Blockchain is not for all database related projects, says ANZ Associate Director

Maria Bellmas, the Associate Director of Trade and Supply Chain of NAZ Institutional, recently questioned the effectiveness of the distributed ledger technology or the blockchain technology over the traditional systems.
In a recent blog post, the Director of Australia and New Zealand Banking Group Limited [ANZ] claimed that Blockchain technology is “sold as a solution to all of life’s problems” and added that not all projects would benefit from it.
She was of the opinion that even though the blockchain technology had numerous use-cases, it was still not a necessary technology. Bellmas stated that the existing legacy database and technology solutions were better for certain projects and emphasized that the technology was not mature enough. According to Bellmas, existing database systems have already provided solutions for all the issues that the blockchain wants to fix.
The genesis of blockchain was meant for completely eliminating the need for third-party intervention for the execution of transactional settlements, while traditional financial systems were still very much in need of it.
According to Bellmas, the distributed ledger technology has become the go-to technology in the tech ecosystem, whose success was fueled by the Bitcoin boom and the subsequent collapse. The technology raises important questions, despite offering genuine solutions, she asserted.
Citing the example of Chinese blockchain-related projects in 2018, where only 8% of the total 80,000+ projects were still active, Bellmas explained that the technology was not a solution for all database projects.
He Baohong, the director of CAICT’s Cloud Computing and Big Data Research Institute, had earlier compared blockchain to other short-lived contemporary technologies and said that the latter would eventually die out. However, in the case of the blockchain, the director stated,
“In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”
The post Blockchain is not for all database related projects, says ANZ Associate Director appeared first on AMBCrypto.
Source: AMB Crypto

Western Union Ties Up with Stellar-backed Thunes for Direct Mobile Wallet Transfers

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Western Union Ties Up with Stellar-backed Thunes for Direct Mobile Wallet Transfers
With the help of Stellar-backed Thunes, Western Union is going to allow its clients to transfer funds directly to mobile wallets globally.
Western Union Ties Up with Stellar-backed Thunes for Direct Mobile Wallet Transfers

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Source: CoinSpeaker

A San Diego Bank Sees Upsurge in Crypto Customers, Serving 542 Business

Figures for the end of 2018 show that San Diego-based Silvergate Bank saw an upsurge in digital currency customers. Previously, the institution provided banking services for 244 crypto businesses. However, by the end of last year, this figure more than doubled to 542.
About Silvergate Bank
Founded in 1988 as a state-chartered bank, the operations at Silvergate typified that of any other bank. But in recognition of the burgeoning digital currency sector, in 2013 they began actively pursuing digital currency customers.
This move signaled a diversification of strategy in deploying digital assets on deposit across traditional operations, including lending for commercial real estate, mortgage warehouse, correspondent, and commercial business.
The position of Silvergate Bank was considered to be somewhat surprising, given the perceived hostility towards crypto by the global banking sector. Nonetheless, their website reveals an understanding that they see crypto as the future of money. They go on to say:
“We leverage our technology platform and our management team’s expertise to develop solutions for many of the largest U.S. digital currency exchanges and investors around the globe. Our solutions are built on our deep-rooted commitment and proprietary approach to regulatory compliance.”
Misplaced Tribalism
Acceptance of digital currency by traditional financial institutions is a trend that is estimated to continue to grow. With this in mind, Silvergate’s development of infrastructure, to combine the old world with the new, will play a pivotal part in mainstream adoption and acceptance of crypto assets.
As things stand, advocates of crypto generally hold the view that crypto represents the solution to an elitist banking system. And so promote tribalist attitudes against the banking sector. However, in truth, crypto has a symbiotic relationship with fiat. With fiat being the more influential of the pair. For now at least. By actively pursuing crypto companies, banks such as Silvergate, and Bank Frick in Europe, will stand to benefit from the inevitable growth of crypto. Silvergate’s SEC Registration Statement echoes this view:
“We believe that the market opportunity for digital currencies, the need for infrastructure solutions and services and the regulatory complexity have all expanded significantly since 2013. Our ability to address these market dynamics over the past five years has provided us with a first-mover advantage within the digital currency industry that is the cornerstone of our leadership position today.”
Building Out Crypto Infrastructure
The increase in digital asset customers for Silvergate is an encouraging sign for the US crypto market. This news, first reported by The Block, is further heightened when coupled with data that shows customer deposits had increased from $46.4m to $273.9m.

