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Do Jaguar Land Rover & IOTA Hold the Key to Mass Crypto Adoption?

Do Jaguar Land Rover & IOTA Hold the Key to Mass Crypto Adoption?

Do Jaguar Land Rover & IOTA Hold the Key to Mass Crypto Adoption?Jaguar Land Rover’s partnership with the IOTA cryptocurrency raised eyebrows, but will it be enough to ignite widespread crypto adption? | Source: ShutterstockBy CCN: Jaguar Land Rover produced over 600,000 vehicles last year. For a luxury brand, this is a substantial output. Tesla, by comparison, produced under 250,000. The news broke sometime yesterday afternoon that JLR is utilizing the IOTA tangle (blockchain) for their new cryptocurrency program. They’re going to have on-the-go payments (such as tolls, similar to EZ Pass) and also pay owners for data collected.According to the company:“[O]wners earn credits by enabling their cars to automatically report useful road condition data such as traffic congestion or potholes to navigation providers or local authorities. Drivers could then redeem these for rewards such as coffee, or conveniently use them to automatically pay tolls, parking fees and for smart charging electric vehicles. ‘Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services.”Jaguar Faces Crypto Twitter Backlash for IOTA PartnershipJaguar’s choice of IOTA was not popular in some corners of Crypto Twitter. | Source: ShutterstockThere’s some degree of privacy trade-off here, and the rewards don’t sound very high. You might be able to earn a cup of coffee now and then, but perhaps the toll-paying feature will be most interesting to users.Presumably, they’ll top up an account with a fiat method and not have to worry about stopping at toll booths, similar to EZ Pass and other purposes.If we assume that Jaguar will sell half its production, that’s a few hundred thousand people who will be on-boarded into a form of crypto.Several people on Twitter have taken issue with their choice of IOTA, and indeed they could have chosen any given platform. IOTA has specific problematic elements that stem from its initial launch.Exactly, the virus of critical vulnerabilities is spreading. 🤣— elizabeth stark (@starkness) April 29, 2019They made some interesting choices in their design, as well, such as using “trinary logic” and initially using their own hashing algorithm. The latter problem was fixed by switching to SHA-3.Jaguar and Land Rover are interesting, as well, because the type of people who buy these cars certainly have expendable income. If they become more interested in cryptocurrency, we could see some increased demand. But will they adopt cryptocurrencies en masse as a result of being exposed to IOTA through their new vehicles?Jaguar Owners Are a Target MarketThe IOTA price jumped more than 15% after the partnership announcement dropped. | Source: CoinMarketCapThis doesn’t seem likely. Paying a toll is a small inconvenience which affects a minority of the global population, and it will be years before a multitude of toll booths accept it. Therefore we can expect that of the prospective few hundred thousand per year who will be exposed, only a fraction will have a use case, and of those, we don’t know how many will choose to use it.There are benefits to using a cryptocurrency that seem apparent. A vastly reduced cost to make and determine the need for these payments comes out of building on the blockchain. If major manufacturers follow suit, road data could vastly improve on a grand scale, with micropayments to consumers providing the data becoming the norm.But, at most, we can expect this to be one more in a long series of events that will lead to the everyday adoption of crypto technology. For its part, IOTA is up more than 15% on the news, and the cryptocurrency has more announcements on the way:We’re partnering with the nonprofit @iotatoken to bring the future of mobility to Austin. Learn all about it at a special event on Monday, April 29, at 5 p.m. on the UT campus. ATD and IOTA leaders will make an announcement, followed by a Q&A. More at https://t.co/7cAmKUd6wp. pic.twitter.com/Cr97G8gfpX— ATX Transportation (@austinmobility) April 25, 2019 About The AuthorP. H. MadoreP. H. Madore has written for CCN since 2014 and is currently Head of Crypto. Please send breaking news tips or requests for investigation to [email protected] His website is http://phm.link
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Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

In the past seven weeks, white hat hackers earned at least $32,150 by fixing security flaws in popular cryptocurrency and blockchain platforms like TRON, Brave, EOS and Coinbase.
According to data reviewed by Hard Fork, 15 blockchain-related firms have paid rewards to security researchers between March 28 and May 16, split across 30 publicly-released bug reports.

Omise, the software firm behind cryptocurrency OmiseGo, fielded the most fixes (six). Blockchain-powered prediction market Augur disclosed three reports, as did Brave Software, makers of the Brave browser, which features its own native token.

Projects adjust their HackerOne rewards to the severity the discovered security flaws. Whilst the majority of Omise’s reports were only worth around $100 each, other payments in the past seven weeks were much higher.
Block.one, the firm behind the EOS “blockchain,” rewarded one hacker with $10,000 for a single fix, as did budding network Aeternity.
TRON also paid $3,100 to the researcher who realized the network was susceptible to being flooded with malicious smart contracts, which would have brought its blockchain to a screeching halt.
The amount of hackers who prefer to fix security issues seems to be remaining steady — but sometimes they can make off with much bigger amounts exploiting vulnerabilities themselves.
Indeed, cryptocurrency exchange Binance revealed attackers had successfully stolen 7,000 BTC (then $40 million, now $55 million) from its own wallets last week.
Coincidentally, Binance runs its own bug bounty program with a maximum reward of $100,000 for the most critical of vulnerabilities. The Binance hacker remains at large.

Published May 20, 2019 — 15:21 UTC

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ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

Despite abandoning plans to build its own Bitcoin wallet, ABN AMRO is not quite done with blockchain tech.
The Dutch banking giant has announced plans to launch a decentralized trade inventory platform in collaboration with Accenture and ING Bank, according to a press release (spotted by CoinDesk).

Codenamed Forcefield, the project will employ Internet-of-Things (IoT) devices to provide “real-time insight into trade inventories.” ABN AMRO claims the platform’s monitoring features “will lead to more secure physical handling processes and a reduction of costs.”
Upon launch, the project will focus on “refined metals,” but “functionality will be expanded across other dry bulk commodities” in the future.
In addition to ING and Accenture, a number of other companies – including Anglo American, CMST International, Hartree Partners, Macquarie, Mercuria, and OCBC Bank – have also signed a memorandum of understanding to join Forcefield.
Back in January, ABN AMRO teased plans to develop its own cryptocurrency wallet, called Wallie. But as Hard Fork reported, the bank has now ditched Wallie as cryptocurrencies are still “too risky.”
“We have approached all the people who have shown interest,” ABN AMRO press officer Jarco de Swart told Hard Fork. “We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets [sic] for our clients to invest in.”
ABN AMRO and ING are hardly the only banks looking to get in on the blockchain hype. Indeed, leading banks – including Barclays and HSBC – reportedly poured $50 million into a blockchain-based digital cash system, expected to launch in 2020.

Published May 20, 2019 — 15:00 UTC

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