You saw nothing: «unnoticed» attack on Tether

Today, when «every second project — stabilin», this kind of cryptocurrencies already occupies a separate niche within the global crypto-space, with their tools, statistics and tracking, including Stablecoin Index, Stable Report, Stablecoin Stats and Stablecoin Wars, some of which may be «Coinmarketcap’Ohm for tablconv».

In such a tense competitive atmosphere, everyone wants to oust the king — exactly as with bitcoin global stock market. Despite all the scandals and suspicion in the world tablconv championship still belongs to the Tether.

And if usually the whole «suspicious activity» involving Tether vigorously debated, one of the largest speculation with the use of a Tether passed almost unnoticed, having narrow coverage in the media. Official statements from neither Tether nor Bitfinex have also been reported.

What happened: inside of Bitfinex

A month ago, in the night from 14 to 15 October Pacific standard time, Tether fell by 7%, breaking the correlation with the dollar, and bitcoin (and the whole stock market) soared more than 10%. The price of bitcoin on Bitfinex reached $7788, while its average rate, according to Coinmarketcap, was only $6965 at the highest point.

One of the employees Bitfinex has shared details of an internal investigation. According to him, Bitfinex was not involved in this incident, and the manipulation of the price of bitcoin was carried out using soobschestvu network trading bots, who carried out a massive sale of the Tether. Bitfinex has been able to establish a link between accounts and to reveal the potential of the initiators of the attack, tracing transactions from their wallets.

An independent analyst who prepared the report for Bitfinex, believes that the attack was involved cryptocurrency project IMMO, which the media often associated with the name Rothschild brothers (the project itself denies these rumors).

The price of bitcoin on Bitfinex was significantly higher than on other exchanges, because of the mass of the Tether sales through this platform. At the time of abrupt rise of bitcoin on Bitfinex observed technical problems due to the large number of orders. Intelligence report suspicious activity, you start trading bots. Coinspeaker, citing «a source» reports that the trading bots had merged into one system and managed centrally with an accuracy of a fraction of a second. Buy orders bitcoin was created hundreds of accounts, and the price steadily increased. The publication notes that today is the largest use case of such a scheme on the stock market.

The exchange has full information about the order book, which is also stored in history. Using these data, Bitfinex was able to separate normal users who are active on the stock exchange at the time of the pampas, from bots.

All suspicious accounts have been blocked to details. Well as the anonymous interlocutor of the edition noted that in each such account contained approximately the same number of Tether.

Then found out that the funds for dozens of similar addresses came from multiple addresses whales and then gradually poured on Bitfinex, so as not to attract the attention of large sums of money. Prime suspect — one of the whales, which was associated with IMMO, managed to install using de-anonymization of his wallet.

Another angle

If you believe in the involvement of the «reserve cryptocurrency» IMMO, one of the alleged reasons for the attack is to eliminate a competitor — most popular today stablon.

But there is another theory that focuses on other motives of the attack. In his article «Anatomy of an attack on a Tether: vulnerable do stabilini?» Henry Hye, the founder of the Protocol smart contracts SesameOpen and security expert, analyzes the possibility of attacks on stabilini (and their complexity) for example, what happened to Tether. He noted that typically the analysis tablconv is based on normal market conditions, not taking into account the sharply rising at the time of the attack volatility, «In time attack the movement of the market is massive and sudden. Stabilini only those that can survive these attacks, may eventually become the «Holy Grail»,» writes He.

In the absence of detailed information Hye made a picture of the attack, based on publicly available data from Coinmarketcap. He explains that this is a classic speculative attack: the massive and sudden sale of cryptocurrencies within a relatively short period of time.

As can be seen in figure 1, the attack was very fast: it lasted only 3 hours. To lower the price of the Tether to the lower $0.925284, it took about 100 minutes. Then, about 65 minutes later, the price rose to $0.973513 and began to stabilize. The volume of transactions Tether for the 3 hours was $2 billion, which at the time corresponded to the average daily trading volume.

Daily schedule change of the Tether from October 14 until October 15, 2018. Source.

The attackers first opened a large position in Tether and large positions in bitcoin or other cryptocurrencies. Then they suddenly sold Tether that collapsed the price to the lower boundary, at the same time raising bitcoin about 10%. And in the end they sold a large position in bitcoins to make a profit, and (possibly) bought back Tether at a lower price, thus reducing the losses from the dump Tether.

«I think the attacker used the fact that bitcoin and other crypto-assets are an absolute negative correlation with stablename,» says He.

As shown in figure 2, the price of bitcoin began to rise when the attack began, reached a peak, when the price of a Tether coming down to the lower level, and collapsed when the price of Tether was restored.

Daily schedule of changes in the price of bitcoin from October 14 until October 15, 2018. Source.

Xe notes that it is very difficult to accurately assess how profitable was the attack with such limited information, but it is safe to say that it was very profitable. The total capitalization of the stock market soared 10%, or $20 billion, while the Tether was lost in the capitalization of only $210 million. «This difference represents a huge opportunity for profit-taking», — said He.

The expert noted that the resources needed to implement such attacks is huge, but many players of the space they have.

If we assume that the total amount of sale (listed in figure 3) and was the amount necessary in order to break the binding Tether to the dollar and brought it down to $0.925284 in just 100 minutes, the attack took more than $1 billion. But when you consider the possibility of trading with leverage that control 10% of the market can influence on prices of cryptocurrency, the $100 million will be enough to launch an attack and lead the market in motion, and then he will do all the work.

Analysis of trading history during the attack. Source.

Heh believes that the attempt to counter attack was definitely made, but it failed. As can be seen from figure 3, if we assume that the total amount of purchase (Total Buy) was an attempt to protect the Tether, then the defending party spent about $221 million — a substantial sum that few can accumulate over 100 minutes.

«Understanding the economic incentives for attacking and defending it is critically important to understand why the attackers want to attack and how they do it and the defender can actually defend the reference [to the dollar] should they even bother trying [to do it],» notes He.

The ultimate motivation of the attackers during the attack on Fiat currency is a profit. The same motivation is relevant and when the attack on stablon. «Stablein projects should be aware that the gap binding is not the ultimate goal of speculators in the implementation of the attack. It is only a means of helping to cause the expected movement of the market in a short period of attack and profit, even given the fact that stabilini can recover in price after the attack,» — said He.