Bear markets are for builders. The calm, the quiet, the disillusionment… while the fickle and fair-weather peer around with nervous insecurity, the builders become the market's foundation, preparing the mortar and stone of tomorrow's towers. #bitcoin
— Erik Voorhees (@ErikVoorhees) September 17, 2018

So, despite the gloom and doom that has dominated headlines of late, we should remind ourselves that the bear market cannot last forever. After all, those behind the scenes are working diligently to develop strong foundations that will sustain better times. Shapeshift CEO, Erik Voorhees sees bear markets as necessary for shaking out weak players. With them gone, crypto businesses can focus on developing quality products and service.
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How Belarus Focused on Bitcoin and Crypto to Grow its Tech Industry

The Belarus government used the growing popularity of bitcoin as a tool to boost its technology sector, reported ZDNet.
The media agency collected quotes from people who were working closely with Belarusian President Alexander Lukashenko in drafting tech-friendly laws. One of them was a lawyer named Dennis Aleinikov, who helped the government draft a bill that would make foreign companies to receive tax benefits in Belarus.
He told ZDNet that President Lukashenko wanted to boost Belarus as a global technology hub, but their oil and the gas-dependent economy didn’t have a budget to run a viral campaign. So, they came up with the plan.
Enter Bitcoin Boom
The entrepreneurs close to President Lukashenko suggested using bitcoin and bitcoin’s popularity to promote Belarus’ tech sector. In December 2017, at the height of the crypto boom, President Lukashenko signed a decree that gave foreign tech companies unlimited access to Belarus tax-free climate. The order enforced 36 types of tax-exempt activities for tech companies.
“Until 2049, there’s zero percent VAT, zero percent corporate profit tax, customs duty, offshore duty, income tax for foreign entities, tax on sales of shares of high-tech park residents, and zero tax on revenues of foreign companies,” Dmitry Titov, the press secretary of the Belarusian high-tech park told ZDNet.
Helped by the decree, the ICO industry also gained legal status in the region.. They could now issue tokens, facilitate bitcoin and crypto trading, and run mining enterprises under a tax-free structure which would expire in 2023.
“Cutting-edge technology [is a] very nice marketing instrument for a little country,” explained Aleinikov. “We decided that it would be good for Belarus to be the first country to make smart contracts legal.”
Shady Companies Approved via Lax Regulations?
Global regulators had – and continue to have – severe concerns about how the ICO industry operates. At ideation stages, crypto startups would go on and raise millions of dollars via tokenized public funding. But, in the end, a majority of them failed to turn up with a working project. As a result, over 85-percent of ICO projects failed, and their investors underwent massive losses, reported Bloomberg. These losses further pushed the cryptocurrency industry in one of its most extended bearish phases.
So, there is a possibility that Belarus, despite its noble intentions, unknowingly allowed shady companies to operate smoothly. A recent example somewhat points in the same direction.
Relex Development, a cryptocurrency-enabled real estate startup, recently received an operational license from the Belarus authorities. At the same time, the firm was facing allegations of insider trading by its community. A Redditor alleged:

“Their CMO was caught in manipulating the community which allowed him to accumulate ~4% of the total supply of RLX. When confronted, the team deflected and pushed this situation off to the side. Months went by and as more investigating was done, more light was brought to the table by seeing the damage the CMO did by using alt accounts on Telegram. The issue was brought up again and at the beginning of December, the CMO “stepped down.”

