Tendermint to Launch Cosmos

Work on the project, designed to ensure compatibility of different blockchains has been carried out over the past three years
15 March 2019   494

Team of Tendermint Inc. officially announced the launch of Cosmos Hub, the first of the Proof-of-Stake blockchain series, which will become part of the Cosmos ecosystem in the future. Work on the project, designed to ensure compatibility of different blockchains - primarily Ethereum and Bitcoin, has been carried out over the past three years.

Representatives of Tendermint note that at the moment, users cannot exchange tokens between blockchains or otherwise connect Cosmos Hub to third-party blockchains at any time - for this, validators must vote to activate Inter-Blockchain Communication (IBC).

In the comments of CoinDesk, Tendermint Director Zaki Manian noted that the software development kit (SDK) presented in February 2018 is already used in the cryptocurrency industry, in particular, by the Binance exchange.

He also said that another important element that will help "at a fundamental level to remove obstacles to innovation" is the underlying Tendermint Core consensus mechanism, Cosmos Hub.

We want to take the blockchain development cycle from idea to implementation down from years to months. This is how we’re trying to transform the blockchain space. Out of all these building blocks, [you’ll be able to compose] an entire … open system of finance that operates to scale and can be composed of individual, specialized chains that do different things.

Zaki Manian

Director, Tendermint

Transactions with Cosmos ATOM own tokens are not yet available to users. These tokens will serve as a kind of collateral for validators, and they are currently used as a mechanism for choosing Cosmos Network membership.

As soon as the system itself and the set of validators are recognized as fairly stable, tokens holders will be able to vote for the start date of the ATOM transfers. After that, another vote will be held regarding the connection of new blockchains to Cosmos Hub and the launch of swaps between raptocurrencies and non-interchangeable tokens.

Security of Cosmos Hub is currently provided by about 70 validators. Also at this stage, all rewards are paid in ATOM, but in the future other cryptocurrencies can be used for this, in particular, Bitcoin or Ethereum

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   271

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.