Connect with us

Blockchain

Blockchain in 2020 Part 1

How does blockchain in financial services avoid the trough of disillusionment?

Republished by Plato

Published

on

How does blockchain in financial services avoid the trough of disillusionment? What will 2020 bring for an industry that is trying to move on from the buzz and look for real world implementation opportunities? Can Libra come back? Will the real Satoshi Nakamoto announce themselves and go on a highly publicised and lucrative academic tour? All will be revealed.

The industry is besotted with buzz around the latest technology. How this is going to change the world, make you rich, make your life easier and cause world peace; all within a moment of your early adoption. Fintech is full of what we like to call ‘early adopters’; organisations who are at the vanguard of embracing these new technologies in order to improve their processes or their offering to the client.

Blockchain is one of the ultimate examples of a technology that has come, been seen and been hyped to the nth degree. Just look at the price of bitcoin over the past 5 years; to see the volatility around this. However, with the perceived failure in adoption of Facebook’s cryptocurrency, Libra, and the slow nature of real enterprise adoption; is blockchain now in the trough of disillusionment?

I put this question to a few members of the FinTech Connect Blockchain Advisory Board, to get their opinions on what may await the industry in 2020. It is clear there is a mix of opinions on whether 2020 is a year of stagnation or celebration. Their viewpoints reflect an industry that is still going through a rapid period of change.

“2020 is shaping up to be a year of getting real with distributed ledger and blockchain technology enterprise context. Most companies experimenting in this space have by now figured out what this technology can and can’t do and found out that there’s a lot of work on network operations and governance levels that needs to be sorted out before moving into real production with any of these new value networks. While blockchain “inspired” technology offers some clear benefits in data governance, data protection and business rule enforcement for example, all the hard work in network building still needs to be done the old way: by sitting down with peers to create a collaborative network infrastructure and all the rules and agreements that come with it.“

Ville Sointu, Head of Emerging Technology, Nordea

“The cards are aligning for 2020 to be a big year for blockchain – particularly in five areas: (1) increased narratives around bitcoin as global macro hedge, (2) continued evolutions of stablecoins and central bank digital currencies, (3) digital securities finding meaningful traction, (4) further experimentation in the DeFi space, and (5) privacy emerging as a key theme across these efforts. With the right regulatory environment(s), we’re excited to see increased blockchain innovation and investment this year that will set the stage for the industry for years to come.”

Patrick South, Vice President of Development, Chamber of Digital Commerce

“2020 will be a year of failures and successes, with some failures disguised as successes.  Some companies will struggle to find their value within the industry and run out of funds while others might seize the opportunity to sell themselves before others realise that they have a limited lifespan by themselves.  However, there will be many successes as well.  Existing players will evolve their technology or business models to release more mature products.  The exploratory efforts of large financial institutions around the world will come to fruition as more and more of them announce transactions powered by blockchain technology.  In a year where we see some companies fade away, we’ll also see continued progress for the industry as a whole, this time led by not by blockchain startups and crypto funds, but by traditional financial institutions.”

Jor Law, Blockchain Consultant & Advisor

There are very different opinions here, and ones that show still a real excitement, amongst the potential for cynicism. Come back in a couple of weeks for the second part of ‘Blockchain in 2020’; where we will have more opinions from the industry about where DLT implementation will be heading in 2020.

Source: https://www.fintechconnect.com/blockchain/articles/blockchain-in-2020-part-1

Blockchain

The Countdown: Cardano (ADA) to Reach Full Decentralization on March 31st

Republished by Plato

Published

on

Less than a year after launching its IOHK-owned network of federated nodes, Cardano is on schedule to reach full decentralization at the end of March 2021. At that point, the already established network of over 1,800 community pools will be responsible for producing all new blocks.

Cardano Goes for Full Decentralization

With the approaching so-called D (=0) day, IOHK, the company behind the popular blockchain project Cardano, published a post highlighting the latest milestone in its development.

Cardano is on track to get out of the realm of centralization in less than a month. The post explained that upon the release of the Shelley update in July 2020, the developers built the network in a way that every block was produced by IOHK’s network of federated nodes.

This caused some confusion within the cryptocurrency community as such an approach was the “antithesis of decentralization.” However, the statement justified this somewhat controversial decision with enhanced security – “a wise approach for the near term while the stake pool operator (SPO) network got up and running.”

Furthermore, Cardano’s developers built in an automatic readjustment process, which reduced the parameter that governs what percentage of transactions are processed by the genesis nodes (referred to as d) at a rate of 0.02 per epoch. This means an increase by 2% in community block production every five days.

ADVERTISEMENT

Thus, the community received a more significant role in block production over time, which led to the current situation – only 12% of blocks are produced by federated nodes. The number will continue to gradually decrease until it reached zero (also known as D=0 Day) on March 31st.

Upon doing so, the network will become “fully decentralized,” as “D=0 pushes power to the edges.”

ADA Price Update

While the Cardano community is patiently anticipating the D=0 day, the native cryptocurrency has been on a roll since the start of the year, despite the recent retracements.

ADA entered 2020 at about $0,18 before it skyrocketed to a new all-time high just shy of $1.5. Following this 730% surge, the asset retraced slightly intact with last week’s market crash but has remained well above the $1 tag.