More info available on this and this link.
Boom is Boom
A few bad examples do not necessarily make Belarus a hotbed for poor projects. Just recently, Belarus approved Currency.com, a tokenized securities exchange which raised $8 million investment from Larnabel Ventures and VP Capital. The trading platform allows crypto investors to but tokens that are linked with stocks on Nasdaq exchange.
At the same time, there are blockchain solutions firm like Intellectsoft and Smartym Pro working as third-party developers for innumerable crypto projects around the globe. Independent and popular blockchain projects like OpenLedger DEX, CopPay, DEIP and Scorum also hail from Belarus’s hi-tech park.
With its friendly regulations, the park has also attracted companies sectors other than crypto. They include firms from machine learning, telecommunications, space, robotics, and information security. Over 260 companies entered Belarus in 2018, leading to an increase in software exports, bring the sector $1.4 billion in FY2018. That earnings were 38-percent more than the previous year.
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Governments Brave Heartedly Invest in Crypto Despite 2018’s Blunder

Many would nod to the fact that 2018 was not a great year for crypto investors. But that hasn’t deterred governments from putting taxpayers’ money into this vortex of permissionless recordkeeping technology.
In just two weeks, the crypto industry received investment commitments from two countries. On March 6, the Argentinian government announced that it would invest in early stage blockchain startups backed by Binance’s venture capital wing. And on March 18, the Australian government unveiled a national blockchain roadmap and committed $AU100,000 to it.

Argentina government 1:1 match our investments for blockchain projects. Kudos to Argentina! Adoption! https://t.co/yBhKm1pJNQ
— CZ Binance (@cz_binance) March 6, 2019

Blockchain and Crypto for National Growth
Both Argentina and Australia are high on incubating startups in the blockchain space, by providing them a proper dose of reasonable regulation and financial mentorship. It is vital to realize that their governments also look at blockchain as a tool to generate high-income jobs for citizens. That explains why those countries have expressed an adamant interest in becoming a global blockchain leader.
Australia’s Minister for Trade, Tourism and Investment, Simon Birmingham, said that their country was already developing blockchain tools for a wide range of industries, including agriculture, fintech, resources, and services.
“Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage,” Birmingham added.
Binance made a similar projection for their Argentinian incubation center, stating that they would mentor local startups through the development and finding them “a product-market fit.” The announcement followed Argentina’s history of restrictive banking that ultimately led to a surge in the number of local blockchain and crypto startups.
A Blind Bet?
As more and more countries start brewing their local blockchain hubs, skeptics doubt if any of these investments would innovate data management on the ground. The history of blockchain is full of failures – from small startups raising millions and billions of dollars using jargon-rich business proposals to their eventual deaths. Meanwhile, the ones that have made to the list of reliables are accused of taking away the critical ingredient of blockchain altogether: the decentralization.
So far, bitcoin is the only project that stands true to the concept of the decentralized blockchain. Even Ethereum, a genuinely remarkable blockchain project, was semi-centralized in the beginning.

That leaves the governments with the question: are they investing in something that would innovative decentralization, or, like many skeptics believe, a million dollar private database? While the answers are as difficult to find as was in the early days of the internet and cloud computing, the countries’ willingness to give blockchain a try sets a good precedent. They realize that there are still problems that traditional technologies cannot address. Billions of peoples are still without a bank account or a digital identity. Millions of voters are still unable to cast their votes. Thousands of potential investors cannot access mainstream markets. The problems are too many to address, with blockchain proposing a solution for each one of them.
Yes, blockchain is a government’s blind bet. But so was space, internet, online banking, and whatnot. Let’s take a leap of faith and believe.
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6 Banks Sign up to Issue Stellar-based Stablecoins on IBM’s World Wire

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6 Banks Sign up to Issue Stellar-based Stablecoins on IBM’s World Wire
IBM announced today that its global payment network, IBM Blockchain World Wire, has enabled payment locations in 72 countries, with 47 currencies and 44 banking endpoints and that it has signed letters of intent with six global banks.
6 Banks Sign up to Issue Stellar-based Stablecoins on IBM’s World Wire

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Source: CoinSpeaker

IBM Executives: Quantum Computing Poses an Imminent Threat to Cryptocurrencies

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IBM Executives: Quantum Computing Poses an Imminent Threat to Cryptocurrencies
Quantum computing is slowly spreading in the digital world with IBM on the forefront with the launch of their quantum computers. It will disrupt the whole crypto world in the near future.
IBM Executives: Quantum Computing Poses an Imminent Threat to Cryptocurrencies

