Urban, Author at 21000NEWS

UrbanMarch 4, 2019

3min619

The South Korean government will team up with a consortium of domestic companies to funnel a combined USD 7.7 million into three blockchain projects – a used car trading platform, a financial services project and a platform for charity donations.

Per KiNews and iNews24, the Ministry of Commerce, Industry and Energy and the Korea Internet Development Agency (KIDA) will provide USD 4 million in funding, with the remainder coming from 24 private sector consortiums comprising some of the country’s biggest conglomerates and banks, as well as crypto exchange operators, domestic venture companies and blockchain startups – making for a total of 80 companies.

The ministry and KIDA held consultation meetings with the consortiums beginning in December last year, and concluding at the end of January 2019. The parties say they are aiming to conclude all necessary contracts by mid-March, with a view to starting work on the projects before the end of the month.

The three projects will all be led by private sector companies, and are as follows:

  • A blockchain-powered used car servicing platform proposed by (and to be led by) the Hyundai Group’s Hyundai AutoEver subsidy. AutoEver specializes in vehicle sales over the internet. Blockchain startup Blocko, ABC Solutions, a software and services provider and another Hyundai subsidy, Hyundai Glovis(a logistics specialist), will also take part in the project.
  • A decentralized charitable donation platform proposed by (and to be led by) e4net, a software company. Participants in the project include Dunamu, one of the Kakao Group’s blockchain subsidies, and the operator of the Upbit exchange, the Child Fund, a children’s charity, and blockchain startup Inoblock.
  • A financial and educational services platform proposed by (and to be led by) SK Telecom. Participants in the project include Coinplug, operator of the CPDAX cryptocurrency exchange, major commercial banks Hana and Woori, as well asLG’s internet arm, LG U+. Blockchain startups Haechi Labs and Koscom will also be taking part in the project, as well as another SK subsidy, internet platform developer SK Planet.

UrbanMarch 3, 2019

11min391

New Zealand-based troubled cryptocurrency exchange Cryptopia failed to reopen on Monday due to unspecified reasons.

“We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow,” the company tweeted, promising more updates “as this progresses.”

Their clients reacted:

Embedded video

???????????????? Esomojumi Michael ????????????????@esomojumi4real
See ???????????????? Esomojumi Michael ????????????????‘s other Tweets

hanish bh@hanish_B

Ready to be patient for few days but when you come again make your exchange secure top notch , thanks for frequent updates

See hanish bh’s other Tweets

Last Thursday, Cryptopia, which was closed in January following the hack which cost users an estimated USD 23 million, announced that they aim to reopen their site “as read-only” by Monday. A day ago, the company, which reportedly has more than 1.4 million users, said that “worst case 9.4% of our total holdings was stolen” and they are “securing each wallet individually to ensure the exchange is fully secure when we resume trading.” Also, Cryptopia asked their clients to refrain from depositing funds into old Cryptopia addresses “as a result of the new wallets.”

The company claims they have “transitioned 24% of all wallets to our new secure servers. Once the read only site is online, we will be keeping users up to date on which wallets have been checked and secured via the coin info page.”


UrbanMarch 2, 2019

9min452

Rebrands are tricky. Coca Cola disastrously rebranded itself as ‘New Coke’ in 1985, forcing lovers of its original formula to launch a campaign calling for the immediate return of its old branding and taste. Other rebrands in recent memory – Gap, MasterCard, Tropicana – have been no less shambolic, creating the impression that companies shouldn’t really ever take the plunge.

Meanwhile, in cryptoland, the likes of Kraken, ShapeShift, Zcash Company, and Litecoin have rebranded in recent months, while other projects – such as RailBlocks/Nano and Antshares/NEO – have done something similar over the past year or so.

Such moves vary in terms of how much rebranding is involved. Nonetheless, they all indicate that crypto is maturing, and that the industry is making increasingly concerted efforts to entice mainstream customers.

