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Decentralized elections are one step closer to reality thanks to Waves Enterprise

Elections are very important for the functioning of a democratic society, and they are difficult to organize because of their scope, size, and importance. History is full of mistakes when it comes to elections, such as that case with the confusing ballot design creating obscurity in the accuracy of the votes. Keeping things simple and

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Elections are very important for the functioning of a democratic society, and they are difficult to organize because of their scope, size, and importance. History is full of mistakes when it comes to elections, such as that case with the confusing ballot design creating obscurity in the accuracy of the votes.

Keeping things simple and secure is no easy task and with the coronavirus pandemic going on in the world, traditional elections are quickly becoming an impossible burden on society.

Do you risk exposing the entire nation to a new wave of coronavirus infections, or do you let the country fail in its democratic principles? It’s not an easy choice to make, but fortunately, governments around the world may not need to make this choice at all.

Decentralized voting has been a core principle of many blockchain projects but now seems to be the time to take the same technology and apply it to an age-old tradition.

Waves Enterprise has made a public beta voting platform that can serve as the starting point for these transformative times. According to the company, there are many problems that exist in current systems and methodologies for voting of any kind.

  • Centralized voting methods cannot provide a trusted environment between the participants. Voters cannot be protected from falsification or hacker attacks.
  • Common corporate voting problems are low turnout caused by a limited voting period and a limited location.
  • 80% of votes are implemented according to a scheme in which it is difficult to track data.

Decentralized voting in companies

Blockchain can unite all participants in a vote seamlessly, provided there is a standard for secure data processing. Image Source: Waves Enterprise

Looking at the data provided by Waves, approximately 170 public and non-public companies held meetings using electronic voting in the third quarter of 2019.

8 out of 13  blue-chip index companies of the Moscow Exchange and 37 out of 82 broad-market index companies held a digital meeting.

These bits of information reveal that companies are already moving in a direction that will allow shareholders to vote regardless of time and location. However, most of the systems are centralized and few people have full control over the results, which is a vulnerable point in the system.

This is where blockchain technology comes in to ensure that votes cannot be eliminated or changed once they are submitted. The vote count is done automatically, eliminating a lot of administrative costs that would prevent large-scale digital voting events.

Waves Enterprise estimates that the Russian blockchain-voting solutions market is worth 200m Rubles per year, i.e. $2,882,000 USD. This is only a drop in the estimated value of the global market at $100m USD per year. 

How possible are decentralized elections?

Uses of blockchain in voting. Image Source: Waves Enterprise

To get a better understanding of the value of decentralized voting systems we reached out to the chief product officer at Waves Enterprise, Artem Kalikhov.

“We are sure that blockchain technology can help governments in organizing a transparent voting process and increase the turnout of voters. The principles of the decentralized system will ensure the participants’ confidence in the results.

But there are a lot of security issues usually related to elections encryption protocol, portal solutions, citizen identification, along with legal compliance issues. Currently, none of the voting systems already used in elections all over the world can be called flawless.

Voting systems are evolving step by step. For example, our company has developed a next-level voting platform, providing fully decentralized and secure protocol based on convenient encryption algorithms and containerized smart-contracts.” 

At the moment, the beta version of the software is available for free.

We had a look at the application and believe it is very elegantly designed, however, we have no idea what is exactly happening in the background. Our main idea was to create a small voting poll for our readers here, but it seems that the system is designed to work with admins and known email addresses at the moment.

Edit: After consulting with Waves Enterprise representatives, it was explained that known voters are an integral part of security in the smart contract, and at the current moment, having flexible authentication of voters is a technical challenge. Maybe in the future having authenticated voting events will become easier, once identity management blockchains become the norm.

There is no way for us to be able to share the voting event with you and enable you to sign up by yourself. It seems that this part of the process must be done manually by the voting organizers. This current version seems to be very effective for company voting, where the contact information is readily available through human resource departments.

However, it seems impractical for elections and arbitrary voting events. Especially for governmental elections, the voting system is simply one part (a very important one at that) of the equation. As Mr Kalikhov mentioned above, security, ease of use, citizen verification, encryption methods still remain as difficult challenges ahead.

Source: https://www.crypto-news.net/decentralized-elections-are-one-step-closer-to-reality-thanks-to-waves-enterprise/

Blockchain

Robinhood Silently to Test Crypto Wallets & Crypto Transfer Functions


According to a Bloomberg report, Zero-commission financial trading platform Robinhood is low-profile testing new crypto wallet features for its customers, which will allow users to send and receive cryptocurrencies. (Read More)

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According to a Bloomberg report, Zero-commission financial trading platform Robinhood is low-profile testing new crypto wallet features for its customers, which will allow users to send and receive cryptocurrencies.

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Reportedly, Robinhood users currently can only use U.S. dollars to buy cryptocurrencies and trade digital assets on the platform but cannot withdraw the encrypted assets.

This is the first time the company has introduced deposit and withdrawal functions for digital assets like Bitcoin (BTC). 

Bloomberg reported that the beta version of the application on its IOS system reflects the company’s work on such functions. Also, there is a hidden image showing the waiting list page for users to register for the function of the encrypted wallet. It also involves the code related to the transfer of cryptocurrency assets.

