Omnitude Seeks to Revolutionize E-Commerce Using Hyperledger Architecture

Additionally, Omnitude will be built using the open-source Hyperledger platform, and will utilize its blockchain services to make the manufacturing and supply chains more transparent and significantly reduce fraud in e-commerce. As a result, the online retail marketplace will become safer, both for …

articleStartImage

People love buying new stuff, and the internet has erased boundaries by offering everyone the opportunity to shop not only locally but globally. This new age of online shopping has spawned the international eCommerce business, which is enormous and also very complicated due to the involvement of multiple industries and activities.

The need for an efficient integration of customers, retailers, manufacturers, bankers, and carriers using different business ecosystems and technologies represents a mighty challenge for the global eCommerce industry. Besides, whenever online payments are involved, there arises the acute problem of high transaction fees, transparency, security, and fraud prevention.

Omnitude offers the solution

This is where Omnitude comes in with its idea to create a comprehensive blockchain-based platform that will unite customers, retailers, manufacturers, and entrepreneurs within a single ecosystem.

The best thing about the proposed solution is that it can be used in parallel with existing infrastructure systems and solutions in eCommerce and the supply chain. The companies won’t have to replace them to ensure a high level of compatibility. This will facilitate the transition process and attract more users to the system.

Additionally, Omnitude will be built using the open-source Hyperledger platform, and will utilise its blockchain services to make the manufacturing and supply chains more transparent and significantly reduce fraud in eCommerce. As a result, the online retail marketplace will become safer, both for businesses and customers.

While merchants will need ECOM tokens to participate in the system and pay for Omnitude services, customers will be able to use other cryptocurrencies and fiat money along with ECOM tokens to purchase goods and services.

Omnitude Token sale details

The Omnitude pre-sale started on January 30, 2018, and will last until February 2, 2018. During this period, the project aims to sell 10 million ECOM and raise $4 million. The total supply of ECOM tokens is limited to 100 million, with only 55% of them available for sale (including 5% offered in pre-sale). They are being sold at $0.40 an ECOM token.

The Omnitude public token sale starts on March 26, 2018, and ends on April 25, 2018 and the Token sale exchange rate of 1 ECOM is set at $0.46.

All unsold tokens will be burned, and there will be no additional emissions. If you are interested in the project, you can visit the official website or subscribe for updates on Twitter and Telegram.

Related Posts:

  • No Related Posts

Bitcoin Crash: Bitcoin drops below $9000, BTC loses more than $1000 as Bitfinex and Tether …

Bitcoin price briefly drops below $9,000 per coin on Thursday afternoon. It bounced back a little, but remained more than 10% lower on the day. Recent falls are largely down to market fears after reports that cryptocurrency exchanges Bitfinex and Tether being subpoenaed by US regulators in December.

Bitcoin Crash: Bitcoin drops below $9000, BTC loses $700 as Tether TANTRUM threatens 80% price crash. BITCOIN has fallen below the symbolic $10,000 mark following the controversy over cryptocurrency tether – a unique digital coin, bought and valued like-for-like with the US Dollar – being artificially propped up by a widely used exchange called Bitfinex.

Cryptocurrency exchanges Bitfinex and Tether being subpoenaed by US regulators in December

Bitcoin briefly drops below $9,000

  • Bitcoin price briefly drops below $9,000 per coin on Thursday afternoon.
  • It bounced back a little, but remained more than 10% lower on the day.
  • Recent falls are largely down to market fears after reports that cryptocurrency exchanges Bitfinex and Tether being subpoenaed by US regulators in December.
  • Bitcoin also seems to be negatively impacted on the day by a speech from India’s finance minister, in which he said that the country’s government doesn’t recognise bitcoin as legal tender.
  • Bitcoin briefly dropped below $9,000 per coin on Thursday afternoon, having earlier broken below the psychologically significant $10,000 level for the third time in two weeks.

The cryptocurrency has hovered around the $10,00 mark for most of the week, yoyoing between sub- and plus-line frequently.

Most recently, on Wednesday it fell below $10,000 after reports that cryptocurrency exchanges Bitfinex and Tether being subpoenaed by US regulators in December dragged down prices.

It seems as though those concerns are still impacting the market, and on Thursday afternoon, it dropped below $9,000, before rapidly recovering to plus-$9,000, as the chart below shows:

Concerns have been swirling in the cryptocurrency market for months about the status of Tether, a cryptocurrency issued by Tether Limited. It plays a central role in the operation of many leading cryptocurrency exchanges, including Bitfinex, but there is speculation that the company behind it may not hold the dollar reserves it claims.

