Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed …
Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.
Today we are publishing our 41st monthly Provable Solvency Report with step-by-step validation instructions for your convenience.
As of today, Coinfloor holds a total of 5,324.1443 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.
What does the Provable Solvency Report include?
We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a SHA-256 hash of this report.
We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of 5,784.2804 XBT and included in the output script the OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can verify the amount and details of the transaction on the blockchain.
Key Pieces of information:
Provable Solvency Report #41 (August 31, 2017):
SHA-256 Hash of the Provable Solvency Report: ca9b391efa05105ee7ac38ce55c782904db213625e9c8c78ba1a23fa60619bcd
Transaction ID: 6440ab75455562924fab18c71bd6c393af56b7aa0b7474c7a8b811c3af0da33c
View the transaction here:
Your API authentication cookie:
You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).
Instructions for Validating Solvency Report:
- 1. Open the Provable Solvency Report file:
- 2. Go to
http://www.xorbin.com/tools/sha256-hash-calculator or to your SHA256sum calculating application.
- Copy the entire contents of the solvency report into the SHA-256 generator and calculate the SHA-256 hash of the report.
- 3. Go to
- At the bottom of the page, in the Output Scripts section, you will find the generated hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.
- 4. Go to
your local SHA1sum application
- to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1450361333) and your API authentication cookie.
- Example (Linux):
- timestamp: 1450361333
- API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=
- command: echo -n ‘1450361333BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum
- 5. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter:
We believe that this approach is the best way to achieve maximum accountability while retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on regular basis.
Thank you for your trust,
CoinTelegraphBitcoin Price Comes Close to $4700 As Latest Jump Takes Altcoins HigherCoinTelegraphThe latest move upwards resulted in a consolidated effort from the biggest altcoins tracked by Coinmarketcap, with 95 percent of the top 50 posting overal…
What is TenX?
TenX is a real world debit card that works with both Visa and MasterCard payment systems and allows users to spend cryptocurrencies such as Bitcoin, Ether and DASH anywhere that Visa or MasterCard is accepted. TenX has also developed an iPhone, Android and desktop app that helps card users to keep track of their transactions and their spending.
How is TenX different from a normal debit card?
Aside from enabling you to spend your cryptocurrency balances, TenX’s business model functions the same way as a mainstream debit card. TenX profits from charging a small fee from every transaction made with a TenX debit card or through its app.
The merchant processing the card transaction charges a fee that will be allocated to:
- The merchant’s partner bank
- Visa or MasterCard
- TenX, the issuer of the card.
The benefits of using TenX
Part of the fees that TenX will get from each card transaction will be redistributed in three different ways.
- TenX will keep one third to ensure a stable revenue stream. The remaining two thirds of fees will be distributed to:
- TenX’s PAY token holders, who will be rewarded 0.5% payed out in ETH, for every transaction and
- TenX card holders, who will receive 0.1% per transaction in PAY tokens through the TenX app.
You can buy and trade TenX’s PAY token at Gatecoin.com
How does a TenX transaction work?
When making a payment, the TenX card user can choose between different blockchain assets as a source of payment such BTC, ETH, DASH etc. within the TenX app. When the transaction takes place, the conversion into the merchant’s local fiat currency occurs in real-time. The video below provides a great demonstration of a TenX’ payment.
How does TenX keep user funds secure?
The TenX app enables users to lock or unlock usage of the TenX card. The app also allows other security measures like daily spending limits and withdrawal restrictions. This enables TenX to compete with traditional debit cards on security.
The TenX PAY token sale
When the TenX team launched its PAY token sale on June 24th 2017 it already had a working product, the multi-blockchain asset, “TenX Wallet.”
The PAY token sale successfully achieved its ETH 200,000 goal, and raised an additional ETH 45,000 given the widespread interest in the TenX card. This additional ETH was allocated to provide further liquidity to the TenX ecosystem.
The total amount raised during the PAY token sale amounted to more than USD 80 million equivalent with USD 34 million raised during the during pre-sale period.
A total of 20 million PAY tokens were created during the token sale period and were distributed as follows:
- 51% offered to the public through the token sale
- 29% Retained by TenX to be distributed to community initiatives, business development, academic research and market expansion. For the next four years this budget will be securely held in publicly viewable cryptocurrency wallets and are subject to scrutiny by the entire community according to TenX whitepaper.
- 20% Distributed among founders, employees and early investors
The purpose of the PAY token sale was to enable community participation in the TenX project by owning a stake in its ecosystem. The funds raised were initially used by the TenX team to hire more engineering and business talent that will work on developing a sophisticated product ecosystem; including applications for android, iOS and desktop, a multi-card platform and integration of various cryptocurrencies and tokens.
The PAY token sale also facilitated the distribution of PAY tokens to users of the existing TenX Wallet.
As the TenX debit card has already been distributed to users, fee rewards from card transactions can be claimed by PAY token holders here.
How does the TenX payment system work?
TenX’s payment system is based on the Cryptographically-secure Off-chain Multi-asset Instant Transaction network (COMIT).
As the name implies, COMIT is a cross-chain payment channel, which allows different blockchains like bitcoin and ethereum to interact together without the need to issue a different token.
This enables TenX Wallet users to directly transfer blockchain assets, peer to peer without a centralized intermediary.
What is the company behind TenX?
