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ICO: Microsoft helping Initial Coin Offerings

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A cloud computing service which is created by Microsoft, called as Microsoft Azure has recently listed ‘Stratis’ in its product's section.

For those who don’t know what is ICO, It is an Initial Coin Offering, which is also referred to as an ICO. It is a fundraising mechanism in which exchange for Bitcoin, Ethereum or any other cryptocurrency is done by the new projects to sell their underlying crypto tokens. Which is also alike to an Initial Public Offering (IPO) in which investors purchase shares of a company. It has also become a dominant and a hot topic to be discussed upon.

But the popularity of ICOs somewhat decreased, this doesn’t mean that they are dead or are vanished especially not when one of the world’s biggest and largest technological corporation is bringing it up. Yes. It is none other than THE MICROSOFT.

A cloud computing service which is created by Microsoft, called as Microsoft Azure has recently listed ‘Stratis’ in its product’s section. Stratos Group, which is based in London has created a platform that offers a web-based application which enables initial coin offering projects to manage the distribution of the tokens. It also facilitates a secure and flexible payment route that participants use to purchase ICO tokens ahead of the initial allocation. They pay with either Bitcoin or Strat, which is Strati’s native token.

This additional service allows and helps ICO participants to convert their fiat money or cryptocurrencies into Strat smoothly.

 

Easy Management:

When Microsoft came into the industry of ICO, it slowed down the growth in the sector of cryptocurrency. Late in the year of 2017, when the crypto was at its boom period, ICO projects were raising billions of dollars at their ideation stages. People started to buy tokens and started to believe that ICO would become the next Bitcoin or Ethereum. In spite of this, most of the ICO projects failed to turn up to a practical business model and at the very same time, many of them disappeared with investors’ money.

 

The managers of the ICO all over the world took major steps to limit scammers’ access to potential investors. The US Securities and Exchange Commission has started its most serious suppression against the startups that were selling tokens illegally. Similarly, in South Korea, the Financial Services Commission (FSC), banned the ICOs.

 

In spite of this, with Stratis, it seems like Microsoft is serious with regard to the scammy nature of ICO.

 

In the due course, Microsoft Azure should be looking to draw into more professional ICO market.

#Rumor

Ebay: No Plans of Accepting Bitcoin, Cryptocurrencies

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eBay has responded to the ongoing rumors that they are going to start accepting cryptocurrencies as a payment saying that they have no plans to do so.

eBay has responded to the ongoing rumors that the e-commerce and online auctions website is going to start accepting cryptocurrencies as a payment saying that they have no plans to do so.

 

eBay to accept cryptocurrency payments? Not Yet!

The rumors started to spread throughout the cryptocurrency industry after photos of the advertisements of eBay the Consensus event went viral. The advertisement read: “ Virtual Currency. It’s Happening on eBay.”


People were linking the current sudden bullish trend in the price of bitcoin to the e-commerce giant and online auctions site preparing to accept cryptocurrency payments.

 

The adoption of cryptocurrency by eBay which quotes itself as the world’s largest marketplace would have been a great move towards mainstream adoption and thus everyone around the cryptocurrency space was busy discussing the rumor. However, according to a recent report published by Bloomberg, eBay has denied the rumors saying that it has no plans to start accepting cryptocurrency payments.

 

An eBay spokesman said in the report that cryptocurrency (such as bitcoin) is not accepted as payment on the platform and it is neither the part of their payments strategy.

 

However, currently, eBay does have a section on the platform which reads Virtual Currency, however, on this section, the users can use fiat currency to buy cryptocurrency from sellers.

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#Bitcoin

Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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#Technology

Microsoft Launching a Decentralized Identity Tool on Bitcoin

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Microsoft has announced that they are launching a decentralized identity tool on Bitcoin. The open sourced project will be called ION.

Microsoft has announced that they are launching a decentralized identity tool on Bitcoin. The open sourced project will be called ION.

 

Microsoft ION:

As announced by Microsoft on the 13th of May, The open sourced project called ION operates on how networks actually communicate with one another in the handling of decentralized identifiers.

 

This will give you the ability to prove that you own the keys to your identity data. For example, anytime that you go and use Facebook to login into another website, there is an underlying protocol which allows for that to happen. So, what Microsoft is building is a new protocol to enable this to happen in a decentralized way built on top of bitcoin.

 

The individual ION nodes on the secondary network shall be held responsible to keep the tracks of the DIDs or digital decentralized IDs and to timestamp these onto the bitcoin mainnet.

 

For creating a digital decentralized ID, the user will wrap a public key into the Digital Decentralized ID creation document on the ION network, sign the input using their private keys and then send it over to the node on the network. Each time that the user is going to update his Digital Decentralized ID by creating a sub ID or by updating the metadata, the corresponding node will update the changes in the Digital Decentralized ID document.

 

If Microsoft implements this into any of their software products then people will be using bitcoin to verify their identities. Currently, some companies have already moved forward to showcase their interest in running the ION nodes which includes the Bitcoin security and hardware company Casa, internet security firm Cloudflare and Equinix.

 

The project will move from the bitcoin testnet to the bitcoin mainnet later this year. What are your thoughts on the ION project by Microsoft? Tell us in the comments section below.

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