Category : BV Prime

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One of the world’s largest cryptocurrency exchange Huobi Pro is going to Russia.

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Senior Director of Huobi Pro (Top 2 of the world’s crypto-exchanges in terms of trading volume) Wu Xing will speak at the international forum on blockchain and cryptocurrencies Blockchain life 2018 in St. Petersburg. Huobi.Pro is the leader of the world crypto community providing professional and reliable world-class financial services, the monthly volume of which reaches $30 billion. The company’s offices are located in more than 130 countries.

Wu Xing specializes in creating educational content that allows people around the world to earn on cryptocurrency and blockchain technology. As part of her report, Wu will talk about the revolutionary stage of development of cryptocurrency exchanges – simplifying the analysis of trading trends, which will help market professionals and novice traders to increase their profits. To attend an exclusive performance by Wu Xing, you can on the largest international forum Blockchain Life 2018, which will be held in St. Petersburg on November 7-8 at the exhibition venue “Expoforum”. Take your ticket now here.

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Video Application That Will Reward Users With Cryptocurrencies

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There is a new token-based application that will incentivize users. It is planning to accelerate mainstream awareness and adoption throughout the cryptocurrency world.
Powering Crypto Economy Participation
A new social media app centered on video content has been released recently. Cheez has teamed up with Contentos, a blockchain project, in a bid to enable users to earn Ethereum and Bitcoin. All they have to do to earn cryptocurrency tokens is create, view, and share the content within the application.
Live.me is the mastermind behind Cheez—video-sharing app. The mobile developer has created the app which is known for the 17 second, user generated video content. There are plenty of live filters on the application—music, voice changers, and stickers.
While a lot of applications contain similar features, none of them provide the incentive that Cheez does. It allows the users to earn Bitcoin and Ethereum tokens by just doing what they already will be doing while using the application. Consumers can complete 15 different tasks daily. These tasks are anything from sharing videos to viewing and liking videos. The tasks also include uploading content to the application. For doing all of this, they will be given one of the two cryptocurrency tokens. That cryptocurrency will be the one they prefer.
The best part? There is also the “Wheel of Fortune” game. It is a daily game, based on chance, which will allow users to win additional cryptocurrency every day.
The new features on the application will not need users to go to an exchange or even bother to set up digital wallets. This means more and more users can adopt the blockchain technology integration without any problems.
The CEO and founder of Live.me, Yuki He, has said that partnering with Contentos will help the platform reward its users. They are already contributing to the Cheez community and it is only fair to give them an incentive for it. This will also introduce a lot of people to the world of blockchain technology and cryptocurrencies.
Beyond Ethereum and Bitcoin
The platform is not limiting the incentive in the form of Ethereum and Bitcoin. The users on Cheez will also have an option to choose COS tokens for their contribution to the community. The COS token is the native cryptocurrency token of the Contentos blockchain project. People can obtain these tokens for all the activities they perform as users of the platform.
They can also win these tokens while playing the “Wheel of Fortune” game on Cheez.
The platform is obviously going to encourage users to opt for the COS tokens. They will do that by allowing the COS token to be used to unlock additional features in the app. For instance, they can use the COS tokens to unlock the option of posting longer videos. They can even use them to gain more exposure to attract viewers. The aspect of direct messaging on the app can also be utilized through the token. This will create a revenue generation stream for the creators of the platform. The details on that part have not yet been released but it is something that is being worked on.
The founder and creator of Contentos, Mick Tsai, said that they are thrilled to partner with the Cheez. It allows them to introduce the cryptocurrency economy to an already thriving community of users. It is going to create a new ecosystem where creators and fans are all going to be rewarded for their role in garnering a growing community.
The goal that Contentos has is to help the creators of the platform and the fans to grow the connections on a global scale. Blockchain technology has a lot of potential, and it can be used to build stronger worldwide connections.
Contentos is partnering with Cheez to make things better for the average person. It will be an opportunity for the creators and fans to enjoy the real-world incentives of the disruptive new technology.

