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ICO is not a way to raise funds. It’s a way to start your network: Daniel Zakrisson, CEO at Cofound.it  

Startupers should initially treat an ICO as a tool for growing their business rather than just raise funds. It is the opinion of a speaker at Blockchain & Bitcoin Conference Stockholm: Daniel Zakrisson, CEO at Cofound.it Startup Accelerator. In the interview, he shares his perspective on the blockchain industry development in Sweden and gives tips for startupers aiming to launch ICOs.   

Interviewer: Blockchain & Bitcoin Conference Stockholm (BCS)

Respondent: Daniel Zakrisson (D.Z.).

BCS: Hello, Daniel. Your company, Cofound.it, supports blockchain startups. How do you select startups to cooperate with?

D.Z.: Startups come to us via our community, partners (accelerators, funds etc), our website and conferences. We have a common process regardless how they come, intended to find out the real potential of a team and project and their maturity level.

BCS: What kinds of startups do request Cofound.it assistance most frequently? What do you think is the reason for that?

D.Z.: We have two main types of startups that approach us:

  1. blockchain startups, that at the core is working on blockchain technology or services that potentially will work better using internal token systems;
  2. Traditional startups and companies that explore if what they do could see benefits by tokenising the whole or part of their product.

I think that the main reason for this is that we have become know for taking a genuine interest in helping startups.

BCS: What would you recommend a startuper who has a promising idea and a desire to launch its ICO to start with?

D.Z.: First really think through if an ICO is the best way to raise funding.

Second develop their idea, release code, technical white papers and validate their model. An ICO should come when they are ready to launch their network and can use the ICO to bootstrap users and services into their network.

BCS: What are the most common mistakes of startupers during ICO preparations?

D.Z.: Thinking it’s a way to primarily raise funds, it’s not. It’s a way to start your network.

BCS: What is the most uncommon application of blockchain that you have faced in your practice?

D.Z.: We have seen many different applications. The most interesting and uncommon ones are probably the ones pushing the boundary of the decentralised economy, such as aiming to launch a project with a completely anonymous team.

BCS: What do you think about the blockchain industry development in Sweden?

D.Z.: It’s finally taking off! It basically started a year ago with the early adopters. But Sweden will catch up and longer term. I really see large potential as much of the talent needed to scale bleeding edge tech companies exists in Sweden.

BCS: Please tell us more detailed about your presentation at Blockchain & Bitcoin Conference Stockholm.

D.Z.: I’m planning to talk more about some of the real token models and practical use cases are in actual use or can be used today. Some examples include Token Curated Registries and Discount Tokens.

Register to Blockchain & Bitcoin Conference Stockholm.

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The Cryptocurrency Rebound and The Relation to The Global Economical Situation

We have been facing a six month old bear market in the crypto sphere, and one could think that the bubble has popped and that it is all over. But let us zoom out.

If you compare the two pictures above, you see a similar pattern. The picture on the top is the global market index and the bottom one is the Bitcoin price chart. The problem is not in Bitcoin or any other cryptocurrency, it has to do with the global economical spectrum. At the moment we are facing a crisis in Europe and it is some years overdue, we saw Greece collapse and we recently saw Italy ask for help and now the Turkish Lira is collapsing as well.

The graph above looks familiar doesn’t it? It is the Turkish Lira going down, and it has lost over 20% in value against the dollar during the last week. It is more frightening to see a national currency collapse than it is to watch our speculative assets go down, which are following the global economic index.

Since Donald Trump won the election, he has done what he promised, to strengthen the dollar, and as our beloved altcoins are paired against the Bitcoin, most of the Worlds currencies are paired against the dollar. As people holding altcoins are jumping ships to hold onto Bitcoin, people are moving from the Turkish Lira to hold the Dollar instead. Instead of following the cryptocurrency market, it is more important to follow the global economic evolution at the moment since that would have a stronger impact on us rather than our investments in digital assets. If you want to take advantage of the market, you should invest now, since the prices are down not because of the projects but because of the global market. The technology hasn’t changed, the companies, such as Huobi Global, are developing their beloved projects and we have seen tons of great news related to the cryptocurrency market. Choose the projects you believe will have a real world use case and invest as much as you are willing to loose, so you can sleep at night even though the market might dip a little bit more. Bitcoin and other cryptocurrencies has seen over 11 dips during the last year and it has always recovered.