TenX Pte. Ltd. is the Singapore-based company behind the development of the TenX ecosystem. The firm is an alumni of PayPal’s incubator programme “Start Tank”, won first place at the DBS and IBM sponsored Blockchain Hackaton, and is supported by Citibank through its Citi Mobile Challenge in Asia Pacific. Early investors in TenX include Ethereum Founder, Vitalik Buterin, Fenbushi Capital’s Bo Shen and angel investor David Lee.
Who are the TenX team?
TenX’s four co-founders come from different backgrounds. Toby Hoenish, CEO, has a strong track record of founding and managing startups across the world like Tokyo based, Studypack. Paul Kitti, COO, has extensive experience in design innovation and product development. Dr. Julian Hosp, CVO, is a former medical physician, professional Kite surfer and the author of the best selling book I-Unlimited. Michael Sperk, CTO, has a PhD in Bioinformatics and an Msc. Computer Science and prior to co-founding TenX developed a scalable browser based Visual Analysis Tool, capable of processing and visualizing hundreds of thousands of social media messages in real time.
The TenX founders spend up to two thirds of their working time engaging with their current and prospective card users and token holders through social channels. TenX has a very active Youtube channel where they often upload videos of all kinds — tutorials, news, vlogs, industry topics and recordings from meetups. If you want to catch up with the latest release or news make sure to check out TenX’s twitter account or join their weekly discussion on their official subreddit.
TenX announced in August 2017 that they have become members of the Enterprise Ethereum Alliance (EEA).
Gatecoin news & views
New tokens listed on Gatecoin
Gatecoin is pleased to announce support for the following projects by listing their tokens on our exchange:
- InvestFeed (IFT) — a cryptocurrency social network
- MobileGo (MGO) — a cryptocentric mobile gaming platform
- 0x (ZRX) — an open protocol for decentralized exchanges built on ethereum
All the above tokens can be traded with BTC and ETH.
All new ATHs!
The price of bitcoin and litecoin soared to all-time highs (ATHs) this week, rising above USD 4700 and USD 65 respectively. Many market watchers pointed to the surging volumes on exchanges based in South Korea as a major cause for these price rallies, which our Head of Marketing speaking to CNBC believes is due to regulatory developments in the nation.
Canada clarifies guidelines for token sales
Canada, obviously one of the most important financial markets in the world, published a detailed report on cryptocurrency offerings which included very specific guidelines for technopreneurs looking to raise capital through token sales.
Prepared by the Canadian Securities Administrators (CSA), this is the only communication so far from any regulator that explicitly describes the legal obligations of token issuers. In short, token issuers should follow existing Canadian security issuance requirements, regardless of the token’s value proposition, or apply for an exemption. Past announcements from the U.S. SEC or Singapore’s MAS contained no concrete guidelines and their recommendations were ambiguously broad, which can be summarized as “hire a lawyer.”
Gatecoin is not impacted by the CSA’s announcement given that we have no operations in Canada and have not listed any tokens tied to a Canadian legal entity. In fact, we are glad that a regulator finally spelled out exactly what they want from token issuers.
China’s regulators expected to release guidelines for token sales
As reported by Tencent Finance and China’s leading financial media organization Caixin, regulators in China are currently discussing the development of guidelines for token sales conducted in the country. This may include limits on the size of token sales, more stringent information disclosures and the publishing of regular investment risk alerts.
The National Internet Finance Association of China subsequently released a statementcalling for greater due diligence and risk assessment of token sales.
Gatecoin believes such guidelines will be positive for the future development of the blockchain ecosystem in China.
The Securities and Futures Commission (SFC) of Hong Kong, where Gatecoin is based, has yet to release any communications regarding the requirements for token sales conducted in the Special Administrative Region (SAR) which has different legal and regulatory regimes to the rest of China.
Current price and 24h volumes for selected trading pairs on Gatecoin
Weekly Blockchain Asset Performance Comparison (31 August 2017)
Voices from our community
Why I Was Wrong About Segwit And Big Blocks by Jimmy Song, Bitcoin Developer
Decentralized social media is peer-to-peering into the future by Jake Brukhman, Co-Founder of Coinfund
We need more public due diligencefor ICOs by Stefano Bernardi, Managing Partner Mission & Market
Ethereum blockchain dominates CoinMarketCap by CryptoPortfolio
What we’ve been reading
The Gatecoin Team
Trading blockchain assets such as bitcoin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade blockchain assets you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with the trading of blockchain assets, and seek advice from a licensed financial advisor if you have any specific concerns.
Social media proofs of concept on the blockchain demonstrate important value propositions of decentralized apps.
In 2016, Steemit pioneered the world’s first blockchain-based decentralized social network and in my view remains one of the most important blockchain projects today.
Boiled down to its simplest form, Steemit is a kind of reddit with the property that creating interesting content, or curating it effectively, will earn users real money on the platform in the form of a cryptocurrency called Steem. There is no barrier to entry. Just create an account and start earning.
Moneycontrol.comBitcoin tops $4700, altcoins at new highs; a wrap of the major action on cryptostreetMoneycontrol.comLed by bitcoin, many major altcoins touched new highs over the past few days. The rally comes on the back of growing awareness and int…
The preview of Bitcore version 5.0 makes it possible to build and run a Bitcoin application on any implementation of the Bitcoin protocol.
Recent news coverage underscores the impact of high fees and poor FX rates for many expatriates in the Gulf countries sending money home.
The post Blockchain Can Improve Payments for Expatriates in the Gulf appeared first on Ripple.