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Coinbase Sued over $350M in Damages Due to Patent Infringement

by Blockchain NewsSeptember 25, 2022

The digital currency exchange platform Coinbase Global Inc. has been sued by Veritaseum Capital LLC over patent infringement in the Delaware Federal Court.

Coinbase is a publicly traded company in the United States that supports a variety of crypto tokens on its trading platform.

According to a news statement, Coinbase was issued a lawsuit by Veritaseum founder Reggie Middleton over patent rights as regards digital trading technology.

Veritaseum accused Coinbase of using its patented rights used in inventing a novel device that allows the transmission of input data across a third party without the use of a special technology. Mr. Middleton has previously obtained licenses for his invention including the right to sue in case of infringements.

According to various sources, Veritaseum sent a warning letter to Coinbase in July for infringing its patented rights on its device invention but got no response from Coinbase.

Veritaseum’s device included memory for storage, a network interface for receiving transactions, and a processor tied to the memory and network interface. Middleton’s invention can be applied to both proof-of-Work (poW) and proof-of-Stake (poS) blockchain technology. Veritaseum’s patent also covers transactions that use Bitcoin and Ethereum that are carried out by users on poW blockchains. According to investigations, Coinbase uses both the poW and poS model which Veritaseum’s patent covers.

The Coinbase platform also infringes the claim by allowing its users to perform transactions such as trading, staking, and crypto payment between persons and corporations by using Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Solana.

Verisateum, therefore, seeks relief to be awarded at least $350 million in damages for Coinbase’s infringement and enter an injunction preventing Coinbase and its subsidiaries from contributing to the infringement.

The Coinbase platform had an issue with the U.S Security and Exchange Commission (SEC) last year over its lending features. Coinbase CEO Brian Armstrong revealed in a Twitter post, that the U.S SEC has asked the company not to launch its products without any cogent reason.

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Tether (USDT) Tokens Now Live on the Polkadot Network

by Blockchain NewsSeptember 25, 2022

Tether Limited recently expanded its reach across various blockchain platforms by launching its stablecoin (USDT) on the Polkadot network. Connecting to Polkadot allows users to work with multiple blockchains in the Polkadot network.

According to a press statement from Tether, adding Tether’s stablecoin to the Polkadot network is the right step towards achieving the goal of spreading across decentralized ecosystems. This will mitigate the potential adverse effects of market volatility and provides a stable currency to earn income and move in and out of the network.

USDT stablecoin is currently live on a total of 11 blockchain platforms including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR, and Bitcoin Cash’s Standard Ledger Protocol. The launch of USDT on Polkadot further underscores Tether’s commitment to collaboration and interoperability as a pioneer in the growing digital asset space.

“We are excited to launch Polkadot USDT, providing its community with access to the most liquid, stable, and reliable stablecoins in the digital token space,” said Tether CTO, Paolo Ardoino.”Polkadot is on a trajectory of growth and development this year, and we believe the addition of Tether is necessary for it to continue to evolve.”

Tether becomes the first stablecoin to be launched on Algorand 2.0 in facilitating instant confirmation of payments, wallet support, and micropayments. Users of Algorand will be able to get access to USDT with high scalability and speed.

Paxful, a leading peer-to-peer Bitcoin (BTC) trading platform had earlier announced the addition of USDT to its crypto payment options. Paxful hopes that its investors will be more in control of their finance and protected against the volatility of the blockchain ecosystem as a result of their collaboration with Tether. Paxful users can also convert BTC to USDT and vice versa according to Co-founder, Ray Youssef.

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Tagged : Polkadot / Stablecoin / Tether / USDT

Ethereum Worth Nearly $195M Staked in ETH 2.0 Deposit Contract Over the Past Week

by Blockchain NewsSeptember 25, 2022

More investments continue trickling into Ethereum 2.0 deposit contract based on the historic highs noted.

Market analyst Ali Martinex pointed out:

“Roughly 150,000 ETH, worth around $195 million, have been transferred to the ETH2 deposit contract over the past week, hitting a new all-time high of 13.9 million ETH staked.”

Source: Glassnode

The ETH 2.0 deposit contract was launched in December 2020 to aid the change of the proof-of-work consensus mechanism to a proof-of-stake (PoS) framework called the merge.

