Apple Bans Cryptocurrency Mining Apps on iOS to Protect Mobile Users

For a time in 2017, “Coinbase” was the #1 application available in the App Store, but Apple is now taking action to stop cryptocurrency on its devices for the sake of keeping users’ devices safe.

The company has set a few rules for developers at the WWDC which states that any apps, including third-party advertisements displayed within them, cannot run unrelated background processes, such as cryptocurrency mining.

Many still wonder if the decision Apple has made makes sense, so Martha Bennett–a principal analyst at Forrester Research–explains:


“Just like with all the cryptocurrency mining utilities you get for PCs (in the shape of apps or browser plug-ins, most of which are malware), they thrash your CPU, and if you’re running on battery, which you almost invariably are on a mobile device, they drain your battery,” Bennett said via email. “Plus, Apple won’t want to be associated with all the shady stuff that’s going on in relation to cryptocurrencies.”


The problem with malware is that siphons CPU is spreading from desktops and mobile devices for the purpose of cryptocurrency mining which is relatively new but has been growing quickly. For example, cryptocurrency mining service “Coinhive” has been known as one of the top spreading malware for its own purpose.

Coinhive” – Monero JavaScript Mining has the ability to hijack a portion of computer power or any device that is used to visit the site. Then, it unwittingly enlists a device to mine Monero cryptocurrency. The practice is known as “cryptojacking.”

A Trend Micro antivirus vendor said, “It’s no surprise that the rise of “Cryptomining” malware has been the reason the rate of cryptocurrency has gone up.”

According to the article, cryptocurrency mining has overtaken ransomware in Northern America in recent years.

“Cryptocurrencies are made through a procedure known as Proof of Work (PoW). PoW powers a PC to extend CPU capacity to solve complex cryptographic-based equations before they’re approved to add data to a blockchain-based, dispersed ledger; those computer nodes that complete the equations condition the fastest are compensated with a portion of digital coins, for example, bitcoin,” as Lucas Mearian of ComputerWorld explains.

Collecting significant cryptocurrencies has turned out to be so popular to the point that the majority of people, including large companies, have set up mining rigs and data centers with a large number of servers for the express motivation behind producing bitcoin or other kinds of cryptocurrencies.

The purchase price of Graphics Processing Units (GPUs) and Application Specific Integrated Circuits (ASICs) has gone up, and many cities have even banned all the mining operations because of the amount of electrical power it uses.

Apple is not the first tech company to take such action in regards to banning cryptocurrency mining. Last April, Google announced that it’ll no longer accept extensions like cryptocurrency mining on its Web Store.

It’s worth mentioning once again that this banning procedure is the best choice, as crypto mining on smartphones is a somewhat unproductive movement in any case; the preparing intensity of this device isn’t sufficient to complete the assignment fast enough to get enough of it. A user’s device would be continuously under load for up to zero rewards, so it is not by any means justified, despite all the trouble over the long haul. Indeed, even work area mining is fading as individuals are understanding that ASICs are the best way to mine proficiently. So it’s for the best that Apple has put a limitation on it so fewer individuals harm their devices.

To view the original article, please click here.

 

Big Tech Ban on Cryptocurrency Advertising

 

While Facebook was the first to ban cryptocurrency advertising, Google soon followed suit by announcing its ban on cryptocurrency advertising on its platform by June 2018. Such sites include Youtube and other websites where Google sells digital ad space (display ads). Last Sunday, Twitter also announced their ban on cryptocurrency ads, as well. So, if all these social ad platforms are closing their doors to the currency, how will marketers advertise them?

As Matthew Frankel from this article said, “The main purpose of Google’s ban could be to protect investors without harming those already currently involved in the industry for the sake of positive development of the blockchain technology business ecosystem as a whole. Still, the reasoning and repercussions of this ban are worth investigating further.”

However described, cryptocurrency ads will be banned from all social platforms (including but not limited to initial coin offerings, cryptocurrency exchanges, wallets and cryptocurrency trading advice) will no longer be served on the web. But it is mentioned that advertisers can request certification with Google starting March 2018 when it is published and ready.

Is it going to be hard for marketers in the industry? Perhaps not…

Now that Google, Twitter, and Facebook (three of the largest internet corporations) have already banned cryptocurrency advertising, it’s safe to assume that the cryptocurrency companies are going to have a bit of trouble promoting their brands.

While most advertisers might be panicking, some advertisers actually say that they don’t see a huge problem. They work with different publishers instead of just using social platforms to advertise. They often use websites which are targeted directly to crypto-investors, or other websites that give news and market insights.
For more updates, please visit www.bitcoinmagazine.com

Can Working Out Really Get You Cryptocoins?

What if we were to tell you that there is an iPhone app that will give you cryptocoins in exchange for walking 1000 outdoor steps? Do you think you’d get out and walk the dog a bit more often? Maybe go on a run? An app called Sweatcoin has risen to the top of the App Store charts since they launched in 2017. For every 1000 steps you take, you’re awarded coins that can be exchanged for goods or services.

More than 5 million users have accumulated on the app in the past year and revenues increased by 266% in the last quarter alone. Not only does the app gain 2 million active weekly users, but it’s still continuing the grow making it one of the fastest-growing fitness apps in the App Store. As of this week, it’s #2 in the Free Apps section with the Google Arts & Culture app beating it out in the first place.

How the Sweatcoin App Works:

By signing up for the app, you agree to connect your health and fitness data and your GPS. Once connected, the app tracks how many steps you take in a day and rewards you with monetary “sweat” value, according to your movements. For every 1,000 steps recorded, the app will pay out .95 in “sweatcoins”. Users can later trade these coins in for fitness gear, workout classes, gift cards, and a number of other offerings. While it tracks all of your steps, the only valid steps are the ones taken outside (monitored by GPS).

While I’m mentioning the pros, I should talk about the downsides. The free version that you signed up with will only give you a maximum of five coins a day. However, there is a way to get more coins, but you’re going to have to fork over some of those sweatcoins to get you in the upper tiers. These tiers allow a higher level of steps per day, getting you to your reward much quicker.

It was mentioned in this article that the startup has now raised its own coin to the tune of $5.7 million in seed funding from Goodwater Capital. This led to the round Greylock, which participated in Discovery Fund, Rubylight, Seedcamp and SmartHub, as well as a number of angels, including Justin Kan and Rain Lohmus.

While the overall concept is fabulous, there are some complaints on the app as stated in this article, such as, “The biggest downside for me was feeling like Sweatcoin’s behavioral engineering cheapened important experiences. When I used the app, instead of concentrating on the friends I was walking with, I kept checking to see how close I was to be able to redeem my sweatcoins for that Fitbit. No trinket or gift card is worth that distraction.”

Co-founder Anton Derlyatka also told TechCrunch he’d like to “even include the ability to pay taxes with sweatcoin” in the future. Another co-founder Oleg Fomenko also mentioned plans to develop an “open-source blockchain DLT technology that will allow Sweatcoin to be traded like any other major crypto- or fiat currency.”

“It’s a tool, a hack, to help all of us, not just the select few, to remain fit,” said Oleg Fomenko.

If you’re interested in the app you can download it on either iOS or on Google Play and start earning your sweat equity today.