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Ethereum ERC725 – What is it?

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In the world of blockchain technology, decentralized apps are one highly promising prospect. They have the potential to completely oust third-party operating platforms that work on a centralized concept. There has been one consistent problem when it comes to blockchain technology-based platforms. User identity management is a crucial aspect for decentralized apps. As things work right now, third parties have to be entrusted to manage user identity. That is the problem that ECR725 identity will resolve.
Fabian Vogelsteller came up with the ECR725 identity standard. He is the creator of the ECR20 token which sees comprehensive use in the blockchain landscape. The ECR725 identity standard was created last year, on the 2nd of October. Since then, it has seen adoption by numerous blockchain based projects. They have incorporated the ECR725 in a bid to decentralize the identity standards in the peer-to-peer marketplaces.
Identity Problem Can Be Solved By ECR725
One of the most major projects to incorporate the ECR725 is Origin Protocol. They’ve highlighted the advantages of using a blockchain based identity standard. It offers a lot of benefits for trustworthiness and user reputation management in peer-to-peer marketplaces.
A decentralized app, which functions like Airbnb, would need tenants to identify themselves. They don’t want to risk damage to their property nor do they want to be victims of fraud. The current situation in the blockchain world sees decentralized apps relying on Oracle platforms or trusted third parties. Something like ChainLink links to third parties to make this possible.
Vogelsteller has stressed a lot on the need to have a standardized identity management system in the new landscape. Right now, everybody will collect information about you separately so that they know who you are. Once there’s a standard set, there will no longer be a need to store personal information. The current way of going about it is inefficient. It results in over collection of information. Until a better system comes into place, that is how it will be. The ECR725 is slated to be that better system.
How the ECR725 Works
Origin Protocol is in the works to implement the ECR725 identity standard. The integration of it could mean that users looking to verify their identity will issue a new identity contract, which will have a valid claim.
The issuer will then give the user a unique cryptographic signature. This will prove that the user indeed controls a specific email, address, phone number or even biometric data. This will be added to the identity contract.
For instance, if a person is using something like Airbnb in the blockchain world, the user will try to rent a property using a listing contract. This listing contract will be able to verify that it’s valid on the contract, which was issued by the decentralized application. This would in turn mean that the transaction can take place.
Decentralized Identity & It’s Future
The ECR725 identity standard has the potential to make an ecosystem that can allow contracts to accept claims using any blockchain platform. It will facilitate the interoperable and distributed identity for any project across the blockchain network. If something like this is employed by the US Postal Service, it could be revolutionary. The USPS could verify the user address automatically even before there’s any interaction with the user.
Of course, it goes without saying that the ECR725 is a new prospect. As promising as it is, it is still in its most early stages. It will take time to develop it and integrate it properly with projects like the Origin Protocol.
There is huge potential in the ECR725 and with countries like Thailand already exploring blockchain technology based identity management, we’re very likely to see a future for decentralized identity.

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Goldman Sachs CEO Says Denying Cryptocurrencies is Arrogant

