Day: September 24, 2018

New Study Argues Tether Wasn’t Used to Prop Up Bitcoin Price

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Following an earlier report by researchers from the University of Texas alleging that stablecoin Tether (USDT) issues new tokens to manipulate the bitcoin price, a new report has emerged debunking this theory. Written by Dr. Wang Chun Wei of the University of Queensland Business School, the report states that, contrary to the conclusion of the earlier study by John Griffin and Amin Shams, the effect of Tether is statistically insignificant as far as bitcoin pricing is concerned.  Lack of Supporting Evidence According to Wei’s report, which uses VAR analysis —…

Bank of America Files New Patent for Multiple Digital Signatures on a Distributed System

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The U.S.’s second-largest bank, Bank of America (BofA), has filed a new patent for adapting multiple digital signatures in a distributed network, according to a U.S. Patent and Trademark Office (USPTO) filing published September 18. The new patent proposes a system for managing data communication from Internet-connected devices. The document underlines that “the invention provides automated determination of which devices are communicating to which third-party entities and, in some embodiments, the type of data being communicated to such third-party entities.” BofA’s proposed system addresses devices within an Internet of Things…

BTC/USD Reverses from Bear Flag Top

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Bitcoin on Monday depreciated more than 2 percent against the US Dollar from its bear flag top from Saturday. The BTC/USD kickstarted Asian trading session by consolidating sideways near-term between 6688-low and 6722-high. The pair in the absence of upside sentiment started losing positions to shorts. As a result, it fell as low as 6580-fiat at the beginning of the European trading session. Ever since, BTC/USD is attempting a weak bounce back, valued above 6600-level at the time of this writing. BTC/USD Technical Analysis The BTC/USD expects to either consolidate…

Vitalik: Ethereum (ETH) Can Scale to 500 tps Using ZCash’s ZK-SNARKs

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The ability for the Ethereum (ETH) network to scale and provide a greater throughput than the current 15 – 25 transactions per second (tps), has been the subject of debate for quite sometime now. Some have even postulated that Ethereum could continue dropping in the markets as other fresh and faster blockchain projects are being developed to handle higher tps. Proposed Ethereum Scalability Solutions There has been three methods that have been proposed to increase the throughput on the Ethereum network: Sharding – allows for nodes and transactions to be divided…

Exchange Aggregator Compares Prices, Allows Trading on Top Platforms Without an Account

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The number of digital asset exchanges has exceeded 200. Many offer different functions, exchange fees and niches that give them a competitive edge. With so many choices, it’s hard for a novice cryptocurrency trader to pick an exchange, and it can also be tricky for more experienced traders to decide where they’ll move to next.   CoinSwitch.co is a cryptocurrency exchange aggregator site backed by venture capital firm Sequoia Capital. CoinSwitch provides vital information for new and experienced users, and acts as a gateway to many reputable cryptocurrency exchanges for…

Spain to Develop Blockchain Tech Application for Transparency in Forestry Industry

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The Spanish Ministry of Agriculture, Fisheries and Food plans to apply blockchain technology to develop the forestry industry, local news outlet EuropaPress reported September 21. The operating group, entitled ChainWood, aims to improve the traceability and efficiency of the wood supply in Spain by implementing blockchain technology in industry logistics. ChainWood is a group of eight partners from different Spanish regions, including Galicia, the Community of Madrid, Andalusia, Castilla y León, and Asturias. The operating group was created with funding by the Ministry of Agriculture, Fisheries, and Food, the Directorate…

Russian Raiffeisen Bank Branch Issues Digital Mortgage Using Blockchain

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A Russian subsidiary of Raiffeisen Bank International has issued an electronic mortgage using local blockchain platform Masterchain, local business newspaper Kommersant reports Monday, September 24. The document containing data on the parties in the transaction, the credit loan and its duration, and the property purchased was published in a decentralized depositary system (DDS). The DDS is based on Masterchain — a Russian network for transferring valuable data via blockchain — which a group of major local banks led by the Central Bank of Russia has been developing since 2016. According…

Vitalik Says Ethereum Can Scale to 500 tx/s Using Zcash Technology

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Ethereum co-creator Vitalik Buterin has a plan to scale the Ethereum network to accommodate a ~3,200 percent increase in transactions without the use of second-layer technologies such as Plasma. Buterin: ZK-SNARKS Could Help ETH Scale to 500 tx/s Writing on an ETH research forum in a post originally published on Saturday, Buterin said that Ethereum can borrow a technological innovation from privacy-centric cryptocurrency Zcash to “mass-validate” ETH transactions. That technology, ZK-SNARKS, allows relaying nodes to “verify the correctness of computations without having to execute them” or “learn what was executed,”…

Italian Soccer Club Juventus Follows France’s Paris Saint-Germain to Launch ‘Fan Token’

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Major league Italian soccer club Juventus announced Monday, September 24, it will launch its own cryptocurrency “fan token,” two weeks after a similar announcement from Paris Saint-Germain. The product of a partnership with “blockchain-based fan engagement platform” Socios.com, the Italian club aims to release its “Juventus Official Fan Token” as soon as Q1 next year. Like France’s Saint-Germain, which revealed its Fan Token plans with Socios earlier this month, Juventus aims to use the tradeable asset principally for fan voting and polling. The club currently ranks top in Italy and…

WEF — Blockchain Could Improve Multiple Spheres of Global Economy

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If recent reports come to fruition, blockchain technology has the potential to have a massive financial impact on the global trade industry. The World Economic Forum (WEF) released an optimistic outlook for the global economy, which would be driven by the impact and adoption of blockchain technology in the next 10 years. According to the organization, blockchain could bolster global trade to the tune of $1 trillion by 2028. The report, “Trade Tech – A New Age for Trade and Supply Chain Finance,” looked at the effect distributed ledger technology…