Among the many paths one can take in their life, working in emerging technologies is possibly one of the riskiest yet most rewarding paths one can aim for. One such example is being a blockchain entrepreneur where you can take advantage of the rising traction that cryptocurrency has been gaining over the years.

For the unfamiliar, blockchain is a system of recording that is shared between computers. The recordings are stored in digital format and in such a way where modifying or hacking is extremely difficult if not impossible. This system plays an essential role for cryptocurrencies like Bitcoin to maintain security and records between transactions.

Becoming a blockchain innovator isnt an easy path, nor is it cheap. With the rising costs of education in the U.S system, the price of attending a high-quality university steadily increases each year. Attending school, let alone a prestigious university with no clear source of income is extremely challenging and is a burden for students instead of a privilege one can enjoy.

If weve caught your interest with becoming a blockchain innovator or if you already have an interest or knowledge in the field, Adam Tracy, a seasoned advisor and entrepreneur with many years of experience with blockchain technology, has you covered with the scholarship he is offering.

The Adam Tracy Blockchain Scholarship aims to foster greater understanding through advanced education for the next generation of blockchain innovators. Through his scholarship, he seeks to identify promising candidates and award three scholarships with the amount of $1,000. Each scholarship amount is awarded to each blockchain-related discipline which is as follows: cryptography, entrepreneurship and development.

The requirements needed to be one of the potential candidates for it are really simple. Firstly, you have to be a college student or a high school senior who has been enrolled or accepted into a four-year program at a U.S accredited university. Furthermore, as this scholarship is aimed towards fostering the future generation of blockchain innovators, you must show interest in the field by demonstrating your knowledge of blockchain, entrepreneurship or science and STEM.

To demonstrate this, a 1,000 word written essay about tackling blockchain technology and its impact in the future will become part of the requirements for the scholarship. Additionally, the scholarship is open to everyone as they only have to be U.S residents, U.S citizens or international students to become eligible to apply as long as they fulfilled all the previous requirements. To find all of the information regarding the scholarship, visit the official Adam Tracy Scholarship website.

Name: Adam Tracy

Website: https://adamtracyscholarship.com

Media ContactContact Person: Adam TracyEmail: Send EmailPhone: 5619265281Country: United StatesWebsite: https://adamtracyscholarship.com

Read this article:
The Adam Tracy Scholarship for Blockchain Innovators: Fostering Great Minds and Innovators of the Future - Digital Journal

The blockchain world is seeing a trend recently of networks rolling out big time upgrades. As the number of total users of blockchain continues to rise, these networks naturally want to get as much of the market share as possible. Thus, networks are making big shows out of their upgrades, lauding green technology, high scalability, low fees and other important factors a user will consider when looking into a platform.Litecoin (CCC:LTC-USD) is among the many networks undergoing big changes, thanks to its MimbleWimble upgrade. After much anticipation, it seems like Litecoin could finally be seeing the new protocol hitting its network. Investors are seeking out Litecoin price predictions to see if analysts believe the upgrade to be a significant catalyst.

Source: Shutterstock

MimbleWimble isnt a technology thats native to the Litecoin protocol. Rather, its something thats been around for some time now, underlying a multitude of other blockchain projects. MimbleWimble is a protocol that emphasizes privacy with its own brand of cryptography. Elliptic Curve Cryptography (ECC) allows a network to verify transactions and their parties without ever having to publicly record the data.

Indeed, by implementing MimbleWimble to its network, Litecoin will be able to make transactions highly privatized. Users transactions will no longer be traceable to a specific wallet address. The currency itself will become fungible. Of course, these are both draws to networks hyper-fixated on privacy, likeMonero (CCC:XMR-USD). As such, Litecoin will become a fierce competitor alongside these other networks.

Litecoin has been teasing the addition of the MimbleWimble protocol to its network for some time now. First announced in November of last year, the network is not giving a set date for the release of the upgrade. However, speculation is abounding that the rollout could be just a couple of weeks from now.

In December, some Litecoin developers expected the rollout to occur in January. Now, representatives from the Litecoin Foundation are saying that the upgrade is in its final rounds of review before it will go live.

Investors expect this rollout to be a catalyst for LTC gains. As such, interest in Litecoin price predictions is heating back up. Lets take a look at some analysts predictions for Litecoins 2022:

On the date of publication, Brenden Rearickdid not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

Continue reading here:
Litecoin Price Predictions: Where Will Incoming MimbleWimble Upgrade Take LTC? - InvestorPlace

Encryption protocol for Wireless LAN

Counter Mode Cipher Block Chaining Message Authentication Code Protocol (Counter Mode CBC-MAC Protocol) or CCM mode Protocol (CCMP) is an encryption protocol designed for Wireless LAN products that implements the standards of the IEEE 802.11i amendment to the original IEEE 802.11 standard. CCMP is an enhanced data cryptographic encapsulation mechanism designed for data confidentiality and based upon the Counter Mode with CBC-MAC (CCM mode) of the Advanced Encryption Standard (AES) standard.[1] It was created to address the vulnerabilities presented by Wired Equivalent Privacy (WEP), a dated, insecure protocol.[1]

CCMP uses CCM that combines CTR mode for data confidentiality and cipher block chaining message authentication code (CBC-MAC) for authentication and integrity. CCM protects the integrity of both the MPDU data field and selected portions of the IEEE 802.11 MPDU header. CCMP is based on AES processing and uses a 128-bit key and a 128-bit block size. CCMP uses CCM with the following two parameters:

A CCMP Medium Access Control Protocol Data Unit (MPDU) comprises five sections. The first is the MAC header which contains the destination and source address of the data packet. The second is the CCMP header which is composed of 8 octets and consists of the packet number (PN), the Ext IV, and the key ID. The packet number is a 48-bit number stored across 6 octets. The PN codes are the first two and last four octets of the CCMP header and are incremented for each subsequent packet. Between the PN codes are a reserved octet and a Key ID octet. The Key ID octet contains the Ext IV (bit 5), Key ID (bits 67), and a reserved subfields (bits 04). CCMP uses these values to encrypt the data unit and the MIC. The third section is the data unit which is the data being sent in the packet. The fourth is the message integrity code (MIC) which protects the integrity and authenticity of the packet. Finally, the fifth is the frame check sequence (FCS) which is used for error detection and correction. Of these sections only the data unit and MIC are encrypted.[1]

CCMP is the standard encryption protocol for use with the Wi-Fi Protected Access II (WPA2) standard and is much more secure than the Wired Equivalent Privacy (WEP) protocol and Temporal Key Integrity Protocol (TKIP) of Wi-Fi Protected Access (WPA). CCMP provides the following security services:[2]

Because CCMP is a block cipher mode using a 128-bit key, it is secure against attacks to the 264 steps of operation. Generic meet-in-the-middle attacks do exist and can be used to limit the theoretical strength of the key to 2n2 (where n is the number of bits in the key) operations needed.[3]

See the rest here:
CCMP (cryptography) - Wikipedia

What exactly is a cryptocurrency, how does it function, and how does it work?

Cryptocurrency is a virtual currency that operates in a decentralized ecosystem, which also means that it is not regulated by any government and issued by private enterprises. Lack of third-party intervention makes cross-border transaction easier and faster.

One can invest in different types of cryptos currently available in the market. Bitcoin, Dogecoin, Litecoin, Ripple, and NEO are the most popular. You do not need bank permission to transfer crypto between two accounts. This model has become attractive to a growing number of people willing to try crypto regardless of the outcome. Trust the official and authentic apps like Bitcoin Era for bitcoin investment and information; you will be mesmerized by the trading app features the bitcoin era.

Let us know the working of Cryptocurrency

The blockchain, the foundation of cryptocurrency, is a decentralized system. This technology involves multiple computers that handle the entire transaction in a single ledger. These transactions are impossible to change or delete, making them attractive because of security. It also uses two-factor authentication, which is always a

preferred method of conducting virtual transactions, regardless of the system.

So, if you are keen on investing in Bitcoin, or any other cryptocurrency, it is important to know about the various attributes of cryptocurrencies. These are enlisted below:

The crypto market is primarily based on speculation. As a result, any pro-crypto news can raise its value. Whereas there has been incidences that have brought down the cryptocurrency price drastically down. Crypto enthusiasts have recently noticed the negative aspects of investing in digital currencies. In the past, the crypto market has experienced declines due to the following factors:

New countries accept cryptocurrencies like bitcoin. However, such events have the power to increase or decrease the value of crypto. For example, on the first day of bitcoin's legal tender status in El Salvador, its value fell by 10%, raising concerns about how bitcoin would act as legal tender. At the same time, countries like China are taking strict measures against cryptocurrency exchanges to discourage people from investing in digital currency.

This is another factor that has influenced the value of the cryptocurrency market. Even though crypto is a secure network, hackers were able to steal $600 million in cryptocurrency last month due to a defect in the blockchain website Poly Networks. This resulted in a 2% drop in the value of bitcoin.

Cryptocurrencies are not regulated, so they are so attractive to investors. However, we have recently heard reports that various countries attempt to regulate cryptocurrency exchanges. The news of Binance being banned in the UK recently shook the market. The investigation did not yield any good results. On the similar front, since the crypto market is not under the control of any authority, in case of a fraud it would be difficult to trace the party, as they remain anonymous.

Cryptocurrency is one of the most trending and growing investment ways. But if you don't have any experience and want to know some basic and Advanced knowledge of cryptocurrency, you can trust this article.

#FeaturebyBitcoinEvolution

More:
All you have to know more about Cryptography and Bitcoin - Pulse Nigeria

Cryptography Hints

Cryptanalysis Hints

Use these hints that the experts use along with the "Frequency Counter Software" to decipher ciphertext.

As well as the analysis of letter frequencies, other patterns can also be detected that may help to decipher a piece of ciphertext.

The following text explains some of the clues that can be used to deduce a word or a letter in a piece of ciphertext. If you scroll further down the page, you will see a list of tables that explain letter frequencies and patterns in the English language.

Identify Common Pairs Of Letters: If the ciphertext appears to encode a message in English, but the plaintext does not reveal itself immediately, which is often the case, then focus on pairs of repeated letters. In English the most common repeated letters are ss, ee, tt, ff, ll, mm and oo. If the ciphertext contains any repeated characters, you can assume that they represent one of these.

Identify The Smallest Words First: If the ciphertext contains spaces between words, then try to identify words containing just one, two or three letters. The only one-letter words in English are a and I. The most common two-letter words are of, to, in, it, is, be, as, at, so, we, he, by, or, on, do, if, me, my, up, an, go, no, us, am. The most common three-letter words are the and and.

Tailor Made Frequency Tables: If possible, tailor the table of frequencies to the message you are trying to decipher. E.g., military messages tend to omit pronouns and articles, and the loss of words such as I, he, a and they will reduce the frequency of some of the commonest letters. If you know you are tackling a military message, you should use a frequency table generated from other military messages.

Play The Guessing Game: This can be one of the most useful skills for a cryptanalyst to employ - the ability to identify words, or even entire phrases, based on experience or sheer guesswork. Al-Khalil, an early Arabian cryptanalyst, demonstrated this talent when he cracked a Greek ciphertext. He guessed that the ciphertext began with the greeting 'In the name of God'. Having established that these letters corresponded to a specific section of ciphertext, he could use them as a crowbar to prise open the rest of the ciphertext. This is known as a crib.

Letter and word frequencies have been analysed in a number of different languages. A few of the most commonly used ones are listed below, and may help you to decipher your secret messages

ENGLISH

Order Of Frequency Of Single Letters

E T A O I N S H R D L U

Order Of Frequency Of Digraphs

th er on an re he in ed nd ha at en es of or nt ea ti to it st io le is ou ar as de rt ve

Order Of Frequency Of Trigraphs

the and tha ent ion tio for nde has nce edt tis oft sth men

Order Of Frequency Of Most Common Doubles

ss ee tt ff ll mm oo

Order Of Frequency Of Initial Letters

T O A W B C D S F M R H I Y E G L N P U J K

Order Of Frequency Of Final Letters

E S T D N R Y F L O G H A K M P U W

One-Letter Words

a, I.

Most Frequent Two-Letter Words

of, to, in, it, is, be, as, at, so, we, he, by, or, on, do, if, me, my, up, an, go, no, us, am

Most Frequent Three-Letter Words

the, and, for, are, but, not, you, all, any, can, had, her, was, one, our, out, day, get, has, him, his, how, man, new, now, old, see, two, way, who, boy, did, its, let, put, say, she, too, use

Most Frequent Four-Letter Words

that, with, have, this, will, your, from, they, know, want, been, good, much, some, time

Go here to read the rest:
Cryptography Hints - University of Notre Dame

Cryptocurrency is a popular phenomenon in the 21st century. Since its inception into the world as an established idea in 2009, it has become a household name in every segment of society. As we all know, the growth of Bitcoin, a type of cryptocurrency, and the rise of other competitive coins called Altcoin, have placed cryptocurrency on a pedestal where it commands more attraction.

The result of this attraction that it commands is that a troupe of people invest so much into cryptocurrency day in, day out.

Either as an investor or a trader, cryptocurrency keeps getting larger and bigger due to loads of investment each year. According to Investopedia, cryptocurrencies have become extremely popular due to the ideals of decentralization they convey, along with potentially outsized gains.

Still, their volatility remains high, and these assets carry a greater risk of losses than many traditional assets. For instance, in 2017, Bitcoin prices rose from $1000 to a high of more than $19,000 before dropping to around $3000. Then, Bitcoin again rose through the end of 2020, reaching new highs of around $60,000 before dropping again to $30,000 in the summer of 2021.

Cryptocurrencys structural decentralization is a major reason why many find it worthy of their investment, commitment, and time. What do we intend to say when we say the cryptocurrency has a decentralized structure?

We intend to say that an authority regulates it. For instance, the government does not serve as lord over transactions on the Blockchain network. In essence, cryptocurrency is a virtually established currency created to act as a means of exchange.

It uses cryptography to ensure the verification, authentication, and privacy of transactions. Because of cryptography, it is less cumbersome to encode something simple to find out with just a key. The cryptocurrency blockchain is a public ledger that has verifications from different nodes. Thus, it is uncomplicated to trace the origin of any transaction between two unknown individual accounts.

Specifically, in this article, we will be looking into the environmental impact that cryptocurrency may have or not. Undoubtedly, cryptocurrency commands a spiraling influence across diverse parts of the globe. It has hugely affected human societys technological, financial, and economic segments.

Early in the year 2011, Bitcoins value was $1. This year, it peaked at an all-time highest of an estimated $48,000. As long as this keeps on happening within the cryptocurrency orbit, there is huge potentiality that the number of investors, and traders would increase significantly in the next few years.

Nonetheless, the intimidating popularity of cryptocurrency has its boomerang or effect on climate change. Many are oblivious of the enormity of energy consumed by cryptocurrency. Advertently, it is right to say that only a few of the worlds populace know about the disastrous implication of this energy consumption on the worlds environment at large.

Cryptocurrencies are the end product of rigorous mining. What is cryptocurrency mining?

Arguably, crypto enthusiasts propose that a little above 50% of persons are aware that cryptocurrencies are generated from mining. But a good number know what crypto mining means. Nonetheless, these lots know what crypto mining means, but may not be aware that crypto mining is not just about creating new coins.

Cryptocurrency mining is the process where particularized nodes or computers verify blockchain proceedings for a peculiar cryptocoin. It also involves adjoining them to a ledger. One major functionality of crypto mining is that it helps to avoid double-spending of virtual currency on a distributed network.

As a result of the rigor of crypto mining, there is an amount of energy consumed by crypto mining. However, the high intake of energy has an awful effect on the human environment. Cryptocurrency mining requires intense energy. Most times, compared to mining for physical gold, the designed platform for cryptocurrency proof of work (PoW) requires a huge load of energy. It requires a huge amount of electricity to power hardware, which is equally expensive.

There is advocacy from cryptocurrency that showcases its advantage as a decentralized system over centralized currency systems. The blockchain web is functional regardless of the input or influence of any trusted intermediary such as the central bank. Thus, because of this decentralized systematic functionality, it utilizes a huge load of computational power to sustain and control the security of the cryptocurrency network.

According to Digiconomist, Bitcoin mining generates about 96 million tons of carbon dioxide emissions each year- equal to the amounts generated by some smaller countries. Mining for Ethereum produces more than 47 million tons of carbon dioxide emissions annually.

The excessive presence of carbon dioxide endangers the planet and other living creatures. Although it is a natural end product of life; also, it plays an important role in the growth cycle of vegetables and plants. Nonetheless, too much carbon dioxide in the atmosphere traps the heat from the sun, leading to an increase in temperatures on Earth.

Scientists claim that if humanity does not find a way to reduce its carbon dioxide output, the plant will remain endangered, with a looming uncertainty hovering over its head. If there is a charge against the excess release of carbon dioxide, then cryptocurrency faces huge problems as it is one of the worlds biggest purveyors of carbon dioxide.

A University of Cambridge analysis estimated that bitcoin mining consumes 121.36 terawatt-hours a year. It is more than the cumulative consumption of the following companies: Facebook, Microsoft, Apple, and Google. And due to the computational process behind the smooth operation of the blockchain, this energy consumption is not nosediving any time soon.

According to Cambridge University, only 39 percent of this energy comes from renewable sources, mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity.

The energy required to process the decentralized system of the blockchain network is much, however it is the most secure method of preventing and type of breach or hack. Its seeming disadvantage is that if it is over utilized, it has the possibility of pushing not only Costa Rica but the world towards the brink of extinction.

Originally posted here:
What is the Environmental Impact of Cryptocurrency? : - The Tico Times

Last week, Algorand, a little-known cryptocurrency compared with the big names like Bitcoin and Ethereum, rose 20.76 per cent and has piqued investors interest.In the past quarter, Algorand moved up by 35.44 per cent, and in the past year 357.57 per cent, according to data fromcoinmarketcap.com on 26 December.

Most cryptocurrencies claim to have a goal and solve a problem. Algorand, too, has a goalto solve the blockchain trilemmascalability, decentralization and security.

What sets Algorand apart is its speed and advanced capabilities. Algorand is fast, low cost, decentralized, carbon negative, and has advanced smart contract capabilities. Algorand can process thousands of transactions per second with instant finality and with transaction fees of fractions of a penny. Other blockchains can be much more expensive, says Kristin Boggiano, Member of Blockchain and Crypto Assets Council (BACC) and Co-Founder and President of CrossTower, a global crypto trading platform.

Let us find out what Algorand is all about, how it is dealing with the blockchain trilemma and why its known as the Ethereum killer.

What Is Algorand?

Massachusetts Institute of Technology professor Silvio Micali, who is also a Turing award-winning computer scientist made the Algorand blockchain accessible to the general public in 2019 with a maximum supply of 10,000,000,000 Algo (its native token). Algorand Foundation is the umbrella organization, housing the core blockchain research team for cryptography and computer science led by cryptographer Tal Rabin.

Algorand serves as the infrastructure layer on which we can build crypto networks, decentralized apps (dapps) and crypto tokens. It is one of the most prominent layer 1 blockchains available in the ecosystem said Santosh Yellajosula, Member of Blockchain and Crypto Assets Council (BACC) and CEO, Xfinite, a decentralized entertainment ecosystem built on the Algorand Blockchain.

What Is Algorand Trying To Solve?

Three problems are plaguing the cryptocurrency industryscalability of the network, speed of transactions and security of the network.

Major cryptocurrencies like Bitcoin and Ethereum have been trying to solve the speed and security issue to some extent but the one thing that is still left to be addressed is the scalability of the network which is measured by transactions per second or TPS.

Algorand is a smart contract platform trying to solve the blockchain trilemma (scalability, decentralization, security) and help democratize finance, says Boggiano.

Bitcoin is the slowest in this department at just 5 TPS. The Ethereum network can do up to 13 TPS. Algorand can currently process up to 1,300 TPS and aims to process up to 3,000 TPS sometime in the future. Algorand is about to add instant finality to the blockchain, which means transactions can never be contradicted, modified, or reversed. This feature will significantly improve the scalability of the network.

Bitcoin, Ethereum and other traditional cryptocurrency networks are typically very congested. Transactions are processed slowly and are expensive to make. The Algorand network aims to solve this problem by reducing gas fees and making transactions faster, saysSharan Nair,Member of Blockchain and Crypto Assets Council (BACC) andChief Business Officer, CoinSwitch Kuber.

How Does It Work?

All cryptocurrencies work on a consensus mechanism to approve or disapprove every user-initiated transaction on its network. Legacy crypto(s) like Bitcoin and Ethereum work on a PoW (proof of work) mechanism which requires huge computing power and, hence, consumes more electricity. There is another consensus mechanism called the PoS (proof of stake), which is less power-intensive.

Ethereum is trying to move to the more energy-efficient PoS mechanism but that is not yet fully operational but Algorand and some other alternative crypto coins like Polkadot and Solana are sometimes dubbed as the Ethereum killer as they are being more cost-effective and energy-efficient than Ethereum.

Algorand works on the pure PoS mechanism. The pure PoS system which Algorand employs, randomly selects committees from the participating ALGO holders to validate and approve the next block in the chain. This randomisation is a result of a unique cryptographic tool called the VRF (Verifiable Random function) invented by Algorands founder, that seeks to solve the blockchain trilemma, says Gaurav Dahake, CEO and co-founder, Bitbns.

In Algorands blockchain network, only a select set of miners will be given a reward block of its token ALGO after they have successfully lent their computers processing power to the network. The users are picked randomly, irrespective of the size of the assets they have pledged to the blockchain, thereby maintaining a fair chance for everyone. This tweaked mechanism is what allows Algorand its incredible transaction processing speed feature.

It is a mechanism to achieve distributed consensus. Pure refers to users not having to lock up or bond their algos to participate in this process, which differs from other PoS blockchains that require stakers/validators to lock up tokens to be able to participate in validating transactions. In pure PoS, users' power is proportional to their stake and participating users are randomly selected to propose/validate blocks, says Boggiano.

How Has The Year 2021 Been For Algorand?

Algorand was selected as a strategic partner for providing network and technological ecosystem infrastructure for a $1.5 billion fund which is run by Hivemind Capital Partners. This was a significant milestone for Algorand which is trying to get more use cases of its native token ALGO.

Algorand has also launched its crypto decentralized ecosystem app protocol called Algofi, which has two main functionality services included in its ecosystemTinyman, an Algorand-based decentralized exchange (DEX), and Algomint, a digital assets minter that provides a bridge between Algorand and other blockchain networks. Algofi will also start mining its own stable coin called AlgoStable (STBL).

Our goal with Algofi is to develop projects that support real-world financial activity at scaleprojects that institutions can ultimately use, said Algofi co-founders John Clarke and Owen Colegrove, as reported by various media organisations.

Originally posted here:
What Is Algorand And Why Is It Known As The Ethereum Killer? - Outlook India

The Federal Urdu University of Arts, Science and Technology (Fuuast) organised the second session on the role of mathematical models and geographic information systems in achieving the sustainable development goals (SDGs).

The second online and hybrid training session of the 12-week boot camp titled Math-To-Industry was held under the varsitys Laboratory of Applied Mathematics and Data Analysis Research Mathematical Sciences Centre.

Dr Ali Asad Naqvi of the GC University, Faisalabad spoke about the role of mathematical models and geographic information systems in achieving the SDGs. He discussed the urban system and industrial development through drone mapping and cryptography techniques.

Acting director of the Fuuast research centre, Dr Shaheen Abbas, highlighted the importance of conducting Math-to-Industry boot camp, saying that Applied Mathematics, related Sciences, geographic information systems, machine learning, Data Science and artificial neural networking skills were essential for the SDGs.

If the young generation wanted to compete with the developed nations, they would have to prove their abilities in these fields.

The chief organiser of the session, Dr Muhammad Ilyas, said the boot camp was aimed at making the youth aware of their potential and various mathematics-related fields used in the industry so that they could pursue their careers accordingly.

Go here to see the original:
Fuuast organises Math-To-Industry boot camp - The News International

CRIMES involving virtual money, or cryptocurrencies, are on the rise, and victims in Malaysia are suffering bigger losses to scammers and cybercriminals.

From RM4.9mil in 2019, the total amount of losses from victims have more than tripled to RM18.3mil as of September this year, based on police statistics made available to Sunday Star.

For the past three years, a total of 500 investigation papers were opened to probe these incidents.

Each year, more cases are reported, with the number of investigation papers rising from 131 in 2019 to 225 as of September this year.

The most common type of crime involving cryptocurrencies are scams that deal with buying and selling these digital currencies.

CLICK TO ENLARGE

Cases usually happen when victims pay the suspects to buy cryptocurrency but do not get anything in return, says Bukit Aman Commercial Crime cryptocurrency crime investigation unit officer, Asst Supt Nur Adli Md Saari.

In such cases, victims transfer their money to the suspects bank account but do not receive any cryptocurrency.

There are also victims who pay using cryptocurrency to the suspects e-wallet or cryptowallet in exchange for another currency, but also end up with nothing.

Another top type of crime is fraudulent investment schemes, where scammers entice victims to make investments with alleged high returns by using such digital currencies as the medium.

The victims then realise they have been conned after failing to receive the promised returns or when they discover that the scheme is fake.

These cases are investigated under Section 420 of the Penal Code for cheating, explains ASP Nur Adli.

Under this section, those found guilty can be punished with a jail term of between one and 10 years, whipped and fined.

Other types of crimes involving cryptocurrencies are cryptowallet hacking, cryptomining scams, ransomware and fraudulent initial coin offering.

ASP Nur Adli was a speaker at a forum called The Crypto Talk, organised by the Centre Of Digital Assets Malaysia (Codam) at Kuala Lumpur.

Codam is a private centre that aims to train and educate more Malaysians especially the younger generation on blockchain technology and cryptocurrency.

For the uninitiated, cryptocurrency is a form of virtual currency that can be used to buy goods and services.

Its secured by cryptography to prevent double-spending or counterfeit, and made possible by blockchain technology, which is a decentralised ledger of all transactions across a peer-to-peer network.

As such, these digital currencies are not issued by any central authority.

Currently in Malaysia, cryptocurrencies such as Bitcoin and Ethereum are not regulated by the government.

Bank Negara Malaysia has stated that digital currencies are not legal tender here meaning, it cannot be legally accepted for the exchange of goods or services in Malaysia.

However, the Securities Commission has considered digital assets like cryptocurrency as securities under its laws.

Victims lack knowledge

On why crimes involving such virtual money are on the rise, ASP Nur Adli says there is now more interest and involvement among the people in cryptocurrency in Malaysia.

But cases happen when consumers lack proper knowledge about the trade and how it works.

Nevertheless, the police are planning to beef up the fight against such crimes.

ASP Nur Adli says the polices cryptocurrency crime unit, which was set up in 2018, will be expanded to boost efforts in cracking down on such cases.

The unit is currently run by a team of 17 officers divided into two zones to cover the entire Malaysia.

At times, we face challenges because the technological landscape changes and evolves very rapidly.

There are also some limitations in getting more information or cooperation from cryptocurrency exchangers based in other countries, he adds.

Malaysia Cyber Consumer Association president Siraj Jalil says the low literacy about the nature of cryptocurrencies among Malaysians allows such crimes to increase.

Many Malaysians misunderstand the fundamentals of cryptocurrencies and as a result, they become the target of scammers who exploit that weakness.

For instance, many people today still think that Bitcoin is some kind of a scheme, and one has to join or become a member in such schemes in order to get high returns from their investment.

There is no such thing as joining a scheme or buying from a middleman to acquire your own crypto since there are many exchangers available in the market where one can convert their fiat (money) to cryptocurrency by themselves, he says.

The fact that transactions are all done online makes it harder to prove a crime or produce evidence, especially when involving cash in hand, Siraj adds.

The SC has registered four Recognized Market Operators (RMOs) to establish and operate digital asset exchanges (DAX) in Malaysia.

Entities which have not been approved by the SC are required to cease all activities.

The updated list of RMOs can be found on https://www.sc.com.my/regulation/guidelines/recognizedmarkets/list-of-registered-digital-asset-exchanges.

To avoid being a victim of cryptocurrency scams, ASP Nur Adli advises the public to use the platforms registered under the SC.

Avoid buying peer-to-peer cryptocurrency from individuals whom you have not met before or have found on social media like Telegram, Facebook and Instagram.

Buy only from licensed DAX, he says.

He also advises the public not to be deceived by cryptocurrency investment schemes that promise multiple-fold returns.

Always do your own research or consult experts if you wish to invest in a newly launched cryptocurrency, he adds.

Read the original here:
Spike in cryptocurrency crimes - The Star Online

The Bitcoin white paper doesnt mention the word decentralization once but its obviously there by another name: peer-to-peer. The Ethereum white paper mentions decentralization about 40 times. And when the Presidents Working Group on Financial Markets (PWG) released its report on stablecoins last month, 15% of it was dedicated to the concept of decentralization and how to appropriately manage it when most of financial services remain heavily centralized (and analog).

Decentralization is one of the more hard-to-define words in an industry filled with confusing neologisms. It seems to describe a simple concept: activity that isnt organized by a central authority. But defining it, and why it matters, and how to regulate it, isnt so simple. Getting these answers right will have significant implications for the future of the digital asset economy.

Jared A. Favole is a senior director of communications and policy at Circle, the principal operator of USD Coin (USDC).

As a starting point, policymakers should get comfortable with the idea that some projects will be fully (or close to it) decentralized. The industry needs to avoid advocating only for projects that are 100% decentralized that brings to mind for some, particularly regulators, the idea of runaway code. And the last thing anyone wants with their money is for it to run away.

Decentralization and centralization operate on a spectrum: Theres decentralized autonomous organizations (DAOs) on one side and centralized entities on the other side (Coinbase, for example) that benefit from decentralized technology. Both forms of organizing can, will and must coexist for us to realize the full potential of blockchain and crypto technologies.

Decentralization or the degree of decentralization has important technical, marketing and legal implications.

Decentralization is great. The continued existence of Bitcoin, even in the face of crypto bans by nation states, speaks volumes about the power of decentralization (and public-key cryptography). Its something to marvel at and cumulatively it has given rise to a now $2+ trillion asset class.

Story continues

But Bitcoin, and decentralization, have drawbacks. For example, making changes in decentralized systems is often difficult and slow.

From a marketing perspective, decentralization can help attract developers who scoff at the idea of using their talents to help another centralized entity amass power. That power-to-the-people approach runs deep in crypto, which isnt surprising because many in the industry had to suffer through the consequences of the Great Recession, infamously with the downfall of large, centralized financial institutions.

The legal importance of decentralization became clear a few years ago, when securities regulators suggested bitcoin and ether arent subject to securities regulation partly because the networks they run on are sufficiently decentralized.

Projects have since strained to demonstrate their decentralization by setting up foundations or separate legal entities. The thinking of some founders goes something like this: If our project is sufficiently decentralized then the activity isnt subject to securities regulation. Perfect!

But the government isnt fooled. The PWG report stated:

In some cases, despite claims of decentralization, operations and activities within DeFi are highly concentrated in and, governed or administered by, a small group of developers and/or investors. Despite some asserted distinctions from more traditional or centralized financial products, services and activities, DeFi arrangements often offer the same or similar products, services and activities, and raise similar investor and consumer protection, market integrity and policy concerns.

If projects are dishonest about their level of decentralization, that casts a shadow on the projects that truly are decentralized. Its worth noting, too, that centralization has benefits. When people assemble in a centralized way, be it at a company or a sports team, they can do great things, while also producing single points of failure, cabals or monopolies.

The future success of blockchain and crypto technologies doesnt need to rely upon 100% decentralization. In fact, the industry is so successful today because it is built on the back of decentralized technologies AND centralized organizations. Much like the debate about artificial intelligence, which often pits man vs. machine instead of acknowledging the real power comes when man AND machine work together, meaningful innovation in crypto often comes when centralized entities work with decentralization.

For example, venture capital firms like a16z and Digital Currency Group, crypto companies like Coinbase and FTX, and media companies like The Wall Street Journal and this publication, have all played an important role in popularizing decentralized technologies.

Missing from the list of centralized entities that can help or harm the industry are governments. Governments are the missing link to help blockchain and crypto technologies continue to grow.

For one, there are many people who wont touch crypto because for them it lacks the imprimatur of the government; the U.S. Securities and Exchange Commissions (SEC) continued rejection of spot bitcoin exchange-traded funds reinforces this. The same holds true for many banks, insurance companies and pension funds.

Governments also have the authority to crack down on, limit or outright ban certain activity. Much of the industry is waiting for the SEC, for example, to yet again flex its regulate-by-enforcement approach.

Fortunately, the U.S. has more experience and is more comfortable with decentralization than most countries.

The debate about decentralization isnt new especially in the U.S. Our founders struggled with whether to centralize power at the federal level or to devolve more power to the states, and how much power to give people. Federalism and technological decentralization are different, but they spring from the same dilemma: whether to concentrate power in the few or the many. Bitcoin, as noted above, is slow and difficult to change because its so decentralized. So is democracy. Policymakers still struggle with this concept: Look no further than how the U.S. is approaching regulating stablecoins.

Stablecoin issuers, and many payment companies we all use daily, are regulated at the state level via money transmission licenses. But because stablecoins have grown exponentially, and show little signs of slowing down, the federal government seems to have decided that more centralized regulation is the best approach. But state regulators arent ready to cede that point. This was clear when the organization that represents state banking regulators responded to the PWG report by emphasizing states experience supervising stablecoin issuers.

States have always been labs of innovation, particularly as they relate to how to best organize economic activity. Wyoming, for example, has led the charge by becoming the first state to recognize decentralized autonomous organizations (DAOs) as limited liability corporations. It will be years before we recognize the full benefits of that decision. And, in a unique twist that highlights how centralized and decentralized entities will need to work together, DAOs have to be domiciled in Wyoming to enjoy the benefits of the new law.

The struggle for how to best balance centralization versus decentralization is at play in another way, too. China has decided to launch its own Central Bank Digital Currency (CBDC), a digital version of the yuan, prompting envy from some U.S. government officials who think the U.S. should have its own CBDC.

But why launch a CBDC when, without one even existing, privately issued stablecoins have gained market traction and helped cement the U.S. dollar as the reference asset for the entire digital asset economy?

How you answer that question says a lot about what you think about decentralization. None of the major dollar-referenced stablecoins are fully decentralized. But surely stablecoins are more decentralized than a CBDC would be and already play an essential role in facilitating decentralized economic activity.

This is just one example of the tradeoffs the industry and governments have to balance in the coming months and years. Regulators, too, clearly have their work before them: What innovations will they deploy to oversee decentralized organizations? If there isnt a central organization whose door they can knock on when they want to enforce the law, what will they do? I admittedly dont have the answer.

But what is clear is that advocating for only 100% decentralization or only 100% centralization will harm innovation.

Here is the original post:
It Cant Be Decentralization or Bust - Yahoo Finance