KIK’s messaging service shuts down to focus on Cryptocurrency

The story of Kik’s popular messaging service keeps getting weirder. CEO Ted Livingston announced that the company would be shutting down its messaging wing to focus solely on their cryptocurrency, Kin. It’s an attempt to save as much money as possible as the anonymous-messaging service provider battles the Securities and Exchange Commission over whether its initial coin offering (ICO) should count as security.
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SWARM Explained


Swarm forms the basis of the Ethereum network by providing a storage and distribution centre for data that is shared across Ethereum. Swarm is free of censorship and provides incentives to the nodes which pitch in their bandwidth and storage facilities. Whenever a node uploads some data over Swarm, it is broken up into parts called chunks. This chunking process is carried out by the chunker which basically divides the data into small pieces. The current Swarm Network has a Tree Chunker which divides the data in the form of a data tree. Whenever data is uploaded over Swarm, the chunker divides it in a way such that it forms a tree structure. This structure can then have leaf-nodes and branching nodes. The leaf nodes contain actual subslice of data whereas a branching node contains the hashes of all its children. Basically, the chunker is your most-impartial and fair pizza slicer.
The root-to-leaf branches should be of equal length (balanced) but the rightmost branch can be smaller than the rest. No two chunks of data can have the same hash and this makes sure that data integrity is maintained.

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Explain Like I’m Five: Whisper


So, you remember how you used to pass around chits during the class to communicate effectively? Yeah well, that’s essentially what Whisper is. It’s a platform where decentralised apps (DApps) can communicate with each other. Moreover, the ink being used in these chits fades away after some time. That means that each message over Whisper is transient in nature. The messages sent have topics associated with them and they’re delivered to DApps which have subscribed to that particular topic over that node. Whisper has an advantage over smart contracts in the sense that they don’t require “gas” (a token of currency) to be sent by the sender in order to get the message delivered. Small messages can be shared using whisper freely and the anonymity it offers is central to its nature. The nodes in-between don’t know about the communication happening between the sender and the receiver.

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Chinese Ponzi Scheme responsible for Bitcoin sell-offs

If you woke up in the morning and started scratching your head because you couldn’t understand the Bitcoin sell-offs the market was witnessing, we bet your first guess wasn’t a 3 Billion USD Chinese Ponzi scheme. Well, now you know better.

On August 14, Dovey Wan — founding partner of blockchain-based investment company Primitive Ventures —  attracted attention towards the ongoing mass sell-offs from the fraudulent Chinese investment scheme, dubbed PlusToken.

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Standard Chartered steps up their blockchain game

London-based bank and financial services firm Standard Chartered came out of the closet in support of Blockchain technology as it completed its first cross-border blockchain letter of credit transaction. This one is a first in the entire oil industry with Thai state-owned oil giant PTT Group.

Standard Chartered completed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited using the Voltron (the coolest name you’ll read in this paragraph) blockchain platform. Oil companies are often reliant on letters of credit as a form of short-term trade finance. Obviously, if you’re using something which sounds cool and is controversial in different parts of the world, it’s normal to pay a small price.

“This process is paperwork-intensive and requires up to five days for the delivery of these documents.”

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Federal Reserve rips off Blockchain

Remember how you finally convinced your grandfather to ditch the Walkman in favour of the iPod, well that’s what the finance sector has done with the US Federal Reserve. The Federal Reserve Board is planning to release a real-time payments and settlements service in order to ease out the entire process in the absence of a better (*coughs* blockchain? *coughs*) system.

A press release published on Aug. 5 reads that the Board of Governors of the Federal Reserve System has requested Federal Reserve Banks to develop a new interbank real-time settlement service to support faster payments in the U.S. The payment system is called FedNow (they totally missed the opportunity to call it FedUp) and will purportedly launch in 2023 or 2024.

Read more about Federal Reserve rips off Blockchain makes Pit-stop has announced that it is launching a new microsecond-latency crypto exchange called The Pit. If you thought that its name is related to some sort of complex security system and hence it is very “deep”, well you were wrong like us. If, however, you took into account the speed factor and connected it to the Pit stops of formula one races, well you’re smarter than us. That’s exactly where the name comes from. The institutional-grade platform will be launched in over 240 markets around the world, including a select number of U.S. states.

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