Not only Tether

Based on their analysis of the attack on a Tether, He said «bad news for all stablly projects», namely: a successful attack on such cryptocurrency quite easily feasible despite the fact that «none of stabilin project today cannot defend themselves against speculative attacks». «People like Tether or not, he receives a small «advance» for trying to protect the binding by the recent speculative attack. He spent at least $200 million. And he’ll probably need $500 million more to make this work on subsequent attempts [attacks],» writes He. He also notes that one of the key challenges for the defending party, is the rapid attack: «Since these attacks occur in a very short time, no time to transfer money from a Bank or issue bonds, because capital for stabilization should be at hand.»

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Silk road: evil or evil genius of Ross Ulbricht

«The silk road» (Silk Road) — darknet-the platform for trading in illegal goods, founded by Ross Ulbricht in 2011 and named in honor of the silk road — trade route between Europe and East Asia laid in the II century BC the «silk road» lasted 2 years and 8 months: in October 2013, Ulbricht was arrested by the FBI in the public library of San Francisco in Glen Park. Today, Ulbricht is serving a life sentence and Twitter account Free_Ross collecting signatures for his release, has over 22,000 followers. As it happened, was dealt with in our material.

Where

The website «silk road» was in the «deep web» (deep web) — part of the Internet that exists «around» available to all of the visible web (surface web) and is not visible to most users. The content is not indexed by search engines like Google, and, as suggested by some experts, it is hundreds of times larger than the visible web. Access to the site was carried out through anonymous network Tor, which concealed the IP addresses of the users and provide non-monitored connection. Because, although the FBI found out about the existence of the site in a couple of months after its launch, the operation for its closure took two years.

Who and why

The marketplace founder Ross Ulbricht, who was known online under the pseudonym Dread Pirate Roberts — dread pirate Roberts, the name of a character in a novel of William Goldman’s «the Princess bride» (and the eponymous film adaptation).

Ross Ulbricht was born in Austin, Texas, received the degree in physics at the University of Texas and a master’s degree in engineering at the State University of Pennsylvania. 5 years worked as a researcher. After that I tried to run several startups, including a bookstore Good Wagon Books, which sold used books and a portion of the funds donated to charity, and unsold books were given to the prison library.

«I love to learn and to use theoretical constructs to better understand the world around me. So I studied physics in College and worked as a researcher… My goal at that time was to expand the boundaries of human knowledge. Now my goals have changed. I want to use economic theory as a tool for the elimination of coercion and aggression amongst mankind. I believe that, like slavery, which was abolished almost everywhere, violence, coercion and all forms [of the use] of force by one person over another can come to an end. The most widespread and systemic use of force [comes] from institutions and governments, and that concentrated my efforts today. However, the best way to change government is to change the minds of the governed. To this end, I create an economic simulation to give people a personal experience of what it’s like to live in a world without the systematic use of force,» the profile of Ross Ulbricht on LinkedIn, presumably during the creation of the «silk road».

The same libertarian ideals, but revised the time and thus personal experience, sound in the letter Ulbricht, judge Katherine Forrest that carried conviction: «I believed at the time that people have the right to buy and sell anything as long as do not harm others. The essence of the Silk Road had to come to this, to give people the freedom to make independent decisions. To go to his own ideal of happiness. What they themselves saw it».

The rules of the site

Because silk road was on the darknet (Tor), communication of its members were anonymous. Some (at that time the highest) level of anonymity provided and the system of payment in bitcoins. Thus, the transaction was bestrasova, which was especially important in the trade of sensitive goods, which was carried out at the site. Goods delivered to the buyers home as normal, not causing suspicions of the parcel. Security was served by the rating system: the participants in the transaction can rate each other according to different criteria.

On the «Silk road» was mainly done on the illegal trade of 340 types of drugs accounted for 70% of turnover. Along with them were sold and legal products: books, jewellery, pornography.

On the idea of Ulbricht all the goods offered for sale on «Silk road», was to fall under the category of «crimes without victims». Because certain categories of products were banned for sale by the rules of the platform. Among them the stolen credit card data, personal information, orders murders, weapons of mass destruction, forged currency and pornography.

However, over time, policy has become increasingly «flexible», when Ulbricht was no longer able or do not want to monitor compliance with the previously established boundaries. So on the «Silk road» was allowed to sell weapons under the pretext that the government imposes increasingly severe restrictions, and people becoming more difficult safely buy it, which is contrary to the libertarian policy platform. In the future, on the platform appeared more «illicit» products.

At this time, the FBI…

The identity of Ulbricht took about 2 years. Authorities were required to penetrate the network and establish contact with vendors and administrators, none of whom knew the real name Ulbricht.

During the operation, the FBI found many of the upcoming «partners» Ulbricht and used their identities to recover the full picture. Last piece of the puzzle was a simple search result in Google linking Ulbricht alias Dread Pirate Roberts with another nickname — altoid: this account touted the «silk road» at an early stage. Through him was able to track the bitcoin forum that Ulbricht had left his personal email address.

Ulbricht was caught red-handed: at the time of arrest in the library of San Francisco, he was logged in to the system of silk road as an administrator and spoke on behalf of the Dread Pirate Roberts with an FBI agent undercover.

Agents found that on the laptop Ulbricht bitcoins are stored on tens of millions of dollars, and millions more — on the flash drive found in his apartment. The computer also kept a personal journal of Ulbricht that contained evidence of his guilt. Within a few hours after his arrest domain of Silk Road was arrested, the marketplace is closed.

During the investigation, the FBI went on a few users sites. Among them is Curtis green, who was the moderator of the «silk road» and started with that sold on the platform of fake prescriptions for drugs. Learning about what green caught Ulbricht was afraid that he would become an informant. He was confirmed in his suspicions after he learned that 20,000 bitcoins ($350,000 at the time) disappeared from various accounts and was on account of green. Then he asked for another one close to «partner» under the name Nob to remove the green. But the Nob really was an agent of Management on fight against drugs named Carl Fors. To be more intimate Ulbricht as part of his job, Nob faked the murder of Curtis Greene, taking it over $40,000. After killing Ulbricht regretted the incident, but believed that it was necessary.

Fors was one of the two Federal agents found guilty of malpractice in the investigation of the «silk road». He used the information available to it about the Dread Pirate Roberts to create alternative personalities on the forum «silk road» and using them to extort Ulbricht money in exchange for «insider information» about the investigation to the FBI. Subsequently, the Force signed a contract for $240,000 with 20th Century Fox Film Studios to create a film about the investigation without the consent of the office for combating drugs. In October 2015, the Force has been sentenced to 6.5 years in prison and damages of $300,000 for extortion, money laundering and obstruction of justice.

