With the new year coming, start-ups and established players in the cryptocurrency industry have announced plans for new products and services. In The Daily today we cover the imminent first of two coins with Mimblewimble, the planned launch of a low-cost remittance service based on cryptography in Asia, and the intentions of two major Chinese encryption companies to focus on core business activities.
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Customizable Privacy Coins available soon
<img class = "alignright wp-image-266051 size-medium” title=”The newspaper: the Mimblewimble coins are ready for launch, the new remittance platform has been announced” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/Beam-coin-300×175.jpg” alt=”The newspaper: the Mimblewimble coins get ready for launch, the new remittance platform announced "width =" 300 "height =" 175 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/ 12 / Beam-coin -300×175.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/Beam-coin-768×449.jpg 768w, https://news.bitcoin.com/ wp-content / uploads /2018/12/Beam-coin-696×407.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/Beam-coin-719×420.jpg 719w, https: //news.bitcoin .com / wp-content / uploads / 2018/12 / Beam-coin.jpg 905w "sizes =" (maximum width: 300px) 100vw, 300px”/>Two cryptographic projects using Mimblewimble, a protocol designed to increase privacy and scalability, have announced the upcoming previews of their new coins. The Mimblewimble concept was introduced in 2016 and is now ready to be implemented at the beginning of 2019. The challenges during the development of the two cryptocurrencies have postponed both launches.
A startup called Beam is preparing to release what has been described as the first Mimblewimble-based cryptocurrency on January 3, after it was previously announced that it would be published later this month. Beam has been developed as a privacy-oriented cryptography, but according to its creators it will be highly customizable, unlike other offers in that niche.
"The lack of confidentiality of transactions and poor scalability are some of the key issues that hamper the adoption of cryptography," Beam CEO Alexander Zaidelson told Distributed. The company will offer users the ability to set the privacy level for their transactions so that they can report them to the tax authorities, for example.
Another blockchain project based on the Mimblewimble protocol, Grin, was also announced before Beam. However, its currency is now scheduled to launch on January 15, 2019, to become the second cryptocurrency based on Mimblewimble.
Remittance platform to use Crypto Conversion
Atom Solutions, a fintech company based in Japan, plans to launch its new remittance service on March 1, 2019. The platform uses a cryptocurrency system that provides an alternative to traditional channels such as those based on the network. Swift banking, which can be quite expensive and in some cases very slow.
<img class = "aligncenter wp-image-266054 ” title=”The newspaper: the Mimblewimble coins are ready for launch, the new remittance platform has been announced” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/Atom-Solutions.jpg” alt=”The newspaper: the Mimblewimble coins get ready for launch, the new remittance platform announced "width =" 657 "height =" 221 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/ 12 / Atom-Solutions .jpg 1167w, https://news.bitcoin.com/wp-content/uploads/2018/12/Atom-Solutions-300×101.jpg 300w, https://news.bitcoin.com/wp- content / uploads / 2018 / 12/Atom-Solutions-768×259.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/12/Atom-Solutions-1024×345.jpg 1024w, https: // news.bitcoin.com /wp-content/uploads/2018/12/Atom-Solutions-696×234.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/Atom-Solutions-1068×360 .jpg 1068w "size =" (maximum width: 657 px) 100%, 657 px”/>
Initially, the service will be available to users wishing to send money between South Korea and the Philippines. However, the Japanese startup plans to extend coverage to include at least 10 countries by the end of next year.
Atom Solutions promises low exchange rates and commissions for fiat transfers thanks to the use of cryptocurrency conversion, but also addresses the problem of volatility regarding cryptocurrencies by providing a fast exchange through its portfolio. The company has developed a system that quickly exchanges the fiat quantity that a user wants to send in cryptocurrency and then again in local fiat for the recipient.
Crypto Chinese Giants focus on the main activities
<img class = "alignright wp-image-266057 size-medium” title=”The newspaper: the Mimblewimble coins are ready for launch, the new remittance platform has been announced” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_1164940732-300×200.jpg” alt=”The newspaper: the Mimblewimble coins get ready for launch, the new remittance platform announced "width =" 300 "height =" 200 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/ 12 / shutterstock_1164940732-300×200 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_1164940732-768×512.jpg 768w, https://news.bitcoin.com/wp-content/ uploads / 2018/12 /shutterstock_1164940732-696×464.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_1164940732-630×420.jpg 630w, https://news.bitcoin.com/ wp-content / uploads /2018/12/shutterstock_1164940732.jpg 1000w "sizes =" (maximum width: 300px) 100vw, 300px”/>Two leading cryptocurrency companies with Chinese roots have announced plans to streamline their operations and focus on core business activities. The news comes at the end of a bearish year that saw digital equity markets lose billions of dollars in capitalization compared to the historical highs of late 2017.
Bitmain Technology, the world's leading producer of bitcoin mining equipment, has confirmed recent reports of planned job cuts that initially spread to Chinese social media. In a statement quoted by the South China Morning Post, the Beijing-based company said it is undergoing "some adjustments for our staff this year". Stressing that he is continuing to build a sustainable business, Bitmain has denied the rumors that he will lay off half of his employees. The company explained:
Part of this is having to really focus on things that are fundamental to that mission and not on things that are auxiliary. As we move into the new year, we will continue to double the hiring of the best talent from a wide range of backgrounds.
In a similar announcement, the Huobi operator, currently the third largest cryptographic exchange with daily trading volumes, said he is working to optimize staff. The Chinese group Huobi intends to do so by laying down its "worst performing employees". However, a company spokesperson noted that the Singapore-based exchange is still hiring people for its core business and emerging markets.
What do you think of today's news? Tell us in the comments section.
Images courtesy of Shutterstock, Beam, Atom Solutions.
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