Mati Greenspan, an analyst at eToro, believes the crypto markets are overreacting to the Tether news, saying in an email: “Several clients have already approached me asking what the ramifications could be, but honestly, I really don’t see the big deal.”

“Firstly, the US Government has been creating USD out of thin air for the better part of the last decade without having any major negative impact on the Dollar’s price or it’s ability to be used as a medium of exchange.” “Secondly, even if market players do lose confidence in Tether and it goes to zero, what’s the worst-case scenario for Bitcoin and other cryptocurrencies? All it means is that alternative investors will prefer to rotate out of Tether and into other coins.”

India’s speech about cryptocurrencies

Bitcoin also seems to be negatively impacted on the day by a speech from India’s finance minister, in which he said that the country’s government doesn’t recognise bitcoin as legal tender.

“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Finance Minister Arun Jaitley said in his budget speech.

Elsewhere in the crypto markets, ethereum is down 0.5% to trade at $1,100, while Ripple’s XRP is around 9% lower. / Business Insider

8.54pm Bitcoin now lies at $9,078

Bitcoin has now bounced back over the $9,000 mark. In typical bitcoin style it is proving to be a volatile currency.

8.36pm Bitcoin is now valued at $8,990.

Bitcoin seems to be dropping consistently now as CoinMarketCap currently shows all but one of the cryptocurrency falling in price.

If you are a bitcoin investor having a bad night here is a quote from Bill Gates that may cheer you up a bit.

Mr Gates co-founder of Microsoft said: “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

7.52pm – UPDATE – Nearly $50 billion wiped off cryptocurrency in worst month

Bitcoin experienced a loss of nearly $50billion from its market capitalisation during January this year in one of its worst-performing months.

Last year the price of bitcoin rose more than 1,000 percent but a crash in the cryptocurrency wiped off nearly $50 billion from bitcoin’s market cap in January alone.

Fawad Razaqzada, an analyst at FOREX.com, said: “Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and centre.”

6.56pm -UPDATE – Bitcoin experiences 11 per cent drop in price

Bitcoin dropped 11 percent today to its lowest price since November as a Facebook ban on cryptocurrency adverts and an increasing crackdown frightened investors.

Thursday’s drop to as low as $9,022 on the Luxembourg-based Bitstamp exchange left bitcoin trading at less than half the peak price of almost $20,000 it reached in December.

Other cryptocurrencies, including Ripple, the third-largest by market value, and Bitcoin Cash, have also racked up double-digit declines in the last 24 hours, according to Coinmarketcap.com, which tracks the industry. Ethereum was up slightly on the day.

4.56pm – UPDATE – Enel has announced it has no interest in providing energy for bitcoin mining

Europe’s biggest power utility companies Enel has taken a stand against the energy-hungry industry of mining cryptocurrencies, saying it has “no interest whatsoever in selling power” for the purpose.

The Italian company said it had reached the decision after careful study and analysis.

Enel said: “Enel has undertaken a clear path towards decarbonisation and sustainable development and sees the intensive use of energy dedicated to cryptocurrency mining as an unsustainable practice that does not fit with the business model it is pursuing.”

3.10pm – UPDATE – Kodak shares have fallen after delaying the release of its own cryptocurrency

Originally, it was announced that investors could start buying into the initial coin offering (ICO) on January 31, for the KodakCoin the company’s own cryptocurrency.

This has now been delayed and the company has said the process could now take several weeks.

A statement on Kodak’s website blamed the delay on the need to verify each investor. It said: ”With over 40,000 potential investors expressing an interest in the ICO, we are now moving into the ‘accredited investor’ phase.”

Additional reporting by Darius McQuaid

2.39pm – UPDATE – Australian airport to accept Bitcoin

Brisbane Airport is set to become the planet’s first aviation hub to accept bitcoin, dash, steem, litecoin and ethereum – after signing an agreement with tourism company TravelbyBit Australia.

The small peice of good news is unlikely to change the general movement of bitcoin, which is heading south, and fast.

Bitcoin has reduced its loses to $700 on the day so far, with the price now at $9,427.

1.53pm – UPDATE – Massive losses

Bitcoin has now shed $975 of its worth as concern over tether manipulation and negative noises coming from India send the price south.

Bitcoin is currently at $9,206.

Ripple has dropped to $0.98 a loss of 13 percent.

12.45pm – UPDATE – Bitcoin falls $865

Bitcoin has dropped to $9,320, a fall of $865 on the day so far.