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Source: CoinSpeaker

How Crypto is Beating Charity Fraud and Binance is Bringing Uganda’s Children to School

The topic of charity often brings disparity of opinion. On the one hand, most of us recognize the injustices of the world and want to help those in need. But, given the reports of fraud and misconduct, as well as the sheer scale of problems, it’s understandable why many become numb to the issue. However, crypto and blockchain technology is working to change that.
Charity Fraud
Figures show that more than a third of charity fraud was perpetrated by staff, trustees or volunteers. These findings came about during a study by The Charity Commission. They noted that weak governance, poor financial controls, and excessive trust in key individuals were common factors to the problem. Michelle Russell, Director of Investigations, said:
“charities could protect themselves from internal and external fraud through the robust and consistent application of financial controls.”
With this in mind, it’s clear to see how a decentralized blockchain system and crypto can address people’s concerns over charity.
How Blockchain and Crypto Can Help
A decade on since Bitcoin first paved the way, many institutions are beginning to realize how blockchain is more than financial speculation. With blockchain technology, there exists a significant opportunity for charities to benefit the world.
Blockchains are inherently designed to eliminate corruption and non-transparency in situations involved multiple participants. As well as that, the technology facilitates an audit trail, where benefactors can track donations across its complete cycle.
The implications of this are massive. Blockchain technology has the potential to completely change the way the sector operates, allowing organizations to run more efficiently by eliminating waste, and therefore providing real help to those in need. Also, from a credibility standpoint, use of blockchain would undoubtedly instill greater trust, which is something often lacking in people’s reasoning for not giving.

The Plight of Ugandan School Children
When it comes to important cases, few are more deserving than feeding children. In Uganda, the problems of war, famine, and AIDS make for dangerous living conditions. Here, more than a third of people live below the poverty line, and children are the primary victims of this desperate economic situation.
Binance recently launched their blockchain solution to tackle hunger and access to primary education. The Lunch for Children campaign is asking for 1 BNB to provide a lunch program for children who need your help. Contributing will provide a month’s worth of food for a child in remote African areas. Without which some will be forced to abandon their education.

The 50-Cent Dream: How Blockchain Brings Uganda’s Children Back to School
Read the stories from three of Uganda’s children, whose futures are being built, 50 cents at a time. @BinanceBCF
Make the difference: https://t.co/l0mKM9lmvKhttps://t.co/28fEitmmx4
— Binance (@binance) March 15, 2019

The Solution
The collaboration between Binance Charity and Dream Building Service Association will select schools that serve poor children, and choose reliable food suppliers. Donations made will go to the crypto wallets of children’s parents or legal guardians, who will then use the funds to pay food suppliers. 
This system is a real life example of how blockchain is revolutionizing the charity sector. The verified audit trail of transactions deals with issues related to lack of transparency and accountability. The foundation will collect monthly reports from the school, and provide updates on how the project is progressing. All of which ensures your donations are making a real difference.
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Source: New feedNewsBTC.com

Australian Govt Boosting National Blockchain Roadmap with AUD 71000 Fund

The Australian government is rushing to become a global leader in the blockchain industry. As announced recently, the Federal government of Australia is developing a blockchain roadmap and said to fund AUD100,000 or US$71K to advance the blockchain use-cases in the public sector.
National Blockchain Roadmap and Strategy
The announcement released on March 18 by two Australian Ministries – Ministry for Industry, Science and Technology Karen Andrews and Minister for Trade, Tourism and Investment Simon Birmingham.
The funding of AUD100,000 or $71K by joint ministries aims at positioning Australia as the global leader in terms of decentralized tech. Particularly, the authorities laid out plans to focus on key areas concerning blockchain which includes regulations, innovation, skills and capacity building, investment, international competitiveness, and collaboration.
Although this is not the first time Australian government is committed to innovating the country in terms of blockchain – as per the release, AUD700,000 was the previous investment towards Digital Transaction Agency by Liberal National Government in blockchain for 2018-19. Indeed it was intended to investigate the benefits of blockchain adoption for government payments. In addition, AUD350,000 was funded towards Standards Australia to boost the development of ‘international standards alongside the International Organization for Standardization.
Furthermore, Karen Andrews, Minister for Industry, Science and Technology took to Twitter and opened her mission regarding Australia. She says ‘I want Australia to lead the world when it comes to blockchain technology’.

