-prone.

Smart contracts have been employed to solve this issue by the U.S. startup Horuspay. The system is meant to eliminate middlemen, increase efficiency and simplify the procedures (wasting fewer work hours). The vast majority of organizations don’t contract a global payroll provider but instead use a global payroll aggregator. The middlemen — which is the aggregator — are incentivized to hire the lowest bidder in each country, regardless of the quality of the service.

What’s more, the aggregators also charge a significant premium on the services and — according to the Horus white paper — the smart contract counterpart will be 50-80 percent cheaper. Also, automating most of the process and simplifying — in part by disintermediating — the part of the procedure that is still manual, streamlining it so there is less probability of mistakes.

Another big advantage of smart contracts is how directly and quickly they can interact with funds. Instead of using wire transfers — which are notoriously slow and expensive — this system utilizes tokens for payments. Those transactions are way cheaper and near instant — thanks to the EOS blockchain.

Just like the vast majority of blockchain-based services, you need to have tokens to use Horuspay. The organizations will need one HORUS token per every employee that they wish to pay through the system. The transactions are conducted through the secondary tokens, eosCASH (called Horus dollars before the rebranding).


The disintermediation and global nature of the smart contracts grant them great potential. Part of it lies in drastically improving the bureaucracy of the future in many ways, one of which is data security.

Many different copies of the data are stored. As a result, even if one system is compromised and the documents are edited, the original versions are still retrievable. Also, the data is usually well encrypted in such systems (this is the case with Horuspay). What’s more, even when data is stored off-chain, is usually is still verified on the blockchain.

Also, blockchain enabled key management adds further security and convenience. All of this makes services like Horuspay much more secure than the centralized counterparts that are prone to getting hacked.

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A look at Nebulas: An innovative project building Google for the blockchain

Developers whose smart contract or Dapps having Nebulas Rank higher than pre set thresh hold limit will be rewarded by Developer Incentive …

Nebulas is a decentralized platform which provides search framework for all blockchain project. It is Google for the blockchain. The three major core features of Nebulas are:

  1. Value ranking (Nebulas rank) – It provides a measure of value for every unit in the blockchain.
  2. Self-evolving (Nebulas Force) – It enables Nebulas to respond to new demands without fork.
  3. Native Incentive (NI)- It rewards devoted Nebulas developers and virtual users.

Nebulas Rank :

Nebulas Rank is core ranking algorithm which has been open sourced. It is used to rank addresses, smart contracts, decentralized app (dapps) and other entities of blockchain. The algorithm is based on liquidity, propagation of user assets and interactivity between users.

Nebulas Rank can be further divided into Core Nebulas Rank and Extended Nebulas Rank.

Core Nebulas Rank defines the algorithm to calculate an account contribution to the whole blockchain system over a certain period of time. It involves two-factor one the median stake of an account over a certain period and in and out degree of the account over a certain period.

Extended Nebulas Rank:

Extended Nebulas Rank is based on the Core Nebulas Rank, to guarantee continuous incentive to the Nebulas economy even under different use cases.

They rank Dapps based on three dimensions. They are

  1. Liquidity
  2. Interoperability
  3. Propagation of the address

Liquidity: The frequency and scale of transaction is the first dimension that Nebulas Rank measures. More transactions and large transaction scale produce better liquidity and better liquidity increases transaction scale.

Propagation: The scope and depth of asset liquidity is the second dimension that Nebulas Rank measures. The propagation property especially, scope and depth of information transmission is a key index indicating network quality and user growth. Powerful viral propagation indicates scope and depth of asset quality.

Interoperability :

It is the third dimension that Nebulas Rank will measure. The better interoperability will be vital for interacting with higher dimension information.

Consensus mechanism: Proof of Devotion

Proof of Devotion as consensus algorithm based on the Nebulas Rank system. The influence users within Nebulas blockchain can become bookkeepers. The bookkeeper will able to generate blocks and receive block rewards and transaction fees.

Users with NR values higher than a specific threshold may take part in bookkeeper selection procedure by paying a security deposit.

Developers Incentive Protocol (DIP):

Another key concept in Nebulas blockchain is Developer incentive protocol for developers of smart contracts and Dapp. Developers whose smart contract or Dapps having Nebulas Rank higher than preset thresh hold limit will be rewarded by Developer Incentive Protocol (DIP).

Nebulas Force (NF):

The final core technology behind Nebulas is Nebulas Force (NF). The Nebulas Force include three aspects

  1. Nebulas Virtual Machine (NVM)
  2. Upgrade of the Protocol code
  3. Upgrade of smart contract running

By using Nebulas Force developers can incorporate new technology, fix bugs, or we can make normal changes without need of hard fork. The developers of smart contract and blockchain to upgrade their system with help of Nebulas Force

Nebulas Developers Incentive program

Nebulas has launched $5 million developer incentive program to encourage people who share its values to improve the ecosystem. It has two types of incentive 1.developer 2. referral incentive. It offers rewards in NAS between 80 NAS and 200 NAS. The Nebulas platform has over 6800 Dapps performing around 2000 transaction per second.