Signs of maturation

It’s no secret that 2018 was something of a comedown for the industry after the dizzying highs of 2017. This is a large part of the reason why, in 2019, many crypto-related companies and projects have turned to rebranding, since it’s one obvious strategy for increasing the willingness of investors and the general public to adopt crypto.

“One would be forgiven for thinking that Bitcoin and other cryptocurrencies were doomed after the hype of 2017 subsided and we entered the current bear market,” says Simon Dingle, a Bitcoin analyst and author of In Math We Trust: The Future of Money.

“However, nothing could be further from the truth,” he tells Cryptonews.com. “Bitcoin is alive and well, and great progress has been made on the project since the beginning of 2018. The network has actually grown in terms of computing power during this time, and great progress has been made in protocol scaling solutions like the Lightning network, which now has an order of magnitude more nodes connected than at this time last year”

Despite this growth, Dingle acknowledges that somethings needs to be done not only to encourage greater adoption, but to counter the negative perceptions surrounding crypto.

“There is a still a general misunderstanding of cryptocurrency in the mainstream, and misinformation being spread about, for example, Bitcoin’s use of electricity – but the war is being won behind the scenes,” he says. “It now faces the challenging gap between early adopters and mainstream adoption, and is on course to leap over this chasm in style.”

Meanwhile, Mati Greenspan, a crypto analyst at eToro, tells Cryptonews.com that the recent wave of rebranding is largely about overcoming the negative stereotypes surrounding crypto.

“The crypto industry is currently going through a process of gentrification as it prepares for a wider audience,” he says. “Since inception crypto has had a negative stigma attached to it, but this perception is changing rapidly in large part thanks to work being done on the ground by these companies and others in the industry.”

This is why Kraken and ShapeShift, to take two of the most prominent examples, have recently rebranded. Both exchanges are taking steps to comply with regulations and to make themselves more customer-friendly, while Simon Dingle affirms that their recent redesigns are indicators of a maturing industry.

“Crypto companies in general are maturing and many are refocusing on mainstream markets, whereas until now they were only preoccupied with early adopters of the technology,” he says. “ShapeShift, for example, has implemented know-your-customer (KYC) processes for the first time to prepare for scrutiny from authorities. Kraken has developed a more consumer-friendly brand as it hopes to broaden its appeal in the consumer market.”

Changing perceptions

As useful as rebrands may be for any company that wants to symbolically turn a corner, more obviously needs to be done if the industry wants to enjoy greater adoption. Perhaps most importantly, Simon Dingle believes that the industry needs to get better at managing its media relations, as well as its relations with regulators.

“What crypto needs is to win the story wars,” he says, noting that it’s often not the ‘best’ technology that earns widespread adoption, but rather the technology that provides the best narratives.

“Right now Bitcoin is a story of freedom and hope – one only needs to look at how it is being used in Venezuela to get a taste of this – but it is also poorly understood in mainstream media where many people lost money in 2018, and there is a misconception that Bitcoin “wastes” electricity. Crypto companies need to offer better stories, acknowledge what the market is telling them, and work harder to win hearts and minds.”

However, past years have shown that crypto hasn’t always been successful when it comes to PR, with various exchanges and projects (e.g. Kraken, IOTA) notably having acrimonious spats with certain news outlets.

And in addition to better public relations, Mati Greenspan affirms that the industry will also have to improve its end product, which in many cases needs to offer better user experiences.

“There’s still a lot of work to be done,” he says. “Specifically on making interfaces more user-friendly and on education, both of which will need to improve drastically for the industry to maintain its current rate of growth.”

These are big challenges, but as recent efforts to rebrand all indicate, the industry is serious about meeting them. And with the ongoing influx of institutional investors into crypto, and with ongoing efforts to make blockchains more scalable, it just might.


UrbanMarch 1, 2019

34min239

It seems that, following a number of unfortunate events, major crypto company Coinbase might be getting into a major crisis.

