Blockchain and Bitcoin round-up: 10 November 2017
Three more stories from across the world of Blockchain and Bitcoin. This latest round-up features Chia Network, Crypto20, and a lesson to learn from recent Bitcoin scams in Canada.
The “first eco-friendly cryptocurrency”
Starting with Bram Cohen, the renowned coder and BitTorrent creator has unveiled the development of a Bitcoin alternative called Chia. Designed to reduce energy consumption when mining, it’ll be the “first eco-friendly cryptocurrency”.
Currently, Bitcoin uses a tremendous amount of energy when mined. Chia is different and relies on proofs of time and storage to verify its blockchain, as opposed to Bitcoin’s electricity wasting proof of work. With this, Cohen expects Chia to be “less wasteful and more centralised and secure”. Cohen says early sales are expected Q2 2018, with a full launch by the end of 2018.
When it comes to token sales, Crypto20, the first cryptocurrency index fund that gives individuals the opportunity to own a crypto portfolio through one token, has raised $8.6 million in sales of its token, C20, surpassing its originally invested $5 million. With three week’s left of pre-sales, Crypto20 hopes to cross the $10 million mark.
Crypto20’s token is designed as a finished product as opposed to a platform. With C20 being a representation of an investor’s share of the fund, control goes directly to the end-user. Token holders can then choose to liquidate or can sell or exchange their tokens at will.
Lastly, don’t be a victim of Bitcoin scams. Recently, York Regional Police in Richmond Hill, Toronto, Canada carried out an investigation into reports of a new Canada Revenue Agency (CRA) scam, which led to victims losing CA$340,000 ($268,268) in cash into Bitcoin ATMs. Potential marks would be contacted by a scammer posing as tax collectors or police officers threatening them over tax issues.
Those who fell victim (45 reported cases), were instructed to deposit their savings into Bitcoin ATMs. Unfortunately, due to the nature of Bitcoin, police say it’s impossible to trace the money and the importance of the situation to raise awareness. Flyers have been since placed on Bitcoin ATMs around the region saying that CRA does not accept Bitcoins as payment