I want Australia to lead the world when it comes to blockchain technology – that’s why at today’s @ADC_Forum Global Blockchain Summit I’ve announced the Morrison Government is developing a national roadmap & funding for startups to broaden their horizons. https://t.co/5e3mwapDGl pic.twitter.com/Nhy2mhio0U
— Karen Andrews MP (@karenandrewsmp) March 18, 2019

On top of all, she believes that the nation needs to ‘seize the opportunities presented by blockchain’. Adding that, Karen said;
“The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses,”
Contributing the similar thought process, Simon Birmingham, Minister for Trade, Tourism and Investment said that;
“It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors,”
On contrary to the other nations, Australian Govt seems the most active towards upbringing the blockchain revolutions within the country. Subsequently, Simon Birmingham further laid out the upcoming mission of Australia and says that it will connect Australian blockchain companies and startups with customers and investors respectively. This would push Australian companies exploring the global market potential by expanding their business globally.
“Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage,” Simon said.
So readers, do you think Australia is ahead than other countries? share your opinion with us.
The post Australian Govt Boosting National Blockchain Roadmap with AUD 71000 Fund appeared first on Coingape.
Source: CoinGape

VISA Fintech is Building VISA Crypto Team Recruiting Experts

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VISA Fintech is Building VISA Crypto Team Recruiting Experts
Few months ago, we were witnessing the warnings from analysts that Visa and Paypal will possibly be squeezed out from the market from Bitcoin and other cryptocurrencies. Be as it may for Paypal, but VISA Inc. is building a new “Crypto Team”.
VISA Fintech is Building VISA Crypto Team Recruiting Experts

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Source: CoinSpeaker

Bitcoin Educator Jimmy Song Isn’t A Big Fan Of Ethereum (Or JP Morgan Coin)

Over the past weeks, some of the world’s largest institutions, namely Facebook and JP Morgan, have announced intentions to launch blockchain ventures. While many crypto enthusiasts have welcomed this news, there’s one caveat, these projects are likely going to be centralized beyond compare.
And to some, this simple fact isn’t something to be excited about.
Ethereum, JPM Coin, FB Coin — It’s All Permissioned
In a recent debate at South By Southwest 2019 — a tech-heavy, crypto-friendly conference held in Austin — Jimmy Song argued that there are only two subsets of blockchain technologies: private (permissioned) and public (permissionless). In reference to the whole “if you control your own keys, you control your own Bitcoin” argument, Song explained:
 “You either have control over your stuff or you don’t. It’s a zero or a one… Blockchain is really useful for bitcoin. Everything else has a central point of failure.”
Per CoinDesk, the longtime Bitcoin educator and industry commentator then went on to draw attention to Ethereum, noting that he believes it is entirely permissioned. He cites the hack of The DAO, especially the part of the story where developers and other stakeholders reversed the effects of the game-changing imbroglio through a blockchain rollback.

Decentralized: no one can take your property away.
Centralized: someone gives you permission to keep possession of said property.
That's why decentralization is binary, not a spectrum. You either have self sovereignty over your own property or you don't. There is no in between.
— Jimmy Song (송재준) (@jimmysong) March 14, 2019

While Song didn’t explicitly mention cryptocurrencies backed by corporate America, like Jamie Dimon’s newfangled stablecoin or the rumored social media-centric offering from Facebook’s bustling blockchain team, his logic can be extended here.
As the Bitcoin Core client developer isn’t a fan of Ethereum, it would hard to argue why he would be amicable towards JP Morgan’s iteration of Quorum, a private ledger based on Ethereum’s technologies.
Related Reading: Facebook’s “Crypto” Currency Expected to Add Up to $19 Billion in Revenue
Some Crypto Insiders Beg To Differ
Although Song is vehemently against centralized blockchain systems, some industry insiders have been a bit more open to the concept. Per previous reports from NewsBTC, Ari Paul, the founder of BlockTower Capital, noted that while the so-called “coporatecoins” will operate in an intranet-esque fashion, they aren’t all bad per se.
Paul elaborates that while these assets are inherently “uninteresting” to fervent crypto crusaders, who are enamored with censorship resistance, immutability, security, and peer-to-peer systems, centralized cryptocurrencies will “increase global interest dramatically.”

