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S&P Global Platts: Blockchain Network to Track Oil



S&P Global Platts, one of the big names related to providers of information for the commodities and energy markets, have announced on February 22 that it began the deployment of its latest Blockchain solution that “will allow market participants to submit weekly inventory oil storage data”

S&P Global Platts Tracking Oil


The Blockchain-based innovation will help secure the “unstructured process” of communication between terminal operators according to to Platts.

The new technology will reduce the amount of maintenance by the regulator FEDCom and improve the quality of data by validating the numbers automatically, and in doing so, avoid further errors.

The joint Platts and Fujairah oil storage reporting system is the first commercial implementation of Blockchain technology in the energy business to go live, Platts claims in its release.

Back in November 2017, BP, Shell and others established a partnership that aims to develop a Blockchain-based platform for energy commodities trading before the end of 2018.


SEC’s Lori Schock: “Don’t Flip a Coin”




The SEC investor’s website has just published a notice to all investors considering buying the “latest new cryptocurrency or token.”

Lori Schock’s Advice

Lori Schock, the Director of the SEC’s Office of Investor Education and Advocacy, recently posted a mild warning aimed at crypto investors, beginning with an anecdote from a visit to a retirement home where she talked with senior citizens about investing.

According to the post, one person approached her after the lecture, asking:

“My children keep telling me I need to hurry up and invest in bitcoin—is it safe, have I already missed the boat?”

The post is not about investment advice, but advice for the people that are considering to enter the investment game.

“You should understand if you lose money there is a real chance the SEC and other regulators won’t be able to help you recover your investment, even in cases of fraud.”

She clearly warned investors not fall for “high-pressure sales tactics” or to listen to celebrity endorsements as a selling point:

“Just because your favorite celebrity says a product or service is a good investment doesn’t mean it is.”

She also recommended not to put too much money as there is a high risk of losing it.

“One way to spread risk is to diversify your investments.  Don’t put all of your eggs in one basket. That way, if one of your investments loses money, the other investments can make up for it […] Cryptocurrencies may be today’s shiny, new opportunity but there are serious risks involved […] most importantly, don’t flip a coin when you’re making investment decisions.”

Investors in cryptocurrency should always “ask questions and demand clear answers,” about what they are getting into “‘[w]ho exactly am I contracting with?’ and ‘[w]hat will my money be used for?’”

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Interview: CEO of Applicature Ihor Pidruchny




UseTheBitcoin got the chance to interview the CEO of Applicature Ihor Pidruchny back in January abut Proof of Stake, the future plans related to Ethereum and more.

Based in San Francisco, California, Applicature is a Blockchain agency that works with the development of smart contracts, ICOs and more.


UTB: It’s known that recently Applicature has launched its own Proof of Stake Consensus Protocol on Ethereum (AEPoS) which is a big deal. So Ihor, how do you think is Proof of Stake better than Proof of Work from the technology’s point of view?

IP: Oh, well, a huge benefit of Proof of Stake is its eco-friendship. You know, nowadays the environment is in danger and it’s unacceptable to burn a vast amount of electricity and other resources.

In proof of work, one has to rely on its computing power, basically people have to invest in expensive hardware, GPUs etc, which burn tons of energy, in order to solve that transaction puzzle and get rewarded.

In Proof of Stake, there is no mining. In order to get rewarded, you have to put your stake to the block. Proof of Stake gives more ability to all contributors and token holders to participate and achieve reward based on their stake regardless of how much computing power they have.

This operation can be done from any computer or device and there is no need to burn the electricity. Thus, Proof of Stake is actually more available for an average person.

UTB: I do agree with you, the environmental question is essential nowadays. But what are the other benefits of Proof of Stake?

IP: Proof of Stake is also much more secure and much more stable, because Proof of Stake is actually immutable to 51% attacks. The Proof of Stake system makes any 51% attack extremely expensive.

UTB: How does Applicature Ethereum Proof of Stake actually work? What is it based on?

IP: Applicature’s Proof of Stake is an adaptation of Peercoin PoS, but adapted to Ethereum’s rules. Why peercoin? Because it’s one of the most reliable and time-tested currencies. We used a core concept of Peercoin’s Proof of Stake – coinage. Your reward is based not only on the amount of your stake but also on the amount of time you hold coins in your wallet. Basically the chances to make a successful stake are proportional to time we spend holding cryptocurrency. Longer you hold your money – the higher chance of getting rewarded you get.

UTB: What about limits.. Are there any on the amount that can be staked?

IP: Not really, but it could be said that there are limits on probability of a successful stake. Once the maximum probability is reached – additional amount of staked coins won’t change it.

UTB: Well I see but is there a minimum deposit to make a stake?

IP: No, but too little amount used for stake will not result in successful staking.

UTB: What amount of Ether would you recommend for holders to put on the stake to benefit and profit?

IP: It’s not easy to speak about those numbers. We understand that Ether might not be available for everyone. It’s actually around plus minus 1000 ETH. Numbers closer to 10 will become possible as soon as we start sharing.

UTB: Thank you Ihor! Do you think the Ethereum network would work better in case of a network congestion by using the Proof of Stake protocol?

IP: Oh, you never know and you can’t predict it, but it should work better because the reason why we switched to Proof of Stake is high demand from our clients. We still have clients asking us about permissioned deployments. Proof of Work wasn’t always there to complete certain objectives so we had to find another way out and as I assume we have done it successfully!


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Jimmy Song to Train Devs in “Platypus Labs”




Jimmy Song, is a Bitcoin developer and venture partner at Blockchain Capital, and recently he has showed his plans for a new initiative called Platypus Labs that will focus on educating cryptocurrency developers.

Jimmy Song: Platybus Labs

The initiative will move towards educating developers to work with Bitcoin Core, however it could eventually go bigger and cover other cryptocurrencies.

Blockchain Capital will fund the education endeavor, as Song sees their position in the Blockchain “ecosystem” as “having a connection to a lot of different companies while maintaining independence.”

Song told the Cointelegraph:

“Part of my joining Blockchain Capital was to provide value to the Bitcoin ecosystem. After some extensive conversations about what would make sense for us to do that would make my involvement a win-win, we came up with a Labs concept as a way in which we could provide a lot of value to the ecosystem, our portfolio companies and to ourselves. To be perfectly honest, a lot of the ideas for how to run the labs came from listening to the developers and companies and seeing what they thought would be good.”

When asked about taking the project globally, Song said:

“I’m really hoping for more entrepreneurs to step up and take on the challenge! Obviously, I’ve got my own seminars to help in that way, but a lot of what I’m hoping for is for the ecosystem to grow. There is a lot of profit to be had for educators in this space. What exactly that will look like, I don’t really know. I suspect that a lot of innovation will take place in the Blockchain/Bitcoin education space because there’s such a great need.”

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