Naturally, ADA’s price surge impacted the market capitalization as well. As such, ADA surpassed other altcoins like Binance Coin and Ripple and is currently the 3rd largest cryptocurrency by market cap.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cryptopotato.com/the-countdown-cardano-ada-to-reach-full-decentralization-on-march-31st/

Continue Reading

Blockchain

Ripple’s CEO: SEC Lawsuit Did Not Affect Business in Asia Pacific

Republished by Plato

Published

on

Ripple’s CEO Brad Garlinghouse told Reuters in an interview today that the company is still conducting and growing its business in the Asia Pacific region despite the SEC legal case against Ripple and its executives. 

The last four months have been some of the toughest for Ripple after the company was slammed with a $1.3 billion lawsuit by the United States Security and Exchange Commission (SEC). The regulator alleged that Ripple and its executives, including Garlinghouse, conducted an unregistered securities offering using XRP. 

News of the lawsuit spurred panic, and some major crypto exchanges offering services to U.S. clients were quick to delist XRP from their platforms. Ripple’s partner Moneygram also pulled the brakes on its alliance with the company following the SEC fiasco.

The price of XRP suffered severely, and the once-third-largest cryptocurrency by market cap now ranks seventh on CoinMarketCap.

No Fallout In Asia

Despite the company’s mishap in the United States, Garlinghouse noted that Ripple has continued its operation without hassle across Asia, especially Japan, thanks to the regulatory clarity in the region. 

ADVERTISEMENT

“It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in Asia Pacific. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,” Ripple’s CEO said during the interview.

Garlinghouse believes the lack of a clear regulatory framework for cryptocurrencies in the United States is a hindrance to innovation and the SEC lawsuit is an attack on all crypto. However, he said that Ripple will not let the regulator bully the industry.

An Attack On All 

The CEO, alongside Ripple’s co-founder Chris Larsen, recently filed two separate motions, calling for the dismissal of the lawsuit against them and the company. 

Garlinghouse described the SEC action as a “regulatory overreach.” Ripple and its executive want US regulators to treat XRP as a virtual currency just like Bitcoin and Ether, but the SEC continues to insist that it is a security. 

With a settlement very unlikely at this point, both parties have agreed to August 16, 2021, as the discovery phase deadline, during which they will present all evidence and argument.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cryptopotato.com/ripples-ceo-sec-lawsuit-did-not-affect-business-in-asia-pacific/

Continue Reading

Blockchain

Bitfury’s US Bitcoin mining subsidiary to go public via $2B SPAC merger

Republished by Plato

Published

on

Cipher Mining Technologies Inc. a subsidiary of blockchain development firm Bitfury has inked a $2 billion merger deal with Nasdaq-listed Good Works Acquisition Corp — a special purpose acquisition company, or SPAC. Both companies have entered into a business combination agreement.

According to a press release issued on Friday the merger will see Bitfury’s U.S. Bitcoin (BTC) mining enterprise become a publicly-listed company under the banner Cipher Mining Inc.

In addition to the combined $2 billion valuation for Cipher, investors like Morgan Stanley-backed Counterpoint Group and Fidelity Management and Research company will also lead a $425 million funding round.

This additional cash influx will proceed via a private investment in public equity, or PIPE, funding round. Bitfury will also provide a $50 million investment-in-kind to add to the $170 million left over from the October 2020 Good Works initial public offering, thus setting the combined company’s gross cash holdings at $595 million.

Commenting on the merger, Cipher Mining CEO Tyler Page remarked that the deal was a significant step in the emergence of properly capitalized Bitcoin mining enterprises, adding:

“With this transaction, we will be able to combine the formidable skill sets and technologies developed by Bitfury Group over the past 10 years with what we believe will be a leadership position on the global cost curve, and thereby create a true leader in the Bitcoin mining industry.”

With the merger expected to close in Q2 2021, Cipher is looking to achieve a 745 megawatts mining capacity by end of 2025. The company says it hopes to cross the 445 MW milestone between the end of 2021 and Q2 2022.

Cipher is the latest Bitcoin mining establishment to pursue a public listing albeit via a merger with a SPAC entity. As previously reported by Cointelegraph, Australian green energy Bitcoin mining outfit Iris Energy is set for a $39 million IPO in the summer.

With designs towards 745 MW in mining capacity, Cipher is also the latest example of the expanding Bitcoin mining outlay in North America. While China still dominates the BTC hash rate distribution, firms in the U.S. and Canada are reportedly increasing their inventory in the quest to dilute China’s control of the Bitcoin mining arena.

Meanwhile, Chinese miners are coming under significant regulatory pressure from municipal authorities. Earlier in March, reports emerged of crypto miners planning to exit Inner Mongolia amid energy consumption concerns.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cointelegraph.com/news/bitfury-s-us-bitcoin-mining-subsidiary-to-go-public-via-2b-spac-merger

Continue Reading
Blockchain5 days ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain4 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain2 days ago

Amplifying Her Voice

Blockchain5 days ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain5 days ago

Litecoin, Monero, Dash Price Analysis: 28 February

Blockchain5 days ago

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Blockchain4 days ago

The Sony PlayStation 5 Game Console Mining Ethereum with almost 100 MH/s is Not True!

Blockchain2 days ago

Blockchain in Sports Betting

Blockchain5 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Blockchain2 days ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain5 days ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain2 days ago

Will Netflix soon buy bitcoin?

Blockchain3 days ago

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

Blockchain2 days ago

DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv

Blockchain2 days ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain5 days ago

How did Bitcoin lending become so popular?

Blockchain5 days ago

Rewardiqa platform takes DeFi to the next level

Blockchain2 days ago

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Blockchain17 hours ago

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

Blockchain5 days ago

OLB Group enables crypto payments for thousands of US merchants

Trending