Proof-of-stake blockchain NEM (XEM) is preparing for a token migration in December alongside the public launch of the Symbol (XYM) blockchain. Speaking to Cointelegraph, NEM Group CIO and NEM Ventures managing director, Dave Hodgson, revealed that Symbol will host at least two products at launch. Symbol will host the Wave Financial Whiskey Fund, which offers a tokenized representation of ownership in 25,000 barrels of 2020-vintage bourbon worth more than $4 million. The platform will also host LBCOIN, collectible crypto assets that commemorate Lithuania’s 1918 declaration of independence issued by the…
Month: October 2020
75 crypto exchanges have closed down so far in 2020
As least 75 crypto exchanges have closed down due hacks, exit scams or simply disappeared for unknown reasons so far this year. According to the Crypto Wisser Exchange Graveyard five of the exchanges, including Hotbit, FinexBox, and WCX, were labelled as scams, and four including Altsbit, and Nerae, were flagged as being hacked. In total 31 were shut down voluntarily while 34 were labeled as ‘MIA’ for disappearing with no explanation. Dutch exchange NLexch, and Chilean Chilebit were the only two flagged as being shut down by their respective governments…
Crypto exchange refuses to name names for Belarusian government
Ukraine-based crypto exchange Kuna.io is refusing to provide personal information about individuals who could potentially be labeled as dissidents by the government of Belarus. According to an Oct. 5 Facebook post from Belarus Solidary Foundation, or BYSOL, founder Andrej Stryzhak, Kuna has stated it will not comply with an official request sent on Sept. 30 by Belarus’ Department of Financial Investigations, or FDI, under the country’s Committee of State Control. The department requested personal information on Belarusians who had received funds through BYSOL, insinuating that they may have been involved…
$9,100 Bitcoin price possible if volume and price action stay sideways
The markets have been relatively dull for the past 2 months as the price of Bitcoin (BTC) has been sustaining between the $10,200-$11,000 range. In recent days, the range has been narrowed even further, leading some traders to forecast a breakout. However, Bitcoin’s price hasn’t been showing any direction, while altcoins have taken a downward slope. The majority of the markets have been in massive corrections and this isn’t a strong signal for the total market. Bitcoin price is stuck in a sideways range BTC/USD 1-day chart. Source: TradingView The…
Blockchain-backed food supply chain management solves the problem
Food supply chain management, or FSCM, has long been put forth as a low-hanging-fruit application in the enterprise blockchain space. Now, after years of pilots, the verdict is finally in: Blockchain-supported FSCM works perfectly. For innovation managers in food companies that haven’t yet dabbled, this is your chance. The big players have put in millions of dollars to prove the efficacy of the tech. All you have to do now is figure out the right application for your business. Of course, there are still risks — and in this article…
DBS and Standard Chartered to launch blockchain platform to curb trade finance fraud
The Singapore-based multinational banking entity DBS and Standard Chartered have completed the proof-of-oncept of their blockchain trade finance platform called the Trade Finance Registry. The two entities developed the PoC in collaboration with 12 other banks on top of the blockchain platform of Singapore-headquartered company dltledgers. dltledgers told Cointelegraph that the banks involved in the project now intend to launch the platform for commercial use by central banks around the globe. While the platform will first be used by the Monetary Authority of Singapore, the entities involved in the project…
Port of Rotterdam testing blockchain and AI for renewables trading
The Port of Rotterdam’s blockchain subsidiary, Blocklab, has been trialing a decentralized electricity trading system to help lower costs and optimize the use of renewables on its microgrid. The system, called Distro, has been jointly developed by Blocklab and S&P Global Platts, and has been operational as a trial for two months. Distro uses blockchain technology, smart contracts, and artificial intelligence to support the decentralized and high frequency trading of renewable energy by commercial consumers looking to optimize and manage their energy use. It matches demand with the intermittent power generated from…
Bitcoin Forms Pivotal Long-Term Uptrend Signal Last Seen in 2014
Bitcoin has traded in a relatively tight $2,000 range over the past two months after a rejection in the $12,000 region. The slow price action in the leading cryptocurrency also comes as legacy markets, such as the S&P 500 and precious metals, have undergone some stagnation. Bitcoin’s inability to break higher after retaking crucial long-term supports has led some investors to fear that the cryptocurrency market is primed to see a strong reversal lower. Fortunately for bulls, it was just confirmed that a long-term uptrend signal just recently confirmed that…
These China-based notaries are using the Blockchain to manage their client’s cases
40 firms have used Shanghai’s blockchain-powered notary platform to handle over 3,000 cases since its launch in January. According to Jiemian, the “Hui Cun” platform (which is managed by Shanghai Xuhui Notary Public) is a blockchain-based electronic data storage protocol that exercises notarization functions. It stores pictures, videos, and screen recordings on the platform via a blockchain network. These files are then preserved for use in litigation. Shanghai’s Xuhui Notary Public Office claim that the platform allows them transparently preserve evidence, and drop notarization costs by an average of 44%. Pan…
No single blockchain can carry all of DeFi right now, MyEtherWallet founder says
Most of decentralized finance’s potential scaling options come at the cost of decentralization, according to Kosala Hemachandra, founder and CEO of crypto wallet solution MyEtherWallet. “From a perspective of fully decentralized blockchains, there’s no blockchain that has a good enough scaling solution to support this many transactions,” Hemachandra told Cointelegraph in an interview. “When you think from that perspective, Ethereum is the best solution out there.” DeFi has boomed in 2020, with Ethereum arguably being the top choice for most of the action, according to Hemachandra. As a result, scaling issues have surfaced in the…