The much-anticipated merge went live on September 15 setting the ball rolling for a PoS structure on the Ethereum network. Therefore, it is expected to propel Ethereum’s quest of becoming a deflationary asset.

Nevertheless, a recent analysis highlighted that Ethereum had to undergo four more steps to solve the scalability problem even after the materialization of the merge.

The four phases include the surge, the verge, the purge, and the splurge. Their time frame is not well defined. Sameep Singhania, the co-founder of QuickSwap, stated:

“It’s hard to talk about the timelines of the following four stages because all of them are still under active research and development. But, in my opinion, it will easily take 2-3 years before all phases are complete.”

Meanwhile, the median transaction volume on the ETH network has nosedived. Crypto insight provider Glassnode explained:

“ETH median transaction volume (7d MA) just reached a 23-month low of $32.38.”

Source:Glassnode

On the other hand, gas usage has been increasing, suggesting that the gas fees paid in transactions have remained high. Glassnode added:

“ETH median gas usage (7d MA) just reached a 3-month high of 47,461.113 Previous 3-month high of 47,349.137 was observed on 23 September 2022.”

Source: Glassnode

Ethereum was hovering around the $1,330 area during intraday trading, according to CoinMarketCap.

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Tagged : ETH 2.0 DEPOSIT CONTRACT / Ethereum / Market Analysis / Merge / News / PRICE ACTION

Kwil Receives $9.6M in Funding from FTX Ventures and DCG

by Blockchain NewsSeptember 25, 2022

Decentralized database solutions Kwil has received a $9.6 million fundraise from crypto venture capital firms FTX Ventures and Digital Currency Group (DCG) according to a filing lodged with the United States Securities and Exchange Commission (SEC).

FTX gives support to most of the cryptocurrencies that are popularly traded. FTX trading supports over 300 projects in the crypto world. The unique products of FTX include stake, leverage tokens, Fiat, Futures, and spot markets. At the same time, Digital Currency Group (DCG) builds and supports bitcoin and blockchain businesses by leveraging knowledge, network, and access to capital.

Kwil is the first distributed decentralized SQL database solution for building advanced dApps and protocols. It ensures large amounts of blockchain data are stored and processed in a short amount of time. This process allows dApp access to its data when plugged into other applications. KwilDB has unique features and allows customers to build products that make its customers superior to their competitors.

The decentralized SQL database for Kwil’s users is referred to as KwilDB. Based on a distributed SQL database, KwilDB developers can enjoy the luxury of easily accessing other data sets. Developers can easily choose which data they want to build their app on. KwilDB Web3.0 offers an unprecedented developer experience with comprehensive data aggregation, unlike the traditional Web2.0 database.

Crypto exchange companies FTX Ventures and DCG will both benefit from investing in Kwil by getting returns from their investments while Kwil uses the funds to build structures for its users and developers.

Kwil currently partners with companies such as Blockchain, Amplify, Arweave, NGC Ventures, FJ LABS, and DCG for funding and insights into the blockchain industry.

Coming off as one of the core protocols to receive VC funding, Kwil has now been added as one of the outfits being envisaged to lead the future of Web3.0 per its primary offerings.

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Tagged : DCG / Finance / FTX VENTURES / KWIL / Venture

U.S Court Issues John Doe Summons to Taxpayers that Failed to Remit Crypto Taxes

by Blockchain NewsSeptember 25, 2022

The United States District Judge, Paul G. Gardephe has granted permission to the Internal Revenue Service (IRS) to issue what is called a John Doe summons on M.Y. Safra Bank to release information about customers who may have failed to remit taxes received from conducting crypto transactions.

According to a court order, Gardephe specifically asked SFOX to produce information about its customers who use M.Y. Safra Bank to make cryptocurrency payments. SFOX is a complete crypto dealer that provides crypto services for institutional investors that provide the liquidity, security and infrastructure needed to open the full potential of digital assets.

SFOX collaborated with M.Y. Safra to offer SFOX customers access to bank accounts for depositing and withdrawing cash.

SFOX users could use their money on M.Y. Safra to buy and sell positions in SFOX virtual currency. IRS, therefore, expects M.Y. Safra to provide information on the identity and crypto transactions of SFOX customers based on their partnerships so as to determine if IRS laws are complied with.