As for green, he has really become an informant in January of 2013, and $350,000 was indeed stolen, but not to them. This crime was committed by a Secret service agent Sean bridges, to whom green gave access to his account under the deal. Later, he stole another $450,000 from other accounts. Bridges was arrested in 2015 and sentenced to 71 months in prison on charges of money laundering. In November 2017, bridges was sentenced to additional imprisonment for 2 years.

Returning to Ulbricht: it was later revealed that the order of the green was not the only attempt by Ulbricht to hire hitmen. For example, one of the orders was entrusted to the member of the world famous motorcycle club «hell’s Angels»: he was supposed to kill the user that threatened to hack website using DDoS attack. Just Ulbricht was charged with 6 counts of attempted murder, but none of them was included in the final indictment.

Ulbricht was sentenced to two life sentences without parole. May 20, 2015 a Federal district court in Manhattan found him guilty of money laundering, conspiracy, computer hacking and drug trafficking. «I’ve spent studying this case more than 100 hours. I pondered it in my head over and over again, from every possible angle. What should be the punishment? What it should mean?.. I came to the conclusion that you are a common criminal. You are a very educated man. You have two higher educations, good family, and 98 people were willing to write me letters in your defense. And yet you are here. And you are a criminal. Let this word sounds cruel. Even today… This site, it was your life’s work. Thing your entire life. Would you like to become your legacy. And that’s what he is» — from the indictment of the judge.

After the arrest of Ulbricht in October 2013 the site was restarted by the administrators of the silk road as «silk road 2.0». It was closed down by the FBI November 6, 2014, and its alleged operator Blake Bental (a pseudonym Defcon) arrested.

Price in dollars

It is estimated that during the existence of the site turnover was $1.2 billion in bitcoins, and bichenovii condition Ulbricht at the time of arrest was $28 million.

Attempts to appeal

For several years the family of Ulbricht’s campaign to appeal to the «barbaric sentence to two life terms for non-violent crimes» and collects funds for payment of lawyers on the official website Free Ross.

In may 2018 was rejected the next appeal of Ulbricht on the abolition of the life sentence: he was referring to the fact that during the trial his defense was not aware of the Affairs of the agents of force and bridges. The panel of three judges confirmed the decision of life imprisonment, noting that at sentencing was taken into account suspicion of attempted murder. «People rightly may not agree and do not agree with the social utility of harsh sentences for distribution of controlled substances… it is Very likely that at some point in the future we will consider this policy as a tragic mistake and develop a less punitive and more effective methods of reducing the frequency and cost of drug use… But at the moment the history of democratically elected representatives of the people chose restrictive policies based on harsh punishment,» commented the jury.

Shortly thereafter, on June 28, was denied another appeal: the new lawyer Ulbricht Paul Grant referred to item 33 of the criminal procedure law of the USA, allowing you to reopen the case if within three years after the verdict was discovered new facts of the case. Notice of refusal, judge Katherine Forrest said that «paragraph 33 does not give the right to reopen a closed case or start an investigation with the purpose of discovering new evidence,» and noted that all evidence presented by counsel Grant, was known to the court.

One of the possible violations, the investigation, which lawyers for Ulbricht have tried to use to mitigate or cancel the punishment, surfaced in March, when Edward Snowden published secret documents showing that the national security Agency (NSA) was tracking users of bitcoins with the help of the program-bait. The same documents show that the NSA has worked on exposing users of bitcoin six months before the arrest of Ulbricht. In the court of protection Ulbricht also argued that the history of the FBI about how they found him doesn’t add up, and that the government could penetrate into the servers of the silk road with the help of NSA, possibly illegal. The court rejected these arguments. Patrick Toomey, a lawyer at the national security project of the American Union of civil liberties, said that NSA documents raise important for U.S. law enforcement question: «If in the investigation of crimes the government uses the NSA spying is a serious argument. People who face criminal prosecution, have the right to know how the government obtained the evidence, so they can check whether the government’s methods are legitimate. It is a basic principle of legal procedure.»

The petition, drawn up by activists of the Twitter account Free_Ross collected 100,000 signatures for his release. «Pinch me, I must be dreaming! 100,000 signatories want me out of jail! Incredible to see such a huge wave of support in the first few months after the launch of the petition. Our goal of 500,000 seems now quite feasible. I haven’t felt so much hope for all the time that I was locked up, thank you! Ross» — this handwritten note posted in the Twitter account of Ross Ulbricht.

Silk road culture

The history of the «silk road» was the basis of the documentary «Deep web» (2015) and book nick Bilton «American kingpin: the epic hunt for the criminal leader of the «silk road»». «Let the market decide, not the government» — is the message of Ross is given in the book.

PS

It is known that Ross dictates tweets from prison, and they, like gratitude for the collected signatures, published in his personal Twitter account, created in June of this year.

Given his relationship with the bitcoin expected Ross could not comment on an important milestone in its history — its tenth anniversary. DeCenter published «congratulations» from other members of the community, and now leads the translation of the congratulatory letters of Ross Ulbricht:

Happy birthday, bitcoin!

Bitcoin was ten and, like many of us, I feel like a proud parent, [because] I have watched the growth of his capacity during these years. Even though I’m in prison, I think I’m «living separately» father who can’t help in the upbringing of their child.

Bitcoin: Mommy, when’s daddy coming home?

Mother: He will come as soon as I can, honey.

Bitcoin: Why did he leave us, mommy?

Mom: I’ll explain when you’re older. Now run along and play in the blockchain with other cryptocurrencies.

Bitcoin as a 10-year-old child is a good analogy. Technology is still very young, still growing. It’s been growing like a weed and went through painful stages, but it hardly becomes a teenager and she still has a rocky path of adolescence. It is what we all have to go through to become adults, to understand who we are, and bitcoin is exactly the same. In the coming years we will see what a bitcoin is, how it will be used and what impact it will have on the world. I have high hopes that our gifted child will exceed all expectations and come to greatness, but he’s still a kid to raise and protect.

Bitcoin needs us to continue to guide it with the values on which it was founded, which gave him its potential. We need to focus on decentralization, privacy and empowerment of people. We’re lawyers and representatives of bitcoin. How far he will go and what it will become crucial in the coming years will depend on us. This technology may make such abstractions as peace and equality, a reality. But it is our task to embody these ideals and to become a role model for the growing bitcoin community and the bitcoin.

I’m so looking forward to what will happen in the next ten years, with bitcoin and its crypto cousins. I just hope that I can come home and make up for lost years and show everyone where my heart is.

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The project Numerai reduce emissions, the «most used» tokens in Ethereum to 11 million

California hedge Fund Numerai in an effort to provide the greatest possible decentralization made the decision to reduce the emission of tokens NMR of the project from the current 21 million to 11 million, according to CoinDesk.

As stated by the Numerai founder Richard Craib, reduction of emissions will take place after the upgrade of the smart contract, after which the keys will be destroyed.

«We are extremely decentralized», — he said.

According to Krabi the project from the very beginning assumed emission reduction of tokens, but the publication suggests that this step can be linked to the statements of the us regulators, who were given to understand, more sympathetic to the tokens that no one controls.

Richard Craib declined to comment on the question, and discussed whether Numerai with the Commission on securities and exchange Commission (SEC) its business model, noting that the company at the time refused to hold ICO. Tokens were distributed via airdop, as well as remuneration for successful stock market predictions.

As mentioned earlier ForkLog, Numerai is not a hedge Fund in the usual sense of the word, because it makes transactions using a machine learning model that create anonymous developers. The specialists themselves while participating in the weekly ranking and get the encrypted data that represents an abstract representation of the exchange of information. Then developers create machine learning algorithms to search this information for specific patterns and test their own models, downloading the predictions on the website.

The reward for successful predictions experts receive tokens NMR, which are subsequently converted into bitcoins. The base of the platform are smart contracts, Ethereum, and tokens NMR Numeraire are a kind of bet that makes the developer that the proposed model works on the market. If the trade on the proposed algorithm is successful, the developer receives a reward depending on your ranking.

As stated by the company itself, the token NMR is the most used in Ethereum. In October 2018, was announced the launch of marketplace data called Erasure. It is expected that with its launch issue of tokens will increase by more than 50%, which may be a separate subject of interest to regulators.

Company will not disclose at this stage, as these tokens will be distributed. In her statement at the moment in circulation there are about 7 million tokens NMR, however, CoinMarketCap, for example, says about 2.3 million NMR.

«I don’t know where CoinMarketCap takes this information,» said Richard Craib.

According to him, this discrepancy in numbers is probably due to the fact that in may the project was blocked for the next 10 years about 3 million tokens. Anyway, another 1.7 million tokens are in question.


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The exchange Poloniex added «institutional» accounts

Circle, the parent company of the cryptocurrency exchange, Poloniex, has announced the introduction of a new type of accounts, focused on the so-called institutional clients.

«Large and small organizations can benefit from our carefully selected, but broad selection of pairs for trading scriptactive, dedicated support and reliable API services», — said in a company blog.

Institutional clients Poloniex also offer higher limits for withdrawal of funds, and in the month of December trades for them would be to go with zero commissions.

Separately on the registration page for institutional clients stated that they also requested access to the OTC platform Trade Circle, minimum transaction amount which is $250 000, and the possibility of converting the U.S. dollar in stabilin USDC and back.

We will remind, USD Coin (USDC) appeared in the Poloniex listing in September, shortly after its official launch.

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The Prime Minister spoke about the work on the draft law on cryptocurrency

Prime Minister of Russia Dmitry Medvedev believes that the law on “digital money” will prevent the withdrawal of assets in an unregulated digital environment. Legislators of the Russian Federation is introduced instead of the terms “cryptocurrency” and “token” is a more accurate legal concept of “digital money” and “digital rights,” he said.

“We need to fix in the civil legislation of the basic provisions to translate them into the language of the law. So instead of “cryptocurrency” and “token” legislators develop a more legally rigorous concept of “digital money” and “digital rights”, — expressed his point of view Medvedev at the St. Petersburg legal forum.

According to the Prime Minister, the new regulations will become an obstacle to the withdrawal of assets and guarantees in the event of a dispute, the judicial protection from abuse.

“Hurt to withdraw assets in an unregulated digital environment — this is especially important when combating the legalization of income obtained by criminal means. As well as create the basis for building a tax system of such objects”, — said Medvedev.

Recall that the draft law “On digital of financial assets” was introduced in the state Duma of the Russian Federation on March 20. It is based on a project developed by the Ministry of Finance and published on January 25, reported the head of the Duma Committee on financial markets Anatoly Aksakov. He voiced confidence that the law will be adopted before the end of the spring session in June.

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International criminals prefer the dollar, not cryptocurrency

At a hearing in a court of the United States Senate Committee on modernisation of the laws on combating money laundering sounded data that only a small percentage of the illegal financial transactions carried out through cryptocurrency. It is reported Bitcoinist.com.

The Committee hearing of the Senate was devoted to the bill S1241 “modernisation of laws on combating money laundering and financing of terrorism”. The bill aims to provide law enforcement agencies with the tools needed to prevent, detect and prosecute those who want to break the law.

One of the key aspects of the hearings was how criminal activity is carried out on a global scale. Criminal groups now follow in the footsteps of economies and financial systems — their activities globaliseerumise. Kenneth Blanco (EN Blanco), the Deputy attorney General of the U.S. Department of justice, said the following:

“Transnational criminal organizations, kleptocrats, cyber criminal groups, terrorists, and foreign drug cartels, the smugglers must find ways to hide sources of income from their crimes, so they can use profit without compromising those sources.”

According to estimates of the UN office on drugs and crime, annual proceeds from the illegal activities amount to more than $2 trillion. Laundering the money is a major problem and can be done using several methods: prepaid cards, digital currencies, illegal cash, money laundering through trade.

Many financial regulators have noted the ease of use of cryptocurrencies in illegal financial activities, provide them with anonymity and transborder nature. Similar concerns were expressed by, for example, the Minister of the Treasury Steven Mnuchin (Steven Mnuchin) and a member of the governing Council of the European Central Bank Ewald Nowotny (Ewald Nowotny).

However, according to Jennifer Fowler (Jennifer Fowler), Ministry of Finance representative at the hearings in the Senate, selection of the attackers remains the US dollar:

“While virtual currencies are used for illicit transactions, their volume is small compared to the amount of illegal activities using traditional financial services.”

We will remind, earlier it was reported that the governmental authorities of the United Kingdom acknowledged the risk of terrorist financing through the cryptocurrency low. Also they pointed out that crypto currencies are used to launder “small amounts in large volumes”.

