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Wednesday, 19 February 2020 12:29

An Unstoppable Browser for Your Unstoppable, Web 3.0 Domain

Author:  [Source: This article was published in cryptobriefing.com By Liam Kelly]

Unlock censoreship- and AWS-resistant websites.

Unstoppable Domains today launches its native, censorship-resistant crypto browser. Users can now surf the decentralized web and send crypto payments directly to site addresses ending in .zil or .crypto.

Blockchain Domains Built on Ethereum

Like domain names used for surfing the traditional internet, Unstoppable Domains offers enthusiasts an opportunity to host a site on the Ethereum and Zilliqua blockchains. 

Accessing these sites is also straightforward for those unfamiliar with blockchain-based technologies. Users simply add .crypto or .zil, like .com, to a corresponding Unstoppable Domain to navigate to different portions of the decentralized Internet. 

What initially began as a mechanism for easily remembering cryptocurrency addresses, has now turned into a suite of products from the San Francisco-based team. Sending cryptocurrencies from wallet to wallet required users to either memorize a 40-character string of letters, numbers and symbols or copy and paste this string of information. 

The former is cumbersome, while the latter has proven risky. 

In 2018, Bleeping Computer reported a type of malware that would monitor users machines for cryptocurrency addresses. If detected, whenever the user would attempt to copy and paste the address, the malware would swap the address with the attacker’s. This way funds would be sent directly to the attacker rather than the intended recipient. 

Thanks to upstarts like Unstoppable Domains and ENS Domains, both issues can be mitigated. The second step after uncensorable payments, has then been to build out uncensorable domains. 

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nsofar as many of the world’s most popular sites are built on centralized services like Amazon Web Services (AWS), taking down a website is not difficult. In the unlikely case that AWS ever shutdown, much of the Internet as we know it would also disappear. Conversely, websites built on a blockchain are protected from seizures and from being stripped of content. 

Many websites that use either a .crypto or a .zil are already available. When users download the Unstoppable Browser, they can use the Chromium-based browser to visit sites like cryptolark.crypto or timdraper.crypto.

Interested parties can download the browser for either Windows or MacOS today. 

Cosmos Dev Leaves Tendermint, Cites “Untenable” CEO as Reason

Zaki Manian walks after internal conflict.

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Tendermint Labs director Zaki Manian has resigned from his post. Tendermint is a core contributor to the Cosmos blockchain network.

Zaki Manian’s Recent Hint at a Departure

In early February, Manian tweeted his discontent with Tendermint CEO Jae Kwon, saying the co-founder “has obsessively focused on Virgo while neglecting and under resourcing IBC… threw a painstakingly planned hiring and resource improvement proposal out the window to become @BitcoinJaesus.”

He labeled the CEO’s conduct “an untenable distraction.”

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Manian intends to continue working on Cosmos, telling Decrypt:

“There are people inside the company that want to portray this as a power struggle between me and Jae, and this as an outcome and me threatening x, y and z. But it was really me saying I don’t see a way in this arrangement to get the work done. And the best way to get the work done was for me to leave.”

Tendermint Continues Development Work

Tendermint is yet to comment on the high profile departure. The company’s vision “to create open networks in order to manage conflict and empower people to align on universal goals to enact positive societal and environmental change” appears to have come unstuck at its own workplace. 

However, it does have a slate of over 100 projects in the Cosmos and Tendermint ecosystems. The Tendermint protocol is an interoperability network, on top of which Cosmos was built.

How Cosmos’ lead developer’s departure will impact the relationship between the two networks remains unclear.

China Sees Red: FCoin Transaction Fee Costs the Exchange Millions

Unique business model costs exchange its business.

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Chinese exchange FCoin today announced insolvency following internal “technical difficulties.” The platform’s founder has already announced a new project to help pay back the multi-million dollar capital reserve.

“The Route to Hell Is Paved with Goodwill”

So reads the first line of an ominous Reddit post from FCoin’s founder on Feb. 17.

The announcement from Jian Zhang, formerly the CTO of Huobi, indicated that it would not be able to process user withdrawals because the exchange had become insolvent. “It is expected that the scale of non-payment is between [7,000 -13,000] BTC,” said the executive.

The culprit behind such malpractice was the very mechanism that helped FCoin briefly become a top exchange in 2018. 

The exchange leveraged a unique “transaction-fee mining” reward to bootstrap adoption. In practice, this meant that for every trade fee paid on FCoin, the users would be reimbursed entirely in the exchange’s native token, FToken (FT). 

Users quickly flocked to the exchange, thus pumping the price of FT and inflating the exchange’s volumes on CoinMarketCap. At one point, the exchange overtook the likes of OKEx and Binance at its peak. 

Zhang indicated that the team raked in between $150 and $200 million at this time, with payouts to “old FCoin users” as high as 6,000 Bitcoin. Soon, however, this very mechanism became the exchange’s downfall. 

In its short existence, FCoin had been periodically paying out users slightly more than they could afford. The team did not notice this discrepancy due to poor analytical tools for measuring payouts. Even after they began buying back FT with company funds, a user base eager to leverage the underdeveloped business model had far outpaced the team’s ability to save a sinking ship. 

Still, in an act of good faith, Zhang is determined to payout all remaining withdrawal requests.

Over the next two to three months, the founder will fulfill all email withdrawal requests as part one of a two-part plan. The second part, relies on the success of a “new project,” said Zhang. He added: 

“Once the new project is on track, I will begin the long-term mail withdrawal process, which may take 1-3 years. In addition, for the other losses of FT and FMEX investors, I am also willing to use the profit of the new project to compensate. The specific calculation method will be discussed with you at the beginning of the compensation.”

At the time of writing, FT finished trading at ~$0.04, down from a high of nearly $0.30 in May 2019. FCoin reports a 24-hour volume in BTC/USDT of  approximately $115 million, according to CoinMarketCap. FT is the seventh highest-traded coin on the platform. 

Binance Cloud to Offer Exchange-in-a-Box Infrastructure Service

Binance set to enter the white-label market

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Binance is set to develop white-label crypto exchange infrastructure for use by smaller exchanges, allowing them to focus on regulatory compliance.

Binance Cloud Service Extends to Exchange Infrastructure

Binance’s cloud service was already hinted at by the exchange’s CEO, Changpeng “CZ” Zhao, during an “ask me anything” session on Feb. 8. Their white-label exchange infrastructure will provide spot market and futures trading, bank API integrations, and fiat-to-cryptocurrency exchange services. 

Exchanges will be able to rebrand the software infrastructure, to be hosted on Binance Cloud, to suit the needs of their local markets. A statement from the company explained:

“The Binance Cloud service is an all-in-one solution, featuring an easy-to-use dashboard that allows customers to manage funds, trading pairs and coin listings, as well as multilingual support, depth-sharing with the Binance.com global exchange, and more opportunities to collaborate with the ecosystem.”

White-Label Exchanges Nothing New

White-label crypto exchange infrastructure is not new to the industry. The current market leader is AlphaPoint, which claims to provide infrastructure to “over 100 exchange operators.”

Binance’s entry into the white-label market appears to be in line with the giant’s determination to redefine money and expand cryptocurrency access and services to a worldwide audience.

With Binance-powered matching engines, security, and liquidity solutions, new exchanges would be able to access instant workability and scalability. Startup exchanges have historically faced daunting setup costs, with many failing to gain significant market traction.

The 32nd largest exchange by 24-hour volume, according to CoinMarketCap, had less than half a million dollars in trading activity for the day at press time.

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[Source: This article was published in cryptobriefing.com By Liam Kelly - Uploaded by the Association Member: Bridget Miller]

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