What you should learn from the Tether Hack!

tether markets

 

Tether, owner of the USDT token, announced today that its system had been hacked into. An individual would have managed to divert the equivalent of $30,950,010 to an unauthorized address.

Initially launched as’ Realcoin,’ Tether makes it easy to convert encryption currency into dollars or USDT tokens, this is done via trading platforms such as Bitfinex, Poloniex…

usdtAfter the announcement of the attack, and for security reasons Tether temporarily suspended its wallet service (Theter. to). A thorough examination of the cause of the attack is under way to prevent similar actions from being repeated in the future.

An update of the Omni Core software has been deployed to prevent stolen funds from entering the ecosystem. The latter are marked as pirated and will not be exchangeable. It is indeed a temporary hard-force, creating a divergence of consensus.

Tether and the Omni Foundation (responsible for the development of the Omni Core software) are studying ways in which Tether can retrieve the tokens in question and rectify the hard fork created by the update. Once this protocol upgrade is complete, Omni Foundation will provide updated binary files that all integrators can install. Once the update in place Tether will reclaim the stolen tokens.

What is the best Bitcoin wallet?

This guide will help you find the right Bitcoin wallet in 2017!

There is no universal Bitcoin wallet. These wallets come in all kinds of forms and functions.

Keep reading if you’re looking for the meilleur portefeuille bitcoin.

What is a Bitcoin wallet?

A Bitcoin wallet is the first thing you need to be able to use bitcoins.

Why?

Without a wallet, you cannot receive, keep and spend your bitcoins.

Try to imagine such a wallet as your interface with the Bitcoin network – a bit like your online bank account is an interface to the conventional monetary system.

Bitcoin wallets contain private keys, some secret codes that allow you to spend your bitcoins.

These are not the bitcoins that need to be stored and secured, but rather the private keys that give access to them.

In brief:

A Bitcoin wallet is an app, website or device that manages your private keys.

Types of Bitcoin wallets

Hardware Wallets

A hardware wallet is a physical, electronic device designed for the sole purpose of securing bitcoins.

The big difference with solutions is that the hardware devices must be connected to your computer, smartphone or tablet before you can spend bitcoins.

fafjqbfgsb gkbwwkjbwkjwkThe three most popular hardware wallets are:

  • Ledger Nano S
  • KeepKey
  • Trezor

Hardware wallets are one of the best choices when you take security seriously, but still, want a convenient and reliable bitcoin storage solution.

Hardware wallets keep private keys away from devices connected to the Internet (and therefore vulnerable).

Your private keys are stored in the wallet hardware, i. e. in a secure offline environment offering complete protection, even when the computer to which it connects is infected.

Since bitcoins are a digital currency, cybercriminals could theoretically attack your computer’s “software wallets” and steal them by gaining access to your private key.

Which wallet suits you best?

To invest? To save money? In this case, a hardware wallet will allow you to keep your bitcoins safe.

If not, a software wallet can also send and receive bitcoins.

Each wallet has its advantages and disadvantages, and each wallet exists to solve different problems.

Some wallets focus on security, while others focus on confidentiality.

Your needs will determine the type of wallet you use because there is no such thing as the “best Bitcoin wallet.”

Mastercard unveils its blockchain for banks and businesses

Mastercard offers for the first time the possibility to send money via a blockchain instead of using a credit card.

After developing its version of blockchain technology over the past two years, Mastercard announced on Friday that it is now opening up blockchain technology to individual banks and merchants as a potentially more efficient alternative to paying for goods and services.

A sign that the widespread adoption of crypto technology is on the rise, Mastercard is the second Fortune 500 company this week to start making payments easier with it. On Monday, IBM revealed that it had also begun making payments on its proprietary blockchain between banks in the South Pacific.

Like IBM, Mastercard also targets business-to-business payments as the primary objective of its blockchain, which can only be used by invitation. Mastercard, however, differs from the technology giant importantly: while IBM’s blockchain transmits only money in the form of Lumens, a virtual currency created by the non-profit company Stellar, the blockchain Mastercard operates independently of a cryptographic currency and instead accepts payments in traditional local currency.

Not a real currency?

On the other hand, according to Pinkham, Mastercard has an advantage that the Bitcoin does not have: a settlement network that includes 22,000 banks and financial institutions around the world.

After all, Pinkham adds, companies still rely primarily on government-issued money for business, which makes it impractical to convert cash into cryptographic money, or vice versa, for every payment on a blockchain. Even in the bitcoin system, there needs to be a trading platform that allows Bitcoin to be exchanged for the euro, which creates complications,” Pinkham explains.

Mastercard hopes to offer the benefits of this technology, including a safer and more transparent way to make and track payments within the existing financial system, without the drawbacks of digital money. What Mastercard brings to the table here is a unique combination of this blockchain capability and Mastercard’s settlement network,” Pinkham explains. (The competitor credit card provider Visa, for its part, has partnered with startup Chain to develop its own similar business-to-business payment system.