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Weekly market analysis cryptocurrencies and ICO (13-19 Nov 2017)

Information on 19.11.2017 (results for the period from 01.07.2017)[i]

Authors:

  • Dmitry Kornilov, doctor of economic Sciences, academician of RANS, senior analyst ICOBox
  • Dmitri Zaitsev, candidate of economic Sciences, head of international public relations and the Department of business analysts ICOBox
  • Nikolay Evdokimov, co-founder of ICOBox
  • Michael raitzin, co-founder of ICOBox
  • Anar Babayev, co-founder of ICOBox
  • Daria Generalova, co-founder of ICOBox

1. A General analysis of the market of cryptocurrencies and assets (per week, month, quarter). Market dynamics

1.1. A General analysis of the market of cryptocurrencies and assets (week, month)

Table. 1.1. Dynamics of capitalization of the stock market and the major currencies with 01.08.2017, 19.11.2017 G.

In the period 1 to 19 November 2017 the total market capitalization of cryptocurrencies (Total Market Capitalization) increased from 182,65 to 233,63 bln US $ (see table 1.1). Over the past week (13-19.11.2017) market capitalization increased by 33 billion dollars, primarily due to the Bitcoin market capitalization which grew from 104,98 to 129,6 billion USD, i.e. by 24.6 billion US dollars. The growth of capitalization altcoins for the week amounted to 8.4 billion US dollars (95,6 c to 104 billion U.S. dollars). To increase the capitalization of altcoins affected mainly courses Ethereum, Ripple, Litecoin, NEO, Dash, Monero, IOTA, Ethereum Classic, etc., so capitalization increased almost all the top ten cryptocurrencies except Bitcoin Cash.

For the period from November 13 to 19, courses Bitcoin, Litecoin, and Ethereum increased by 23.36%, of 10.39% to 11.56%, respectively. The Bitcoin exchange rate Cash at the same time decreased by 6.39%, with a $1 346,97 to $1 260,95.

In connection with the resumption of the growth rate of Bitcoin, whose value during the week increased from $295,50 6 to $7 766 to 19.11.2017 its market share increased from 52.3% to 55.5%. 17.11.2017, the course of Bitcoin exceeded us $8 000.

C the beginning of the month change rate for the Bitcoin was ranging from $5 519,01 (12.11.2017 g) $ 8 101,91 (19.11.2017 g), i.e., amounted to about $2 600 (table. 1.4.a), at the same time, fluctuations of the Bitcoin Cash, amounted to more than $2 200. The main causes of changes in the exchange rates of the leading cryptocurrency in a week are presented in table. 1.3.

Smith + Crown Index for the last week of November increased from 12 to 14 246 548.

To analyze the activity of trading on the crypto currency exchange is calculated the index of ZAK-n Crypto (see Glossary). Indices ZAK-3 and ZAK Crypto-Crypto 5 are presented in table. 1.1, 1.2.and, 1.2.b. So, 12.11.2017, trading volume (Volume 24h) for the three dominant cryptocurrencies (Bitcoin, Ethereum, Bitcoin and Cash), the first time exceeded 18 billion U.S. dollars per day, reached 18 942 million U.S. dollars (table. 1.2.a). The index value of the ZAK-3 Crypto amounted to a record 12%, which indicates a very high liquidity and dynamism of the market dominant cryptocurrency.

Table. 1.2.. Daily calculation of the index ZAK-3 Crypto (con 02.11.2017, 19.11.2017)

Trading volumes 24 hour (24h Volume) for five dominant cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash) at the end of last week was $ 6 054 million US $ (table. 1.2.b), i.e. 3.1% of their market capitalization. More indexes ZAK-ZAK and Crypto 3-5 Crypto considered in the table. 1.2.and 1.2.b.

Table. 1.2.b. Daily calculation of the index ZAK-5 Crypto (extension table 1.2.a)

In table. 1.3 presents the key events of the week (13-19.11.2017), influenced the course of the dominant cryptocurrency and the stock market in General, indicating the nature and extent of their influence.

Table. 1.3. Key events of the week that influenced the course of cryptocurrency 13-19 November 2017

High trading activity (Volume 24h) relative to market capitalization contributes to the volatility of the cryptocurrency market, which can lead to sharp changes in their prices.

In Fig. 1 shows the mutual movements of Bitcoin and Ethereum since the beginning of November (Fig. 1; table 1.4.a,b).

In Fig. 1 shows that in the period of imminent hard forks of Bitcoin, up to 08.11.2017 G. it has been rising after the announcement of the cancellation of this event was a sharp decline in the exchange rate of Bitcoin against the background of this abrupt change of course Ethereum, and then, after a few days that were required for stabilization (up to 15.11.2017 g), the growth of Bitcoin is resumed.

Since the beginning of November course Ethereum, in turn, grew from $305 to $347.

Below, the dynamics of changes in the pair Bitcoin and Bitcoin to Cash (see table. 1.4.a,b; Fig. 2).

Fig. 2 illustrates the struggle for the market between veteran and young stock market Bitcoin cryptocurrency Bitcoin Cash. On some days the growth of the Bitcoin to Cash was accompanied by a decrease in the rate Bitcoin and Vice versa. Especially obviously this tendency was observed in the period after the abolition of the updates (hard forks) of Bitcoin.

The following is an analysis of daily changes in exchange rates Bitcoin, Cash Bitcoin and Ethereum with the beginning of the month (tab. 1.4.a,b,C).

Table. 1.4.. Daily dynamics of exchange rate, trading volume (Volume 24h) and capitalization of the Bitcoin (BTC) to US dollar (c 01.11.2017, 19.11.2017)

Table. 1.4.b. Daily dynamics of exchange rate, trading volume (Volume 24h) and capitalization of Ethereum (ETH) in relation to the U.S. dollar (c 01.11.2017, 19.11.2017)

Since the beginning of November the exchange rate of Bitcoin rose from $6 440,97 to $8 036,49, and the rate of Ethereum – $305,76 to $354,39 (table. 1.4.a,b). Thus the highest Bitcoin exchange rate ($8 101,90) and Ethereum ($371,30) was recorded 19.11.2017 g. the Greatest daily fluctuation (Range) Bitcoin exchange rate was $1 106 (12.11.2017 g), and of course Ethereum – $30,20 (10.11.2017). Courses Bitcoin and Ethereum from the beginning of 2017 rose to 8.05 and 43,38 times, respectively (see table. 1.4.a,b).

Dynamics of prices of Bitcoin, Ethereum and Bitcoin Cash in November 2017 is presented in Fig. 3, 4, 5.