If you want to be careful, trade against a more stable coin such as the Huobi Token, since Huobi will buy back Huobi Tokens with 20% of it’s profit from trades every quarter. When you have made a profit and you believe it is going to dip, trade, and then repeat the process. If you’ve done a technical analysis and believe strongly in a positions then use margin trading to strengthen your profits and go long on BTC for example.

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Europe’s Biggest Blockchain Community comes together in Stockholm, Sweden, this Spring.

The blockchain technology is not leaving anyone behind. Sweden is already thriving and investing heavily in the revolutionary technology, and now there is a blockchain festival that you need to attend in order to get informed on the latest trend.

BLOXPO is Europe’s largest blockchain conference and takes place in Stockholm on May 17th 2018. The conference is organized by Stockholm Blockchain, the YouTube influencer Ivan On Tech and the Swedish Blockchain Association.

For the 2018 edition, we are joined by politicians, global blockchain experts and business leaders from multiple industries at this year’s venue, Friends Arena in Stockholm. The conference will cover a range of topics, such as how decentralized applications will disrupt our way of business and how the future of money will be put on its edge as cryptocurrencies continue to grow.

BLOXPO was founded to inspire people and organizations to invest, build and start companies with blockchain. Together we have the possibility to make the world more transparent, connected and democratic.

Join us from BC3 Blockchain Solutions at BLOXPO, which will be a great meeting point for enthusiasts of any level and has the potential to be the greatest Blockchain Event so far!

Get your tickets and meet the enthusiasts of the next generation technology:

Date: 17th of May 2018
Location: Friends Arena, Stockholm, Sweden.

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Jeffrey Wernick, an early investor in Bitcoin and a board member at QTUM, will be attending Blockchain Festival in Vietnam

Huobi and KyberNetwork are holding the biggest, most modern Blockchain conference in Vietnam. While the technology itself is interesting, it is even more interesting to hearfounding members from some of the top public chain projects sharing their in-depth knowledge on Blockchain technology progress. One of those who will be holding a session during the festival is Jeffrey Wernick, who will be a VIP speaker at the Blockchain Festival in Vietnam.

His 40 years of experience includes investments in Uber and Airbnb, after which he turned his focus to bank transactions, lending platforms, and the blockchain industry. His blockchain festival topic ”Finding Value in Blockchain Industry”, is more relevant than ever. At this point, the Blockchain is more or less two things. It is either a currently operating and open distributed ledger that is processing cryptocurrency transactions worldwide, or it is a concept that can be used by any company to build their applications on. Companies of all sizes have recognized the efficiencies of the Blockchain Industry and now want to harness this concept to power their existing systems.

Jeffrey Wernick, an early investor in Bitcoin since 2009, began his career trading options and futures while still attending the University of Chicago. He later worked at Salomon Brothers, and then became the youngest Senior Officer at the National Bank of Detroit. Jeffrey then launched a technology-focused venture capital firm and created a hedge fund to invest in distressed and bankrupt companies, helping to restructure their balance sheets.

At the moment, he is best known in the Blockchain industry as an advisory board member at Qtum, where his advisory role will help guide Qtum’s international growth and development strategies.

“I meet with many people in the blockchain and cryptocurrency community, and what impressed me about Qtum is the people and their pursuit of intellectual integrity,” shared Wernick. “Qtum is committed to decentralization, and their approach to blockchain is more constructive and adaptive than anything else I’ve seen. Qtum is committed to open source where greater privacy is preserved, and greater benefits accrue to everyone participating in the ecosystem.”

 

The Blockchain Festival will be a great meeting point for enthusiasts of any level. With the best on-site events production team in Vietnam and has therefore the potential to be the greatest Blockchain Festival in Vietnam.

