Zcash develops atomic trades between Zcash and Bitcoin

Atomic trades remove the need for a single point of trust for trades between different cryptocurrencies
12 September 2017   2525

Zcash team recently reported on the news about Atomic Trades development. 

We are excited to announce that we have been working on a command-line tool that executes atomic trades between Zcash t-addrs and Bitcoin addresses. Several people have come up with XCAT protocols. Loosely speaking, they all rely on a mechanism where for one side to obtain their coins, a secret must be revealed that will enable the second party to also redeem their coins. There are many variants of this basic idea.
 

Zcash team

The current version requires the user to run Bitcoin and Zcash full nodes, but a light-client version is in progress. 

What is Atomic Trades?

Cross-chain atomic trades (for which we have coined the acronym “XCATs”) remove the need for a single point of trust for trades between different cryptocurrencies. They rely on clever protocols that automatically exchange funds across two chains only if both participants hold up their end of the deal, and refund both participants otherwise. 

The problem of atomic cross-chain trading is one where (at least) two parties, Alice and Bob, own coins in separate cryptocurrencies, and want to exchange them without having to trust a third party (centralized exchange).

A non-atomic trivial solution would have Alice send her Bitcoins to Bob, and then have Bob send another cryptocurrency to Alice - but Bob has the option of going back on his end of the bargain and simply not following through with the protocol, ending up with both Bitcoins and the altcoin.

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   346

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.