According to the data shown in Fig. 3, in changing the course of Bitcoin growing sine wave. Of course Ethereum can be noted about the three-day cycle of growth and decline (Fig. 4). The course of Bitcoin Cash is characterized by possible sharp jumps (12.11.2017). All this suggests that part of the market participants periodically changes their preferences. For example, last week after hardwork Bitcoin Cash, which, according to bitcoinabc.org held 13.11.2017, decreased his rate to $863,98 (16.11.2017), but then, as 19.11.2017, the rate stabilized at $1 144-$262 1 (see table. 1.4.in).

Table. 1.4.in. Daily dynamics of exchange rate, trading volume (Volume 24h) and capitalization of the Bitcoin Cash (BCH) in relation to the U.S. dollar (c 01.11.2017, 19.11.2017)

The General index of the change Bitcoin to Cash August 1, 2017 amounted to 3.08 (for the base calculation of the adopted rate of $380 at the end of the day 01.08.2017 g), i.e. for the period after hard forks of Bitcoin and new Bitcoin Cash its rate increased by 208%, while the growth rate occurred from the beginning of November.

The Bitcoin exchange rate Gold before the launch of the core network project, 12 November at 19:00 UTC has grown significantly, moreover, only 12.11.2017 was observed two peaks of growth. The rate reached a high of $496,61 12.11.2017 G. as of 12:00 UTC on 20 November, the rate was about $130, and the total market capitalization of approximately 21.5 million U.S. dollars (see Fig. 6).

In table. 1.5 presents a list of events, information about which appeared last week and which can affect the certain cryptocurrency and the market in General.

Table. 1.5. Events that can affect the course of cryptocurrencies in the future

1.2. Market dynamics

Weekly dynamics of the market of cryptocurrencies and assets 02.07.2017, 19.11.2017. presented in the form of diagrams (Fig. 1.1-1.5)*.

Table. 1.6. Symbols and characteristics of the charts

In Fig. Figure 1.1 shows the weekly changes in the cryptocurrency market with 02.07.2017, 19.11.2017 During this period, market capitalization grew from 94 to 233 716 808 million U.S. dollars, and relative to the beginning of the year growth amounted to 1 221%. Over the past week, the total market capitalization increased from 200 964 million USD to 233 808 million US dollars (as of 19.11.2017). The increase was mainly due to the increase in the market capitalization of Bitcoin by 24.6 billion US dollars, as well as some growth of capitalization of altcoins.

Despite the substantial increase in the market capitalization of crypto-currencies for the third quarter of 2017 and for the year overall, the market is subject to sharp fluctuations. A significant reduction was observed at week 09-16.07.2017 (-28%) and in the first two weeks of September (03-10.09 and 11-17.09.2017), by 25 203 million U.S. dollars (-15,1%) and 20 817 million USD (-15%) respectively. The highest growth in the third quarter was 39% (16-23.07.2017). Over the past week (13-19.11.2017) total market capitalization of crypto-currencies increased by 32 844 million U.S. dollars, or 16%.

The total number of types of cryptocurrencies and scriptactive on the stock exchange since July has increased from 881 to 1 239. Only for last week the number had increased to 31, with 1 1 208 to 239. At the same time for the analyzed period, the average market capitalization of cryptocurrencies and scriptactive increased from 166,4 to 188,7 million dollars.

In the four weeks of October (01-29.10.2017) the cryptocurrency market has grown from 146 to 170 924 353 million U.S. dollars over the next two weeks (30.10-12.11.2017 g), he reached 200 964 million U.S. dollars. Total market capitalization for the first time exceeded 200 billion USD on 3 November. Last week (13-19th.11.2017) was characterized by a market growth of 16%, while growth was observed in all the major cryptocurrencies, besides Bitcoin Cash. The structure of the stock market has changed in favor of Bitcoin, its share currently is 55.5%.

Some experts predicted the further growth of rates of major cryptocurrencies, however, there is a high risk associated with market fluctuations.

2. General market analysis ICO (week, month)

2.1. Market overview, news for the week

  • Investors Tezos has made another attempt to recover the funds through the courts
  • The Central Bank of Singapore has identified when the tokens can be considered as securities
  • The Central Bank of the Russian Federation plans to legally define the concept of cryptocurrency and the ICO in the first half of 2018
  • The financial regulator, the EU has warned about the risks of investments in ICO
  • Canaccord: in the next 20 years, ICO can become commonplace
  • According to Key European Regulator, ICOs Could be Derivative Activities
  • Dutch Regulator: ICO Environment Is a ‘Dangerous Cocktail’

2.2. Aggregated indicators of the dynamics and efficiency of the market the past (completed, ompleted) ICO

To assess the dynamics and efficiency of the market is successfully finished and/or released to the stock exchange ICO offers a set of tools (see table. 2.1).

Table. 2.1. Tools to assess the efficiency of the market is successfully finished and/or released to the stock exchange ICO

Table. 2.2. Aggregated indicators of the dynamics and efficiency of the market the past (completed Completed) ICO4

Data 01.11.2017 g. adjusted the appearance of more complete information on revised ICO. In the end, the total amount of attracted funds amounted to 97,9 million dollars (01-05.11.2017) and 258.9 million dollars (06-12.11.2017). Last week (13-19th.11.2017) the amounts of fees by the ICO made 138,2 million dollars. This amount consists of the results of 13 completed the most successful ICO, with the largest amount of fees was approximately 46.5 million USD (ICO WAX). The average value of funds raised for one project is equal to 10.6 million dollars. More detailed data on the 13 main ICO the last week are presented in table. 2.5.

2.3. Aggregated indicators to assess the market for existing and planned (Active, Planned) ICO

Table. 2.3. Aggregated indicators to assess the market for existing and planned (Active, Planned) ICO

The number of projects engaged in (Active) ICO is 19.11.2017 G. 221. At the moment there is information about at least 251 ICO, scheduled after 19.11.2017 year, of which next week plans to hold more than 29 ICO.

2.4. Quantitative analysis of the market ICO

1. The amount of attracted funds and the number of ICO

Table. 2.4. The amount of attracted funds and the number of ICO

Table. 2.4 shows that the largest number of funds was drawn by the ICO in June 2017. In the same month, the average number of funds (Average funds collected) one ICO made up of 33.17 million dollars.

The data of the last week (13-19.11.2017) may be subject to adjustment as information on fees completed ICO will be revised.

2. Top ICO

Table. 2.5. Top 13 ICO for the amount of borrowed funds (13.11-19.11.2017)

In table. 2.5 presents the top 13 was successfully completed last week the ICO with the largest amounts of borrowed funds. The leader is the Wax project which aims to develop a decentralized platform for trading virtual goods in online games industry. WAX can become a safe platform to exchange, buy and sell virtual assets for a huge number of gamers around the world.