Get your tickets and meet the enthusiasts of the next generation technology:

Date: 24 & 25 May 2018, 9am to 6pm

Location: Gem Centre, Ho Chi Minh City, Vietnam

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$1 Billion Blockchain Fund Launches with Chinese Government Backing

The Hainan Special economic zone

Most companies around the world are showing an enthusiastic interest in blockchain technology and what it can do for human mankind in the future.

That is why Huobi Labs, a subsidiary of Huobi China, signed a strategic cooperation agreement last Sunday with Tianya Community Network Technology. TCBT is a popular social networking platform in China, to build a Global Cultural and Creative Blockchain Lab in Hainan Province in China, it did not come as a surprise – rather as natural next move.

As a Chinese company, Huobi China will use Huobi Groups technology, resources, talents, and capital advantages in the global blockchain industry to contribute to the development of the Hainan Special Economic Zone. Focus is to help set up an international free trade zone by 2020 on the island of Hainan to grant foreign firms greater economic freedom.

An industrial park – dedicated to innovation

The project involves setting up a $1 billion blockchain fund, build a Global Blockchain Research Institute involving collaboration with the world’s top universities to advance blockchain research. A 40,000 square meters blockchain Industrial Park will be built which will act as an incubator center for startups.

China is already thriving and investing heavily in this revolutionary technology is pushing for a faster technological development in the country in a way to stay competitive globally. That is why the money from the fund will be used to fund startups and ensure that they can continue to work on their new projects and evolve in the new technology era.

Huobi Group was already founded in 2013 and has become on of the leading global blockchain asset financial service providers in the world. While Huobi China till move to the new Hainan Ecological Software Park in China, Huobi Global and Huobi.pro, known as the second largest cryptocurrency exchange in the world, will not. However as of last week, Huobi Group announced that they plan to expand into Europe with new offices in London opening later this year.

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Huobi Token and its use cases – Get free tokens from projects by voting on HADAX

Huobi Token (HT) is the native token on the Huobi platform, which in itself contains exchange-, investment-, and technology services. Huobi offers two different digital asset trading platforms at the moment: Huobi Pro and HADAX, Huobi Autonomous Digital Asset Exchange. Huobi Pro is the primary exchange offering and is suitable for most consumer level traders, while HADAX has been created with the finance professionals in focus.
Huobi Tokens are used as a point system, based on blockchain distribution and management, which runs natively on the Ethereum blockchain alongside ERC-20 Tokens. Huobi Tokens can be used in different ways, but the most basic use of the Huobi Token is for the discount on trading fees, which gets up to 50 percent and works almost in the same way as the Binance Coin (BNB).

Huobi Tokens can also be used to purchase various tiers of VIP status that provide automatic discounts on trading commissions. Stakers also have the exclusive ability to provide suggestions to Huobi Pro through surveys, participate in certain Huobi exclusive events, and periodically receive airdrops. Users can also make payments to the platform in Huobi Tokens to vote in favor of new tokens to be hosted on HADAX. The idea is to ensure that only coins with the highest chances of success, based on investor sentiment, get listed on the HADAX exchange. For you to vote on such tokens, you have be a holder of Huobi tokens, which creates an automatic demand for Huobi tokens, given that it is the only way to vote on upcoming projects. This allows users to invest when such tokens are still in their infancy, which lowers their investment risk, while providing them with a first-mover advantage on new tokens.
Huobi Global will only be distributing and strictly limiting to a fixed total of 500 million Huobi Tokens, of which 300 million will be given as gifts for purchasing Point Cards. However, each season, Huobi Pro will buy back Huobi Tokens on the open market, using 20% of Huobi Pro’s transaction fees earned during that season, to ensure sufficient liquidity and protect user interests. Huobi Tokens that are bought back by Huobi Pro will be held in the Huobi User Protection Fund, and will be used to protect users interests and compensate for their losses in cases of emergency.