Ripple is down at $1.2 an 11 percent fall on the day so far.

Ethereum is up on the day at $1,117.

11.38am – UPDATE – Ripple takes bit hit

Ripple is down to $1.6.

10.52am – UPDATE – India’s finance minister says goverment – ‘does not recognise cryptocurrency as legal tender’

Bitcoin has now fallen to $9,499 a $666 loss on the day so far.

Indian finance minster Arun Jaitley used his budget speech today to slam cryptocurrencies and promise that his right-wing BJP government will do everything to discontinue the use of bitcoin and other virtual currencies in India.

Mr Jaitley repeated that India does not recognise digital currencies as legal tender.

He said: “The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system”.

Monish Panda, founder of Monish Panda & Associates law firm told Quartz: “The government will now either come out with a legislative mechanism or make suitable amendment in existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalise entities and individuals who are involved in their trade and circulation.

“We will have to wait and watch as to what will be the final framework of such legislation.”

Read the full report here.

9.49am – UPDATE – Bitcoin suffers “worst monthly decline since January 2015”

Bitcoin has fallen to $9639, a loss of $526 on the day so far.

Alas, many had hoped for better news this February but said good news is yet to arrive.

In January, bitcoin was hammered by the “worst monthly decline since January 2015” which has seen the value plummet from a peak of almost £14,000 ($20,000) last year to a new 2018 low this week.

Bitcoin price WARNING: CEO says cryptocurrency has ‘NOTHING to do with the real economy’

BITCOIN has come under fire from the CEO of Euronext as the financial expert claimed the cryptocurrency “has nothing to do with the real economy”.

Bitcoin price suffered a massive plunge as the cryptocurrency reached the value of $9,114.56, according to Coindesk at 10:37 pm on February 1.

As the crypto-craze started to die down, Euronext CEO Stéphane Boujnah claims bitcoin cannot even be classified as a cryptocurrency.

Speaking on Bloomberg, Mr Boujnah said Euronext will never open a bitcoin market.

He said: “We will not create a bitcoin market because the mandate of Euronext is to power Pan-European capital markets to finance the real economy and bitcoin has nothing to do with the real economy.

“Bitcoin has a lot to do with bitcoin. And we believe bitcoin is not a cryptocurrency.

“Bitcoin is at best a crypto asset. All currencies are assets but not all assets are currencies.

“Clearly, bitcoin today is just like a piece of art, or just like a diamond, just like a Pokemon card.

“It can be anything to capture value but today people buy it because it goes up and because it’s not as serious and transparent as a lot of assets.

“So great, good luck. Like any emerging assets, it’s very fancy, which is great, but this is not our mandate.

“Our mandate is to be the place regulated, transparent, open, reliable. It’s not our mandate to be part of this new game in town.”

Despite the rollercoaster few months suffered by the crypto mania, bitcoin and other cryptocurrencies such as Ripple and ethereum still benefit from a “growing” appreciation among institutional investors, according to Dr Garrick Hileman, from the Cambridge University Centre for Alternative Finance.

Bitcoin(BTC)
8620.27
-15.24%
Ethereum(ETH)
935.713
-18.41%
Ripple(XRP)
0.804576
-29.04%
Bitcoin Cash(BCH)
1151.62
-21.58%
Cardano(ADA)
0.340438
-33.51%
Litecoin(LTC)
128.527
-20.81%
NEM(XEM)
0.562616
-28.54%
IOTA(MIOTA)
1.71293
-24.59%
Dash(DASH)
563.965
-18.74%
Monero(XMR)
227.375
-17.87%
Legal Disclaimer:Smartereum does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Smartereum or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Smartereum makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns small amounts of cryptocurrency.

Related Posts:

Blockchain: A Very Short History Of Ethereum Everyone Should Read

Even those who are not familiar with blockchain are likely to have heard about Bitcoin, the cryptocurrency and payment system that uses the technology. Another platform called Ethereum, that also uses blockchain, is predicted by some experts to overtake Bitcoin this year. AdobeStock. AdobeStock.

Even those who are not familiar with blockchain are likely to have heard about Bitcoin, the cryptocurrency and payment system that uses the technology. Another platform called Ethereum, that also uses blockchain, is predicted by some experts to overtake Bitcoin this year.

AdobeStock

AdobeStock

What is Ethereum?

