Manhattan Real Estate Worth $36.5 Million to be Tokenised and Sold to Investors

A blockchain startup has partnered with a broker-dealer company to create a tokenised real estate investment opportunity.

Fluidity and Propellr will offer tokens representing shares in a multimillion-dollar block of condos in Manhattan, New York, allowing buyers to invest as much or as little as they like.

Blockchain Continues to Disrupt the Real Estate Industry

Michael Oved, the co-founder of blockchain firm Fluidity, believes blockchain and smart contract technology could completely revolutionise the very concept of investing in real estate.

In a promotional video for his company’s joint venture with broker-dealer Propellr posted to Bloomberg, Oved spoke of the existing inefficiencies in the current process of buying property as an investment and how blockchain technology could address them:

“When we started to look at the real estate industry, it’s probably one of the most inefficient industries that exists currently. A lot of middlemen, a lot of lawyers, a lot of bankers.”

The idea behind the partnership is to allow investors to buy shares in a $36.5 million block of condors. Rather than sell each of the 12 luxury apartments individually, the plan is to sell many tokenised shares to those wishing to add the Manhattan real estate opportunity to their portfolio. These tokens will be issued on a blockchain and should therefore allow for greater transparency, security, and efficiency than previously possible.

By tokenising the sale of the property, those behind the idea also believe they will be able to start repaying the loan that allowed for its construction earlier. One of the team’s real estate agents, Ryan Serhant, explained:

“We have a bank deadline on us where we have to sell a certain amount of units or repay the entire loan by a certain date. If construction has been delayed, if the market turns, if competition pops up, and we’re not gonna be able to hit that deadline, what do you do? So, by tokenising the debt it gives everyone breathing room to sell at a normal pace with the market instead of against it.”

There are other perceived advantages to the Propellr/Fluidity joint venture too. Transferring and monitoring ownership of shares in the property should be much more straightforward for one. Additionally, there is the increased flexibility investors enjoy. Serhant continued:

“Literally 25-30 million people can own a piece of this at a dollar a pop. When has that ever been possible?”

Successful crypto entrepreneur and “Off The Chain” crypto podcast presenter, Anthony “Pomp” Pompliano believes the future of investing will involve far more tokenisation:

“There’s only four assets you can own in the world: stock, bond, currency, or commodity. We think every single one of those is going to get digitised. Tokenise the world.”

The Manhattan condo block is not the first example of a tokenised real estate investment opportunity we have come across.

Earlier this year, NewsBTC reported on Aspen Digital and IndieGoGo’s sale of tokens representing shares in a luxury ski resort. Following this in September, we reported on the redevelopment of Keppel Island being financed by an ICO in which each token represents a share of the luxury resort on the Great Barrier Reef island.

Judging by the increasing frequency of these tokenisation stories, it seems that Pomp is already being proved right in his assessment of where the future of investments is heading. The blockchain revolution is already in motion.

Related Reading: A Fifth of UK Millennials Would Rather Invest in Bitcoin Than in Real Estate

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Manhattan Real Estate Worth $36.5 Million to be Tokenised and Sold to Investors

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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ConsenSys and Amazon to Launch Ethereum Marketplace for Enterprise Blockchain

Kaleido, a subsidiary of ConsenSys, is launching a marketplace of plug-and-play services to help blockchain projects from proof-of-concept to live production business networks.

The firm, which announced the product at the Web Summit in Lisbon, is working with Amazon Web Services to provide the enterprise blockchain platform.

ConsenSys’ Kaleido Launches Marketplace for Plug-and-Play Enterprise Blockchain Solutions

According to the company, early adopters of the Kaleido Marketplace have eliminated 80 percent of the custom code required to build their blockchain project, saving time and energy to focus on what comes next.

The full-stack platform includes plug-and-play tools from Kaleido, Amazon Web Services, and third-party developers. A survey conducted by PwC in August 2018 found that 84 percent of executives said their companies were “actively involved” with distributed ledger technology.

However, due to a shortage of skills and talent across the industry, companies struggle to complete their blockchain solutions to get them up and running. The marketplace includes native AWS integrations, HD wallets for privacy and ID registries for organizational identity.

The platform also offers blockchain tools and services for smart contract oracles, supply chain management, and real-time legal contracts. Kaleido’s Blockchain Business Cloud has helped companies create more than a thousand blockchain networks, Sophia Lopez, chief operations officer and co-founder, claims.

“We’ve seen successful patterns of deployment as enterprise networks go into production and we’ve baked these best practices into the Kaleido Marketplace services, to help radically simplify the adoption of blockchain and eliminate some of the specialized blockchain expertise needed.”

Steve Cerveny, Kaleido co-founder and CEO, explained there is much more to an enterprise blockchain project than the distributed ledger itself. The platform, built in cooperation with Amazon Web Services and ConsenSys, aims to help firms adopt blockchain in their operations.

