Hottest crypto currency in China is not Bitcoin or Ethereum or Bitcoin Cash, It’s onecoin designed by Chinese tech company Xunlei.
In September, China announced in a shocking statement that country is looking forward to shut all Bitcoin exchanges put a ban on Initial Coin offerings, which led to crash in Bitcoin prices, price of one bitcoin at that point of time was around $4000 and after the news it went to as low as $2900 plunged more than 30% , but Chinese market wasn’t as big as some of the investors perceived and price recovered dramatically after that and reached the recent level of as high as $19000 and currently trading at $17000.
OneCoin, designed by Chinese tech company Xunlei is the hottest crypto currency in China at the moment, Since its launch in mid-October, OneCoin’s value has jumped dramatically in secondary markets,at one point more than 80 times, according to numerous reports. That’s despite OneCoin not being available for trade in any major marketplace. Its crazy ride has helped Xunlei become the best-performing stock on Nasdaq for most of the past two months.
OneCoin, also known as Wankebi, can then be used to purchase value-added services provided by Xunlei, for example, extra storage on its cloud service, or faster download speeds for its torrent downloader software.
OneCoin is designed in a similar way to bitcoin. Currently, there are over 1.6 million OneCoin up for grabs every 24 hours. The reward will cut in half annually, and OneCoin’s total number will be capped at around 1.5 billion.
Xunlei hasn’t published the code for OneCoin, whereas major cryptocurrencies like bitcoin and ethereum are open-sourced. The company runs a wallet app for OneCoin that supports peer-to-peer transactions but not centralized exchange services. As shown by the app’s installation files, OneCoin runs on a private blockchain based on the ethereum network, according to Xiao Lei, a Beijing-based bitcoin analyst.
Xunlei has said that OneCoin miners should be focused on the idea of shared computing rather than making money on speculation. But apparently people are flocking to OneCoin for the wrong reason, as far as its creator is concerned.
According to a report from the Beijing News, by the end of last month OneCoin traded at around 8 yuan ($1.21) in numerous chat groups on QQ, a popular social network. That means it had increased in value more than 80-fold in 40 days since its launch. What’s more, the OneCloud device, that storage-cum-mining tool was reportedly being sold online for around 2,000 yuan by enterprising types, more than five times its original price tag. Meanwhile over 24 million people have pre-ordered the device on the website of Xunlei, which has struggled to meet demand.
The rally of both Xunlei’s shares and OneCoin’s price halted at the end of last month, after Xunlei fell into a dispute with a partner called Shenzhen Xunlei Big Data Information Services Company, which runs online services selling wealth-management products.
After that fallout, price dipped, but demand is still there and Chinese investors are pouring their money into this crypto currency.
Bitcoin under $4000
Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.
2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.
Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.
It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000
India’s largest Mobile & Internet industry forms Blockchain Committee
India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.
India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups. India’s most-read business daily the Economic Times report.
The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country. This will give a boom to the new digital economy in the country, the report added.
The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.
She told the publication:
“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”
The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.
Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.
Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.
The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”
BTCC Chinese Crypto firm plans to start its services in South Korea
BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.
Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.
According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.
Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.
Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”
The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.
In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.
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