Currently, the hashtag #DeleteCoinbase is becoming more popular by the minute, ranging from users showing proof that they’ve deleted their Coinbase account, over warning against staying there, to one instance of people even paying others for closing their accounts. All of this for a simple reason: the community believes that Coinbase has lost their moral compass after their acquisition of a startup called Neutrino. It was founded by three former employees of Hacking Team, a controversial Italian surveillance vendor that was caught several times selling spyware to governments with dubious human rights records, such as Ethiopia, Saudi Arabia, and Sudan.

“It saddens me to see what they’ve done to their platform. Count me out,” writes Twitter user @21isenough. This is a sentiment echoed by many in Crypto Twitter. User @lartdetre writes, “Closing Coinbase account help avoid tons of headaches. They went so over the top that it’s totally insecure to stay there now.”

“Call me crazy but I commend this community for the whole #DeleteCoinbase movement. I’m interested to see how & if Coinbase will listen to its users & the users they have lost. I won’t hold my breath though,” commented user @ashrugg.

Until now, the company has only responded that “Coinbase does not condone nor will it defend the actions of Hacking Team,” but “it was important for Coinbase to bring this function in-house to fully control and protect our customers’ data and Neutrino’s technology was the best we encountered in the space to achieve this goal.”

It’s currently hard to tell how many users have left Coinbase, let alone if that makes a difference to them. The company has not responded to a request for comment. Coinbase investors, including Andreessen HorowitzUnion Square VenturesDFJ Venture Capital and others, also remain silent on the issues that the company has been facing. Cryptonews.com contacted them, as well as Intercontinental ExchangeRibbit CapitalFunders Club and others for comment, but none of them have yet replied.

As for how to handle such a growing crisis, Samantha Yap, founder and director of international PR firm with a focus on fintech, blockchain and cryptocurrency startups YAP Global, told Cryptonews.com: “When a communication crisis arises, it is essential for the company to take control of the conversation in the media rather than stay silent and enable misguided assumptions to spread.”

Moreover, there is another challenge the company faces.

“Influencers in the cryptocurrency sphere on social media platforms such as Twitter and Reddit have the power to sway public opinion about the company. As a result, the recently launched #deletecoinbase social media campaign is spreading fast with influencers like Whale Panda, who has 213,000 followers on Twitter, drawing attention to the hashtag,” Yap said.

WhalePanda@WhalePanda

Well I really couldn’t stay behind now could I? Even though I haven’t used them in quite some time…

55 people are talking about this

“However, to Coinbase’s defence, I understand why, as a large company, they would opt to issue one formal official statement for the time being, because it can’t individually address everyone’s concerns. Once you respond to one journalist or writer, you must give an interview to everyone,” she added.

“As someone who has worked with thousands of technology companies and hundreds of crypto ones, I can tell you that in any sort of communication crisis the best thing to do is take responsibility for your mistakes,” Ayelet Noff, founder and co-CEO of global PR agency Blonde 2.0, tells Cryptonews.com. “Do not try to hide them or justify them. Listen to your community and post comments where they are speaking, showing that you are listening and taking control of the conversation. In addition it is a great idea to post a blog post discussing the situation, showing that you are taking responsibility for your actions and explaining how you plan to solve the current situation.”

In the meantime, Coinbase users are continuing deleting their accounts.

Embedded video

Udi Wertheimer@udiWertheimer

is real

42 people are talking about this

One person, under the Twitter handle @JpintoPedro, is further incentivizing the movement: “Everyone deleting their #Coinbase account and making proof of it will receive 1000 [satoshis]. respond to this post with the proof of deletion and rejoice sending an invoice for 1000 sats!” The person is using tippin.me, a Twitter crypto tipping app that uses Lightning Network to send small transactions between users.

CEO of competing cryptocurrency exchange Kraken, Jesse Powell, commented on the case on his own Twitter account: “Personally, I support any company which has the guts to roll out a transitional workforce development program. If you’re giving an honest paycheck and a second chance to a guy who used to have to sell out journalists to fascist governments to make ends meet, you’re ok by me.” Other users have had to drop in to explain that he is being sarcastic, due to immediate outlash from some.

