Day: February 3, 2020

MIT ‘Spider’ Routing Scheme Could Speed Up Cryptocurrency Transactions

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Researchers at the Massachusetts Institute of Technology have created a new cryptocurrency-routing scheme to speed up blockchain-based transactions. In an announcement  on Jan. 30, MIT claimed that the new solution called “payment channel networks” (PCN) is able to notably reduce blockchain-based transaction times and even boost profits.  As explained, in PCN, transactions are performed with minimal involvement from the blockchain. “Pairs of PCN users form off-blockchain escrow accounts with a dedicated amount of money, forming a large, interconnected network of joint accounts. Users route payments through these  accounts, only pinging…

Blockchain-Based Social Media App Vid with VI Tokens – To Launch April 1, 2020 – After VC $10 million USD Investment in 2019

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Video-centric social media app Vid announced its upcoming launch on iOS and Android. Established in January 2017, Vida allows users to control their data and monetize their memories using AI and blockchain technology which enables its users to create privacy-protected video content while allowing users to monetize content and retain 100 percent of advertising revenue.   The launch comes after a funding round of over $10 million USD in August 2019, with NGC Ventures, one of the world’s leading institutional investment firms, as a key investment partner. Vid’s platform will be…

Zengo Is a Keyless Yet Noncustodial Bitcoin Wallet

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Zengo is a non-custodial mobile wallet that dispenses with private keys in favor of threshold signatures to create two ‘mathematical secret shares’ – one stored on your mobile device, the other on their servers. In other words, there’s no single point of failure and no risk of irretrievably losing your coins in the event of hacking or wallet loss. It’s a novel means of dispensing with seed phrases, but there are some trade-offs to consider. Also read: Bitcoin Verde’s New Project Aims to Promote Bitcoin Cash Node Diversity ‘Safer Than…

IBM Offers Blockchain Solution for Casual Labor Contracts

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Tech giant IBM is developing a new blockchain product that will automate the reconciliation of casual labor contracts. Technology news site CIO reported on Feb. 3 that IBM considers the blockchain particularly well-suited to tackling the pain point for businesses of resolving discrepancies across thousands of casual work contracts. A casual work contract — sometimes known as a contingent work contract — is a non-permanent employment relationship, which typically offers contractees less job security, and often part-time or payment on a piece work basis.  It is thus used for work…

Mastercard Left Libra Association Over Regulatory and Viability Concerns, Says CEO

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Mastercard’s CEO says the firm pulled out of the Facebook-led Libra project after developing concerns over its business model and compliance. Ajay Banga, who has been the CEO and president of Mastercard since 2009, told the Financial Times his attitude towards Libra deteriorated as project members proposed linking what was supposed to be a globally inclusive currency to a proprietary digital wallet, Calibra. “It went from this altruistic idea into their own wallet. I’m like: ‘this doesn’t sound right,’” said Banga. He said that financial inclusion would mean that a…

US Food Inspectors to Test IBM Blockchain for Export Certifications

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IBM is building a blockchain proof-of-concept for the Food Safety and Inspection Service (FSIS), the food safety hawk within the U.S. Department of Agriculture (USDA), that will help it evaluate how blockchain can optimize export certification systems. Confirmed by an FSIS spokesperson, the $269,450 blockchain feasibility assessment will search out efficiencies in a process marred by regulations and often complex, multi-country documentary requirements. FSIS is responsible for certifying that America’s exported meat, poultry and eggs are up to snuff; this means checking them against the U.S.’s standards, and, depending on…

Aztec Protocol Launches on Mainnet

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The Aztec privacy network has officially launched on the Ethereum blockchain on Feb. 1. Using Zcash-based technology, it introduces confidential tokens where all amounts are cryptographically hidden. The network is currently in limited deployment as it only supports zkDai, a private version of Maker’s stablecoin. Other zero knowledge tokens are set to be released in the coming weeks, while full access to custom token creation will be granted in two months, the company says. The Aztec protocol, just like Zcash (ZEC), uses Zk-SNARKs to validate encrypted transactions. When generating a…

Digitized Securities Exchange Gets Regulator’s Go-Ahead

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Capital markets blockchain platform iSTOX has graduated from Singapore’s regulatory sandbox and been approved as a recognized market operator and capital markets services licensee. Singapore’s The Business Times confirmed on Feb. 3 that the platform, developed by blockchain infrastructure firm ICHX Tech, is now fully operational and licensed by the Monetary Authority of Singapore (MAS), the city-state’s central bank. A regulated digitized securities platform MAS, which also serves as Singapore’s financial regulator, launched its FinTech Regulatory Sandbox to encourage local projects to pursue innovative financial products and services within a…

Bitcoin Price Spikes to Three-Month High as Bull Cross Approaches

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View Bitcoin’s ongoing upward trend still looks strong with the 50- and 100-day averages eyeing their first bullish crossover since March 2019. The cryptocurrency looks set to test $10,000 over the next few weeks. A minor pullback to levels below $9,000 may be seen before a stronger rally as the short-duration charts are suggesting bull fatigue. Bitcoin printed a three-month high on major exchanges early Monday with key indicator eyeing its first bullish turn in 11 months.  Prices rose to $9,615 on Luxembourg-based Bitstamp exchange during the Asian trading hours.…

Bitcoin Price Positively Reacts to Asia Stocks Crash amid Coronavirus

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Most of the cryptos grew on Monday amid terrible trading in Asia. After the extended Chinese New Year shutdown, mainland markets finally opened for trading. However, it was not going as it was expected. Bitcoin price was rising as well. However, at the time of writing, it was falling 0.43% to $9,347. Major stock markets in the Asia-Pacific region tumbled by the most since an equity bubble burst in 2015. They resumed trading Monday, in the first opportunity for many investors in China to react to the worsening virus outbreak.…