3. Top ICO in separate categories

The ICO list of top categories based on the categories of ICO leaders weeks.

Table. 2.6. Top 10 ICO on volume of attracted funds in the category Commerce & Advertising

In table. 2.6 presents the top 10 ICO in the category of Commerce & Advertising. All these projects were implemented in 2017. More than half of them completed the ICO in November 2017, so there is no data about the effectiveness of their go-to crypto currency exchange. The Wax project, which finished ICO last week, is a category leader by volume of attracted funds. In second place is project Basic Token Attention, which attracted 35 million US dollars, having 1 000 000 000 coins in 30 seconds and costs about $0,036 per token. Currently they are sold on the crypto currency exchange of approximately $0,162. Thus, the efficiency is 4.51 x. The total market capitalization Basic token Attention Token on 19.11.2017 is of 161.3 million US dollars.

The ratings of ICO in the categories of Infrastructure and Trading & Investing has been presented in previous reports. The ratings of ICO in the categories of Payments and Mining are presented below.

Table. 2.7. Top 10 ICO on volume of attracted funds in the category Payments

At the moment in the category of Payments in terms of «Efficiency» (Token Performance), all projects of the top 10 have values from 0.33 x to 24.43 x. One of the most successful can be considered the process of going public ICO OmiseGo, because this project has a relationship to the Current Token Price of Token Sale Price is 24,43 x. When considering this indicator should take into account the timing of completion of ICO OmiseGo (05.07.2017 g), i.e. the growth of 24.43% occurred in approximately 4 months, and market capitalization OmiseGo currently has more than 800 million U.S. dollars.

Table. 2.8. Top 3 ICO by volume of attracted funds in category Mining

In table. 2.8 presents the top-3. ICO in the category of Mining. One of the projects represented in this category – ICO Giga Watt – has completed the process of going public. This project is the attitude of the Current Token to the Token Sale Price is Price of 1.44 x.

For the last period (13-19.11.2017) ICO has successfully completed 13 projects, each of which attracted more than 100 thousand U.S. dollars, the total amount of attracted funds amounted to no less than 138,2 million dollars. Leader of the week was the draft of Wax (46.5 million USD). The volume of funds for a number of ICO has not reached the level of 100 thousand USD (for individual project details to be confirmed). Next week is planned to hold at least 29 ICO.

Glossary

Key concepts Definition
Initial coin offering, ICO (initial coin offer, initial placement of coins) Form of collective support for innovative technological projects, a variety of sales and attract new supporters through the primary offer coins for future holders in the form of a blockchain-based cryptocurrency (tokens) and scriptaction.
Market capitalization (Rwalking down market capitalization ) The value of the object calculated based on the current market (stock) prices. It is a financial measure used to evaluate total cost of market-based instruments, actors and markets. [Source: Wikipedia].
Cryptocurrency market capitalization as Total market value traded in the cryptocurrency market.
Total cryptocurrency market capitalization as Market capitalization of crypto-currencies and assets, i.e. the total market value of traded cryptocurrencies and assets.
Token reward The effectiveness of token (current token price of / the price of a token at the time of the ICO), i.e. the reward of one dollar invested in the token.
Dominance Market share, i.e. the ratio of the capitalization of cryptocurrencies (the token) to total market capitalization. Expressed as a percentage.
Token sale price

Current token price

The price of a token at the time of the ICO.

The current price of a token.

Not Mineable

 

The coin is not manitsa (from the English. mining). Refers to a crypto currency (tokens) which have no function hashing or not produced in the mining process.
Premined Remaininga coin. Refers to a crypto currency (tokens) which are produced in the mining process, but a certain amount of coins (tokens) was created and distributed to defined users when the project starts.
The rate of market increase (in % to the beginning of the year) The growth rate of market (% YTD), i.e. how much % of the market capitalization increased relative to the beginning of the year.
The growth rate of the market (in % to the beginning of the year) The market growth rate (% YTD), i.e. how many times has changed the market capitalization relative to the beginning of the year.
Increase in market capitalization (in million USD compared to previous period) The increase in the market capitalization of cryptocurrencies and assets (in millions of U.S. dollars the previous period), i.e., how many million dollars of change in the market capitalization for the period.
The rate of market increase (in % compared to previous period) The growth rate of the market (in % to previous period), i.e. how much % the market capitalization has increased over the period.
The market growth rate (in % compared to previous period) The market growth rate (in % to previous period), i.e. how many times the increased market capitalization relative to previous period.
Number of cryptocurrencies and digital assets The number of crypto-currencies and assets. At the time of formation of the Glossary of the market turned more than 1070 species of crypto-currencies and assets.
Average market capitalization as The average market capitalization, i.e. the ratio of market capitalization of all cryptocurrencies and assets to their number.
Token return Indicator of the effectiveness of funds spent on the purchase of tokens, or the ratio of the current price of the token and the sale price of the token, i.e. the efficiency of investment of one dollar in tokens at the stage of sale of tokens, with their subsequent sale on the crypto currency exchange for US dollars.
ETH reward – current dollar value of $1 spent on buying tokens during the token sale An alternative indicator of the effectiveness of funds spent on the purchase of tokens in the period of the ICO, or the ratio of the current rate of ETH to his course at the beginning of the sale of token-ICO, ie if one dollar were not invested in the ICO and at ETH in his course at the beginning of the sale of tokens, and then sold at the current rate of ETH.
BTC reward– current dollar value of $1 spent on buying tokens during the token sale Similar to the previous: an Alternative indicator of the effectiveness of funds spent on the purchase of tokens in the period of the ICO, if one dollar was invested in BTC at the exchange rate at the beginning of ICO, and then sold at the current rate BTC.
Token/ETH reward The ratio of economic benefits/losses of the market participant in connection with the purchase of tokens at the stage of the ICO to the possible investment in ETH. If the value is > 1, then the market participant has achieved greater effectiveness of investments spent on tokens than if he invested in bitcoin ETH.
Token/BTC reward The ratio of economic benefits/losses of the market participant in connection with the purchase of tokens at the stage of the ICO to the possibility of investing in BTC. If the value is > 1, then the market participant has achieved greater effectiveness of investments spent on tokens than if it invested in cryptocurrency BTC.
ZAK-n Crypto index The index is calculated as a percentage and represents the ratio of the volume of trades (deals) at cryptocurrency exchange per day (24h Volume) at the n dominant cryptocurrency to the sum of their market capitalization.