However, the Coinbase team seems to be making the issue even more difficult, as multiple users complain they cannot close their accounts. Apparently, after completing everything the exchange needs them to, they simply receive a message that says, “You cannot complete the account closure quite yet.” User @won13three had contacted the company: “Same thing. I called customer support and they have an ‘account specialist’ on the case now.”

Embedded video

Adam Moore@AdamPaulMoore

Why isn’t @Coinbase allowing me to delete my account? Send help! @udiWertheimer

39 people are talking about this

One reason for this might be so-called “dust”: tiny amounts of cryptocurrency are reportedly preventing some users from leaving Coinbase, because they were too small to transfer out, but the exchange supposedly doesn’t allow the closing of accounts with remaining balances, news outlet BreakerMag reports.

Developer and Bitcoin enthusiast Udi Wertheimer developed a solution to that, called the #DeleteCoinbaseTrustChain: because Coinbase allows free transfers between existing accounts, users could simply transfer their “dust” to another Coinbase user, then close their account.

Udi Wertheimer@udiWertheimer

Coinbase won’t let people close accounts with dust balances????‍♂️

Let’s fix it:
1. Tweet your dust balance with
2. Someone replies with their coinbase email address (or DM)
3. Send your dust and close your account
4. They do the same
5. Repeat

Who’s first?

No Mo FoMo@FomoRektMe
Replying to @udiWertheimer and 5 others

Tried to close my account but I have small amounts of coins left in that are too small to transfer and they won’t allow account to close without transferring?

View image on Twitter
110 people are talking about this

Perhaps expectedly, part of the crypto community has taken this as the perfect chance to make memes out of the situation.

bitcoiner@AnselLindner

Don’t underestimate the crew.

These are many of the same people that brought us Segwit with the UASF and forced Bitmain to get rekt.

See CryptoScamCentral’s other Tweets

UrbanFebruary 28, 2019

8min454

A third wave of crypto wallets tied to cryptocurrency exchange Cryptopia were emptied to the tune of around USD 30,000 – USD 40,000 worth of ether, co-founder and CEO of blockchain analysis protocol and platform Elementus, Max Galka, told Cryptonews.com.

This makes it a smaller-scale theft than the previous two rounds, but raises the question – why are people still depositing their cryptocurrencies into Cryptopia-owned wallets?

Contrary to many warnings issued by both Cryptopia and Elementus, as well as the media coveragesurrounding this story, users seem to continue depositing their assets into the wallets that were still at risk, making them easy pickings for the hackers.

“People keep depositing,” Galka said. “As long as that happens, these guys will continue taking the money. Any wallet that previously belonged to Cryptopia – we assume it is under the hackers’ control.”

As for the amount that was stolen, Elementus previously tweeted that around USD 3.2 million worth of tokens were liquidated before this incident, most of that on cryptocurrency exchange Etherdelta. “Now that number is around USD 4 million,” Galka said.

Elementus@elementus_io

Cryptopia update
As of this morning, the hackers have liquidated $3.2m in tokens, with the bulk of that going to Etherdelta

96 people are talking about this

Meanwile, ether address, involved in Cryptopia’s hack has almost ETH 30,790, or USD 4.22 million on its balance.

Following the first hack in January, the total estimated value of ether and ERC20 tokens stolen was around USD 16 million (again, the number does not include bitcoin.) Only two weeks later, an additional 7,000 Cryptopia wallets were drained of 1,675 ETH (around USD 180,000 at the time of the theft), Elementus learned. Back then, the blockchain analysis company concluded, “Consistent with our earlier hypothesis, Cryptopia no longer has the private keys to their Ethereum wallets and the hacker does.”

Meanwhile, the exchange announced this Thursday that they aim to reopen their site “as read-only” by Monday. A day ago, the company said that “worst case 9.4% of our total holdings was stolen” and they are “securing each wallet individually to ensure the exchange is fully secure when we resume trading.” Also, Cryptopia asked their clients to refrain from depositing funds into old Cryptopia addresses “as a result of the new wallets.”

