Blockchain retail startup Pundi X announced on 10th October that it had made the first blockchain phone call during the ongoing XBlockchain Summit two-day event at the Inaya Putri, Bali. The company co-founder Pitt Huang said, the call was made on the startup’s newest device, called the XPhone. The XPhone is a blockchain phone that doesn’t require any centralized mobile carrier to function. It operates on the Function X blockchain created by Pundi X.
Pundi X is an Indonesian startup aims to make a cashless environment across South East Asia, launched a crypto-based Point-of-Sale (POS) device earlier this year with the goal of making cryptocurrency payments easier on the go.
According to Huang, the new blockchain Function X has five important components that make it a truly decentralized solution. These include the Function X OS, Function X Blockchain, Function X IPFX, FXTP Protocol, and the Function X Docker.
The developers at Pundi X claim the Function X OS has been built using the Android OS 9.0, which also makes it compatible with Android apps. It also helps developers and users to transition to the platform. Also, it helps to develop new dApps.
The post on Medium reads,
“Users will be able to share data in much the same way as they do online securely via the blockchain, while developers can quickly and easily publish decentralized applications via FXTP.”
Huang further added that each device on the Function X ecosystem will function as a “node and each will have its own address and private key, uniquely linked to their node names, not unlike traditional URL and IP addresses.”
Users will have an access to their public data by following a similar path what we type on our computers when visiting a website online. The user’s photos, files, or websites can only be accessed in this way. The path will be “FXTP://xxx.pitt,” with “pitt” standing for the user’s name on the network. Users can also call, text, or email the XPhone by using pre-defined commands such as “call.pitt” or “message.pitt.” Pundi X claims the data shared on the blockchain runs on a “complex exchange” of both public and private data keys which guarantees “communication without an interception.”
Adding more to your knowledge, Pundi X isn’t the only company working on a “blockchain phone.” Smartphone manufacturer HTC and cryptocurrency startup Sirin Labs are also working on a similar type of this concept.
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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