Bitfury to bet on new IoT startup

The Bitfury Group has invested $5 Million in a new startup for Internet of Things (IoT) connectivity called Moeco
23 November 2017   1443

The Moeco platform is intended to let IoT users to connect to a global network of integrated IoT cells and to create their own cells in order to become in-house service providers. Exonum, Bitfury’s new protocol, will allow the Moeco platform to move, manage and store data.

The idea is to crowdsource IoT connectivity. It results in natural motivation for every participant - IoT device owners get decreased maintenance costs and lower initial investments; gateway owners receive reward for transferring data from IoT devices. So it's like Uber - we need to make sure that IoT data is being delivered securely to the correct destinations (the taxis) and that gateways are being paid (the drivers).

 

Dmitry Gorilovsky

Co-Founder and CEO, Bitfure

Despite Moeco works on bluetooth, it is planned to be established in a decentralized way by utilizing benefits of the Blockchain technology. Therefore, any smartphone might be a mobile gateway that collects data from the hybrid Bluetooth sensors nearby. At the same time, smartphone app owners can then get revenue for transmitting data from the sensor to the cloud.

SEC to oblige AriseBank to Pay $2.7M

In November, FBI agents arrested project's founder Jared Rice
13 December 2018   87

The US Securities and Exchange Commission (SEC) ordered the founders of the AriseBank cryptocurrency project, Jared Rice and Stanley Ford, to pay about $ 2.7 million as part of the settlement of fraud charges. It is reported by CoinDesk.

The founders of the project accused of fraud must pay about $ 2.3 million to return the illegally obtained profits, and $ 68,423 as compensation for the percentage of the pre-trial costs. Jared Rice and Stanley Ford are also required to pay $ 187,767 each as a fine.

In addition, they agreed to a lifelong suspension from management positions in public companies and from participation in the distribution of securities. Jared Rice and Stanley Ford did not reject their guilt, but did not agree with the accusation.

In January the SEC, through a court, obtained the suspension of the ICO project AriseBank. In November, FBI agents arrested Jared Rice. He is accused of frauds with unregistered securities and fraud using electronic means of communication.