Sweet November SEC

In October Yahoo Finance and Decrypt the Media published a joint report which says that the Commission on securities and stock exchanges of the USA (SEC) has tightened the prosecution ICO, putting at risk, «hundreds» of projects. Thus, according to the document, dozens of companies are «quietly agreed» to return the investor’s funds and pay the penalties instead of trying to reach agreement with regulatory requirements. Yahoo and Decrypto noted that the crypto-space, there is still no regulatory clarity and the Commission «is not going to provide it». November 16, the SEC issued a statement about the digital assets is one of the few such documents since the time of the report DAO — but experts doubt that he will clarify the situation and make life easier for players in the crypto-sphere. What’s the mood with the SEC and with what projects the Commission figured out in November, tells DeCenter.

AirFox and Paragon

November 16, the SEC issued a decree on the results of the investigation in respect of projects AirFox and Paragon. The Board found that the company was selling unregistered securities. Now they are required to register the tokens in accordance with the law, pay a fine of $250,000 and meet the requirements for reimbursement of investor funds if any.

The financial services company Airfox and blockchain startups in the marijuana industry, Paragon spent tocancel last year. Airfox has raised $15 million for the creation of a mobile application that will allow users to monetize clicks on the ads and Paragon to develop their own platform, raised $12 million.

The company agreed to pay fines to register their tokens as securities and make periodic reports to the SEC and to return any funds to the affected investors.

SEC declares that encourages technological innovation on the capital market, but simultaneously emphasizes that «market participants must adhere to well-established and well-functioning legal boundaries, working in the field of technological innovation, regardless of, securities are issued in certificated form or using new technologies such as the blockchain». «We’re clear that companies that issue securities through the ICO must comply with laws and regulations and rules governing registration of securities. These cases show those who wanted to do something like that, that we continue to monitor the violations of the Federal securities laws in respect of digital assets,» commented Stephanie Avakian, one of the leaders of the Department of law enforcement SEC.

Global context. The end of «first phase»

This is the first case of application of measures grazhdansko-legal responsibility in respect of the ICO projects from the SEC, and some experts consider it an important milestone in the history of crypto-regulation.

«What we see is a simple development of what was supposed to happen. Regulators always interfering… Coming global tough measures, — says David silver, a lawyer in the area of securities fraud and investment losses. The government was not going to be afraid of groups of libertarians and anarchists. In the next two years we will see more than just enforcement actions.»

However important or even turning date 16 November was not the only reason. On the same day, the SEC summed up its current position on the activities of crypto-projects in the «Statement of issue and trade digital securities.» «Today marks the end of what I would call the «first part» law enforcement strategy of the SEC, commented on the emergence of this guide, Jake Chervinsky, counselor of the state service for trials in the field of securities. This is the first [statement SEC] since the speech of the Villa Hinman, who said that bitcoin and ether are not securities because they are “fairly decentralized”. It covers all recent SEC actions against industry players: ICO, exchanges, brokers, funds. And that’s why I call it the end of the first phase. It seems that SEC has prepared this statement for almost a year. They are strategically pursued several of the members of each group to make this statement as a guide for the rest.»

Czerwinski believes that the SEC uses the «classic strategy, known as «leadership through coercion, which leaves the regulator for freedom of action. About the same strategies the SEC wrote mark santori, a lawyer and the author of the concept of SAFT, in December last year, when the SEC announced its decision in the case of Munchee: «We will see more [cases] of leadership through coercion by the SEC. Fortunately, the Commission continues to act rationally and to consider these as «teachable moments» for these [projects] as Munchee, which in fact are not criminals».

Czerwinski notes that the Commission acts in the interests of reputation that might be good for her but bad for crypto projects that need clarity and clear legal framework: «SEC rarely wants to test uncertain legal theories in court. If they lost a big case, such as whether the tokens of securities is to undermine their law enforcement strategy for the entire industry. [A] the best way to avoid this? Leave the rules vague and ambiguous». For this reason, according to Chervinski, the latest statement by the SEC still does not explain clearly enough how the securities law should apply to digital assets «In the statement of the question is: «When the digital asset is a security?». The only answer there is: «See report for DAO», despite the fact that it was released about 16 months ago.»

