Ethereum Blockchain Network Crosses More Than 200000 ERC20 Tokens Benchmark

These tokens are issued based on a smart contract. These contracts do not have to be ‘smart’ or super practical, therefore, it is a slightly unfortunate …

Regardless of what you think of Ethereum (and altcoins in general), it is a fact that this network has had and had a great impact on the entire industry. While bitcoin is considered primarily as a means of payment, during the huge increases in 2017, the ether was the driving force and the means of payment in many cases.

The Ethereum network was really forced to assume that role: the tokens in the network shot up like mushrooms. Suddenly, everyone wanted to issue the so-called ERC-20 token. Since the launch of the network, more than 200,000 Tokens have been issued on the Ethereum network according to EtherScan.

ERC-20 is a technical standard for implementing tokens in the Ethereum chain. Almost all the coins or tokens issued on this platform belong to this category. The most important example is the ether. That is the fuel of the Ethereum network and it is also an ERC-20 token. With ether, it pays to make transactions, but also to execute smart contracts, for example.

These tokens are issued based on a smart contract. These contracts do not have to be ‘smart’ or super practical, therefore, it is a slightly unfortunate name. However, these smart contracts ensure that the network and tokens must comply with certain rules. Therefore, you can program your tokens in a certain way and give it certain properties.

In 2017, the initial coin supply trend began. Everything and everyone had to have their own record. Often that was only possible with ETH. Which resulted in prices well above $ 1,000 per ether. Current hodlers can only dream of that. Millions could be collected. And if you could make a good marketing talk, you could charge wonderfully. Because investors were ready to push their ETH earned so hard to another new company.

Billions in investments in projects, most of which have never added anything to the crypto space. On the other hand, there are some outliers. If you look at the top 100, most remain an ERC-20 token. The largest token, after ETH, is currently Binance Coin (BNB). But that currency will eventually move to its own chain. But also other currencies that are popular this year, such as Chainlink (LINK) and Basic Attention Token (BAT) have been issued on the Ethereum network.

(Visited 19 times, 19 visits today)
Walter Schulze

Walter Schulze brings all the breaking news stories in the tech and startup world and to ensure that Startup Fortune offers a timely reporting on the trends happen in the industry. He now works on a part time basis for Startup Fortune specializing in covering tech and startup news and he also sheds light on investment opportunities and trends.

Related Posts:

  • No Related Posts

China opens probe into EtherDelta exchange over alleged exit scam

Police in China are investigating a token trading platform over allegations surrounding a so-called initial coin offering (ICO) exit scam, according to …

Police in China are investigating a token trading platform over allegations surrounding a so-called initial coin offering (ICO) exit scam, according to reports emerging today.

Initially reported on Twitter by Primitive Ventures founder Dovey Wan, authorities have opened investigations into EtherDelta, a local non-custodial token trading exchange.

JUSTIN and 🤦🏻‍♀️🤦🏻‍♀️🤦🏻‍♀️

EtherDelta is involved in a major scam in China, police officially take legal action against it

The actual beneficiaries of EtherDelta are all Chinese after ownership transition in 2017

Highly recommend western media to follow up @coindesk@Cointelegraphpic.twitter.com/eGPm8wor8k

— Dovey Wan 🗝 🦖 (@DoveyWan) August 7, 2019

According to the tweets, the alleged scam involves the issuance of native tokens by the platform, known as EtherDelta Tokens, after the exchange was acquired by anonymous local investors.

Wan wrote, “The actual beneficiaries of EtherDelta are all Chinese after ownership transition in 2017 […] Basically [the founder] Zack Coburn sold EtherDelta to a group of Chinese who later issued exchange token $EDT and turned out to be an exit scam. Now furious investors of $EDT whistle blowed to local police the case was recently taking into official investigation process.”

Noting the severity of the allegations, Wan said the police were known to take a tough line on crypto scams defrauding consumers: “FYI Chinese police shows no mercy if any crypto scam involved large amount of retail capital.”

FYI Chinese police shows no mercy if any crypto scam involved large amount of retail capital, which I mentioned in my recent Coindesk Oped too.

Previously PlusToken founding team were caught not even in China, but in Vanuatu 🇻🇺… pic.twitter.com/UgxySzLCA3

— Dovey Wan 🗝 🦖 (@DoveyWan) August 7, 2019

EtherDelta is a marketplace set up to facilitate trade in digital assets, namely ERC20 tokens, including through the use of smart contracts.

The investigation is not the first time the exchange has found itself at odds with the authorities. Back in 2018, investigators from the U.S. Securities and Exchange Commission (SEC) charged the firm’s founder, Zachary Coburn, over the platform, with the regulator describing it as an “unregulated securities exchange.”

Without accepting liability, Coburn reached a settlement over the matter worth $300,000, plus pre-judgment interest and penalties totaling a further $88,000.

EtherDelta was also in the headlines in May, after it was revealed some 500 ETH stolen in the high-profile hack of New Zealand-based crypto exchange Cryptopia had been moved through the exchange, worth over $125,000 in stolen funds.

With police now looking into the details of the token issue, and the allegations that this amounts to an exit scam being pulled by its investor owners, it looks like EtherDelta is set for further tough questions. It serves as yet further reminder of the need for investors to exercise caution when speculating on digital tokens and cryptocurrencies.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Related Posts:

  • No Related Posts

Chinese Authorities Are Investigating EtherDelta Over Possible Exit Scam

In this case, EtherDelta is being accused of selling tokens during an Initial Coin Offering (ICO) and then abandoning the platform. EtherDelta was a …
Chinese-Authorities-Are-Investigating-EtherDelta-Over-Possible-Exit-ScamChinese-Authorities-Are-Investigating-EtherDelta-Over-Possible-Exit-Scam

The crypto trading platform EtherDelta is currently being investigated by the Chinese police over allegations of exit scam, which is when a company vanishes with funds from clients. In this case, EtherDelta is being accused of selling tokens during an Initial Coin Offering (ICO) and then abandoning the platform.

