Day: August 16, 2020

Standard Chartered Conducts First Blockchain Trade in Bangladesh

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Standard Chartered PLC,  a British multinational banking and financial services company headquartered in London, England, has successfully leveraged blockchain technology to conduct Bangladesh’s first blockchain trade transaction, according to Newage on August 16.  The Standard Chartered bank issued a Letter of Credit (LC) for the trade between garment exporter Viyellatex Ltd and Viyellatex Spinning on the Contour blockchain network. LC is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount.  The entire transaction was reportedly paperless…

DeFi Is the Future Says CZ but Centralized Exchanges Remain More Popular

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With Decentralized Finance (DeFi) gaining steam, exchanges like Binance find ways to co-exist with innovations like DeFi. Binance Co-Founder and CEO Changpeng Zhao (CZ) said DeFi is an innovative space and investing decentralized exchanges will not be a challenge for regular exchanges.  In an interview at the Boxmining Youtube channel, CZ said DeFi makes the space more attractive. In particular, he pointed to automatic market makers (AMM) as a fascinating invention.  “I think DeFi is a really innovative space and I think that’s really good. Initially, when people talk about…

3 People Arrested in Hong Kong for Cheating Bitcoin ATMs

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The authorities in Hong Kong have arrested three people in connection with robberies from six bitcoin ATMs after two cryptocurrency exchanges reported funds being illegally withdrawn from them. 6 Bitcoin ATMs Targeted The Hong Kong Police Force’s cybersecurity and technology crime bureau has arrested three people after two cryptocurrency exchanges filed reports that funds had been withdrawn from six bitcoin ATMs without authorization, the South China Morning Post reported Saturday. The suspects are allegedly core members of a larger syndicate, the police claim. The robberies and arrests took place over…

Top Three Reasons Why Enterprise Blockchain Projects Fail

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In the enterprise realm, blockchain has moved from an experimental toy to a top-five strategic priority. As a technology that can improve security and coordination both within and between enterprises, it is now seen as an important path to digitalization — particularly in an increasingly data-centric business world. However, while high levels of investment into enterprise blockchain projects have been sustained over the last three years, the stark reality is that the vast majority still never make it beyond proof-of-concept. In fact, as few as 5% make it to production…

A Community-Governed DeFi Platform Makes Crowdfunding Decentralized

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Mantra DAO, a community-governed Decentralized Finance (DeFi) platform with a focus on staking, lending, and governance, has announced it has finished its initial membership offering on August 16. In total, the project has raised $5.9 million.  To make the crowdfunding more decentralized and prevent large investors from having too much control of the secondary market, Mantra DAO said it signed a digital Simple Agreement for Future Tokens, or SAFT, after completing know-your-customer activities with every single retail investor. SAFT is an investment contract offered by cryptocurrency developers, normally only to…

Is Asteroid Mining Really Our Best Argument for Bitcoin Over Gold?

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After a Winklevoss encounter highlights Elon Musk’s space mining dreams, maybe we should remind ourselves of the right-here-at-home benefits bitcoin brings. Earlier this week, the Winklevoss brothers introduced Barstool Sports founder Dave Portnoy to bitcoin.  One of the notable parts of the recap video was a discussion of how Elon Musk was set to destroy the value of gold on Earth by mining gold from asteroids.  While much meme fun was had, on this week’s Long Reads Sunday NLW has chosen a selection that looks at how fiat beat out gold…

Blockchain-Backed Social Media Brings More Choice for Users

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As people continue to rethink topics like technology development, economic measures and freedom of speech because of the COVID-19 pandemic, blockchain has now emerged as a solution for many issues. Iva Wisher, co-founder of Ignite, a decentralized microblogging platform, said blockchain may also be a solution against state-sponsored censorship in today’s pandemic-related new normal.  During an interview with Cointelegraph, Wisher clarified that in general, freedom of speech means a “possibility to express any opinion, even an unpopular one, unless this opinion is not a call to violence.” The blockchain technology…

OKEx Oracle: A Secure, Signed Price Feed for DeFi Applications

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The global crypto trading giant OKEx has announced the implementation of OKEx Oracle, a secure signed price feed that serves as a source of reliable on-chain crypto prices for DeFi projects. By making OKEx Oracle available as an API that doesn’t necessitate users to be the platform’s customer, the highly liquid global exchange provides developers with access to dependable, trustworthy price data for use in their own projects. The price feed is an important component when it comes to crypto-based financial products and trading instruments. Sometimes malicious actors exploit systemic…

$217 Million Pour Into Grayscale’s Crypto Funds Following Bitcoin TV Ad Campaign

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Grayscale Investments announced that it has raked in record investments of $217 million the week its TV commercial campaign launched. The company’s crypto TV commercial kicked off on CNBC, MSNBC, FOX, and FOX Business. Following Grayscale, Michael Novogratz’s Galaxy Digital places a full-page ad in the Financial Times. Record Investment Week After TV Commercial In less than a week after Grayscale’s cryptocurrency TV commercial campaign launched, the company says it has achieved the highest weekly investment inflows into its cryptocurrency products. Grayscale debuted a TV campaign entitled “The history of…

Two Attacks on ETC Network Leave Community Needing a Solution, Fast

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Ethereum Classic, a 2016 hard fork from Ethereum’s main blockchain, has suffered multiple concerning network attacks over the last two years. Two such attacks occurred within a seven-day span, totaling millions of dollars in losses. With the dust settling from the two 51% attacks, further details are now coming forward, as provided by a number of industry experts. “There is no debate about the attacks,” ETC Labs CEO Terry Culver told Cointelegraph on Aug. 7, answering a question on whether or not the network difficulties were in fact 51% attacks.…