«Even less help» this statement makes the issue of decentralized exchanges — whether they are subject to Federal regulation, said Czerwinski. «It says that it depends on «relevant facts and circumstances.» In legal language this is equivalent to «[we] are not sure, don’t touch us»». «A business that provides a marketplace that unites buyers and sellers of securities, regardless of the technology used, must determine whether its activities under the definition of exchange under the Federal securities act. In rule 3b-16 of the act the exchanges of the given functional test to assess [this]», — it is told in statement SEC. In fact, it is the analogue of the Howey test to stock exchanges, and it is likely that the criteria will cause the crypto-projects less than criteria of the Howey test.

Another question which is set Czerwinski and which, in his opinion, explained in a Declaration how far the sphere of influence of the SEC. «Many companies react to regulatory uncertainty in the US, trying to get out of the reach of the SEC. But whether the SEC will hunt for the ICO and foreign exchanges that do not allow participation of American citizens? «[We] don’t know [do not touch]»,» — commented cerwinske.

In this case, as previously, the SEC remains open to direct appeals from the specific projects: «Consult your legal advisers regarding application of securities laws and to contact the Commission staff if you require assistance,» the statement said. «The path to regulatory compliance is, even when issuers have conducted illegal unregistered offer digital securities,» — this phrase from the statement of the SEC gives even more hope, pointing out that the SEC is ready to understand the projects that may not because of criminal intent, but because of the ambiguity of the regulations, incorrectly interpreted the character tokens sold and agree to pay a fine and continue to cooperate with the SEC.

Czerwinski notes that coming now to the second phase of regulation will be likely even more difficult for the crypto-space: «If I’m right, «phase two» not fun — it [is] a slow, painful grinding, in which the SEC cleans the crypto space every decision. In a sense, this is the right approach. To establish laws is not really the work of the SEC — the clarity must come from Congress. And if you’re tired of hearing on regulation and enforcement, I regret to inform you that this is only the beginning. The securities laws is only one part of a crypto-puzzle. We will go through this again with the tax laws, about money laundering, about the [bypass] sanctions and so on. I’m sorry.» Thus, in his opinion, the regulation in the second phase to actively connect the other departments, in particular the Commission commodity futures U.S. (CFTC) and IRS (IRS).

November SEC: chronology

If you believe the «theory phase» Chervinsky, the completion of the first phase of crypto-regulation are the following events:

In early November, the Enforcement Department of the SEC has published the annual report for the 2018 fiscal year, which shows that since the formation of Kiberprestuplenie inside SEC (at the end of the 2017 fiscal year), the Commission is increasingly engaged in the identification of fraudulent activity in cyberspace, which includes the activities of ICO projects. «Over the past year the Department has opened dozens of investigations into ICO and digital assets, many of which [proceedings] are continuing». The SEC highlighted cases Centra Tech, Titanium Blockchain Infrastructure Services and PlexCorps, which together got tricked more than $68 million of investor funds. According to the SEC report, the total amount of fines imposed by the Commission for the 2018 fiscal year amounted to $3.94 billion, of which $3.04 billion and accounted for 5% of the cases.

November 8, the SEC charged the Zachariah Coburn, founder of the exchange EtherDelta, which was not registered as a trading platform. The platform allowed the exchange of tokens of the standard ERC20, and, according to the SEC, within 18 months of its existence the exchange was located more than 3.6 million warrants of tokens, including those that were securities. The statement also draws attention to the fact that most of the orders were made after the Commission has published a report investigating the DAO in June 2017. The regulator said that the founder of the exchange, Coburn has not confirmed nor denied the charges but agreed to cooperate and pass the state $300,000 of illegal profits and to pay a fine in the amount of $75,000 and $13,000 as interest for the period before judgment. The SEC notes that the penalty would be greater if Coburn refused to cooperate.

On 15 November The Wall Street Journal reported that the SEC is investigating a $50 million tocancel the company crypto-loans Salt Lending Holdings Inc. «Sources familiar with the situation» said that the company received a summons in February. She was suspected of selling unregistered securities and the Commission finds, as was used collected in the course of licensee means and in what form the Salt staff received tokens. The trial for the SEC and the CEO platform ShapeShift Eric Voorhis, who previously was a member of the Board of Directors of the Salt despite the fact that in 2014 the SEC banned him from any fundraising activity. Will Voorhies to cooperate with the investigation, is unclear, but his previous statements say not that good. «All these stories about what the government is trying to protect people — a complete nonsense,» the businessman said during a summer interview with The Wall Street Journal.

On 15 November, Federal prosecutors in new York announced that Maxim Zaslavsky, founder of ICO projects REcoin Group Foundation and Diamond Reserve Club World, suspected fraud and deception of investors, pleaded guilty to «[engage] investors in the purchase of tokens through fraud in the form of statements about what they are backed by real estate and diamonds». In fact, the certificate that he sent to investors, were not associated with bloccano, and any supporting assets did not exist.

Recall that the case of the Zaslavsky became the first SEC about ICO fraud. The Commission has charged a businessman at the end of September 2017, and demanded the return of collected during the ICO funds and to pay a fine.

Zaslavsky previously insisted that existing laws against cryptocurrencies «unconstitutionally vague» and tried to dismiss the charges against him, claiming that he created crypto-currencies were not securities. However, this argument was rejected by a Federal judge in Brooklyn in September. Judge Raymond Deary decided that RECoin and Diamond are securities. «A deliberate lie Zaslavsky and others led unsuspecting investors to buy worthless certificates [while they] thought that they acquire cryptocurrency securities. This office will continue to aggressively pursue those who use and deceive investors, whether in the form of traditional methods of fraud with securities or new — such as the alleged proposals of cryptocurrencies and blockchain-technologies», — said the lawyer court southern district of new York Richard Donohue.

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Binance showed the interface of the future decentralized exchange

Bitcoin exchange Binance has published a second video showing the capabilities of the previously announced decentralized trading platform. In particular, the new video shows a full-fledged trading interface, the process of creating accounts and their own blockchain Explorer company Binance Chain.

Judging by the video, the interface Binance DEX will largely resemble the appearance of the existing exchange. Additional features include the ability to connect an external address, create a mnemonic phrase of 24 words, private keys, and the tab balances. You can also see a custom icon with a dropdown menu that shows the individual addresses.

Using a browser users can search for blocks and transactions included in a specific block.

«Assets will be protected decentralized applications like Trust Wallet, which is independent of the server infrastructure, storage of private keys on the device user. This means that access to funds will have only the users themselves», — stated in the message Binance.

CEO Binance, Chanpen Zhao also gave additional comments regarding the future of decentralized exchange, noting that the creation time of the blocks on the platform will be one second, and the transaction will be instant – their finality will be fixed after one confirmation.

Startup Binance DEX is expected in early 2019. The platform will provide users the ability to trade as a private token of exchange, the BNB and other coins. Currently BNB is a token of the standard ERC-20, but later it will be translated into Binance Chain.

We will remind, about the imminent launch of its own blockchain head Binance announced on Tuesday, 4 December. The first demo Binance DEX was shown in August.

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Japan will share the blockchain projects with the Association «FINTECH»

The Russian Association for the development of technologies for distributed registry «FINTECH» (AFL) announced a partnership with Japanese financial technological Association (FAJ). The partners plan to exchange experience in the field of blockchain developments and to explore promising financial technology.

The company also intends to develop programmes aimed at the development of FINTECH-ecosystems of Russia and Japan.

«The experience of our Japanese colleagues is interesting for us from the point of view of the creation and use framework. Japan is one of the first countries in the world where financial technologies are regulated on the legislative level», — said the Director of the Association «FINTECH» Tatyana Zharkova.