EtherDelta was a platform that was created to exchange Ethereum-based ERC20 tokens. The platform was non-custodial, meaning that people could trade tokens directly from their wallets instead of having to deposit funds. According to reports, the token sale happened from December 2017 to January 2018 and the platform was abandoned shortly after the token sale was complete.

EtherDelta was not originally a Chinese company. It was created by Zack Coburn, who sold the platform to Chinese investors. These investors were the ones who promoted the ICO that was an exit scam. The EDT tokens, which were sold during the ICO, therefore lost much of their value because the exchange was basically abandoned after what happened.

Local investors have currently talked to the police in order to charge the owners of the exchange, but so far no one has been arrested. Chinese authorities are known for being harsh on people who break financial laws, so the group will probably be caught soon.

EtherDelta also has problems in the U. S. The company was fined for $400,000 USD over accusations that it was running an unregistered platform for selling securities. In the U.S., normal retail investors cannot buy securities, only accredited ones, and companies also need to have special licenses to trade them.

Related Posts:

  • No Related Posts

Digital token seller Kik Interactive fires back at SEC in US court filing

KITCHENER, Ont. — Kik Interactive Inc. said Wednesday it has asked for an early court date to formally challenge allegations levelled against it by the …

KITCHENER, Ont. — Kik Interactive Inc. said Wednesday it has asked for an early court date to formally challenge allegations levelled against it by the U.S. Securities and Exchange Commission that it wrongfully sold digital tokens.

The securities regulator said in a complaint filed in June that the Kitchener, Ont.-based company sold about one trillion digital tokens called Kin for US$100 million in 2017 — with US$55 million of the total coming from U.S.-based buyers — without registering their offer and sale, or providing proper disclosure, as required by U.S. securities laws.

The SEC said this constituted an initial coin offering, or ICO.

Investors based in Canada, however, were barred from buying Kin after what Kik called “weak guidance” from the Ontario Securities Commission.

The SEC alleges in its complaint that Kik lost money “for years” on its main product, an instant messaging platform called Kik Messenger, and it sought to raise money for a new type of business by selling digital tokens.

The company claims in its reply that the tokens are a currency that aren’t covered by U.S. securities laws.

Kik Interactive has said since the SEC suit was file it has looked forward to getting clarity about the legal framework around its Kin digital tokens and other cryptocurrencies.

“Our answer demonstrates how the commission has repeatedly twisted the facts to make its case, which it would not have done if it had strong evidence,” Kik chief executive Ted Livingston said in a statement Wednesday.

He previously said a blog post that Kik first heard from the SEC a few days after its token sale had already started and four months after the company first announced it. The conversation began as a “friendly” contact for information, but then ramped up and culminated with the SEC in November 2018 issuing a Wells Notice outlining why it believed there was a securities infraction, he added in the blog.

He argued in the Jan. 27 post that Kin is a currency, with “hundreds of thousands of people” having exchanged it for goods and services, but currency is excluded from the 1934 Securities Exchange Act’s definition of a security.

Kik launched a website called Defend Crypto, on which it has crowdfunded millions worth of cryptocurrency to put towards its legal fight against the SEC.

The Canadian Press

Related Posts:

  • No Related Posts

Surprise Surprise Someone Said Something Nasty About XRP Again

Ripple’s XRP is often knee deep in controversy, it’s rare that we actually see people speaking kindly about the cryptocurrency, so, it might not come as …

Ripple’s XRP is often knee deep in controversy, it’s rare that we actually see people speaking kindly about the cryptocurrency, so, it might not come as a surprise when we tell you that once again, a prolific cryptocurrency figure has come to speak out against XRP. A lot of the time, people come out like this to attempt to drive down the value of an asset through the spread of FUD. Most of the time though, it doesn’t work, simply because as a community we have desensitised ourselves to this sensationalist type of behaviour.

Either way though, we should at the very least listen to these comments in the pursuit of transparency, then at least we can all make our own minds up about who is right and who is wrong. So, what happened this time?

A Bitcoin figure named Tone Vays has spoken out against Ripple’s XRP, referring to Ripple as a part of the problem. According to Tron Weekly:

“Tone Vays who is an early bitcoin supporter and long term critic of Ripple and XRP is again shouting at the Ripple and its native token, XRP. Citing Moneygram quarter 2nd report, Tone Vays says Ripple is using dollars to buy the stock of failing companies, ex MoneyGram. Besides pointing MoneyGram as failing token, Tone Vays shouts XRP as a useless token (again). He adds, Ripple creates and pump useless XRP tokens while keeping 75%+ for yourself to sell later to bag holders.”

Where has all of this come from? Well historically Ripple’s connection with XRP has been questioned, many believe that XRP as a token is a security because the majority of XRP tokens are held by Ripple. This questions the legitimacy and the decentralisation of XRP as a cryptocurrency, though as we know Ripple have taken steps to ensure that XRp does remain decentralised. It’s tricky water, which is why so many critics like Vays feel so strongly about it.

What do we think about this? Well given Ripple’s huge dominance and their notoriety, it’s very unlikely that they are using their prowess through XRP to manipulate the markets, and even if they did, it would come back and bite them eventually – we’d all find out about it pretty quickly. With this in mind, we’ll let you make your own minds up about Vays comments, though remember that our advice in this industry is to never listen to these so-called experts!

Related Posts:

  • No Related Posts