Huobi have now decided to further promote the rights of Huobi Token holders and give them the right to participate in community decision-making, free of charge. In the 3rd phase of HADAX Voting, which starts at 13:00, April 27th, 2018 (GMT+8) and lasts for 7 days and concludes at 13:00, May 4th, 2018 (GMT+8), users who hold Huobi Tokens can now cast free votes.

This means that users can now get free tokens from projects by voting for their preferred project on HADAX. The top two winning projects will get listed and if you have voted for them, you will get a reward from the projects with their own coin.
1 vote costs normally 0.1 Huobi Tokens and after the voting ends, the winning projects will hold the refund of Huobi Tokens before they are listed. However after the voting process, users can get their votes, for the unsuccessful projects, refunded automatically to their account or they can choose to keep them until the projects win and then have them refunded by HADAX. The Huobi Tokens paid during the voting is just a witness, which can be refunded at any time after the voting.

Huobi Tokens, which are linked to the most revolutionary decentralized exchange in the world, can at the moment be traded in HT/USDT, HT/BTCand HT/ETHpairs, which makes them very easy to trade and due to its scarcity, makes them very sought after. Exchange backed coins, such as the Huobi Tokens and Binance Coins are quite unique in a way since their value growth is usually in tandem with the value of the exchange itself, which in this case is backed by the second biggest and most modern cryptocurrency exchange in the world, Huobi.

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Cryptocurrency exchanges suspend trading of ERC-20 Tokens due to a new smart contract bug, called batchOverFlow

Recently there have been multiple cryptocurrency exchanges that have suspended the trading of ERC-20 Tokens due to a potential new smart contract bug, called batchOverFlow which was discovered in the early morning of April 25th. The cryptocurrency exchanges Poloniex, Changelly, Quoine, OKEx and HitBT Call have suspended deposits and withdrawals of all ERC-20 tokens, which are Ethereum-based tokens.

Huobi Pro separately announced on April 25 that it had suspended all coins, but had since then limited that to only involve ERC-20 tokens. This was due to a project called SmartMesh (SMT), that had claimed that their smart contract had been attacked and that there had been a ”Ethereum smart contract overflow vulnerability” in their contract code that had been exploited. Huobi Pro, which has an automated system that detects all abnormal deposits, discovered an abnormal transaction in https://etherscan.io/tx/0x0775e55c402281e8ff24cf37d6f2079bf2a768cf7254593287b5f8a0f621fb83and did not credit them.

The team behind SmartMesh later announced that it would take steps to prevent a price manipulation:

”The SmartMesh Foundation will take the equivalent amount of SMT to the counterfeit amount and destroy it to make up for the losses caused, and keep the total supply of SMT at the value of 3,141,592,653.”

On the 22nd of April, a user under the name of Ranimes, posted an article on Medium, with the title ”New batchOverflow Bug in Multiple ERC20 Smart Contracts”

”on 4/22/2018, 03:28:52 a.m. UTC, our system raised an alarm which is related to an unusual BEC token transaction (shown in Figure 1). In this particular transaction, someone transferred an extremely large amount of BEC token – 0x8000,0000,0000,0000,0000,0000,0000,0000,0000,0000,0000,0000,0000,0000,0000,0000”

That is in fact 63 zeros and as Ranimes stated in the article, there was actually two identical token transfers from the same BeautyChain contract but to two different addresses. After further investigation they ran their system to scan and analyse other contracts which showed results, that more than a dozen of ERC-20 token contracts are also vulnerable to the batchOverflow exploit. They were also able to execute the exploit themselves with a successful transaction with a vulnerable contract, that is not tradable on any exchange.

Although they found the exploit and could successfully validate it, they also mentioned in the article that there is no well-known security measure to prevent this:

”However, with the touted ”code-is-law” principle in Ethereum blockchain, there is no traditional well-known security response mechanism in place to remedy these vulnerable contracts”

BeautyChain acknowledged the exploit on their website.

The SmartMesh Foundation ended their statement with the following quote:

”In addition, SmartMesh would like to thank Huobi, OKEx, Gate, CEX, and the other exchanges for their great support and assistance in resolving this incident!”

And the loopholes have since then been repaired.