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There is an increasing number of firms at Wall Street that are changing their minds about the nascent digital economic system. The sentimentality towards opportunities in the cryptocurrency world seems to be changing. The CEO of Goldman Sachs shared his opinion on the world of cryptocurrencies.
In an interview with the Economic Club of New York recently, Lloyd Blankfein talked about his take on the emerging economy.
It’s Possibly the Next Evolution for Money
Blankfein showed up at the Economic Club of New York to present his opinion and answer questions related to cryptocurrencies. He was asked about the potentiality of the new economy and its potential to possibly replace fiat currencies.
The CEO of Goldman Sachs kept an open mind when he was answering these questions. He said that there is potential for cryptocurrencies to replace fiat currencies in the future. That is what fiat currencies did with the currencies backed by valuable commodities.
He views the emergence of cryptocurrencies as the next step in the evolution of money. For instance, consider gold. You use that as money, and you know people only accept hard currency as monetary payment. You start to make gold coins. The value of the gold coin would be 5 bucks if it has gold worth 5 bucks. Then comes a point where you are given a piece of paper. The parchment promises to hold the same value as the 5-buck gold. You can always hand in the paper and get $5 worth of gold when you redeem it. Later on there comes a point where you are given a paper which says that it is worth $5 in gold, but you can never redeem it for that quantity of gold. Eventually things come to a point where you are given a piece of paper. They say that it is worth $5, but they won’t redeem it. They even say that they don’t even have the $5 even if you wanted to redeem it.
By talking about all of this, Lloyd Blankfein was talking about how money has morphed from something entirely different to what it is right now. The representation of value is a far cry from what it initially was.
The advent of cryptocurrencies is pretty much the same. There is a continuing morphing of the representation of value. Fiat currencies have value because the government and financial institutions say they do. It is not too farfetched to want a currency that has value based on consensus.
Blankfein went on to say that he himself doesn’t own any Bitcoin. Despite that, he feels that denying the possibility of the mass adoption of cryptocurrencies would be too arrogant.
Possible Crypto Expansion by Goldman Sachs
Goldman Sachs is considering expanding into the cryptocurrency world. They have recently made an announcement that they might offer custodian services for cryptocurrency funds.
If this move indeed does fall through, it will place the financial giant at a unique position. Goldman Sachs will become the first significant investment bank that will provide a backing for cryptocurrency funds. With a name like Goldman Sachs making such a move, other institutional investors might possibly flock into this industry as well.
Initially, Goldman Sachs announced its plans for Bitcoin futures trading desks to match the client demands. A month later, they revealed plans to extend beyond it. Goldman Sachs is looking to expand itself into this completely new asset class. This will mean that an increasing number of Wall Street firms will also have a positive outlook towards the world of cryptocurrencies.

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BitDegree Platform Grows While Token Struggles

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When you think about projects being undertaken in the cryptocurrency world, there are a few that are as strange as BitDegree. This is one of those projects that have a considerably solid platform. The same cannot be said about the performance of its tokens. In fact, the BitDegree platform is showing quite little use for its tokens.
Since its Initial Coin Offering, the platform has shown a lot of promise. The thing is that the token itself has been severely disappointing for the investors. From when it started off, it has lost over 98 percent of its value. That’s how bad things are.
Considering the horrendous performance of the token, developers of the project decided to shake things up. The BitDegree platform has finally begun accepting fiat currency. The creators felt that the token-only aspect of the project was too detrimental for the project. Having fiat payments would save the project and it has, to a certain degree. It is still trying to integrate the BDG token into the product somehow.
The BitDegree project has made a lot of special efforts to encourage the use of its native tokens for the courses that they offer. The first look at the BitDegree makes it look like a platform pretty much like Udemy and other such websites which offer self-learning courses. The difference is that the platform has made significantly more efforts to promote the use of BDG tokens for purchase its courses.
After the change, the prices are now appearing in their US Dollar value.
There is an argument being made. If a token is used within a specific ecosystem, it can have value in and of itself. When you look at the BDG token for the BitDegree platform, there is an ecosystem with course material, teachers and students involved. It is just that the community of cryptocurrency users has generally shown skepticism towards this token. This was not something that BitDegree could have anticipated (much like most things in the cryptocurrency world).
The team behind BitDegree has been trying to entice users to make purchases using the native cryptocurrency token. They have offered discounts of up to 20 percent for every course which is bought using the BDG tokens. It seems like a good enough move to encourage more use of the BDG token, right?
Wrong. The biggest issue with the BDG token is the process of acquiring it. It is too much of a hassle. Not going through the hassle is worth the extra 20 percent people have to pay when they use fiat currency on the platform.
The people who bought the tokens during the ICO have mostly sold their tokens. With a cryptocurrency token which has seen so much depreciation, not a lot of purchases have been made to consider the token viable.
That and the fact that there are only a few cryptocurrency exchanges offering the digital asset trading on their platform makes things worse.
The cryptocurrency community does not feel very good about the BDG token considering all these things. It can only have some worth if more cryptocurrency exchanges start to list it in their portfolio.
There are other projects geared towards education that have managed to create good revenue through releasing tokens. ACAD is the Academy Token which has its own token. It will be used to spend on the courses within its ecosystem.
Until and unless there is a proper user base of dedicated people, the aspect of cryptocurrency being used to make payments won’t take off.
The development team is still in the works. They are trying to make it possible to get the BDG tokens in an easier manner. They want to convert the payments being made on the platform into BitDegree’s native tokens. The platform itself is successful and they might just be able to make the token perform better at some point. It remains to be seen.

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China Hires Cryptographer – Hackers are in High Demand

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Traders in China, Russia and the United States are among the most common victims of cyber criminals. The cryptocurrency exchanges in these countries are increasingly becoming targeted by hackers. There are studies which indicate that services provided by hackers are much higher than what is on offer. It’s a similar situation for cryptographers. China’s authorities have decided to hire the services of a cryptography specialist. It will use the expert’s services for one of its censorship agencies. This need arises from the actions of Chinese citizens, who are already using blockchain transactions to go around the censorship.
Cyber security experts in Russia have found that from 2016 to 2017, the amount of data being compromised has increased. The people associated with cryptocurrency exchanges are seeing more and more of their data being compromised. The statistics are roughly showing 5 times the amount from previous years.
It has only gotten worse, with the numbers in the beginning of 2018 showing a 700 percent increase. It is believed that most of these security breaches are the result of client carelessness.
Demand for Hackers Increasing
The demand for hackers that can provide ethical services is significantly more than the supply. Positive Technologies is a company which has gauged this niche market. They’ve conducted analyses of websites offering these specialized services. The amount of orders for malicious programs given to hackers is thrice the amount actually being produced.
There are over 10,000 ads, either offering or seeking these specialized services that have been published on several websites on the darknet. Among the demands being made, about a third of the requests have been for hacking e-mail accounts. Less than a tenth of the requests are for hacking social media accounts. Of all the requests made, a third of them have been responded to by hackers.
Last year saw the cryptocurrency market surge spectacularly. This was the time which saw development of malware, which mined cryptocurrencies in secrecy. 20 percent of all the malicious software being created by hackers belongs to that domain. Ransomware attacks have been just over a tenth of the total number of cyber attacks. Most of the cyber attacks have been through crypto jacking, the term given to secretly mining cryptocurrencies.
Censorship Agency in China Hires Cryptographer
The global demand for hackers has increased significantly over the past few years. China on the other hand, is looking for the services of cryptographers. They want to hire a specialist in cryptography to improve their censorship agency. Specifically, it was the Chinese Public Broadcasting Research Institute that published this job opening. It works under the State Administration of Radio and Television. The agency has said that the cryptographer should be adept in blockchain technology and cryptocurrencies.
Blockchain Being Used to Circumvent Censorship
There hasn’t been a lot said about blockchain-related responsibilities for the potential hiring at the agency. The use of blockchain technology to go around censorship and the posting of the job around the same time cannot be a coincidence. According to news reports, Chinese citizens have been using the Ethereum network to share information about a vaccine. The vaccine being distributed by Changchun Changsheng Biotech Company does not meet the state standards.
Chinese internet users have been posting more and more information about the vaccine online. These reports are being deleted from the internet by Chinese authorities but awareness has been created. More and more people are finding out about the vaccine.
A number of Chinese citizens have started to use Ethereum’s public blockchain to share and protect the information. From the looks of it, the hiring of the cryptographer might be used to target said information. The government is incapable of doing it right now and they want to remedy that situation.

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GDPR Could Spell Disaster for Blockchain Innovation

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In a report, the European Union Blockchain Observatory and Forum has made a warning about the GDPR law. The General Data Protection Regulation law came into effect just a couple of months ago and it can cause major problems for the development of blockchain technology.
The EU based blockchain body has stated that there is certain haziness in legal matters. The GDPR law and blockchain technology cannot exactly see eye to eye. The aim of the General Data Protection Regulation is to protect the data rights for individuals. It is also aiming to make free movement of personal data possible within the single market.
According to the blockchain body, as long as the legality between the GDPR law and blockchain technology will remain unclear, there will be problems. The people looking to innovate blockchain technology-based platforms, in and around Europe, will face a lot of uncertainty. The challenges that will come along because of this will be massive. It can become a significant roadblock for the further innovation in the blockchain landscape. Because of this, all the work done by Europe in this field can be stopped.
Data Protection Rights for Individuals
You see, there is one particular point emerging from the General Data Protection Regulation. It will empower individuals to have more control over their individual data. They will be able to amend their data so that it retains a certain sense of accuracy. There are even cases where the GDPR allows them to get the data deleted when they don’t need it anymore. This all sounds very good in terms of individual data protection rights. The problem is that blockchains are immutable databases. Once a record is added, it cannot be changed, modified or deleted. Only more data can be added to it.
When it comes to the GDPR, protection of individual data rights is based on the concept of a central authority. This central body will be held accountable for the protection of the data if things go sideways. When it comes to blockchain, matters are different. They are open and permissionless. All the information on the blockchain is processed by every node on the network. There has never been the concept of a central node or controller. The network works together in a democratic manner to process and verify all the records being added to the immutable database. This is yet another point where the General Data Protection Regulation comes into conflict with blockchain technology.
There is another stipulation. The GDPR can apparently be transferred to third parties outside of the EU based on a condition’s fulfillment. It will only happen if the data is held in a jurisdiction, which offers data protection laws of a similar level as theirs.
Blockchain technology does not function that way at all. There is absolutely no way of regulating where the data will end up. The full nodes across the network exist everywhere in the world. Each of them have a full copy of the database because it’s replicated throughout the network all at once. There is no way to stop this as it’s a purely decentralized digital ledger.
Selective Use VS. Full Replication of Data Set
Another source of conflict is that GDPR was announced even before blockchain technology became popular.
It makes sense. The General Data Protection Regulation was penned down before blockchain technology became commonplace. There was the assumption that a database is nothing more than a place where data is collected, stored, and processed.
When you look at the situation in an optimistic light, you have to remember the fact that blockchain is still in its infancy right now. There is always the chance that it can be developed to ensure the implementation of the GDPR fully.
It remains to be seen how things play out between the disruptive technology and the data protection law.

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State Government in Australia Invests in Tourism Crypto Startup

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There has been yet another major move made by Australia in the world of blockchain. Queensland is the third most densely populated state and the second largest state in size on the continent/country. The state government of Queensland is looking forward to give a grant to a crypto based startup company that focuses on tourism. The officials from the state government believe that this move will massively help boost tourism in Queensland.
The announcement was made on Wednesday by the state government of Queensland on their official website. The announcement revealed that a grant of AUD$8.3 million will be given to 70 different companies in Queensland. The funds will be given to these companies so that they can make blockchain based innovations for the state.
The announcement particularly highlighted the startup business Travelbybit, which is in Queensland. That will be, for all intents and purposes, the headliner for this major move. It has been dubbed as the startup company that will attract more and more tourists to Central Queensland. People will be able to use cryptocurriences to make online sales of travel experiences.
Tourism is The Most Important Industry
This move by the government of Queensland is only logical. The country of Australia is planning to establish a technologically advanced government by 2025. Making major moves like this allows Queensland to align their goals with the country’s goal of moving forward.
Tourism is one of the most important industries of Queensland. TravelbyBit has come up with a very good way to make it easier for tourists to pay for their purchases. The number of businesses accepting payments through the services of this startup is increasing.
TravelbyBit is essentially a point-of-sale cryptocurrency payments application. More than three dozen local businesses, resorts, restaurants, and tour operators are using this in the Agnes Water area. This town is also being dubbed as the first digital currency town of Australia. The very welcome sign for the town has labels of different cryptocurrencies like NEM, Litecoin, Bitcoin, Bitcoin Cash, and Ethereum on it.
As of now, TravelbyBit is focusing on specific cities to introduce the system that it has. They’re making use of cryptocurrencies to make it easier for people coming into cities like Bundaberg to book their holidays. The government of Queensland is investing in the company to make it bigger. They want it to grow larger in scale and create more jobs in Queensland. It has that much potential.
The government of Queensland is going to give a grant of AUD$100,000 to this startup, which will allow the company to revamp. There will be an expansion to add more merchants to the list of over 150 already registered merchants across the country.
The startup is not just stopping there. It has been enabling several retailers at the airport in Brisbane. They are now accepting cryptocurrency payments from travelers arriving or departing from the terminals now. Brisbane airport is the third largest in the country. It is also one of the busiest.
The CEO of TravelbyBit has even announced plans to add Binance Coin. This will increase the number of cryptocurrencies being accepted by the PoS platform. The CEO, Caleb Yeoh, has stated that the funds being given to the crypto startup will be used for the purpose of development. They will grow their team further and start to accept more cryptocurrencies in the future.
The startup has big plans and all of these align with Australia’s move for a blockchain based future. The state government’s announcement is a result of major blockchain movements made by the Australian government.

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Bitmain First Quarter Profits North of $1.2 Billion According to Leaked Data

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A leak in financial data has provided some startling revelations about the cryptocurrency mining giant Bitmain. According to the data, Bitmain’s profits within just the first quarter of 2018 have gone above and beyond a billion dollars. The data has also given some hints about the details of the upcoming IPO for Bitmain.
The data was apparently obtained through an e-mail delivered to Fortune Term Sheet, a media outlet. Apparently, a source that is very close to the company Bitmain sent them this e-mail. This e-mail revealed the mind-boggling billion dollar profit in just the Q1 for the Beijing-based company.
Initial Public Offering by Bitmain
The data obtained by Term Sheet has not yet been published but allegedly, it reveals data about Bitmain being in a fundraising round. According to them, the Beijing-based outfit is trying to get a $400 million worth round from June of 2018. This is apparently going to help them out with an initial public offering (IPO) set to launch later in the year.
The regional news source in China called Toutiao had reported some concrete evidence of the second funding round. This report came to light on the 16th of July in 2018. This increased speculations within the larger cryptocurrency community about a potential Bitmain IPO.
Jihan Wu talked about the possibility of a Bitmain IPO back in June when he was talking to Fortune. Jihan Wu is one of the co-founders of Bitmain Technologies Ltd. He said that the cryptocurrency mining platform is open to possibilities of a listing. It could be in Hong Kong or even in an overseas market. In that case, it would want to be listed in a market which has US dollar denominated shares. These shares have to provide early investors like IDG Capital and Sequoia Capital an exit opportunity.
He went on further to say that the main challenge for the company is to advance the technology further than what’s already been reached. The Beijing-based company is trying its best to stay ahead of the competition and maintain market advantage.
The Data obtained by Term Sheet supposedly also reveals another funding initiative for Bitmain. Apparently, it will see the company be valued at roughly $14 billion US Dollars. This means that the earnings are going to increase eleven-fold.
With the success of a funding round, the cryptocurrency mining company will be able to see an increase of 16 percent in its value in comparison to a recent valuation putting it at $12 billion US Dollars.
Hashing Monopoly by Bitmain Causing Crypto Community to Worry
Bitmain is an example of a highly-successful cryptocurrency-based venture. That being said, not everybody in the cryptocurrency community is excited to see this rise in mining operations. The co-founder of Ethereum, the famed Vitalik Buterin, has recently taken a few quips at the cryptocurrency mining giant. He has also made note of the fact that the company, along with similar ones in the landscape, have control over more than half of Bitcoin’s hashing power.
With the company seeing such immense profits, it seems unlikely that they will let go of such a primary revenue generation source.
The company has increased employment in Israel three-fold and even acquired 20,000 square feet in San Jose.
Hashing Power Surges Forward
With the impending Initial Public Offering and the fast expansion, there is also a massive surge in hashing power for Bitcoin. The data from blockchain.com has shown that there was a massive surge, causing a rise from 36 million TH/s to 50 million TH/s on the 28th of June within the span of a single day. This has sent Bitcoin’s hashrates skyrocketing to record highs.
High hashrates are considered an indicator of what could possibly be a bull run for the cryptocurrency landscape. This sends more and more miners dedicating their hardware so that they can contribute to what they predict will be a mining venture full of profit.

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Steam Pulls Game from Platform Because of Cryptojacking for Monero

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Valve Corporation, the company behind the gaming platform Steam, has sprung into action. It has removed the game called Abstractism from the platform in response to wrongful exploitative actions of the game’s developers involving cryptojacking. The issue came to light when quite a few customer complaints started to roll in about the game. Besides this, there were also issues with the game’s performance metrics which led to the increasing suspicion of crypto jacking.
The game was being marketed as a simple platformer. It would allow the player to take control of a few pixels, which would have to be carried across to the end of the level. In this case, the player would be controlling a simple square situated in a black-and-white landscape. The player’s only task is to make the pixel hop from one wall to the other. This basic objective makes the game sounds like a simple enough game that is entertaining at the same time.
The game was also priced economically, considering the prices of other games on the Steam platform. The retail price of the game was a meager $0.99. There was even a special promotion held which reduce the price by 51 percent. All this transpired until August when the game saw itself being pulled from the platform altogether.
The developers, Okalu Union were the brains behind the game. They published the game in partnership with dead.team. Even though there was a ban on not only the game but also the publishers of the game, there are still apps made by Okalu Union on Google’s Play Store. This has left people wondering whether they have some sort of cryptocurrency mining software hidden within the Okalu Union apps listed on the store.
To make matters a bit shadier, the developers seem to lack any concrete online presence. There is no sign that a website for Okalu Union exists. This makes things a little unclear about their legitimacy.
The other publisher which also faces a ban, dead.team, does have a website. It is just that their website does not exactly qualify for online presence. It is obvious that they abandoned the website soon after creating it. They did not put in any real effort to update the contents. The official page for dead.team only has a couple of entries in total. One was made on the 26th of May this year and the first one was made back in November 2017.
The game is so simple that it will barely need any calculable amount of GPU and CPU processing power. The game even asks the players to keep it on as long as possible for them. When you look at the nature of the game, the request doesn’t make any sense.
Fake Copies of Rare Items
The initial suspicion about the game was noticed by players when it was using too much GPU and CPU processing power. This didn’t make much sense considering the simplistic nature of the game. This turned out to be one of the red flags, which gamers are now aware of and actively lookout for.
However, Abstractism did not stop at that. As if hijacking the computing power of users to mine Monero tokens wasn’t bad enough, the game developers went even further.
It makes sense if one thinks about it. The greedy only get greedier. Their greedy scheme involved selling game items which were similar to the rare items found in other games. Gamers on Steam are extremely passionate about such items. Some vulnerable gamers started playing into their hands and the publishers found an additional revenue generation source.
Several players bought these items thinking they could be used in other games. It turned out that they’re useless in other games. They weren’t even useful in Abstractism itself.
Steam has noticed an increase in such fake games which are cheaply priced. Besides Abstractism, it has been working on removing these games and has removed over 200 games in July alone.