As many experts have stressed, crypto users should keep their private keys to their coins offline, e.g. in hardware wallets such as LedgerTrezorKeepKey and others.


UrbanFebruary 27, 2019

4min242

Investment banking giant JPMorgan’s much hyped JPM Coin, the centralized digital token, may become something of interest for the broader audience, the bank’s CEO Jamie Dimon suggested during an annual investor day on Tuesday.

“JP Morgan Coin could be internal, could be commercial, it could one day be consumer,” Dimon said during a question-and-answer session at the event, according to CNBC.

Originally, JPM Coin was created by the financial giant to instantly settle payments between institutional clients. As reported, the new coin will at first be used with a small number of JPMorgan’s institutional clients, and the bank further says that they “don’t have plans to make this available to individuals at this stage.”

However, the bank also writes on its website that “cost-savings and efficiency benefits would extend to the end customers of our institutional clients,” while they also hold the door open to potentially allowing individuals to use the coin directly at some point in the future.

Umar Farooq, head of Digital Treasury Services and Blockchain at the bank, previously admitted that the JPM Coin isn’t money per se – it is a digital coin representing United States Dollars held in designated accounts at JPMorgan Chase N.A. According to Farooq, there are three early applications for the JPM Coin:

  • International payments for large corporate clients, which now typically happens using wire transfers between financial institutions on decades-old networks like Swift.
  • Securities transactions.
  • The final use for JPM Coin would be for huge corporations who use JPMorgan’s treasury services business to replace the dollars they hold in subsidiaries across the world.

He also said that the coin could also be used for payments on internet-connected devices if that use for blockchain catches on.

Many in the crypto community have speculated on what is JPMorgan’s, whose CEO in 2017 made headlines for calling Bitcoin “a fraud” and “worse than tulip bulbs,” real motivation is for creating a digital token on its own. The popular crypto YouTuber BoxMining (Michael Gu) for example claimed that JPMorgan’s entry into crypto is nothing more than an “old centralized cartel trying to stay alive in an ever-decentralizing world.”

Meanwhile, Ripple’s CEO Brad Garlinghouse had his own take saying: “As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”


UrbanFebruary 26, 2019

19min238

Third largest cryptocurrency by market capitalization, Ripple’s XRP is up by almost 5% in the past 24 hours after major exchange Coinbase Pro announced it will launch XRP trading on February 26.

However, after peaking at USD 0.338, the coin has started a downside correction and it dropped to USD 0.323 (UTC 05.20 AM.

The exchange has already started accepting inbound transfers of XRP to Coinbase Pro, while full trading on the XRP/USD, XRP/EUR, and XRP/BTC order books should start later today.

Support for XRP will initially be available for Coinbase Pro users in the US (excluding New York), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date, according to the exchange.

Coinbase, the owner of Coinbase Pro that is aimed at active and professional traders, is yet to announce when XRP will be available on Coinbase.com that targets less sophisticated investors and traders.

 

Meanwhile, XRP supporters, often referred to as the XRP Army and known for aggressively promoting and defending their favorite coin, are also rejoicing the news:

XRP Junkie ????????????????@xRapidJunkie

But when ??? oh, doh.. wait.. sorry. never mind.

See XRP Junkie ????????????????‘s other Tweets

Digital Asset Investor@digitalassetbuy

Congrats! NOT a security!!!!!!

100 people are talking about this
See ExArePee ???? ⚡ ???? 200+’s other Tweets

Embedded video

See MC XRP’s other Tweets

UrbanFebruary 25, 2019

7min238

On Monday, out of the top 10 coins by market capitalization, seven are registering an overall positive sentiment (it was six last week,) and two are in the negative area, according to Predicoin, a crypto market sentiment data analysis service. Today’s average score is 5.58, another improvement compared to last week (5.41), although the hype compared to then seems to have somewhat lessened and the sentiment worsened in the past 24 hours.