“The reality is only about 10 percent of an enterprise blockchain project is the blockchain itself. There are many other application, data and infrastructure components required to go into production. I’m very excited that we have a whole cloud of blockchain technologies pre-integrated for our clients to use. The Kaleido Marketplace is a one stop shop for all things enterprise blockchain.”

The announcement, made at the Web Summit in Lisbon, shows how ConsenSys is at the forefront of enterprise blockchain solutions.

The firm has recently made the news for partnering with ING Bank, Citigroup, MUFG Bank, Societe Generale, BNP Paribas, Credit Agricole, Koch Supply & Trading and Shell, to create an ethereum-based platform via a new firm called Komgo. Souleïma Baddi, its CEO, said the company uses the marketplace to select the best protocols in development and use existing building blocks for an optimized solution.

Related Reading: Ethereum Price Analysis: Regulation is Important for Joseph Lubin, the CEO of ConsenSys

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The post ConsenSys and Amazon to Launch Ethereum Marketplace for Enterprise Blockchain appeared first on NewsBTC.

ConsenSys and Amazon to Launch Ethereum Marketplace for Enterprise Blockchain

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
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The EOS Global Hackaton already has its winners

With new innovations happening every day, the world of cryptocurrencies keeps on changing and EOS is not left behind. Developed by Daniel Larimer, EOS has grown to become one of the most capitalized cryptocurrencies, with an innovative aim of bringing the blockchain technology to all companies in the world.

EOS is a decentralized operating system, and allows developers to create applications on it. The applications that run on this decentralized operating system can communicate with each other.

The crypto’s market capitalization has surpassed other, older and well established cryptocurrencies such as Zcash, BitShares, Augur and Steem despite being explicitly stated not to have value, utility or purpose. Users can buy and sell EOS at exchanges like Bitfinex, CoinEx, Binance, Huobi and many more.

The EOS Hackathon

A few days ago, at the EOS Global Hackathon Series that took place in San Francisco, over 70 teams came together to build an EOS.IO application. The EOS Hackathon is a series that aims at supporting the growth of a decentralized global community.

Block.one EOS Hackathon has previously had successful events in Hong Kong, London and Sydney as well. Whereby the team showcased their creative blockchain based solutions. The top three competitors from each Hackathon walked away with cash prises.

EOS Global Hackathon Series

The EOS Hackathon at San Francisco hosted 475 participants from 26 countries. The top prize was won by Team NouGit. The said team used the EOS protocol to create decentralized Git repositories. Below we detail the winners and the judges who participated:

Full winners list

  • First Prize: $100,000 –Team NouGit
  • Second Prize: $25,000 – Pollinate
  • Third Prize: $10,000 – Six Degrees

Secondary prizes

  • Best Social Impact: $3,000 – EOS EBT Food Stamps
  • Best User Experience: $3,000 – EOSHive
  • Best Social Media Post: $3,000 – Ky Primo

Judges

  • Dan Larimer, CTO, Block.one
  • Rob Jesudason, President, Block.one
  • Mike Lempres, Chief Policy Officer, Coinbase
  • Mike Novogratz, Founder and CEO, Galaxy Digital
  • Margot Edelman, Vice President, Edelman
  • Philip Rosedale, Co-founder and CEO, High Fidelity
  • W. Bradford Stephens, Co-founder & Managing Partner, Blockchain Capital

The EOS Software

EOS software institutes a blockchain architecture designed to allow vertical and horizontal scaling of decentralized applications. It provides accounts, database, authentication and planning of applications across multiple CPU cores. This therefore results to a blockchain architecture that can measure up to millions of transactions per second, eliminate user fees and at the same time allow for quick and easy formation of decentralized apps.

The EOS protocol is a blockchain protocol that operates smart contract platform and decentralized operating system. The smart contract platform aims to speed up transaction processes as well as eliminate transaction fees. The EOS is an open source network developed by the private company, Block.one.

The EOS has a Technical White Paper that proposed the EOS software as the dawn of a new era for blockchain technology. The EOS team has therefore worked very hard in ensuring the software can be used with distributed network configuration.

La entrada The EOS Global Hackaton already has its winners se publicó primero en Crypto Economy.

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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Marshall Islands President Survives Vote of No Confidence over State Crypto Plans

In a vote of no confidence against the president of the Marshall Islands, Hilda Heine, the only female head of state in the Pacific region has narrowly avoided losing power.

The issues prompting the vote are the proposed national digital currency being planned at the moment, as well as Chinese foreign policy ambitions in the area.

Senators Join IMF in Opposing the Sovereign Digital Currency

According to reports today in the Nikkei Asia Review, Heine has survived a vote of no confidence by the skin of her teeth. The 67-year-old Marshall Islands leader split the domestic parliament right down the middle as they voted 16 in favour of toppling her and 16 opposed.

The main issue causing the division in the Nitijela (Marshall Islands parliament) is the plan to launch a national digital currency that would benefit from the status of legal tender in the jurisdiction.

The sovereign, as the currency will be referred to as, is supported by Heine and will be considered equally as valid a means of payment as the U.S. dollar in the nation. The vote itself was triggered by a total of eight senators who stated that the president was damaging the nation’s reputation with the scheme.

