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April 2012

Libra Testnet Surpasses 50,000 Transactions Since September Launch

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Libra

Libra

The Libra testnet has logged over 51,000 transactions since it was reset in September, with 34 projects having been developed on the network according to an update released by The Libra Association last week.

In a blog post titled “Five months and growing strong: the Libra project,” the project’s lead developer, Michael Engle, said, “It’s been just five months since we announced the Libra project on June 18, 2019, and nearly a month since the Association charter was signed by its members in Geneva. We’ve been working diligently to build the global community of developers and the technical infrastructure needed to support it.”

Of the 34 projects developed in the seven weeks since launch, 10 of those are wallets and a further 11 are blockchain explorers. Libra has emphasized the importance of involving the extended community, which supports the planned digital currency and recently held a Core Summit with Association technical team members. Topics covered at that summit included an overview of Libra core and its roadmap as well as how to run a node and build a wallet. From November 26, the project will launch a new streamlined process for submitting code and documentation.

The technical milestone is welcome news for proponents of the project, which has received substantial scrutiny and regulatory pushback from governments and regulators around the world, casting doubt as to whether the digital coin will ever actually come to fruition. The Libra Association, the nonprofit body overseeing the project, was launched last month after 21 members signed the association’s charter.

>> Tether to Launch Gold-Backed Stablecoin: What to Expect

The launch came despite several high profile defections from the project, with Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA) all jumping ship just a week before Facebook (NASDAQ:FB) CEO Mark Zuckerberg was due to defend his plans for Libra before a congressional committee hearing. Zuckerberg said that Libra will not hit the market without US approval, with the launch of the stablecoin delayed until mid-2020 at the earliest.

Featured Image: DepositPhotos © BiancoBlue

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LiteLink Technologies Subsidiary uBUCK Technologies Completes Second Tranche of Private Placement to Fuel Growth

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VANCOUVER , Jan. 27, 2020 /CNW/ – LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC (“uBUCK”) has closed the second tranche of a non-brokered, non-dilutive private placement previously announced on September 23, 2019 .

Under the second tranche, uBUCK issued 1,000,000 preferred shares at a price of US$0.50 per share for gross proceeds of US$500,000 . Under the terms of the offering, uBUCK expects an additional minimum investment of US$1,500,000 will be made in exchange for 3,000,000 preferred shares at a price of US$0.50 per share by June 30 , 2020.  The investor will also have the option to invest an additional US$2,500,000 for a total of 8,000,000 preferred shares at a price of US$0.50 per share by September 30, 2021 .

Along with the first tranche closing announced September 30, 2019 , uBUCK has now raised a total of US$900,000 .

uBUCK intends to use the gross proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth, increase customer acquisitions, and conduct additional product testing.

Because the private placement was made directly into a subsidiary of LiteLink, it is non-dilutive to LiteLink shareholders. The transaction is subject to all necessary regulatory and stock exchange approval.

The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation. Upon closing of this tranche, the investor will own 3.6% of uBUCK.

About uBUCK Technologies SEZC

Based in Georgetown, Cayman Islands , uBUCK is a fintech enterprise that specializes in digital payments and wallets. uBUCK Pay is a multi-currency digital wallet servicing the unbanked and underbanked users around the globe. Streambucks is a multi-currency digital wallet built exclusively for gamers and streamers.  Users will be able to load a prepaid debit card to make purchases online and offline at participating merchants where credit and debit cards are accepted.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries.  Its flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

The Canadian Securities Exchange has not reviewed or approved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to the nature of the business of LiteLink or uBUCK, and other factors or information. Such statements represent LiteLink’s and uBUCK’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink and uBUCK, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  LiteLink or uBUCK does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules, and regulations.

SOURCE LiteLink Technologies Inc.

Crypto Adoption has Yet to Hit the Masses

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crypto adoption

crypto adoption

The cryptocurrency industry may be popular, but that doesn’t mean it has seen mass adoption. Even Vitalik Buterin, the creator of Ethereum, agrees. Speaking to The Toronto Star recently, the 25-year old multimillionaire provided reasons why he thinks crypto adoption has yet to catch on.

Crypto Adoption: Why Hasn’t It Happened Yet?

Yesterday, The Star posted an article focusing on Buterin’s thoughts on why crypto adoption has yet to happen and what the industry can do to boost the adoption of virtual currencies.

One of the main issues Buterin discussed with crypto adoption is scalability. If you look at virtual currencies like Bitcoin, you’ll see that BTC can only handle seven transactions a minute on its base layer. Ethereum is in a similar boat, having its maximum capacity set around double Bitcoin’s.

According to Buterin, those aren’t the only issues that have led to a lack of crypto adoption. The wunderkind also touched on account security, privacy, and usability. Of course, the latter doesn’t come as a surprise, as many have found cryptocurrencies difficult to use. Issues with security and hacking are also a major concern, and several cases of crypto scams have surfaced over the past year and a half.

>> Bitcoin Continues to Face Hurdles at Higher Level, Altcoins Follow

But what happens if we managed to solve all of these problems, from capacity to security issues? Will cryptocurrencies turn into something people use daily? Buterin put forth this question, and it’s a difficult one to answer. Even if cryptocurrencies become secure, fast, and easy-to-use, how do we make the transition to a world that uses decentralized applications or altcoins to purchase items?

These are all questions the cryptocurrency sector will need to answer in the coming years, especially if it ever wants to reach the point of mass crypto adoption. For now, however, it’s about baby steps; perhaps people like Vitalik Buterin should first focus on security.

Featured image: PixaBay

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Ripple CEO is Working Hard on XRP’s Success

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Ripple

Ripple

XRP, the world’s third-biggest cryptocurrency by market capitalization, has not had a great year so far and Ripple has come under a fair share of fire over the state of affairs. The San Francisco-based startup holds the highest number of XRP tokens and has been responsible for developing greater awareness about the cryptocurrency.

Ripple’s CEO Makes Bullish Note

However, the poor performance this year has been blamed on the company’s practice of selling off large chunks of XRP, and many believe that this practice has depressed the price of the token. Even though the wider crypto sector enjoyed a rally, XRP languished, and so, Ripple’s CEO Brad Garlinghouse has decided to address these allegations yet again.

Over the past few quarters, the scale at which XRP has been sold has increased steadily, and that led to a lot of heartburn in the media, as well as among investors. At the time, Garlinghouse had stated that the XRP is being given away in order to fund more crypto projects. However, that did not appease the Ripple community, and recently some had threatened that they will instead try to go for an XRP hard fork.

>> Santander Launches First Ever End-to-End Bond on Ethereum Blockchain

In an interview yesterday with CNN, Garlinghouse said that since Ripple is the largest holder of XRP, it has the biggest interest in the ultimate rise of the cryptocurrency.

Garlinghouse was also questioned about the allegations of having ‘dumped’ the company’s holdings in the market at an alarming rate. However, Ripple’s CEO explained that a healthier XRP ecosystem is in everyone’s best interests, and hence, the company would never resort to such tactics.

Earlier on this month, Garlinghouse had taken to Twitter in order to dispel these allegations and stated that the rate of XRP sales had in fact gone down from one quarter to the next. That being said, investors are surely going to be more interested in Ripple and its actions going forward.

Featured image: DepositPhotos © rastudio

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