With the unexpected death of Gerald Cotten, CEO and founder of Quadriga Fintech Solutions Corp., his widow Jennifer Robertson has found herself in the middle of a complicated legal battle. She is facing off in defense of her husband’s legacy against former Quadriga CX investors and customers. Robertson never thought this was going to be a simple process. She has admitted that she has little to no experience dealing with Bitcoin, let alone running a company. But what came as a surprise for her was the amount of blowback she is receiving.
Cryptocurrency often breeds a great deal of uncertainty. After all, many places still view it as the new kid on the block(chain). Clearly, respect for cryptocurrencies has increased. After all, some governments and companies are going through great lengths to attempt to control it and profit from it. There is still a lot of bias against using these paperless currencies; some still look down at cryptocurrencies with suspicion and distrust. This is especially due to the fact that cryptocurrencies are decentralized and often anonymous. Nevertheless, the adoption and value of those currencies have skyrocketed. But soon, Canadian company Quadriga CX may not find much of either.
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By Max Bibeau | International
NEO, formerly known as Antshares, has caused quite a storm in the cryptocurrency world, especially as it exploded in value in July and August of 2017. However, the technology behind NEO leads me to believe not only is it currently extremely undervalued, but it has the potential to completely revolutionize the world of smart contracts.
NEO is a blockchain system similar to Ethereum, designed to be functional in conducting and executing smart contracts, ICOs, and any other kind of blockchain project. This in itself isn’t revolutionary, as Ethereum attempts to pursue a similar goal. However, NEO’s method of pursuing this goal, and multiple aspects of their cryptocurrency, allow it to be considered a serious contender against Ethereum, and something that may see heavily mainstream adoption in the future.
First, NEO is backed by the Chinese government, using their fiat currency to buy the “gas” that powers the platform. Ethereum, by contrast, occasionally rewards miners with Ether (the “gas” of the Ethereum blockchain) or gave it out in a presale. NEO’s use of fiat money allows for far more stability, cutting down on volatility, something that many critics worry will prevent the mainstream use of technologies like Ethereum and Blockchain. NEO is also backed by a few Chinese tech giants, ensuring it’s financial stability, allowing the developers to continue to upgrade and improve the functionality and applications of the technology.
Also, NEO uses a newer form of block confirmation, called dBFT, or “proof-of-stake.” When compared to Ethereum’s “proof-of-work” method, NEO’s system is thousands of times more efficient, cutting down on the massive energy consumption of Ethereum technology. While in the short term, with NEO’s minimal adoption, this may not be important, it is critical when these cryptocurrencies reach the late-stage period of common use that they all shoot for. Even more critical, is the number of transactions that this system allows NEO to complete. Currently, NEO can process over 10,000 transactions per second. When compared to Ethereum’s modest 15 transactions per second, we can see that NEO has some serious scalability, whereas Ethereum is already facing problems.
NEO was formerly called “Antshares” for a reason – It’s important to note that NEO does not intend to be a “cryptocurrency” such as Bitcoin. It is simply a decentralized, digital system that intends to create a “smart economy.” The actual cryptocurrency being exchanged, identically named “NEO,” is much more similar to a share in a company than a traditional coin or token. The coins will likely continue to increase in value, but more due to the success of the NEO team of developers in making a successful technological innovation, not due to the belief that it will become a leading method of peer to peer transactions. It is similar to Ethereum in this aspect.
So while NEO may have seemed to already have its boom, it seems likely that the near future will bring huge gains for NEO holders, along with ushering in a new method of smart contracts and blockchain confirmations that could provide some real competition to current leaders like Ethereum.