This exploit and MyEtherWallet (MEW) which was under a DNS hack on the 25th of April do not seem to correlate.

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Huobi and KyberNetwork are holding the biggest, most modern Blockchain conference in Vietnam

Blockchain, a technology that could impact the world with the same force as the internet did and continues to do, has the potential to make the world more transparent, global and democratic, but to get there we need more people to create, using blockchain.

That is why Huobi andKyberNetwork are holding the biggest, most modern Blockchain conference in Vietnam.The Blockchain Festival will hold activities designed to increase interaction between exhibitors and the conference participants.

KyberNetwork, a decentralized and trustless exchange that facilitates instant conversions between crypto-assets, has a team that has been producing great results with the recent release of their testnet and partnerships with several reputable blockchain companies. With a loaded roadmap, 2018 could be the year for KyberNetwork to dominate the decentralized exchange space.

Huobi on the other hand just announced a great initiative to get us closer to assets and technology in favor of the users, The Huobi Autonomous Digital Exchange, HADAX, which allows users to publish their idea and to give it a chance to become a exchangeable token as a boost forward. Huobi is already established as the leading global Blockchain asset financial service provider. With services that are used by millions of users from over 130 countries.

The Blockchain Festival is therefore a great initiative and a natural next move for Huobi and KyberNetwork.

English-Vietnamese translator!

The Blockchain Festival will have English-Vietnamese bilingual, dual-screen presentations, to ensure that the participants of The Festival will understand everything. The audience can follow the speakers closely with an English-Vietnamese translator that will be on-site all day to oversee smooth Q&A sessions.

Free diagnostic report!

The Festival will also offer up to 10 projects that can choose to get a free diagnostic report from 2 independent rating agencies, DRC and icorating.com. This comprehensive diagnostic would look at 101 metrics to determine the overall strength of the venture. The results will also be published for all in the conference to see.

Airdrop of digital assets!

To keep the participants enthusiasm and attendance rates alive, The Blockchain Festival will offer a Candy Box Airdrop of digital assets.

Free tickets for the next generation enthusiasts!

The technology is still quite new and it is sometimes hard to know where to start if you are interested. To help and promote the Blockchain Technology, The Festival has invited students and professors in various fields (e.g. IT, marketing) to visit The Blockchain Festival Exhibition area for free. There will even be job interview booths.

Mini-games!

To ensure that the participants do not miss anything throughout The Festival, there will be a passport mini-game where participants are encouraged to initiate conversations with projects exhibitions to interact, inquire and imprint a stamp on their conference passport. The Festival has also mentioned that there will be exciting prizes for those who participate.

Greatest Blockchain Festival in Vietnam!

Blockchain Festival will be a great meeting point for enthusiasts of any level. With the best on-site events production team in Vietnam and has therefore the potential to be the greatest Blockchain Festival in Vietnam.

Get your tickets and meet the enthusiasts of the next generation technology:

Date: 24 & 25 May 2018, 9am to 6pm
Location: Gem Centre, Ho Chi Minh City, Vietnam

 

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Huobi Pro launches world’s first autonomous digital Cryptocurrency Exchange ‘HADAX’

Huobi Pro launches world’s first autonomous digital Cryptocurrency Exchange ‘HADAX’

Huobi moves on with another project, this time with a thought through autonomous exchange which is much more than just a Bitcoin Exchange.

This new cryptocurrency exchange allows projects to submit their idea to be reviewed in three different audit lines.

Welcoming new tokens and initiatives
As many great initiatives rise to get us closer to assets and technology in favor of the users, Huobi Autonomous Digital Exchange, HADAX, allows users to publish their idea and to give it a chance to become a exchangeable token as a boost forward.

Centralized Exchanges are the ones that are easiest to use and provide advanced trading functionalities such as margin trading and others. However, they also represent a security risk for your funds. While some exchanges are better guarded than others, hacks are not an uncommon event in the cryptocurrency scene, as we have seen lately.