She added that in turn the members of the Association «FINTECH» to share with FAJ experience of creating a platform Mastercan that in the future «may become the basis of national blockchain infrastructure of Russia».

We will remind, in June the members of the «FINTECH» has announced plans to test prototypes on blockchain systems for transmission of financial messages.


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Cryptocurrency Verge may be involved in the leak of IP addresses of users

In the Internet appeared the list of IP addresses allegedly associated with hundreds of cryptocurrency transactions Verge, the developers of which promise their users an enhanced privacy.

«Verge is a secure and anonymous cryptocurrency. We pay special attention to privacy,» reads the project website.

The list is published on the website xvg.keff.org whose owner is unknown. It contains the data about transactions made through the purse Verge Core. In a short time on the resource should also receive information about transactions conducted through Electrum wallet XVG.

How the information in this list is true, difficult to verify. However, these data may say that the Verge is not as anonymous as the developers say.

On the website the Verge States that the project uses several networks focused on anonymity, such as Tor and I2P. It is argued that the IP addresses of the users disappear and the transaction is completely untraceable.

«Verge is a decentralized currency designed for users who value privacy. She perfected the original bitcoin blockchain through the use of anonymous networks such as TOR and i2P. It supports multiple hashing algorithms to enhance security and ensure the equal distribution of the reward between the miners,» say the developers.

However, that data undermine the credibility of the developers.

Team Verge, in turn, questioned the accuracy of the information presented on the website xvg.keff.org:

«Until we found a real matches the IP/transaction on this website, but we continue to look at this data,» reads the Twitter account of the project.

But even if matches are only a few, it will prove that transactions users Verge at risk.

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The number of cryptocurrency hedge funds have doubled in a period of volatility

Research FINTECH company Autonomous NEXT recorded more than double increase in the number of cryptocurrency hedge funds over the past four months.

As noted in the NEXT Autonomous now was 226 cryptocurrency funds. For comparison, as of October 18 of last year was 110. However, on 29 August 2017 cryptocurrency funds was 55, and at the beginning of the year 37.

The company stressed that the increase in the number of hedge funds occurred in the period of high price volatility of bitcoin and other cryptocurrencies. In mid-December, the price of the first cryptocurrency, according to CoinMarketCap, broke the mark of $20 thousand per coin, and in early February of this year quotes bitcoin dropped to $6 thousand.

With the explosive growth in the number of cryptocurrency hedge Fund, recalled in Autonomous NEXT, the volume of assets under their management remains relatively low, ranging from $3.5 to $5 billion For comparison, only one of the largest hedge Fund traditional financial market Bridgewater Associates, according to last year managed assets of more than $122 billion.

Formerly known supporter of cryptocurrency billionaire investor Mike Novogratz (Mike Novogratz) were planning to launch the cryptocurrency’s largest Fund with assets of $0.5 billion, but in mid-December decided to take a break. As I explained then Novogratz, they did not like “current market conditions”.

However, he successfully raised $250 million of investor funds to launch cryptocurrency trading Bank — 20% more than the originally scheduled amount.

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What type of crypto to choose?

Every owner of digital currency necessary crypto. The market today offers a large variety of options. In General, the mechanism of action of most of them are similar. They differ in the method of storing money, the number of supported currencies, degree of reliability. So, cryptococal can work with a single cryptocurrency (in particular, common purses which you can only use bitcoin) or be multi-installed on the PC or be in the cloud, to run on the smartphone or stored on external media.

It is impossible to recommend any one type of wallet, as a lot depends on the goals of its future owner. When you select the crypto you need to understand why you need it: for example, to store currency, active investment, small day to day expenses. It should also be understood, how much currency will be used by the owner of the wallet, how often and in what amounts, does he need constant access to the wallet. Taking into account all the factors, you can find the most suitable solution.

I will give an overview of several types of purses, will highlight the pros and cons they see, and will try to give advice, for what purposes will fit a particular budget.