Laying out a hypothetical scenario, the BlockTower chief investment officer notes that 30 million of Facebookcoin users (10% of Paul’s hypothetical audience of 300 million) could eventually “stumble across Bitcoin,” meaning that the (decentralized) cryptocurrency’s community could double in size, no questions asked. Not only would this bolster adoption, but this influx of users would also increase Bitcoin’s network value, thus increasing the actual value of BTC.
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Bitcoin [BTC]: Satoshi’s original terminology is quite different from what it is now

The earliest known reference to a Bitcoin “miner” was coined by Satoshi himself and is present in the Bitcoin source code. To make matters more interesting, Satoshi Nakamoto termed Bitcoin’s technology as “Timechain” and not “Blockchain”, which was mentioned in the source code copies released by Satoshi on November 16, 2008.
Recent tweets posted by Francis Pouliot detailed Satoshi’s terminologies.

Accidentally discovered a mind-blowing artefact of Bitcoin history. I had heard rumors of its existence.
I give you: the pre-release source code of Bitcoin! https://t.co/VeEFHglz2J
Confirmation by Satoshi many had access to code when he mined Genesis: https://t.co/reEQ8nvITM
— Francis Pouliot ₿ (@francispouliot_) March 14, 2019

A user “iasenko” posted the archive copies of the source code posted by Satoshi on Bitcointalk.org. The image attached below shows the earliest reference to Bitcoin miners by Satoshi.
Source: Bitcointalk.org
Francis Pouliot tweeted:
“TL;DR Satoshi got many people to review the Bitcoin source code, so this means he wants the only miner when bitcoin launched… Mindblown: earliest reference to the term BitcoinMiner is in the source code. Satoshi himself invented the term “miner” !!”
Like every currency, Bitcoin also has smaller denominations called “Satoshis”. One BTC is currently equal to 100,000,000 Satoshi. This term was coined by the community in honor of Satoshi, but Satoshi had a different denomination terminology.
According to Satoshi, the smallest denomination was “CENT” and the largest denomination was “Coin”. The mention of it in the source code can be seen in the image attached below.
Source: Bitcointalk.org
Another important terminology lost by the community is “timechain”. In the source code, Satoshi stated:
“A transaction with a merkle branch linking it to the timechain… When they solve the proof-of-work, they broadcast the block to everyone and the block is added to the timechain. The first transcation in the block is a speacial one that creates a new coin owned by the creator of the block.”
Source: Bitcointalk.org
There is more than one mention of “timechain” in Satoshi’s source code. However, some of the terminologies and small details are lost, unless discovered like the ones mentioned above.
@jaybny, a Twitter user, commented:
“why does this matter?”
@YangVentures replied to the above tweet:
“Shows many could have mined Bitcoin at the very start. Exact oppiste of ridiculously huge premines, founder rewards & presales that dump shitcoins on widows and orphans.”
The post Bitcoin [BTC]: Satoshi’s original terminology is quite different from what it is now appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum co-founder Joseph Lubin: Cryptocurrency, blockchain are seeing an ‘astonishing’ rise

