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COSS official IEO Liftoff to launch SWAPS.NETWORK on 21st August 2019

COSS SWAP

COSS exchange launches its IEO platform ‘Liftoff’ – Here’s what to expect

COSS Liftoff

To Crypto or Not to Crypto: The Million Dollar Question Facing Regulators

COSS Blog

“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”

– Patrick McHenry, U.S. House Financial Services Committee

Regulation is a dubious word in the crypto world, especially when you consider the visionary principles outlined in the Satoshi Nakamoto’s hallmark Bitcoin whitepaper. It aimed to create a financial system that relied on no third party, nor dictated by outside entities such as governments or banks. As a result, Bitcoin enthusiasts demanded a platform that was free from any interference – internal or external.

However, in the last couple of years industry has grown radically in multiple ways primarily in terms of a multi-billion dollar market capitalization, global awareness, and media interest. This naturally caught the attention of national and regional regulators across the globe.

Cryptocurrency around the World

Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

COSS graph

While Cryptocurrency was legalised across the European Union and G7 nations years ago, more recently, G20 nations like Saudi Arabia, Turkey, Russia, and India have agreed to abide by the FATF Framework to regulate cryptocurrency.

Speaking of FATF, there’s some drama around that too — it required exchanges to share personal user data with each other and the government, but that’s a story for another day. In most countries, cryptocurrencies enjoy the ‘a legal’ status — meaning they aren’t illegal but aren’t legal either, they’re in the grey area.

Even the World’s second-most populous country, India, does not have any law regarding virtual currencies with rumors of an impending ban looming over. The Supreme Court of India, the country’s highest court, is hearing a case between Cryptocurrency and India’s central banking agency: RBI which is in favor of launching its own digital currency.

COSS

Everyone from Tim Draper to John MacAfee have been tweeting about the regressive Crypto ban bill circulating in the media and online.

COSS tim


COSS wallet out of beta!

COSS Wallet out of beta


UPDATE – 07th August 2019

Update from COSS













Tether (USDT) is now live in COSS Wallet

Tether now live in COSS Wallet

LITECOIN Halving: “To understand the future, we must go back in time”

litecoin Halving

With Litecoin halving today on August 5th, everyone wants to know ‘when moon’? Let’s go back 4 years to the last halving event to understand what could happen this week, and the months to follow.

Aug 26th, 2015, block height of 840,000, LTC Mining reward dropped from 50 LTC to 25 LTC. At the time Litecoin traded at $3 and the halving, despite many saying had ‘no effect’, had a significant effect on price.

Here’s what went down during the first halving.

  • First, a consolidation phase for a month, trading between $1.35 and $1.50
  • On May 21st, the price started to set in with LTC making double-digit gains every week
  • Within a month it reached an all-time high of $8.73, (a massive 590% gain)
  • It then traded at $2.40 a day before the halving and spent the following months staggering between $2.87 and $3.24

Another important point to consider is that Litecoin halving doesn’t mimic Bitcoin, which seems to organically increase before and after its halving.

Ok, so now that we know what happened last time, can we predict what happens this time?

Well, let us just say it is complicated.

For starters, there hasn’t been any explosion or consolidation before the halving this time. Instead, the silver to Bitcoin’s gold increased its price gradually this time, and despite the drop in price over the past few weeks, LTC is still trading in the $90 to $100 range.

Furthermore, traders have already priced Litecoin’s halving months before the actual event instead of the sudden pump and dump. While a drop in price is expected by many traders in the industry, it seems that the percentage will be less than last time, and recovery might happen gradually over the next few weeks without raising many eyebrows.

So if you’re a trader, make sure you’re ready for some volatility and if you’re an investor then the halving could be one of the best opportunities to scoop that cheap $LTC in your Litecoin Wallet.


Disclaimer: This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. It is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.