First, consider purses in the number of supported currencies. There are wallets that work only one cryptocurrency for example, only with bitcoin. Note that native client is and the bitcoin. Other multi-currency wallets: typically they support some of the most common cryptocurrencies. Now popular operations Althingi, so many people prefer to have a multi-currency wallets. But the main and most quoted bitcoin is still bitcoin.

For large amounts of bitcoins, I would advise you to use a wallet that supports either the minimum number of digital currency, or only bitcoin. Multi-currency support increases the risk of breaking the whole service due to the large number unchanged, have not undergone proper testing wallets new currency.

We now turn to a different classification according to the method of storing cryptocurrency. These wallets can be divided into three large groups: software wallets, hardware wallets and paper wallets. Talk about each group in detail.

Software wallets

These wallets are also divided into categories:

  1. A program for the PC. The principle of operation is very simple: the program downloaded from web service and is installed on a desktop or laptop. These wallets store the history of all executed in a network transaction, and therefore take up a certain amount of memory (more than 165 GB in the case of bitcoin). Enter the wallet can only be the device on which it is installed. This is one of the most reliable and the best options of storage facilities, it is no coincidence that he is popular. The risk in this case is associated with a possible computer hacking or a virus attack. Therefore it is not worth saving on the latest version of a good antivirus. Be sure to save the file wallet.dat in a safe place. In the case of damage you will lose your savings.
  2. Applications for smartphones. These purses can be called mobile versions of purses for the PC. The program is installed on the phone, it weighs less and is often easier to use. These wallets may be advisable for those who need constant access to the cryptocurrency anywhere. But if the phone is lost, there is a risk to lose their money.
  3. Online wallets. These purses are in the cloud, you can run them anywhere from any device. To create a wallet, you must register on the service website. But this method of storing cryptocurrency riskier than others: in this case, the passwords and secret keys are stored on third-party web server that is used by third parties. These wallets are convenient, but also prone to break-ins and hacker attacks.

Hardware wallets

These purses keep all user data on an external drive – a flash drive with the encryption chip set. To make transactions you just need to connect a USB flash drive to any computer with Internet access, enter the PIN code and transfer the money. The transactions are performed online, but stored offline. It makes hardware wallets is hardly a leader in reliability: hack. Minus these purses is their high cost. I would like to cancel that now the market is flooded with fake hardware wallets. So buy them strictly from the official websites of manufacturers delivery, which excludes the penetration into the parcel of strangers.

Paper wallets

This option is also a reliable: the user prints a sheet with the QR codes of the public and private keys that provide access to money. The possibility of hacking is not very likely, but the safety of equipment depends on the safety of the sheet with the codes.

In conclusion, I want to note that whichever type of wallet you choose, don’t forget about the safety rules: protect computer, protect sensitive information, check those who are transferring money, please be careful on the Internet, follow the news in the field of security. Then your funds will be protected.

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A Bank in South Korea will create a service for storing private keys of bitcoin

Shinhan Bank, the oldest and the second largest Bank of South Korea announced plans for service development that will improve the security of storing bitcoins. It is reported by Korean media portal Naver.

“This is the service that stores the key of the blockchain in virtual box provided by the Bank. We are looking for ways to provide free service for the Deposit and collection of fees for withdrawal,” — said an unnamed employee of Shinhan Bank.

Key providing access to a bitcoin wallet consists of 26-35 alphanumeric characters, it is usually stored in the application online wallet. Cryptocurrency transactions are monitored and are not accompanied by banks, which is the main feature of the sale of the digital currency. However, this independence means that if the smartphone or the key is lost or stolen, the customer will lose access to your wallet and money.

“When the key is stored on the terminal stolen by the attacker can leak sensitive assets and transactions are protected by key. You will not be able to transfer the assets, and even if your key is abused, you will not be able to check it out,” said Kim Dong-Jin (Kim Dong-Jin) of the financial Supervisory Service.

In July due to hacker attack from South Korean largest cryptocurrency exchanges Bithumb entered 30 thousand users. Because of this incident, it seems, Shinhan Bank and had the idea to provide safe storage.