SFOX has a record of over 175,000 registered subscribers on its platform that have collectively performed transactions of over $12 billion since 2015. The IRS also stated that a third party is required to report such virtual transactions to them.

The IRS Commissioner Charles P. Rettig said in a statement that;

“The government’s ability to obtain third-party information about individuals who have failed to report their digital asset income remains an important tool for tax evasion.” According to him, the John Doe summons is a step in the right direction towards ensuring that everyone pays their taxes according to what they earn.

The U.S IRS issued a warning letter in 2019 to crypto owners stating that taxpayers must pay taxes owed or file amended tax returns for their cryptocurrencies.

“Taxpayers should take these letters very seriously by reviewing their tax returns and, if necessary, amending previous returns and paying back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig.

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Tagged : Court / Crypto Tax / IRS / JOHN DOE / Legal

Vanity Rolls Out Solution Enabling Crypto Users to Customize their Wallets

by Blockchain NewsSeptember 25, 2022

For a more personalized experience in the crypto space, Vanity Global has developed a blockchain-based technology that generates a custom prefix of not more than 11 leading characters for any crypto wallet.

Per the announcement:

“An ordinary address consists of random letters and numbers, for example 0x0xb1c7f…, which can lead to stressful operations while sending funds to and from an exchange/wallet due to countless double checks.”

The report added:

“Vanity offers a real solution to this problem by giving crypto users a way to customize their wallet address, like 0xC0DE911.., and instantly recognize it as their own, simplifying the process of making a transaction.”

The long characters accustomed to crypto wallets usually trigger the anxiety of losing funds. Since Vanity is a blockchain solution corporation, it seeks to take this worry away by offering a new security layer and peace of mind to crypto investors through the new solution. Per the report:

“While generating an address with Vanity two pieces are required to be merged in order to generate the custom wallet private key, which is the “password” that is used to import and interact with the wallet.”

Since any crypto wallet consists of an address and private and public keys, Vanity makes the user-end generation serverless.

As a result, a new key pair is produced, whereby the split key generation is made possible by Vanity’s high computing power and the public key.

Vanity stated:

“At this point, the customer has everything needed to create the private key of the desired address and using again user-end generation, it only requires pasting the Vanity Key saved and clicking one button to generate the final Vanity address private key.”

Meanwhile, Samsung announced that its flagship phone Galaxy S22 Ultra would be equipped with a crypto wallet and users would also be able to store ID documentation and keys in digital format, Blockchain.News reported.

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Tagged : Blockchain / Crypto Wallet / Cryptocurrencies / Innovation / News / VANITY GLOBAL

Raising Blockchain Awareness will Spur More Adoption, Experts Say

by Blockchain NewsSeptember 25, 2022

Speaking at a blockchain conference dubbed BUIDL VietNam 2022, experts pointed out that raising awareness about this cutting-edge technology through regulatory frameworks, successful applications, and education would heighten adoption.

Since blockchain technology is mainly explored in the area of finance, the experts noted that diversification was of the essence.

Nguyen Hoang Long, the CTO of blockchain platform Aura Network, stated:

“While blockchain is still an unfamiliar topic to many people, more and more will realize its real benefits and potential when there are more widespread successful applications of the technology.”

Long also proposed that universities should take up the mantle of educating students, even those in non-IT fields on decentralized systems, cryptocurrency, and blockchain because this would propel awareness. He added:

“Many Vietnamese businesses, universities and the government are looking into and testing out blockchain applications in many fields such as traceability and customer loyalty systems.”

Vietnam has been among the leading adopters of crypto in the world. Mai Duy Quang, a member of the Blockchain Association, pointed out:

“I think Vietnam has a chance to be a pioneer in blockchain technology.”

On the other hand, Nicole Nguyen, the ASEAN deputy chairwoman of the Global Impact Fintech Forum, stated that blockchain applications and programs needed to have more user-friendly interfaces for enhanced accessibility.

She added:

“The government should facilitate the development of blockchain programmes, and create regulatory frameworks for the technology. If the tech is acknowledged officially, more people will be more confident in investing in it.”

Meanwhile, the Vietnam Blockchain Association and crypto exchange Binance collaborated to enhance research and application of blockchain technology and human resource training in Vietnam, Blockchain.News reported.

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Tagged : Awareness / Blockchain / Industry Expert / Technology / Vietnam