Day: August 12, 2020

Blockchain Firm Says Banks Need DLT to Manage Identities Better

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Blockchain firm HashCash Consultants claims that banks are “chief arbiters” of people’s identities, and need blockchain technology to do it better. According to an Aug. 11 announcement, “accurate identification of an individual is central to banking activities which makes them the chief arbiter of people’s identities.” Still, the current system is not without its issues: “The existing manual processes make identification time-consuming and susceptible to errors. HashCash aims to streamline the process by helping the partner bank create digital identities for the customers over a decentralized network, where the customer…

UK Slips into Recession as Economic Output Collapses 20% in Q2

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The United Kingdom has witnessed one of its worst GDP contraction during Q2 2020 owing to lockdowns initiated by the government after the outbreak of the coronavirus pandemic. Job losses are on a steep rise as the U.K. economy shows little of recovery in the near term. Coronavirus lockdowns take a huge toll on the UK economy as its contracts 20.4% during Q2 2020. As per the figures released on Wednesday, August 11, the UK has plunged into a recession with two consecutive quarters of contraction. The second-quarter contraction is…

Crypto Porn Startup Says Its New Governance System Is Better than DAOs

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Cryptocurrency pornography startup PornVisory is moving to a decentralized governance structure based on the (decentralized flexible organization) ​DFO standard. According to PornVisory, DFO governance will enable token holders to propose changes and vote on governance aspects that will be subject to community voting. Platform users will need to stack the platform’s PVY Ethereum-based tokens to access the governance system. The announcement comes shortly before the first airdrop of the firm’s PVY token scheduled for the end of the month. DFOs are on-chain organizations that closely resemble decentralized autonomous organizations that…

It’s “Do or Die” For Bitcoin: Here’s Why Analysts Think So

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After peaking at $12,000 this weekend, Bitcoin dove off a cliff, plunging to $11,300 as of this article’s writing. The cryptocurrency followed the price of gold lower, which is down around 7% in the past 24 hours. Bitcoin is still holding above the pivotal $10,500 level but analysts say that the asset is in a “do or die” position. BTC failing to hold current levels could precede a strong leg lower, potentially kickstarting a full-blown bear trend. BTC’s recent price action has not impressed investors, who noted just days ago…

3 Reasons Why MicroStrategy Adopted Bitcoin — And Why Others Will Too

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MicroStrategy has adopted Bitcoin (BTC) as its reserve currency — and stunned commentators by purchasing over 21,000 BTC on Aug. 11. The world’s largest publicly-traded business intelligence company has swapped fiat for Bitcoin as its treasury reserve asset, but the reasons behind it suggest that more big businesses will have no choice but to do the same. Why did MicroStrategy choose Bitcoin, and will others follow? Digital gold In a press release issued on Aug. 11, CEO Michael Saylor went further than most by calling Bitcoin “digital gold.” With no…

Moderna (MRNA) Stock Up 10%, Agreement with U.S. for Vaccine Supply

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Moderna inked a $1.525 billion deal with the U.S. government for the supply of 100 million doses of its promising mRNA-1273 vaccine. MRNA stock is up in the pre-market. The United States Government in furtherance of its ‘Operation Warp Speed’ has arrived at an agreement with Moderna Inc (NASDAQ: MRNA) for the supply of 100 million doses of the company’s mRNA vaccine. The agreement was confirmed by President Donald Trump in a White House Press briefing as well as Moderna in a press release. Valued at $1.525 billion, the U.S.…

Fifth Largest DeFi Protocol Aave’s LEND Token Listed on OKEx

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The leading crypto exchange and trading platform, OKEx has extended support to the popular DeFi platform, Aave by listing its LEND tokens. According to yesterday’s announcement, LEND spot trading against BTC, ETH and USDT went live on OKEx at 9:00 AM UTC, August 12, 2020 – a day after LEND deposits were allowed on the platform. Aave, formerly known as ETHLend has been around since 2017, enabling the creation of money markets by offering crypto deposits and lending facilities. ETHLend transitioned to Aave lending platform at the beginning of 2020…

Indian State of Telangana Is Interested in Using Blockchain for E-Voting

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The Southern Indian state of Telangana may soon develop and test a blockchain-based electronic voting system to facilitate remote voting. Speaking at a webinar conducted by the Election Commission of India and Tamil Nadu E-Governance Agency, the Principal Secretary of Information Technology Jayesh Ranjan suggested that the state may initially experiment with blockchain e-voting on a small scale and later widen the implementation. Members of the Election Commission of India, Ministry of Electronics and IT, India’s citizen engagement platform MyGov and blockchain industry leaders were also a part of the…