According to the company Group-IB, hackers are increasingly switching their attention from banks to kriptonyte. In this sector successful attack brings on average more money. For example, the recent hacking of the wallet Tether Treasury exploited became tokens, worth about $31 million.

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Vice-Chairman of Nasdaq stocks: ICO «immature», but that could change

Vice-President of Nasdaq Bruce OST (Bruce Aust) believes that the market for IPO coins (ICO) is still immature, and the stock exchange is still the best place for money collection companies. He said this in an interview with CNBC during the Tech Summit in Lisbon.

The Vice Chairman of the Nasdaq sure to rest on its laurels, the company is not necessary — the situation can change:

“We are a regulated market, I think that’s the difference between us and the ICO. We will see that at some point these markets will be regulated, and it will change everything.”

He noted that the Nasdaq has always been at the forefront of helping companies in raising capital in private or public markets. The scope of ICO, he said, is still “young and early” stage.

According to the ICO Tracker CoinDesk, through this form of attracting investment to date has raised more than $3.5 billion, most of which occurred in the current year.

The growing popularity of raising Finance through primary placement of coins attracted the attention of regulators. In China, South Korea and El Salvador, the authorities banned the holding of ICO. In Russia, President Vladimir Putin instructed to regulate this area by 1 July 2018.

We will remind, earlier the General Director of NASDAQ adena Friedman (Adena Friedman) said that the company eschews the ICO due to the lack of regulation.

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Experts DigRate appreciated blockchain project Lala World

Rating Agency assessment of digital assets DigRate conducted an analysis of the project Lala World and has assigned a rating of B1: moderately high probability of return on investment, and sensitivity to the market average.

In DigRate came to the conclusion that for the most part of considered parameters (volume of services, prospective target audience, the cost of the product), the project is superior to its competitors and has a chance to become a leader in the segment of suppliers of integrated financial services on the blockchain.

Its social mission team Lala World says improve life for large numbers of people who do not have access to banking products. For example, one of the target groups of the project – migrants, due to bureaucratic obstacles almost impossible to access traditional banking.

The basis of the project ecosystem ⎼ e-wallet Lala Wallet. Lala Wallet is positioned as one of the most secure multi-currency e-wallets that can be recharged as Fiat and cryptocurrency, in this case the user does not necessarily have a Bank account.

A Central place on this platform will take Lala Tokens. It is assumed that the users will be able to convert a wide range of blockchain assets such as Lala, BTC, ETH, LTC etc., simply by using Lala Wallet that has built-in sharing mechanism.

With new peer to peer system developers Lala World strive to change the ways of obtaining loans, insurance, cross-border and domestic deals based on the blockchain technology, making these and other financial products more accessible to individuals, small businesses, migrants and their families.

However, running product the company has not yet provided. The prototype was produced only for the residents of some Asian States and with other countries increasingly difficult in legal terms. So Lala World forbids to purchase tokens to US residents, holders of us green cards or residents of Singapore. At the moment, the team conducts negotiations and signs agreements on cooperation, and prepares licenses for the legalization of their activities.

Another weak point is marketing the project. In social networks, the company is not active in the specialized media appears infrequently. This is the direction you need to build up, increasing the presence and popularity on news sites and social networks, experts say DigRate.

Recall that the team DigRate has conducted an analysis of a number of ICO projects, including GoldMint, Privatix, XRONOS, Robomed, MicroMoney, BitClave, Biocoin and a PlayKey.

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«The knight without fear and reproach», or Why the Telegram lock can help blockchain project of Pavel Durov

According to the filed in the SEC report of March 29, in the second closed round ICO Telegram raised $850 million from 94 investors, after which the total investment in the project amounted to $1.7 billion. Thus in mass media there was information that the Telegram is planning to abandon the public round, as it has the ability to attract the required amount within the closed tocancel. Application published SEC also indicates that the company reserves the right to continue to hold «one or more» a range of coins (according to rumors, the project expects to collect a total of $2.25 billion).