Despite opposition, Heine is optimistic about the idea. She stated that the currency would represent an “historic moment” for the islands.

However, Heine and the sovereign digital currency face opposition from outside the nation as well. The IMF stated back in September that the costs of setting up the scheme seemed to far outweigh the potential benefits. The supranational body agreed with the Marshall senators in their view that the state risks reputational damage, as well as suffering economic hardships, and promoting money laundering and terrorism.

The Marshall Islands’s government first started exploring the idea of launching its own digital currency after an Israeli startup successfully sold it as a way of potentially generating more than $30 million for the small country. Providing it goes forward as both Heine and the nation’s Finance Minister, Brenson Wase, are hoping, Neema will be helping to make the currency a reality for the 53,000 inhabitants of the Marshall Islands.

Another issue dividing the Marshall Islands government at the moment involves China and its plan to turn Rongelap, an atoll in the proximity of a U.S. nuclear testing facility, into a special administrative zone. Some of those opposed to the idea see it as undermining the sovereignty of the Marshall Islands.

Whilst the Marshall Island system is not one of party politics, Heine faces high-profile opposition from the nation’s former president, Casten Nemra. In addition to his scepticism over the plan to launch the sovereign, Nemra accused Heine’s government of negligence in investigating the loss of $1 billion from the Marshall Islands Trust Fund -established to compensate those impacted by the nuclear testing at Rongelap. Also mentioned during the motion of no confidence were issues with voting procedures.

Related Reading: Marshall Islands to Make Cryptocurrency Legal Tender in 2018, Optimistic Outlook

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The post Marshall Islands President Survives Vote of No Confidence over State Crypto Plans appeared first on NewsBTC.

Marshall Islands President Survives Vote of No Confidence over State Crypto Plans

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
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Ripple Moves XRP Security Lawsuit to Federal Court, Attorneys Call It Brilliant

Ripple Labs is now attempting to move a lawsuit against them regarding the status of XRP as a potential security into a federal court, which is being lauded as a brilliant strategic move by a notable attorney familiar with the situation.

The lawsuit against Ripple Labs was first brought about by plaintiffs. They are accusing the blockchain company of offering investors an unregistered security product (XRP) that has been maliciously manipulated by Ripple in order for them to maximize their profits from the distribution and sale of these tokens.

Although the lawsuit itself is trivial and is being brought about primarily by some neophyte investors, who were burned after purchasing XRP at incredibly high prices, the results of it could be incredibly impactful for XRP and its investors.

If it were to be ruled as an unregistered securities product by the courts, it would lose much of its practicality as a settlement tool, and would be delisted from most major exchanges, significantly drying up its liquidity.

Because of the importance of this case’s outcome, Ripple has enlisted major law firm Skadden, to represent XRP, as well as notable attorneys from Debevoise & Plimpton, including former SEC chair Mary Jo White and former SEC enforcement chief Andrew Ceresney.

Late Wednsday, Skadden filed a notice of removal, arguing that the case should be moved to a federal court due to the San Mateo Superior Court judge’s merging of another lawsuit being brought against Ripple by an Israeli resident into a California consolidated class action.

The law firm noted that the merging of the case with an international plaintiff makes it eligible for consolidation to a federal court under the Class Action Fairness Act:

“A putative class action may be removed to the appropriate federal district court if (1) the action purports to be a ‘class’ action brought on behalf of 100 or more members; (2) any member of a class of plaintiffs is a citizen of a state different from any defendant; and (3) the amount in controversy exceeds $5 million.”

Related Reading: Ripple on Coinbase Rumours Swell as XRP Chases Ethereum’s Second Spot

Ripple’s Move Lauded as Brilliant

Ripple’s attorneys attempt to move the case to a federal court is incredibly strategic and is likely an attempt to garner better odds of winning the case.

In a recent tweet from Jake Chervinsky, a government enforcement defense and securities litigation attorney at Kobre & Kim, he explained the move, calling it “slick” and “brilliant,” saying that:

“Ripple’s legal team showing some tactical brilliance here. It’s hard to explain the procedural maneuver in one tweet & I’m not going to thread this, but suffice to say it’s a seriously crafty attempt to go federal. Might not work, but slick regardless.”

Chervinsky further explained that it is hard to tell what their odds of winning the case are, but that their attempt to move the case to a federal court could increase their odds.

“I can’t speak to their odds of winning since the case is still so young & I don’t know all the facts, but it’s fair to say Ripple’s lawyers think they have better odds of winning in federal court than in state court (or else they wouldn’t be trying so hard to remove the case),” he said.

XRP investors will have more information about the case in the months and years going forward, although it is important to understand that the case could take a significant amount of time before any deliberate resolution is found.

Featured image from Shutterstock.

The post Ripple Moves XRP Security Lawsuit to Federal Court, Attorneys Call It Brilliant appeared first on NewsBTC.

Ripple Moves XRP Security Lawsuit to Federal Court, Attorneys Call It Brilliant

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange