Daily Archives: May 21, 2018

nChain Acquires Majority Stake in HandCash Wallet for Bitcoin Cash

LONDON, May 21, 2018 /PRNewswire/ — nChain Group, the leading blockchain research and development group, has closed deal terms to acquire a majority stake in HandCash.  HandCash is a Bitcoin Cash mobile wallet which uses near field communication (NFC) technology to make it as easy for users to send Bitcoin Cash to someone as if they were handing cash.  The deal was made through nChain Group’s investment entity, nChain Reaction Ltd.

HandCash was co-founded in Spain by Alejandro Pascual Agut and Rafael Jiménez Seibane. With NFC technology, the mobile application allows mobile wallets to complete instant transfer of Bitcoin Cash funds with each other through “contactless” means once users’ mobile devices are in close proximity to each other (similar to contactless credit card and Apple Pay functionality).

HandCash co-founder Alex Agut explains:  “Bitcoin was conceived to be peer-to-peer electronic cash.  We wondered why Bitcoin was not being used like cash.  That gave us the idea to create a wallet application that allows you to send Bitcoin in a way that resembles handing someone cash, by merely placing a sender’s mobile device close to the recipient’s device.  That’s why we named our project HandCash.  We also knew the application could only work on Bitcoin Cash, with its low fees and instant confirmations.”

HandCash also makes it easier to send Bitcoin Cash without having to ask for a complicated receipt address or even a QR code, as most current Bitcoin applications require.  Instead, users can identify and send funds to each other using “handle” names.  In addition, users can keep their funds safe with easy ways to back up their wallets on the cloud or inside any NFC chip.

HandCash also supports growth of Bitcoin Cash for merchant payments, with plans to create easy “contactless” payment mechanisms at the retailer point-of-sale. Its anticipated payment features will ignite greater merchant adoption of Bitcoin Cash.

HandCash co-founder Rafa Seibane remarks: “In addition to financial investment, nChain will provide us access to its research, intellectual property and deep Bitcoin Cash expertise.  We believe this technical support will give HandCash advantages in becoming a leading Bitcoin Cash wallet and payment system.”

nChain Group CEO Jimmy Nguyen comments: “For Bitcoin Cash to grow, user interfaces need to become better and easier to use.  We are impressed with HandCash and its vision for simplifying the Bitcoin Cash transaction process to a contactless approach.  nChain is thrilled to support HandCash on its journey to make Bitcoin Cash wallets and payment systems easy to use around the world, and to ignite global adoption of Bitcoin Cash.”

nChain’s deal with HandCash follows just days after the May 15, 2018 protocol upgrade for the Bitcoin Cash network.  This recent upgrade implements two key changes:

  • Increasing the default size of blocks on the Bitcoin Cash blockchain from 8MB to 32MB; and
  • Restoring certain OP_Codes for advanced functionality.

The BCH 32 MB default block size is significantly larger than Bitcoin Core (BTC)’s small 1 MB block.  This larger block size allows BCH network capacity to be over 8 million transactions per day, which is more than PayPal processes.   This ensures usage of BCH can rapidly grow while maintaining the capacity needed to process greater transaction volumes, at fast speeds, but keeping fees very low.   The upgrade validates HandCash’s vision in creating its wallet product for Bitcoin Cash.

Website:  nChain.com
Twitter:  @nChainGlobal

ABOUT NCHAIN GROUP: The nChain Group is the global leader in research and development of blockchain technologies.  Its mission is to enable massive growth and worldwide adoption of the Bitcoin network – focusing on Bitcoin Cash as the true Bitcoin.  The nChain Group includes these business units:  1) nChain Limited – a blockchain research and development service provider in London, United Kingdom; 2) nChain Holdings Limited – a intellectual property holding and commercialization company; 3) nChain Reaction – an investment entity which supports ventures that have Bitcoin Cash products or applications; 4) nCrypt – a Bitcoin wallet and exchange in Canada; and 5) BMG Operations – a Bitcoin Cash mining operation.

Logo – https://mma.prnewswire.com/media/694400/nChain_HandCash_Logo.jpg

Premier Sefora Ntombela congratulates Free Stars on 2018 Nedbank Cup victory

The Hon. Premier of the Free State, Mrs. Sefora ‘Sisi’ Ntombela, pays tribute to Free State soccer team, Free State Stars, for emerging as the winners of the 2017/2018 Nedbank Soccer Cup after recording a 1-0 victory over Maritzburg United during yesterday’s final match.