Meanwhile, on 13 April, during the court hearing Roskomnadzor—Telegram, Tagansky court of Moscow ruled to block the messenger on the territory of the Russian Federation after Pavel Durov repeatedly refused to give the FSB the keys to decrypt the messages. «The restriction on access to information will be valid until fulfillment of requirements of the FSB on the provision of decryption keys for messages of messenger users,» said the judge Yuliya Smolina. Lawyers international Association «Agora», representing the Telegram, intend to appeal the ban, as reported TASS head of the information Department of the «Agora» Dmitry Kolbasin (by the decision of Pavel Durov Telegram representatives were not present at the trial — «not to legitimize outright farce»). «Privacy is not for sale, but human rights should not be compromised out of fear or greed… In Telegram we can afford not to care about revenue and ad sales,» — said Durov in the Twitter with reference to its own channel in the Telegram.

According to experts, the ruling will not have a significant effect either on the ecosystem of the Telegram, nor on ICO. «In Russia there are about 7 million active users of Telegram 200 million worldwide, which shows a loss of 3.5% of users. Some of these users will continue to use messenger using a VPN and proxies, as stated even the Deputy Minister,» said a senior analyst at IC «freedom Finance» Vadim Merkulov. In his view, forced the lock will not create bad PR for Telegram, but rather will have the opposite effect: «luckily for the position of the messenger of Pavel Durov is almost always different from the interests of the Russian government, in principle, was the original cause of the creation of the Telegram. In the end, whichever way to look at is the brainchild of Pavel Durov protected from legal actions of law enforcement bodies of Russia, which only strengthens the faith of investors», — said Merkulov. According to «Interfax» on Friday, after the court decision, the Telegram became the most popular free app in the app Store, and according to «MegaFon», the user activity Telegram at the same time increased by 20%. According to the forecast of the analyst «MK,» the effect of market lock for the Telegram will not exceed 2.5% of the possible financial losses.

With respect to investment in TON, given that the Telegram reports to the SEC, «it is highly unlikely that the trial in Russia somehow affect ICO», — says the analyst of trading platform eToro Michael Mashchenko. At the same time the representative of the consulting company «Expert plus» Maria Salnikova said that investors can encounter problems in case, if sanctions are expanded and begin to provide for additional restrictions on cooperation with Russian investors. However, this fact is unlikely to represent a risk to the Telegram, it is consistent with the policy, which, according to unofficial information, were announced in the agreement with the investors: the project is placing extremely high demands on the participants. ICO from minimum amount investment of $20 million and required the recognition of a businessman in the international arena to capacity from the sale of tokens to the persons falling in any of the sanctions lists the USA, UK, EU and UN security Council, as well as their relatives. The contract also States that the tokens cannot be used for sanctions violations and money laundering. Although the list of investors TON is not disclosed, media reports, citing insiders reported that up to stated requirements «held» bill gates, Roman Abramovich, Richard Branson, co-founder of Qiwi Sergey Solonin, co-founder of «Wimm-bill-Dann» David Yakobashvili, co-founder Mail.Ru Group Yuri Milner, acne Buterin and a number of large funds from Silicon valley.

It is hard to disagree that arose after the trial the validity of the decisions that need to be implemented in the TON, became more urgent, and the Telegram has been tested for strength, thus reinforcing its reputation. In this sense, sad for many users (and also for the company itself), the court may be generous advertising campaign. «To resist the state representative in the encryption issue — the right direction by issuing its own cryptocurrency. If the Telegram gave the FSB the keys investment in its token would be greatly affected,» said Nolan Bauerle, head of research at CoinDesk.