Three coins with the highest score today are Bitcoin Ethereum , and EOS . Bitcoin is up compared to last week, while Ethereum is hovering over a similar score and EOS dropped a little. Litecoin is the only coin to have dropped from green to grey, although it is still well above complete neutrality at 5.8. Only two coins started the week in red: XRP and Stellar, both at 4.7 and both with an obvious increase compared to where they were last week (4.1 and 4.4, respectively).

Sentiment change among the top 10 coins:
(5 is neutral, below 5 is negative, above 5 is positive.)

Crypto Market Sentiment Down on Monday, Still Higher Than a Week Ago 102
Source: Predicoin, UTC 10:45 AM

However, the sentiment surrounding most of the coins is dropping, with the exception of XRP and Tether (rising by 0.9% and 2.5% respectively). This goes in hand with the recent price drop that followed the weekend rally, as the market currently stands in pretty deep red.

In all, the best improvement throughout the week happened to Bitcoin Cash, whose sentiment rose by a 12.6%, followed by XRP with an increase of 7.3%, and Stellar, up by 7%. There were also losses in sentiment scores at the end of the week: Litecoin’s total sentiment dropped by 0.6%, and Tether’s by 0.1%.

From the winning list, Bitcoin’s best features are, again, its fundamentals which scored 8.7, and it needs work on the social aspect – the only one below five with a sentiment score of 4.5. Ethereum’s technical aspect scored the highest with 7.2, and they follow in Bitcoin’s footsteps with the social side rated 4.8, again the only negative one. EOS, meanwhile, can thank the technicalities as well as the news surrounding it for its score (7.5 and 7.3 respectively), because all the other points have negative ratings.

Bitcoin SentScore in the past 7 days:

Crypto Market Sentiment Down on Monday, Still Higher Than a Week Ago 103
Source: Predicoin

As for the losing list, XRP biggest problem lies in its technical aspect (2.7), but the news (7) surrounding it are bringing the average up. Stellar is in a similar boat: technical aspect at 3.6 and fundamentals at 3.8 are dragging it down, while news (7.2) are saving it from drowning completely.

All in all, the average score coupled with the fact that the buzz has died a little over the past week show a strong market sentiment that was not very easily brought down by the price drop that market saw on Sunday.

According to David Thomas, Director and Co-Founder of GlobalBlock, a London based cryptocurrency broker, as another trading week begins, there are a few key things to look out for.

“First up is the Ethereum Constantinople upgrade which has been delayed since last month due to vulnerability issues, but is due this week [around February 28],” he wrote in a weekly update.

Another anticipated announcement for the crypto market is the US decision on Bitcoin ETF due on February 27.

“Joining this discussion is the Korean Exchange [South Korea’s only securities exchange operator] who have recently said they’re closely monitoring the developments from the United States regulators on Bitcoin exchange traded funds, as the decision will “Set a tone for local crypto markets”, Thomas said, adding that any positive outcome here should result in a rally on crypto prices.

“Although given the previous capitulation surrounding this issue, we wouldn’t be surprised to see this deferred yet again,” he added.


UrbanFebruary 24, 2019

18min751

While the avant-garde of the cryptoverse is abuzz with a new app, Tippin, for Chrome and Firefox browsers that lets you tip a certain tweet with Bitcoin, social network giant Twitter. (Reaction from the Twitter CEO has been added)

“Twitter does not control anything to do with third party browser extensions. This is entirely independent from Twitter.com and there are no plans to integrate it site wide that I am aware of,” according to the spokesperson.

Developer of the app, Sergio Abril, did not respond to requests for comment.