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From the CEO’s desk: Second Innings for COSS

CEO newsletter JULY

Thank You

Since we started our new journey for COSS, I realize that we have one of the most active and supportive communities around. And that is our strength. A lot of personal motivating messages over the last couple of months, feedback, criticism of some features, some bugs, some past endeavours, new suggestions, etc. Overall, it is evident that everyone wishes best for COSS and is trying to help in their own unique way. So. Thank You for keeping us motivated and on our toes. Every message and every feedback means a lot to me personally. Obviously, sometimes our hands are tied due to resources or other tasks at hand, but every concern and feedback is noted seriously and prioritised.


Settled In

July was an excellent month for COSS; we delivered beyond what we promised and achieved a whole lot more behind the scenes. The best part is that now that processes are set, and teams are in place, our new hires are settling in well, clarity of goals and tasks is there. Like any new merger, it was a confusing situation in the beginning, but things are all settled now and the pace of delivery should be much quicker from hereon.


August & Rest of 2019

August is on track as well for deliverables that we set for ourselves. Some highlights that we are working on are detailed below. The remainder of 2019 is going to be a defining period for all of us. We are well aware that we need to continue to make amazing progress with the best user experience. We need to continue investing in scalability, flexibility, security, and our ability to learn incredibly fast.

  1. Clarity of short term and long term objectives, which we shall share with you in time. For now, our short term objective is to make a secure and smooth running exchange in the next few months, increase volumes, bring in more users and increase the FSA for everyone
  2. Community first, COS HODLers first. Every product, every design, every new and old feature has to be thought through in a way which focuses on Users and their journey within the ecosystem
  3. Safety & Security is paramount and has to be as secure as humanly possible
  4. Customer data will never be sold or compromised
  1. Fingerprint authentication for COSS Wallet
  2. Improve marketing analytics to fuel decisions
  3. NEO GAS implementation after ZEN node upgrade
  4. Fixing 100% market order once and forever
  5. USDT node update to ERC20
  6. Simplified fee structure

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WETH is now live in COSS Wallet

WETH coin is now live

Hello, everyone.

We are expanding our list of supported assets by incorporating one more token this week.

Today, we have integrated WETH Wrapped Ethereum in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet.

About WETH
Ethereum is famously known for being the proto-token of all the Ethereum Alt tokens. However, it also implies that ETH came into existence before the formation of ERC-20 standards.

WETH tokens which stands for wrapped Ethereum tokens, were created to facilitate the trade of ETH for other ERC-20 tokens on decentralized platforms like Radar Relay. It is because Ethereum based decentralized platforms employ smart contracts to facilitate smooth trading between users. These smart contracts require the same standardized format for every token that is used by users to trade. It is so to ensure avoiding losing of tokens during translation.

About COSS Wallet
COSS Wallet allows you to securely store, send/receive crypto via GPS using Near-by feature. It gives you complete control over your crypto and enables access to all your crypto private keys with one master password. We now support 33 cryptocurrencies, across 9 blockchains.

COSS Wallet offers various in-app services:

  • COSS Star Rating – Earn COSS Plus reward points on every next star rating you achieve.
  • Address Book feature – Save your wallet addresses just as you save your contacts. 
  • Mobile bill payments & Recharges – Make prepaid mobile recharges and pay postpaid mobile bills using supported cryptocurrency across 160+ countries
  • Instant cryptocurrency conversions – COSS Wallet allows you to convert your cryptocurrency instantly
  • Send and Recieve crypto with an industry-first GPS-based “Near-By” feature – Now transfer cryptocurrencies instantly nearby without any hassle via GPS.

We are making every effort to bring the best services to our users and expand our partnerships.

Team COSS

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Breaking Down Facebook’s New Cryptocurrency – Libra

Facebook libra currency

Facebook, the biggest social network worldwide with 2.38 Billion monthly active users in just the first quarter of 2019, has finally entered into the crypto space with the announcement of its ambitious new cryptocurrency, called “Libra”.

With 28 founding members including Visa, Mastercard, PayPal, Uber, Lyft, Coinbase and others, Libra’s goal is to bank the 1.7 Billion global unbanked citizens.

Is Libra Really a Cryptocurrency?

Facebook released Libra’s whitepaper on June 18, 2019, detailing the future plans for the Libra project. Libra is intended as a stable coin, backed by a basket of fiat currencies or digital reserve currencies. Unlike Bitcoin, Libra doesn’t feature mining; meaning there’ll be no mining for Libra.