Ethereum is an open-source, public service that uses blockchain technology to facilitate smart contracts and cryptocurrency trading securely without a third party. There are two accounts available through Ethereum: externally owned accounts (controlled by private keys influenced by human users) and contract accounts. Ethereum allows developers to deploy all kinds of decentralized apps. Even though Bitcoin remains the most popular cryptocurrency, it’s Ethereum’s aggressive growth that have many speculating it will soon overtake Bitcoin in usage.

How is Ethereum different than Bitcoin?

While there are many similarities between Ethereum and Bitcoin, there are also significant differences. Here are a few:

  • Bitcoin trades in cryptocurrency, while Ethereum offers several methods of exchange including cryptocurrency (Ethereum’s is called Ether), smart contracts and the Ethereum Virtual Machine (EVM).
  • They are based on different security protocols: Ethereum uses a ‘proof of stake’ system as opposed the ‘proof of work’ system used by Bitcoin.
  • Bitcoin allows only public (permissionless or censor-proof) transactions to take place; Ethereum allows both permissioned and permissionless transactions.
  • The average block time for Ethereum is significantly less than Bitcoin’s; 12 seconds versus 10 minutes. This translates into more block confirmations which allows Ethereum’s miners to complete more blocks and receive more Ether.
  • It is estimated that by 2021 only half of the Ether coins will be mined (a supply of more than 90 million tokens), but the majority of Bitcoins already have been mined (its supply is capped at 21 million).
  • For Bitcoin, the computers (called miners) running the platform and verifying the transactions receive rewards. Basically, the first computer that solves each new block gets bitcoins (or a fraction of one) as a reward. Ethereum does not offer block rewards and instead allows miners to take a transaction fee.

What are the advantages of Ethereum?

Proponents of Ethereum believe its main advantage over Bitcoin is that it allows individuals and companies to do much more than just transfer money between entities leading Bloomberg to write it’s “the hottest platform in the world of cryptocurrencies and blockchains” and companies such as JPMorgan Chase, Intel and Microsoft to invest in it.

Related Posts:

  • No Related Posts

Cryptocurrencies Face Bans, More Regulations

Israel is looking to ban digital currency–based companies from trading on the Tel Aviv Stock Exchange. … Kyrgyzstan, Nepal and Bangladesh have all issued bans—or at least begun the process—on bitcoin and other alternative currencies, in order to stamp out tax evasion and irresponsible trading.

Countries like Vietnam have threatened that accepting payments in cryptocurrency will incur heavy fines. Israel is looking to ban digital currency–based companies from trading on the Tel Aviv Stock Exchange.

February 02, 2018

Author: Gilly Wright

Threats of a cryptocurrency trading ban in South Korea follow actions taken by smaller economies concerned with the social cost of the new investment vehicles. Algeria, Morocco, Bolivia, Ecuador, Kyrgyzstan, Nepal and Bangladesh have all issued bans—or at least begun the process—on bitcoin and other alternative currencies, in order to stamp out tax evasion and irresponsible trading.

cryptocurrencies
Ripple crypto currencey is sneaking up on Bitcoin

Indonesia meanwhile, rather than banning crypto outright, has warned investors against selling, buying or trading it. China has declared initial coin offerings illegal and plans to cut off domestic access to platforms and exchanges that enable people to trade digital currencies. Vietnam has threatened that accepting payments in cryptocurrency will incur heavy fines, and Israel is looking to ban digital currency–based companies from trading on the Tel Aviv Stock Exchange.

Meanwhile, People’s Bank of China has been studying the potential for a central bank digital currency since at least 2014, when the bank set up a digital currency research group, which was launched officially last June. Sovereign cryptocurrencies are yet another threat.

FinTech Forum co-founder Frank Schwab says bans will come unstuck technically and behaviorally, much like prohibition of alcohol in the 1920s in the US. “My expectation is that the crypto world will be regulated more,” says Schwab. “To me, this would be a sign of increased maturity of a new market. After all, it looks like cryptocurrencies and blockchain are seen as relevant to the world.”

Sankar Krishnan, executive vice president for capital markets and banking at Capgemini believes that the volatility of cryptocurrencies today could have been better controlled if the crypto trailblazers took a more measured micropayments route that would have helped get risks figured out. A more measured approach, rather than a big bang, would, he says, have allowed central banks to warm to them more.

A Bundesbank board member suggests a united global regulatory front could oversee currencies with no single home market.