However, after this article was published, Twitter CEO Jack Dorsey tweeted that he “already got tipped some satoshis” with Tippin. The CEO did not elaborate any further.

jack

@jack

I hooked this up and already got tipped some satoshis https://tippin.me/@jack 

tippin.me

Your digital tip jar, using Lightning Network and Bitcoin.

tippin.me

The beta app has released a new Chrome Extension as well as a Firefox extension available for users of these browsers. Over Twitter, app users can send Bitcoin payments via the Lightning Network, making for faster and more scalable transactions. With the extension enabled, a little lightning bolt symbol pops up inside every tweet next to the more familiar “like” and “retweet” buttons.

All a user needs is a Twitter account, a Lightning network wallet, Tippin and, of course, some bitcoin. The app hopes to foster adoption and growth in the crypto ecosystem through crypto enthusiasts that predominantly use Twitter. Some of them are already sharing their experience how to start tipping with Bitcoin on Twitter.

According to Firefox data, 27 of its users downloaded the app, while Chrome is a more popular option with 282 users.

The announcement made by Tippin comes just after Jack Dorsey shared his support for Bitcoin and the Lightning Network. He says that he loves the idea of having a world where it is possible to tip people with satoshis, the smallest unit of the bitcoin, for their tweets. He has also said that bitcoin tipping using the Lightning Network on Twitter is a “really compelling” idea.

“It’s something that we want to spend a lot more time on,” Dorsey said, adding that there is “a pretty active conversation within the company” and that they want to be “smart about it.”

At the same time, the CEO participated in the Lightning Network torch initiative. Bitcoin users have been passing around a so-called Lightning Torch, which is a game wherein each participant adds a little bitcoin to a payment, then passes it onto someone on Twitter that they trust, in order to spread awareness of the second-layer Lightning Network technology.

Meanwhile, when bitcoin first started to gather more attention in online forums and on social media, one of the most talked about use cases for the digital currency was online micropayments. Not too long after, the first bitcoin tipping bot was launched, which enabled social media users to tip each other in small amounts of bitcoin. Read about crypto tipping bots here.


UrbanFebruary 23, 2019

11min283

The ZCash Company that is behind the privacy coin ZCash spread word that from now on they are rebranding to Electric Coin Company.

“We’re changing the name for clarity,” the company said in a blog post. However, the community is confused, with most people considering this a terrible move: “Not sure if early April fools joke or not,” seems to be the common verdict.

“Our legal name has always been the Zerocoin Electric Coin Company, LLC, and we’ve been calling ourselves the ‘Zcash Company.’ But, the company isn’t ‘Zcash.’ Zcash is the cryptocurrency we build and support, with the help of others in the community,” the company explained, adding, “Also, we aren’t the Zcash Foundation. The Foundation is a separate and independent 501(c)(3) nonprofit organization […] Only the name has changed. We are the same team, with the same mission: to empower everyone with economic freedom and opportunity. We developed and help steward Zcash.”

But the community considers this rebranding effort a terrible idea. “Headline tomorrow: $crypto reaches overnight mass adoption as creators of Ether, Tron, Stellar, BCH fell in line to rebrand their coins to: Anaesthetic Solvent Company, Subatomic Particle Company, Star Flux Company, [feces emoji] Company,” writes Twitter user @singhsoro.

Lawyer, blockchain enthusiast Preston Byrne also commented on the news:

Preston Byrne

@prestonjbyrne

I think ZCash’s name change to “Electric Coin Company” is awesome and retro. Like “Electric Boat” or “General Electric.”

See Preston Byrne’s other Tweets

However, he remains in the tiny minority that had anything good to say about the idea. Also, many are commenting under the false assumption that the Zcash (ZEC) coin will be changing its name – that’s not going to happen, and that’s exactly the reason the company is going forward with its decision.

And of course, the crypto community would not be what it is if there was not at least one joke at the expense of the news.

CryptoScamCentral@CryptoScamHub

As announced the ZCash company @zcashco is changing its name to ‘Electronic Coin Company’ as part of the rebranding,it’s services will expand &include Electricians’s on the Blockchain ????????????‍♂️Have a wiring problem at home?In future call @zooko to fix it, anonymous service on request.

See CryptoScamCentral’s other Tweets


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