With this new crypto token, Facebook aims to position Libra as a new global currency standard, and is slated for launch in the second half of 2020.

According to the whitepaper, Libra will be developed on its own blockchain called Libra blockchain and the coin will be stored in its own wallet called Calibra. There will also be a Libra Association, an independent non-profit organization which will be governed by multiple private players.

This non-profit organization will decide on the final design of the Libra and they’ll look out for banks that agree to hold the money used to back up the currency. The company that desires to accept Libra must have its digital wallet setup and has to be approved by the Libra association.

Users who want to hold or pay with Libra can do so by using the messaging app — Whatsapp, Messenger, and Facebook’s own stand-alone app. This works with Facebook’s digital wallet “Calibra” which will be integrated with Whatsapp and Messenger to govern the transaction and financial history of the users. Any Facebook user can set up a Libra wallet by verifying their identity using government documents– very similar to Paytm or Paypal. A user’s bank account will be directly linked to Calibra and whenever users want to spend Libra, they simply use the QR code or send a message adding the respective amount, thereby completing the transaction. Merchants will then receive the user’s payments in their Calibra wallet.

Facebook also intends to expand Libra’s use-case in the payments domain, for example, for payment of services like advertisements by any of their 60 Million active business partners, or as a near-free, instant remittance solution by anyone across the world.

Additionally, Facebook aims to expand the use-case of Libra for payment of services like advertisements on Facebook in the near future. The currency is intended to be remitted to anyone, anywhere across the world instantly with almost no fees.

Isn’t it a Decentralized Currency? Who Governs Libra?

The social media giant is launching this cryptocurrency with private market players from diverse industries — including payment, technology, online marketplaces, venture capital, and nonprofits as its founding members.

Facebook has on-boarded 28 partners for Libra, including VISA, Uber, Mastercard, Andreessen Horowitz, PayPal, eBay, Spotify, Vodafone, Xapo, Coinbase, Women’s World Banking and more. Moreover, Facebook is aiming to have up to 100 founding members/partners by the upcoming year.

David Marcus, Libra’s Project Lead and CEO of Libra’s Calibra Wallet has clarified that Libra is not as open as Bitcoin. Bitcoin is decentralized and built on open/permissionless blockchain technology whereas Libra will be built on its own permissioned blockchain, and users would need permission to enter into the blockchain network. However, Marcus clarified that Libra will eventually transition to a permissionless blockchain in the near future.

Are Global Regulators Approving Libra?

When it comes to cryptocurrency, criticisms, and debate abound. Since the launch announcement of Libra, Facebook has faced considerable opposition from global regulators and financial leaders.

The US Congressional Committee, a major regulator who has expressed skepticism about Libra has recently sent a letter to Facebook CEO, Calibra CEO and Facebook COO to halt the development of Libra until further hearings. Facebook’s officials are positively responding to the regulator’s queries on the use cases of Libra. In fact, they are seeking to collaborate with global financial institutions and policymakers.

The co-founder of EthHub, Anthony Sassano points out in his tweet that a government-issued ID needs to be mandatory to sign up for Calibra in order to ensure that the cryptocurrency “comply with laws and prevent fraud”.

Binance founder and CEO, Changpeng Zhao is of the view that after the launch of Libra, Facebook’s access won’t be limited to its user names, Identifications, addresses, phone numbers, family members, friends, and real-time and historic locations. It will also extend to their financial data through Calibra.

Even Donald Trump, President of the United States, expressed his concerns on Facebook’s ambition of becoming a global bank.

Ahead of Libra launch, the social media giant is actively responding to negative remarks and stating that it is looking forward to discussions on any point that has ruffled the feathers of regulators/fintech players.

Final Words

Libra, Calibra and Libra Association has become quite a hot topic in the current crypto scene. Although the launch is not scheduled for anytime soon, Facebook is all set to rule the global financial system with its Libra currency.

We are still in anticipation to see how the world would react when Facebook actually makes Libra available to people almost anywhere in the world.


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