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EOS Rank Fifth Cryptocurrency As Being Supported By LUMI Wallet And MINERGATE



EOS Rank Fifth Cryptocurrency As Being Supported By LUMI Wallet And MINERGATE

Electronic-Optical System popularly known as EOS was designed by a private company known as and was released as open-source software on 1st June 2018.

EOS.IO is a blockchain where its protocol is controlled by the native cryptocurrency called EOS. Its attributes involve real computer GPU(s), RAM, hard-disk storage and CPU(s) for processing with computer resources distributed among EOS cryptocurrency holders.

EAOS runs on a model known as the decentralized autonomous corporation which performs millions of transactions per second and eliminate transaction fees. For it to gain popularity, the native cryptocurrency gave out 1 billion tokens at the launch of it blockchain as ERC-20 by block .one.

Lumia wallet has been in the system for some time now, their cryptocurrency wallet supports the storing of different types of cryptocurrency. It is an admirably secure user-friendly cryptocurrency wallet which supports most popular cryptocurrencies such as Bitcoin, Ethereum etc.

It has client-side private storage. Which was founded and released in 2017 by a cryptocurrency geek, Lumi wallet private keys are designed on the client side which has no connections to Lumi company, this shows that the company has no statistics or information in relation to the user’s wallet. the system is designed in such a way that if it’s been attacked by hackers or fraudsters user’s wallet will still be secure.

MinerGate is a mining pool, public mining pool to be precise. Where people use the power of their computer to increase the hashing power to support other miners. Their interface is downloadable where you can mine your favourite cryptocurrency.

In 2018, the team of MinerGate introduced its own EOS block producer into the company. The team has experience in building a highly loaded gadget for cryptocurrency and blockchain. MinerGate has its own software solutions and also a full-scale project has a record of 3,600,000 active users worldwide 10 active mining pools for various cryptocurrencies.

Lumi wallet seeks to enlarge its product by collaborating with MinerGate team as a long-term strategic partner in order to create new products. In view of this, EOS and token will be added to the partnership based on Lumi Wallet.

This partnership will increase the boundaries for the development of Lumi wallet which will merge the process of developing MinerGates EOS ecosystem. This will allow Lumi wallet to have full access to the main wallet while operating EOS within the ecosystem of MinerGate.Due to this partnership, EOS has gained much attention making it possible to be part of the top five cryptocurrency in the blockchain industry.

Now that lumi wallet is operating in full support with MinerGate, EOS users can now manage EOS and EOS tokens on their account as well as EOS powered dapps. Lumi in collaboration with MinerGate will continue to promote and popularize EOS blockchain till it reaches the top.


Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform



Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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Thailand Outlaws The Use Of Crypto For Payments



Thailand Outlaws The Use Of Crypto For Payments
  • The SEC in Thailand has banned crypto payments in the country.
  • Its new decision is expected to become enforceable in April.
  • The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.

The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.

Crypto Payments Outlawed

Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).

They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.

The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering.”

As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.

The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.

Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation

The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”

The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.

“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as  blockchain and emphasize and support the use of technology to further innovation.”

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