TON ideologically connected with the Telegram in the aspect of privacy: messenger end-to-end encryption protects user collaboration, while TON designed to avoid government control and from the perspective of Finance, as the money will transfer directly in the messenger. Technically this idea is realized in several underlying products platform. For anonymity among them meets TON Proxy — proxy network layer TON, which will allow to hide the identities and IP addresses of nod TON. «As in the project «Invisible Internet» (I2P), this level can be used to create a decentralized VPN services and TOR alternatives based on the blockchain. Along with TON and TON of P2P Network DNS, Proxy TON can do any service, including Telegram, resistant to censorship», — stated in the white paper of the project. According to the description, TON is a «multi-blockchain»: it involves complex protocols that can be used repeatedly and in different variations to increase the flexibility of the platform. One of such protocols is a TON of P2P Network through which the access to the block chain TON.

Another key service — THANK DNS the domain name system that assigns accounts, smart contracts, services, and node easy-to-read titles, and provides access to decentralized services according to the principle of access to sites on the world wide web. TON Storage — decentralized file storage, access to which is carried out through a TON of P2P Network using smart contracts (according to the white paper, the technology is somewhat similar to the principle of access to the torrent files). The ability TON Storage is much broader than just the «decentralized Dropbox»: it is designed including for decentralized applications with a large amount of data, comparable to Youtube and Telegram. TON Services is a platform for third-party services, which provides an intuitive interface for decentralized applications and smart contracts. TON Payments — micropayments platform and a network of micropayment channels, allowing instant ofcan transactions between users, bots and other services. These components, according to the white paper will be released after the release of the blockchain TON Core and will increase the potential usage scenarios of infrastructure TON.

While ICO Telegram is a «simple agreement for future tokens» (SAFT), according to which, investors buy the tokens, and the right to receive them when it is ready, TON. So, each purchased investment contract should be converted into the internal token platform — Gram — in a ratio of 1:1 after the launch of the TON, which, according to the road map project, held in the fourth quarter of 2018. In the same time interval promises to be a «light wallet» integrated into the Telegram: it will allow you to store cryptocurrency without downloading a bulky blockchain, and pay based on a TON of services and applications. Thanks to the speed, anonymity and convenience, TON plans to work around not only Bitcoin and Ethereum, but traditional payment systems Visa and Mastercard, making Gram main means of payment: «Someone like Telegram or WhatsApp, need to make the cryptocurrency mainstream,» said Iqbal informed Gandham, managing Director, eToro also emphasizing that Telegram already focused all crypto-audience, and noting the «amazing technical side of the project» and the background of the founders: «I think the whole world would have invested if I could,» said Gandham.

Today the burgeoning decentralization of Internet services — a kind of «back to nature», a return to basics and to the original idea of the Internet as a decentralized power, the transmitting power in the hands of the people. The ability to bypass the censorship here is rather a by-product, whereas the main purpose of the blockchain platforms is the normalization of relations between users and the ecosystem due to the elimination of intermediaries — whether search engines, advertising platform or a traditional provider of social media. In any area where it comes to decentralization, it is the same principle: using tokens the user can control their spending, buying only those products and services that it needs to control access to personal information and share it at their discretion (and not under the rules established by the user agreement of the company), and carry out activities to create content, products and services absolutely full — not sharing income with advertising and other intermediary services.

Examples of «new generation» social media are platforms like «the Voice» and Synereo, which reward users for the content and at the same time using the rating system to ensure the quality of materials and does not allow the emergence of fake news. Such a system can be implemented at any sites. «With the rise of blockchain socio-economic interaction improves and becomes more affordable as we move from the Internet information to the Internet values,» — said Derin CAG, founder of news portal Richtopia. A whole range of applications that can be used in different areas of business, ensuring maximum safety of the buyer and the seller, recently presented the team Blockstream in the «week of the application on the basis of Lightning». «LApps completely change the distribution of forces for the creators of online content. Previously, they depended on advertising revenues and were forced to work with advertising platforms. FileBazaar (and other new LApps) allow content creators to independently conduct business online,» write the developers.

At the same time, as recent events at the international level, including the act Cloud and the scandal of the Cambridge Analytica, which used data from 50 million users Facebook for political advertising — the interests of the users at odds with the interests of centralized corporations not only from an economic point of view, but also from a political and, one might say, ethical. In this «Bermuda triangle» in a hurry rescue helicopter decentralization.

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