The Developers Incentive Protocol offers 20000 NAS and also 10000, 2500 and 1000 reward for the best monthly performer, persons who have the highest referral.

Nebulas recent news and Update:

Nebulas has completed the realization of Nebulas Rank and made it open sourced. The implementation includes the algorithm described in Nebulas Yellow Paper.

Nebulas team published Announcing Nebulas Technical Committee (NTC) and disclosed the research progress of Nebulas V2.0 (Nebulas Nova).

BitGo Trust Company recently announced that the South Dakota division of Banking has approved BitGo which could provide crypto assets custody service. It lists Nebulas as one of its available digital assets.

Nebulas has announced a bug bounty system for inter- contract call function on their Testnet. It will allow users on the blockchain to call a smart contract from within another smart contract. There will one month public beta for the feature beginning from Aug 22nd 2018. High-risk bugs will be awarded 15 NAS, middle-risk bugs between 5 to 15 NAS and low-risk bugs 1 to 5 NAS.


NEBLUSD has formed a temporary bottom around $1.24 and shown a good recovery of more than 100%. It hits high of $2.84 and is currently trading around $1.718.

On the higher side, near-term resistance is around $2.06 and any violation above will take the pair to next level till $2.45 (55- day EMA)/$2.85. Any convincing break above $2.85 would confirm bullish continuation.

The near-term support is around $1.50 and any violation below will drag the pair till $1.24/$1.

It is good to buy on dips around $1.50 with SL around $1.24 for the TP of $2.45/$2.85.

Empower Raises $4.5 Million to Launch a Mobile Bank with Unmatched Rewards

19, 2018 /PRNewswire/ — Empower, a financial technology company whose mission is to reimagine consumers’ relationship with their money, today …

SAN FRANCISCO, Sept. 19, 2018 /PRNewswire/ — Empower, a financial technology company whose mission is to reimagine consumers’ relationship with their money, today announced it has raised $4.5 million. The round was led by Initialized Capital with participation from existing investor Sequoia Capital.

This latest round will accelerate the company’s new product offering, Empower banking, a new kind of mobile bank with unmatched rewards. Empower members will earn 1 percent cashback on purchases paid with the Empower debit card,1.85 annual percentage yields on savings accounts along with no maintenance, foreign transaction fees or account minimums. Members can access their checking and savings accounts for free at over 25,000 ATMs or use an out-of-network ATM anywhere in the world and get reimbursed. The service also comes with an award-winning, artificial intelligence-powered assistant that helps members make better financial decisions.

“1 out of 2 millennials would change banks if a better option came along,” said Warren Hogarth, CEO and co-founder of Empower. “Zero interest rates, dismal personal service, no rewards and high fees are the norm. We are changing that by offering a service with unmatched interest rates on savings, cash back checking, and an intelligent assistant that watches your back 24/7.”

A recent study conducted by Empower found that the average person banking at the top four U.S. banks receives zero interest and rewards, while two in three of them pay $360 in bank fees a year. The same person banking with Empower would earn $18 a month, or $216 a year in cashback and interest, with no additional fees.

“Consumers have been trained to have very low expectations when it comes to their banking services,” said Alexis Ohanian, co-founder of Initialized Capital. “Empower has created a banking service that is rewarding in ways that are both quantifiable, through high interest rates and cash back, and unquantifiable, through intelligent assistance that helps members make better financial decisions. We are excited to partner with Warren and his team on this journey to reinvent consumer banking.”

For more information on Empower, visit

For media inquiries contact,

About Empower

Empower is a San Francisco-based financial technology company whose mission is to reimagine consumers’ relationship with their money. Backed by Sequoia Capital and Initialized Capital, the Empower team consists of venture capital, startup and financial technology veterans. The company’s flagship product, “Empower”, is the mobile bank with unmatched rewards and an AI-powered assistant that helps members make better financial decisions. The Empower app is available on iOS and Android and has over 3,500 5-star ratings on the App Stores. For more information, visit

Initialized Capital

Initialized Capital is an early stage venture firm based in San Francisco that has $250 million under management and an active portfolio of software startups that have created more than $20 billion in market value. The firm was co-founded by Reddit co-founder Alexis Ohanian and Garry Tan, who were both previously partners at Y Combinator. Initialized’s portfolio includes companies like Instacart, Coinbase, OpenDoor, Flexport, Patreon and Cruise, which was acquired by General Motors.

Sequoia Capital

From idea to IPO and beyond, the Sequoia team helps a small number of daring founders build legendary companies. We spur them to push the boundaries of what’s possible. In partnering with Sequoia, companies benefit from our unmatched network and the lessons we’ve learned over 45 years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. We’re proud that their success also fuels great causes. The vast majority of money we invest is on behalf of non-profits and schools like the Ford Foundation, Mayo Clinic and MIT, which means that the returns generated from the incredible achievements of founders can make a massive difference.

Media Contact:

Kendall Clark

SOURCE Empower

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