Some companies have already signed up to use Mastercard’s blockchain, Pinkham said, although he refused to name them. In addition to payments, Mastercard envisages that businesses could use this blockchain to track the movement of pharmaceuticals and luxury goods such as handbags and diamonds, thereby reducing fraud by providing “proofs of origin.”

Potential Challenges of Financial Technology and How to Solve Them

Financial technology or Fintech and cryptocurrency are taking over the world. Everyone is trying to improve their financial systems and get them digital. Almost everything else in the world is digital, so why not financial systems as well? There are a few kinks that need to be sorted out and improved and we’re sure that they will be addressed in no time. If you are interested in taking on Fintech for your business, take note of the challenges and how you can solve them.

Security Concerns

The first challenge is security. Even though cryptocurrency platforms are secure and decentralized, hacking remains a problem. Digital financial systems will always carry the potential risk of hacking. This is obviously a problem as any business that holds financial information of clients, want to keep that information secure and private. Fintech companies, like Next Bank Asia, are putting systems and precautions in place to ensure the security of these types of information.

Liability Concerns

If any private information of any kind comes to light, Fintech companies can be held liable. This will poorly influence the company’s reputation and trustworthiness. This is also a concern for the companies making use of the technology. Most Fintech companies, like Next Bank Asia, take this concern very seriously and take extra safety precautions to ensure that there is no breach of confidentiality.

Denial of Service Attacks

This is a concern for most digital financial services and companies. People are taking chances and claiming that transactions never happened. This is becoming a huge problem across the world. Fintech companies can implement measures and protocols to address these potential issues and track the transactions to check whether such claims are true or not.

Any form of digital information runs the risk of becoming public or hacked. Every company and individual who use these systems must take their own precautions to ensure the safety of their information and their money.

4 Types of Cryptocurrencies in Use in 2017

Cryptocurrencies have become quite a big thing all across the world. A cryptocurrency is basically a digital form of money or unit of exchange. You can use these currencies to do online transactions without real money ever changing hands. It is fast, secure, and very convenient. Many businesses have also gotten on board and accept or trade in cryptocurrency. The four best-known cryptocurrencies are:

1. Bitcoin

Bitcoin is by far the most well-known type of cryptocurrency in the world. It has become a household name and people all over the world make use of this system. This was also the first cryptocurrency that came on the scene in 2009. It was developed by an anonymous individual or group only known as Satoshi Nakamoto.

2. Ripple

Ripple is a distributed ledger system that keeps track of transactions. It can successfully track different kinds of transactions and is very helpful to banks and other financial institutions. It can be used to track more than just the cryptocurrencies.

3. Litecoin

Litecoin is the smallest of the four cryptocurrencies on this list. It is the newest and also the fastest in terms of development and improvement. It moves quickly when it comes to improving speed and new features.

4. Ethereum

Ethereum is second to Bitcoin as the most used cryptocurrency. It was developed in 2015 and has a large market capitalization in the billions. It has had some issues with hacking and such things, but regardless of that, the currency is still popular among users.

Cryptocurrencies are being used for various transactions. People are using them to invest, play the markets, make an online purchase, etc. It is a fast and convenient way of exchanging money without a centralized system.

Benefits of Financial Technology and Cryptocurrency Transactions

There are many things being said about financial technology and cryptocurrencies – both good and bad. Many people have embraced it and others are still skeptical. People like to play it safe when it comes to their hard-earned money. So, if you are wondering whether these systems are for you, we have some benefits to share. It also helps to realize that banks have been making use of financial technology for years. Many of us use online and cell phone banking. These systems work on the same principle, just without a single entity running it.

Better financial situations in businesses – Fintech companies and the technology that they offer can revolutionize the way businesses run their finances. These Fintech companies come up with innovative solutions to help businesses have better cash flow and stabilize their funding systems. It can even help them manage their working capital better.

Better payment systems – Financial technology can improve a business’ payment systems as well as the efficiency and accuracy of invoicing and collections. It can help improve customer relations in all aspects. When the customer has a good experience with fast payments and quick resolution of problems, they tend to return.

Mobile devices increase convenience – Financial technology allows transactions to take place through mobile devices like tablets and smartphones. This increases the convenience and efficiency of transactions for the customer. With mobile connectivity, a business can streamline all its systems, integrate different accounts, and improve the overall customer experience.

Cheaper advice – These new financial technology systems enable robot-advice. This means that people can easily get advice and information on finances and investments without having to pay expensive fees to the highest qualified consultant.

It seems that Fintech is here to stay and will surely keep improving and bringing us new and improved systems to work with. Fintech could be the answer to your business’ cash flow or efficiency problems. So, approach your local Fintech company and see how they can help you move up in the world.