In the calculation of the index ZAK-3 Crypto , there are three dominant cryptocurrency, which was selected as Bitcoin, Ethereum and Ripple, as at the beginning of 2017, the market capitalization was the highest.

In the calculation of the index ZAK-5 Crypto takes into account the trading volume and market capitalization of the five cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash. The index on the five currencies with the highest market capitalization at this moment (September 2017) is calculated from August 2017, as it is in August 2017 on a crypto currency exchange appeared cryptocurrency Bitcoin Cash resulting from the separation of bitcoin.

 

 

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The expected financial results may be affected by changes in economic and political conditions and other future events that cannot be forecast. ICOBox makes no representations or warranties regarding the feasibility of forecasts or data, information and assumptions contained in the document. Approval and evaluation, constitute our opinion, formed on the date of this report, and are subject to change without prior notice. This document has been prepared for information purposes only and does not constitute an offer to sell securities of cryptocurrencies or tokens, and also does not contain any recommendations or advice on investment in any particular company or assets.

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China Central Bank sees the cryptocurrency potential risk to the yuan

China’s Central Bank said that the cryptocurrency this year will be one of its main priorities in the protection of the national currency.

The people’s Bank of China (PBoC) outlined his agenda for the coming year during a conference on monetary development in the course of which the Vice-Governor of PBoC fan Yifei (Fan Yifei) appreciated the progress in research and development made in the field of digital currencies in the Central Bank.

He also stressed that one of the three priorities for the regulator in 2018 will be to ensure the integrity of the Chinese yuan. For this, the official said, will strengthen regulatory measures both within the country and with external parties to “fix different types of cryptocurrency”.

From the comments of Vice-Governor of PBoC, it follows that the study plans of cryptocurrencies become part of the effort of the regulator in the review of projects that may threaten the financial stability of China.

We will remind, earlier the Governor of the PBoC Zhou Xiaochuan (Zhou Xiaochuan) criticized the decentralized cryptocurrency such as bitcoin, but noted that the authorities won’t rush to develop digital currency. In his opinion, issued by the Central Bank cryptocurrency will avoid speculation and focus on the “real economy”.

To release a digital currency supported by a Central Bank, has repeatedly called the Director of the research Institute of digital currencies the people’s Bank of China Yao Qian (Yao Qian), who believes that this should be done as soon as possible.

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Decentralized CDN and anti-DDoS platform Gladius goes to ICO

Blockchain project Gladius engaged in the construction of a distributed network to protect against DDoS attacks and accelerate access to content websites, announced the release of the ICO. The developers have already released a closed alpha version of the product and are prepared to spend tocancel to raise funds for further development of the project.

15 Oct launched closed presales tokens GLA for accredited investors, and the beginning of the public sale is scheduled for November 24, 14:00 UTC. The target amount of the campaign is $25 million: $12.5 million is planned to involve in a private presale, and $12.5 million – in the upcoming public round.

Collected on the ICO funds will be distributed as follows:

  • 40% will go to product development,
  • 20% on operating costs
  • 20% on security
  • 10% – marketing
  • 10% – on legal support and expert advice.

The basis of the solution lies Gladius decentralized network, between nodes which distribute the load on the processing of incoming queries and data storage. Such a network is able to quickly analyze the traffic and block suspicious activity, speaking a kind of buffer between the potential attacker and the protected network Gladius websites.

In addition to protection, network Gladius provides web sites services content distribution system (Content Distribution Network, CDN). Due to the optimal forwarding requests, data caching and higher speed of exchange between the individual nodes within the network using a CDN can significantly reduce latency when loading web pages.

The concept of a layer is already used by the largest ofcan-industry players, such as Cloudflare, Akamai and Nexusguard. Innovation Gladius is the integration of this concept with bloccano Ethereum, which resulted in a fully decentralized ecosystem with the domestic economy and free competition.

Network Gladius enables users to monetize technical temporarily idle assets, and web sites – to use the services of protection against DDoS attacks and to speed up access at a great price. The cost and quality of service governed by the natural way in the framework of the free market.

Become a member Gladius can any PC owner. It’s enough to download and run a special client software package. For each processed query operators, nodes receive reward tokens GLA. These tokens are used by websites to charge for services within the network.

The release of the first version of the platform is scheduled for March 2018. It will include a fully working model with network systems, CDN and DDoS protection that can handle up to several gigabytes of traffic per second. The next step will be the scaling network necessary to support the several thousand websites.

In August 2018, the developers plan to release an enhanced version of the platform, and in December of the same year is expected to launch a third version with several improvements in the system CDN and other updates.

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DigRate: draft Ammbr recognized as safe for investors

Rating Agency assessment of digital assets DigRate conducted an analysis of the project Ammbr, which plans to use the blockchain for the «Internet coverage in developing countries». The project received a rating of «A2»: moderately high probability of return on investment and average sensitivity to market conditions.

Ammbr plans to create the eponymous network based on blockchain technology and supports a number of wireless technologies: Wi-Fi, broadband (LTE) and the radio communications. The project developers are sure that the network created by modules Ammbr mesh make it possible to overcome the technological gap, which is particularly evident in the developing and inaccessible from a geographical point of view countries. It is assumed that the growth of the network will allow to decentralize the availability of the Internet connection that will save the market from the local monopoly and will lead to more flexible and competitive pricing.

Network Ammbr mesh provided by the operation of the blockchain network, which is to ensure the safe operation of your transactions and smart contracts. Tokens Ammbr will be used as a means of payment for the provided communication channel.

From the point of view DigRate, the obvious advantage of the project is the integration into the mesh network Ammbr third-party blockchain projects that popularitybut and will expand the functionality of the network infrastructure on the basis of Ammbr Mesh. Legal aspects Ammbr clear and do not cause much concern.

According to the developers, the project has major partners; the team Ammbr was able to enlist the official support of certain States, including Guinea-Bissau, Uganda, Republic of Congo, Gambia, Sierra Leone. However, this information is not confirmed by any documents.

There are negative aspects: the project became popular and received wide publicity in various social networks. Most news sources also bypassed Ammbr party not paying any attention to him. Probably, in this regard, the company engaged in a bounty program of the project that may improve the situation with social engagement for the better.

Overall, the project is able to achieve its goals. Popular idea, a technologically advanced solution, legal transparency, and competent team – all with a good scenario to provide Ammbr long-term competitive edge, DigRate.

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