Ea Lla Koto, as the team is fondly called, made history by not only being the first Free State team to win the tournament, but for also being the best team from outside of Gauteng province to win the Nedbank Cup. Since 2008/09 until 2016/17, no team from outside Gauteng has ever won the tournament.

We honour Free State Stars for the history they have made. Our efforts to assist local sport has indeed borne fruits. We are proud of Ea Lla Koto, the Premier said in jubilation. On this same month of May in 2017, the Free State Provincial Government extended support of R2 million cash boost to both Bloemfontein Celtic and Free State Stars, the only Free State soccer teams currently competing in the Premier Soccer League (PSL).

At the time, the two teams were facing tough relegation battles in the PSL, and the Free State Provincial Government took a conscious, unprecedented move to advance that financial boost, in an effort to assist these teams to survive their relegation woes.

As part of the cash boosts, both teams entered into Service Level Agreements with the provincial government, tom ensure that there was proper monitoring of expenditure against performance.

We are happy that our support to the two teams is bearing fruits, contrary to criticisms we received at the time. Thanks to our support, as well as the support by the people of the Free State, both teams survived relegation in the previous PSL seasons, and now one of the teams, Free State Stars, has won one of the country’s premier soccer tournaments; ,the Nedbank Cup. We reaffirm our position that, working together, we can do more. We congratulate Free State Stars on their historic victory, the Premier said.

The Free State Provincial Government remains convinced that through sport, we can enhance social cohesion, encourage healthy lifestyles, and develop a better nation. The Free State Provincial Government shall continue to support all sport initiatives in the province, as well as all initiatives that seek to encourage unity and nation-building because, working together with all stakeholders, we can do more to build a better society.

Source: Government of South Africa

Government activities for 21 to 27 May

Government has scheduled the following briefings/activities for the week 21-27 May 2018. The activities, which are aligned to the National Development Plan and outlined in the Medium Term Strategic Framework 2014-2019, are undertaken to build a better South Africa.

Minister for the Public Service and Administration, Ms Ayanda Dlodlo will Monday, 21 May, host a media briefing to formally announce Government position on the conclusion of the Public Sector Wage negotiations at Tshedimosetso House, GCIS offices, Hatfield, Pretoria. The briefing follows conclusion of the Public Service Coordinating Bargaining Council Wage negotiation processes. NB: There will be a video link up to Imbizo Media Centre, Parliament, Cape Town

The Minister of International Relations and Cooperation Ms Lindiwe Sisulu, will on Monday, 21 May, participate at the G20 Foreign Ministers Meeting taking place in Argentina. Minister Sisulu is also expected to hold bilateral meetings with various Ministers on the margins of the G20 Foreign Ministers Meeting including BRICS Ministers in preparation for the upcoming BRICS Ministerial Meeting and BRICS Summit.

On Monday, 21 May, the Minister of Sport and Recreation, Ms Tokozile Xasa will officially handover the Gertbooysen Sport Facility at Swellendam Railton Sport Facility at 13h00.

The Deputy Minister of Social Development, Ms Hendrietta Bogopane-Zulu, will on Tuesday, 22 May, launch the Khanyiselani Development Trust White Door Centre (Safe Space of Hope) in Kokstad, KwaZulu-Natal at 11h00. The Trust forms part of the department’s mission to build a caring society for all South Africans.

The Minister of Water and Sanitation, Mr Gugile Nkwinti, will outline the Department’s plans for the 2018/19 financial year during his Budget Vote presentation in the National Assembly on Tuesday, 22 May 2018 at 10h00.

The Minister of Arts and Culture, Mr Nathi Mthethwa, will outline the Department’s plans for the 2018/19 financial year during his Budget Vote presentation in the National Assembly on Tuesday, 22 May 2018 at 14h00 pm.

On Wednesday, 23 May, the Auditor-General Kimi Makwetu will release the audit results of the country’s municipalities for the 2016-17 financial year. The briefing will be held at Imbizo Media Centre, Cape Town. NB: There will be a video link to Tshedimosetso House, GCIS offices in Hatfield, Pretoria.

On Wednesday, President Cyril Ramaphosa will present the budget allocation for the Presidency (Vote 1). The debate on the Presidency’s budget allocation will follow on Thursday

All members of the media are advised that the media briefings/activities are subject to change. However, the GCIS will update the media through advisories.

Source: Government of South Africa