Joseph Lubin, the co-founder of Ethereum and the man behind ConsenSys, a blockchain technology solutions company and an incubator for Ethereum-centric start-ups, has hailed the “astonishing” rise of blockchain and cryptocurrency communities.
In a recent video posted by ConsenSys, Lubin referred to blockchain as the technology that pegged trust over everything else. He branded the technology as the “new trust infrastructure”. Lubin added:
“Instead of relying on intermediaries to provide trust, in different situations, in different industries, content creators or service providers or resource providers can directly access and interact with their consumers.”
Prior to the symbiosis of cryptocurrency and blockchain technology, the financial industry looked at blockchain as a medium for “disintermediation”, said Lubin. He added that the financial world was also aware that distributed ledger technology [DLT] would lead to a degree of asset tokenization and creation of digital assets like cryptocurrencies, crypto-equities, crypto-bonds, and asset-backed tokens.
He added that banks were looking at blockchain internally to build shared data repositories. This initial interest enticed them to get into crypto-assets and veer towards dedicating a trading desk for them, as hinted by Goldman Sachs and Barclays.
Content creators, especially in the journalism and music industry, who are in direct contact with their consumers will benefit through the DLT system. Bypassing the intermediaries and direct uploading of content is being implemented by Uju Music platform, which has over 1,000 artists in their creator’s portal and their own unique usage policies for their specific content.
Lubin stated that big record companies that take ’70 percent’ of the entire industry’s value could be replaced with “smart contracts on the Ethereum platform”. The protocol will allow intermediaries like promoters, curators, and writers to participate in the process. However, they cannot rise to a level of authority and deplete value from the content creators.
Another industry that could be propelled with blockchain is journalism. The Ethereum co-founder stated that the current news system is clickbaity and riddled with intermediaries that are dissolving factual content. He stated:
“It’s not about telling the truth, it’s not about subtle narrative. It’s unethical.”
ConsenSys invested $5 million in a decentralized newsmaking platform, Civil, to ferment a direct relationship between journalists and readers. This decentralization in the journalism industry would allow ethics and facts to be brought to the fore, and media houses that operate outside these norms can be booted from the platform.
Blockchain is at the core of the cryptocurrency industry, but Lubin sees it as the catalyst to bettering several industries, not just finance and technology. More importantly, the Ethereum co-founder looks at the financial world’s recent embrace of blockchain as a stepping stone to the decentralized currency realm.
The post Ethereum co-founder Joseph Lubin: Cryptocurrency, blockchain are seeing an ‘astonishing’ rise appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] and Ethereum [ETH] have different niches, says Andreas Antonopoulos

Andreas Antonopoulos, a Bitcoin expert and author of ‘Internet of Money,’ discussed the contrasting use cases and goals of Bitcoin and Ethereum blockchains in a recent interview. He said that the two blockchains’ use cases cannot be performed by the other.
“Essentially the two systems ETH and BTC evolved in divergent directions and they can occupy different niches but they can’t actually occupy the same niches at the same time.”
Even though maximalists from both sides urge that the use cases of one can be performed by the other blockchain, Antonopoulos claimed that it was ‘meaningless.’ He admitted that any blockchain with a different use case can only achieve this partially, and not outperform the original blockchain.
Bitcoin, which strives to become global money, is vastly different from that of Vitalik Buterin’s Ethereum, Antonopoulos said. He asserted that the latter’s core was different from that of the former, not in terms of application, but in terms of design choices and engineering of the two blockchains. He said,
“It’s in its DNA, the two systems have been evolved, not in the random mutation but a direct evolution perspective.”
The author further suggested that the initial design decisions and trade-offs made for Bitcoin facilitated the blockchain to become a very “robust, secure, nation-state resistant, a censorship-resistant form of global money.”Antonopoulos further added that this subsequently attracted a particular set of individuals to come forward with the same vision, strengthening the existing design trade-offs in that direction.
Talking about the design trade-offs in Ethereum, he said that the ETH blockchain was built with “an unconstrained software engineering mentality.” According to him, the developers were looking to address a “broader set of problems to solve.” The design trade-offs for this attracted a different set of people in comparison to Bitcoin.
The author also said that building a trade-off in Ethereum required its own blockchain for it to be meaningful. He also suggested that issues such as scaling in the ETH blockchain were much harder than that for BTC.
The post Bitcoin [BTC] and Ethereum [ETH] have different niches, says Andreas Antonopoulos appeared first on AMBCrypto.
Source: AMB Crypto

Growing Evidence for Institutional Interest in Crypto and Hope for Positive Change

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Growing Evidence for Institutional Interest in Crypto and Hope for Positive Change
Konstantin Rabin, fintech expert and crypto enthusiast, unveils what hides behind the trend of growing interest in crypto by private and public institutions, explaining what perspectives this could bring to the whole industry.
Growing Evidence for Institutional Interest in Crypto and Hope for Positive Change

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Source: CoinSpeaker