Related Posts:

Ethereum Classic (ETC) Price Hits $22.69 on Exchanges

Ethereum Classic logo Ethereum Classic (CURRENCY:ETC) traded down 19.7% against the US dollar during the 1-day period ending at 0:00 AM Eastern on February 1st. During the last seven days, Ethereum Classic has traded 21.1% lower against the US dollar. Ethereum Classic has a market …

Ethereum Classic logoEthereum Classic (CURRENCY:ETC) traded down 19.7% against the US dollar during the 1-day period ending at 0:00 AM Eastern on February 1st. During the last seven days, Ethereum Classic has traded 21.1% lower against the US dollar. Ethereum Classic has a market capitalization of $2.26 billion and approximately $251.97 million worth of Ethereum Classic was traded on exchanges in the last 24 hours. One Ethereum Classic coin can now be bought for $22.69 or 0.00261426 BTC on popular cryptocurrency exchanges including CoinEgg, Coinrail, Mr. Exchange and Tidex.

Here is how related cryptocurrencies have performed during the last 24 hours:

  • Bitcoin (BTC) traded 14.3% lower against the dollar and now trades at $8,708.85 or 1.00000000 BTC.
  • Ethereum (ETH) traded down 16.7% against the dollar and now trades at $955.23 or 0.11006800 BTC.
  • Bitcoin Cash (BCH) traded down 20.1% against the dollar and now trades at $1,177.30 or 0.13565700 BTC.
  • Litecoin (LTC) traded down 18.9% against the dollar and now trades at $132.40 or 0.01525630 BTC.
  • Monero (XMR) traded down 17.3% against the dollar and now trades at $227.73 or 0.02624020 BTC.
  • RaiBlocks (XRB) traded up 32.3% against the dollar and now trades at $18.58 or 0.00186028 BTC.
  • Nano (XRB) traded 14.1% lower against the dollar and now trades at $16.04 or 0.00184777 BTC.
  • Bitcoin Gold (BTG) traded down 27.4% against the dollar and now trades at $113.50 or 0.01307770 BTC.
  • Zcash (ZEC) traded down 6.9% against the dollar and now trades at $375.42 or 0.04325790 BTC.
  • Steem (STEEM) traded down 14.8% against the dollar and now trades at $4.23 or 0.00048772 BTC.

About Ethereum Classic

Ethereum Classic (CURRENCY:ETC) is a proof-of-work (PoW) coin that uses the Ethash hashing algorithm. It launched on July 30th, 2015. Ethereum Classic’s total supply is 99,557,212 coins. The official message board for Ethereum Classic is forum.ethereum.org. Ethereum Classic’s official Twitter account is @eth_classic and its Facebook page is accessible here. Ethereum Classic’s official website is www.ethereum.org. The Reddit community for Ethereum Classic is /r/EthereumClassic and the currency’s Github account can be viewed here.

According to CryptoCompare, “Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction. The Ethereum Classic mission statement is: “We believe in decentralized, censorship-resistant, permissionless blockchains. We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests. We believe in censorship-resistant platform that can be actually trusted – by anyone.” Our block explorer data: total coins supply, total network hash rate, last block number and total difficulty are freely provided by https://gastracker.io/ In 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb. Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic. “

Ethereum Classic Coin Trading

Ethereum Classic can be traded on the following cryptocurrency exchanges: Bitinka, OKEx, Coinone, YoBit, DSX, Koinex, Mercatox, Bit-Z, Upbit, Kraken, GDAX, Quoine, Poloniex, CoinFalcon, CoinExchange, Tidex, Gatecoin, CEX.IO, HitBTC, Liqui, Coinrail, EtherDelta, BitBay, Allcoin, Cryptopia, BTCTurk, EXX, Huobi, ACX, Coinnest, Bitcoin Indonesia, BTC Markets, RightBTC, Bitfinex, Tidebit, Bitstamp, COSS, WEX, Qryptos, Exmo, Gate.io, BtcTrade.im, Cobinhood, Binance, QuadrigaCX, bitFlyer, CoinEgg, BX Thailand, Bithumb, ZB.COM, Independent Reserve, CoolCoin, ChaoEX, Coinsquare, Bitso, Bitbank, BitGrail, Mr. Exchange, BigONE, Kucoin, xBTCe, Coinbene, Livecoin, Koineks, Lbank, TOPBTC, Gemini, Bibox, Bittrex, Gatehub, Coinut, GOPAX, Korbit and Bancor Network. It is not possible to buy Ethereum Classic directly using US dollars. Investors seeking to trade Ethereum Classic must first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Ethereum Classic using one of the aforementioned exchanges.

Receive News & Updates for Ethereum Classic Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Ethereum Classic and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts