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LVMH Set to Launch Blockchain for Tracking Luxury Goods

Luxury goods conglomerate LVMH, who owns more than 60 luxury brands including Louis Vuitton, Christian Dior, and Hublot, is planning to launch its own blockchain in order to track and prove authenticity of luxury items. The platform is code-named AURA, and will go live in May/June for LV and Dior first. As it develops, LVMH…

LVMH Set to Launch Blockchain for Tracking Luxury Goods
LVMH Luxury Goods Tracking Blockchain Info crypto louis vuitton christian dior authenticity

Luxury goods conglomerate LVMH, who owns more than 60 luxury brands including Louis Vuitton, Christian Dior, and Hublot, is planning to launch its own blockchain in order to track and prove authenticity of luxury items. The platform is code-named AURA, and will go live in May/June for LV and Dior first. As it develops, LVMH plans to open the platform up to its remaining 60 or so luxury brands, and eventually even to its competitors.

AURA is based on a permissioned version of the JPMorgan-developed Quorum, an Ethereum blockchain focusing on data privacy. LVMH hired a full-time team to work on the project stealthily for a year now, alongside Microsoft Azure and Ethereum design studio ConsenSys. While neither LVMH nor its two partner companies in the project commented on AURA, a source involved made this statement to Coindesk:

“To begin, AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.”

For more details about the AURA project and its intricacies, head over to Coindesk for an in-depth explanation.

In other fashion news, Off-White™ has just dropped a Jakarta-exclusive “TRIPPY” capsule.

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Ethereum News

Ethereum And Ripple’s XRP Soar As Bitcoin Treads Water–Here’s Why

Ethereum And Ripple’s XRP Soar As Bitcoin Treads Water–Here’s Why

The sudden rise in the bitcoin price since last week has pushed the wider bitcoin and cryptocurrency market higher, boosting ethereum and Ripple’s XRP.

Getty

Ethereum and Ripple’s XRP have climbed sharply this week as the bitcoin and cryptocurrency industry comes together for one of the biggest events in the cryptocurrency calendar starting—Blockchain Week NYC and CoinDesk’s Consensus 2019 event, running all this week out of the New York Hilton Midtown.

Bitcoin and cryptocurrency analyst Nik Patel has meanwhile found that, historically, after bitcoin surges higher smaller cryptocurrencies such as ethereum and Ripple’s XRP generally rally hard in the aftermath.

“Of the previous four [alt coin] bear cycles, the average drawdown has been 69.7%. The current drawdown of this [altcoin] bear cycle is 66.5%. The average growth experienced across the past five [altcoin] bull cycles was 617%,” Patel said via Twitter, suggesting we could be about to see a further rise in the value of many so-called altcoins.

Meanwhile, analysts have been trying to understand XRP’s rapid rise over the last few days.

“It did take a while for XRP to join the party this time. Unlike some of the other large-cap altcoins, it did not get a chance to surge during the recent alt-season,” eToro’s senior market analyst Mati Greenspan wrote in a note to clients.

“On the other hand, it also didn’t see much of a plunge while the rest of the crypto market was going through capitulation back in November. Though it did fall during that timeframe, it did manage to hold firmly to its previous level of support at $0.25 per coin, thanks to a massive surge when the xRapid platform was released in September.”

Greenspan also warned bitcoin may see “some sort of pullback, or at least a consolidation,” after the week’s sudden surge, though he remains bullish based on “the overwhelming headlines we’ve seen indicating that mass crypto adoption may be around the corner.”

Ethereum was given a boost after ethereum cofounder Joe Lubin bet bitcoin developer Jimmy Song $500,000 worth of cryptocurrency that ethereum’s decentralized apps would have a non-trivial number of users in five years.

Ethereum hit year-to-date highs of $230 per token earlier today.

CoinDesk

“It’s a maximum pain kind of bet,” Song said during a session of CoinDesk Live at Consensus 2019. “Skin in the game.”

This year headline speakers at Blockchain Week NYC and CoinDesk’s Consensus 2019 event include FedEx’s Fred Smith, Fidelity’s Abigail Johnson, Twitter and Square’s Jack Dorsey, chairman of the U.S. Securities Exchange Commission, Jay Clayton, and U.S. presidential hopeful, Andrew Yang.

Forbes Special Offer: Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

“>

Ethereum and Ripple’s XRP are leading the field today while bitcoin, up a staggering 58% over the last 30 days, is cruising at a little more than $8,000 after adding over $2,000 per bitcoin since late last week.

XRP, the tradeable token developed by the company Ripple, has added almost 15% over the last 24 hour trading period, while ethereum is up by some 12%—both hitting year-to-date highs over the last few days.

The bitcoin price is meanwhile taking a break from its surge higher, trading sideways over the last 24 hours as investors process the sudden change in the bitcoin price that added some $50 billion to the overall cryptocurrency market over the weekend.

The sudden rise in the bitcoin price since last week has pushed the wider bitcoin and cryptocurrency market higher, boosting ethereum and Ripple’s XRP.

Getty

Ethereum and Ripple’s XRP have climbed sharply this week as the bitcoin and cryptocurrency industry comes together for one of the biggest events in the cryptocurrency calendar starting—Blockchain Week NYC and CoinDesk’s Consensus 2019 event, running all this week out of the New York Hilton Midtown.

Bitcoin and cryptocurrency analyst Nik Patel has meanwhile found that, historically, after bitcoin surges higher smaller cryptocurrencies such as ethereum and Ripple’s XRP generally rally hard in the aftermath.

“Of the previous four [alt coin] bear cycles, the average drawdown has been 69.7%. The current drawdown of this [altcoin] bear cycle is 66.5%. The average growth experienced across the past five [altcoin] bull cycles was 617%,” Patel said via Twitter, suggesting we could be about to see a further rise in the value of many so-called altcoins.

Meanwhile, analysts have been trying to understand XRP’s rapid rise over the last few days.

“It did take a while for XRP to join the party this time. Unlike some of the other large-cap altcoins, it did not get a chance to surge during the recent alt-season,” eToro’s senior market analyst Mati Greenspan wrote in a note to clients.

“On the other hand, it also didn’t see much of a plunge while the rest of the crypto market was going through capitulation back in November. Though it did fall during that timeframe, it did manage to hold firmly to its previous level of support at $0.25 per coin, thanks to a massive surge when the xRapid platform was released in September.”

Greenspan also warned bitcoin may see “some sort of pullback, or at least a consolidation,” after the week’s sudden surge, though he remains bullish based on “the overwhelming headlines we’ve seen indicating that mass crypto adoption may be around the corner.”

Ethereum was given a boost after ethereum cofounder Joe Lubin bet bitcoin developer Jimmy Song $500,000 worth of cryptocurrency that ethereum’s decentralized apps would have a non-trivial number of users in five years.

Ethereum hit year-to-date highs of $230 per token earlier today.

CoinDesk

“It’s a maximum pain kind of bet,” Song said during a session of CoinDesk Live at Consensus 2019. “Skin in the game.”

This year headline speakers at Blockchain Week NYC and CoinDesk’s Consensus 2019 event include FedEx’s Fred Smith, Fidelity’s Abigail Johnson, Twitter and Square’s Jack Dorsey, chairman of the U.S. Securities Exchange Commission, Jay Clayton, and U.S. presidential hopeful, Andrew Yang.

Forbes Special Offer: Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

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CheapAir Has Processed More Than 5 Million In Bitcoin Payments And Now Plans To Accept Ethereum

CheapAir Has Processed More Than 5 Million In Bitcoin Payments And Now Plans To Accept Ethereum

Image Credit: Getty

Getty

CheapAir’s CEO Jeff Klee revealed in an interview that CheapAir will soon be accepting ethereum payments for air tickets.

The company was among the first travel agencies worldwide to accept bitcoin payments for flight tickets back in 2013. Since then, CheapAir has processed crypto payments worth more than $5,000,000.

Jeff Klee, CEO of CheapAir

CheapAir

When asked whether there are any interesting developments at CheapAir, Klee said, “CheapAir is about to start taking ethereum which is new in addition to dash, bitcoin cash, and litecoin.”

He further mentioned that a lot is changing in how airline tickets are sold and that “airlines have gone to great lengths to differentiate their products since it’s no longer just about getting the lowest fare.”

With this in mind CheapAir, is currently focused on building an infrastructure that will give customers the best travel advice not to mention reliable “apples to apples” comparisons.

Challenges faced when processing crypto payments

When asked about the obstacles CheapAir has faced so far in its years of processing crypto payments, Klee said that the most significant challenge came about at the tail end of 2017 when bitcoin transaction fees shot through the roof.

At the time, cryptocurrencies had a bubblelike ascent, and the ICO market grew by about 100 times in a matter of months.

Since 2013, CheapAir had used Coinbase’s merchant support to process payments. Some of the biggest challenges the company faced, considering the high volatility of bitcoin’s price at the time, was the underpayment or overpayment of crypto flight ticket payments.

Klee mentions CheapAir experienced a bunch of glitches in that peak period of December 2017 when transaction fees were high.

Although the problem took care of itself when the fees came down, Coinbase soon ended their merchant program, prompting CheapAir to seek alternatives.  

Finding BTCPay Server

CheapAir finally found a reliable solution after calling on its engaged and invested crypto community on its social channels. After vetting several customer suggestions, that followed was a CheapAir press release explaining the company’s move to BTCPay Server, an open-source bitcoin payment processor.

In fact, after switching to BTCPay Server, CheapAir was also able to circumvent BitPay’s controversial BIP-70 wallet requirement which was a common problem while using third-party payment processors like Coinbase.

Klee says that CheapAir has much better control of the payment process and that the move has made it possible for “faster more efficient order processing than before.”

Customers who pay in crypto are loyal

In the crypto community, CheapAir now enjoys the status of being one of the fastest crypto payment processors. The travel agency is one of the biggest competitors for both crypto and fiat-based agencies in an ever-changing industry.

Klee attributes their current success with crypto payments to a devoted crypto community. During the interview, Klee mentioned that he likes “customers who pay in crypto because they are loyal.”

As customer loyalty is hard to come by in the travel industry, Klee appreciated that the crypto community is not only loyal but also inclined to “buy higher ticket items.”

CheapAir’s plan going forward

When asked whether CheapAir would consider joining the ICO bandwagon in the future, Klee insisted that there is no definite plan to launch an ICO and that the company’s main focus was on delivering the best customer service.

He attributes the company’s success with crypto payments to a dedicated team that took it upon themselves to learn about crypto despite the learning curve. Going forward, the company hopes to double down on its efforts to accept more crypto payments.

“>

Image Credit: Getty

Getty

CheapAir’s CEO Jeff Klee revealed in an interview that CheapAir will soon be accepting ethereum payments for air tickets.

The company was among the first travel agencies worldwide to accept bitcoin payments for flight tickets back in 2013. Since then, CheapAir has processed crypto payments worth more than $5,000,000.

Jeff Klee, CEO of CheapAir

CheapAir

When asked whether there are any interesting developments at CheapAir, Klee said, “CheapAir is about to start taking ethereum which is new in addition to dash, bitcoin cash, and litecoin.”

He further mentioned that a lot is changing in how airline tickets are sold and that “airlines have gone to great lengths to differentiate their products since it’s no longer just about getting the lowest fare.”

With this in mind CheapAir, is currently focused on building an infrastructure that will give customers the best travel advice not to mention reliable “apples to apples” comparisons.

Challenges faced when processing crypto payments

When asked about the obstacles CheapAir has faced so far in its years of processing crypto payments, Klee said that the most significant challenge came about at the tail end of 2017 when bitcoin transaction fees shot through the roof.

At the time, cryptocurrencies had a bubblelike ascent, and the ICO market grew by about 100 times in a matter of months.

Since 2013, CheapAir had used Coinbase’s merchant support to process payments. Some of the biggest challenges the company faced, considering the high volatility of bitcoin’s price at the time, was the underpayment or overpayment of crypto flight ticket payments.

Klee mentions CheapAir experienced a bunch of glitches in that peak period of December 2017 when transaction fees were high.

Although the problem took care of itself when the fees came down, Coinbase soon ended their merchant program, prompting CheapAir to seek alternatives.  

Finding BTCPay Server

CheapAir finally found a reliable solution after calling on its engaged and invested crypto community on its social channels. After vetting several customer suggestions, that followed was a CheapAir press release explaining the company’s move to BTCPay Server, an open-source bitcoin payment processor.

In fact, after switching to BTCPay Server, CheapAir was also able to circumvent BitPay’s controversial BIP-70 wallet requirement which was a common problem while using third-party payment processors like Coinbase.

Klee says that CheapAir has much better control of the payment process and that the move has made it possible for “faster more efficient order processing than before.”

Customers who pay in crypto are loyal

In the crypto community, CheapAir now enjoys the status of being one of the fastest crypto payment processors. The travel agency is one of the biggest competitors for both crypto and fiat-based agencies in an ever-changing industry.

Klee attributes their current success with crypto payments to a devoted crypto community. During the interview, Klee mentioned that he likes “customers who pay in crypto because they are loyal.”

As customer loyalty is hard to come by in the travel industry, Klee appreciated that the crypto community is not only loyal but also inclined to “buy higher ticket items.”

CheapAir’s plan going forward

When asked whether CheapAir would consider joining the ICO bandwagon in the future, Klee insisted that there is no definite plan to launch an ICO and that the company’s main focus was on delivering the best customer service.

He attributes the company’s success with crypto payments to a dedicated team that took it upon themselves to learn about crypto despite the learning curve. Going forward, the company hopes to double down on its efforts to accept more crypto payments.

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