Then we have the Decentralized Exchange, which is an exchange market that does not rely on a third party service to hold the customer’s funds. Instead, trades occur directly between users through an automated process. Since it is a peer to peer trade, they most often require users to be online in order for an order to be listed and for the trade to take place, requiring users to perform certain actions like signaling that a payment was received. Trading features like margin trading and stop loss functions are at the moment not available in the this model as they only allow the basic exchange of currency for a predetermined value.

HADAX offers an innovative solution to both the lack of variety in tradable tokens as well as the liquidity problem.

Autonomous audit
The Huobi audit line begins with each aspirable project staff submit their idea with sufficient material to be reviewed. Huobi is first in line to check if they want to bring it further and after that, companies called “Super voting nodes” are second line to give their opinion and decide. These are professional investment agencies, providing expert input since the tokens listed will in many cases be in the early stages, and therefore it is necessary to be looked through in detail. That is why projects have to meet regulatory compliance requirements and submit its white paper and status report to be reviewed.

As a side note, any project token that receives a 100% ratio of votes from the super voting nodes will be recommended to be listed on Huobi Pro.

All tokens passing the super voting nodes will be able to make a security deposit as a 30% share to strengthen their position. But what counts the most are the actual votes that stand for 70% of the total influence.

Voting and earning on incentives
Votes cast by users holding Huobi tokens will be able to vote for 0.1 HT. Something that might come to interest is that as each round or day passes, the team are allowed to set a reward for their voters. The reward can be for example 2.0 the first day, the next day 3.0 and so on. The incentives of the vote cannot be increased as rounds pass.

Users are also required to meet certain criteria to qualify for the voting process, which is necessary in the earlier projects that come with a higher risk. HADAX will only be opened to professional users with certain experience, which require the users to have an asset value of at least 1 BTC, or to have made a trade at least 30 days prior to the voting process.

Votes from the users can be self refunded. The self-help refund site will be active only during certain hours to not influence the current stats of the competition.

In order to diversify the voting process, Huobi welcome the new Super Voting Nodes with a ”Special Event for Super Voting Nodes” in order to promote the benefits, and give them the rights to jointly decide the listing. The top two projects who get the most votes from the Super Voting Nodes in the event will be given the opportunity to be listed directly on HADAX. For the last remaining tokens, those who do not become the top two competitors will be discarded and the voters will be refunded their vote.

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The Huobi Buyback Program and The Huobi User Protection Fund

Earlier this year Huobi Global’s platform, Huobi Pro, launched the Huobi User Protection Fund. Which will be using 20% of the transaction fees it collects during each season to buy back Huobi Tokens from the open market and store them in the newly created Huobi User Protection Fund.

Since the years of rapid growth, the size of Huobi Pro’s own assets has now become bigger than all of the user’s hot wallet assets combined. This enables Huobi Pro to provide assurance to users since the bought-back Huobi Tokens will be used to protect users’ interest and compensate for their losses in cases of emergency. To avoid volatility all the funds will be converted into USDT.

We have seen cryptocurrency exchanges being targeted lately. We remember the The Mt Gox hackwhere $6 billion were stolen from the platform. In January the Japanese exchange Coincheckwas targeted and $530 Million got stolen, and recently Binance was a targetand was offering a bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident. This shows that the exchanges are an interesting target for todays hackers.

Although Huobi hasn’t had any security breaches, they decided to take precautions and measures to give its users a piece of mind. This is where the The Huobi Security Reserve comes in handy. The Reserve will cover losses related to the security breaches in full compensation.

The buyback in the first quarter has been completed, and the information is as follows:

Huobi Token circulation information:

1. Total supply in the market: 303,129,300

Rewards of Point Card purchase: 300,013,500

Marketing promotion: 639,200

Employee incentive: 2,476,700

2. Total locked: 704,546

OTC merchants locked: 4,860,000

Super Node/Super Partner locked: 15,200,000

Voting revenue locked: 29,027,000

Project team locked (security deposit): 12,000,000

Others locked: 34,700

Secondary market buyback locked: 9,332,900

3. Current circulation amount (thousands): 232,764,700

Circulation = total amount in the market — total locked