Robinhood CEO Vlad Tenev pointed out in the second-quarter earnings conference call that adding a crypto wallet is the top priority of the company’s developers and said:

“It’s something that our teams are working on. The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

As reported by Blockchain.News on September 9, Robinhood Markets Inc. has launched a new cryptocurrency recurring investment feature that lets customers automatically invest in cryptocurrencies on a daily, weekly, or monthly schedule.

The new feature is set to allow its customers to purchase cryptocurrency commission-free and with a little as $1 worth of cryptocurrency of their choice monthly, weekly or even daily.

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Source: https://Blockchain.News/news/robinhood-silently-to-test-crypto-wallets-crypto-transfer-functions

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Blockchain

Binance Ceases Crypto Futures and Options Offering in Australia

The exchange is pulling its derivatives services around the world amid regulatory crackdowns.

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Binance continued to limit its services as the crypto exchange most recently ceases offering futures, options and leveraged tokens to its customers in Australia. According to the official announcement on Tuesday, the step has been taken to comply with local regulations.

This came as an extension of already imposed restriction in Australia as the crypto exchange last month ceased the Australians from opening new accounts for trading options, margin products and leveraged tokens.

Though the crypto exchange giant will stop its offerings on September 24, the Aussie clients will have a 90 days deadline to reduce and close their positions for the ceased products. The exchange will allow users to increase or open new positions, but they can top-up margin balances to prevent margin calls and liquidations.

“Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed,” Binance stated.

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Compliance Is a Must Now

Once aimed to offer crypto trading services with almost every local fiat currencies, Binance is facing heavy regulatory backlash now. Multiple regulators, from big and small jurisdictions, are flagging Binance’s services for offerings without holding requisite licenses.

The financial regulator of Japan even said that the exchange is operating in the country without the mandatory license, while the Malaysian financial watchdog made the exchange exit the country.

While the Australian regulator did not specifically issue any warning against Binance, it issued a general warning against all unlicensed crypto exchanges offering services to Aussie traders.

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance added. “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”

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Source: https://www.financemagnates.com/cryptocurrency/news/binance-ceases-crypto-futures-and-options-offering-in-australia/

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Bitcoin, Ether, And Other Crypto Prices Fall, But Experts Optimise Rebound on Horizon


Despite the current bearish week, experts identify potential cryptocurrencies that could still perform the rest of September and enable investors to earn money. (Read More)

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Today on Tuesday, September 21, top cryptocurrencies have dropped their values by double-digits amid a bearish week for the S&P 500 index and China’s property giant Evergrande’s debt crisis.

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All the entire top crypto assets are trading lower at 09.00 Eastern Time and the cryptocurrency market has wiped out more than $200 billion for the last 24 hours.

Bitcoin, the flagship cryptocurrency, has plummeted its price by 7.14% and currently trades at $42,475.15. Ethereum (ETH), the second-largest cryptocurrency, currently stands at $3,004.16, down 6.43%. Binance coin (BNB) currently trades at $361.81, down 8.11%. While Solana (SOL) currently trades at $137.70, down 4.03%, Polkadot (DOT) makes its price moves at $29.13, down 8.23%. Other crypto assets have also witnessed much more significant price plunges at the start of the week and the last 24 hours.

The global cryptocurrency market cap has also shed more than 5% to currently stand at $1.91 trillion compared to the last day.

The current plunge facing cryptocurrencies does not happen in a vacuum. Stocks have also dropped their values during a wild period for the global economy.

Meanwhile, prominent crypto analyst Justine Bennet admits that as the cryptocurrency markets plunge alongside equities and stocks, he predicts Bitcoin to see its bullish trend plans once it drops to a certain price level.

Bennet expects a big bounce when BTC reaches the $39,000 level, which is about 8% below the current price.

Also, a famous crypto strategist and trader, popularly known as Smart Contractor, believes that Bitcoin and Ethereum are likely to see deep correction while other altcoins make pullback of their values. The pseudonymous trader recently told his 165,600 followers that he sees BTC dropping to $36,000 level while Ethereum could slide below $2,600.

Besides that, the popular crypto analyst Michel van de Poppe believes that BTC is on the verge of igniting a rally to $50,000 after holding the key support level above $40,000.  

Van de Poppe also expects Cosmos (ATOM) to rally. While ATOM currently trades at $34.81, down 14.04%, the prominent analyst considers the hot altcoin as still having room to grow over 170% from the current price and could therefore hit $54.00 and $77.00 within the rest of September.

The crypto analyst also regards Chainlink (LINK) as a cryptocurrency that investors should look at as an investment with a potential swing trade.

Van de Poppe also sees Tezos (XTZ) making a new trend as the altcoin is providing an entry to its Bitcoin pair (XTZ/BTC).

“So, we can be assuming that a new trend has started in which we can be looking at a potential support resistance flip as a potential target zone to take the entry form, which is around 0.00012 BTC ($5.73),” he said.

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Source: https://Blockchain.News/analysis/bitcoinether,-and-other-crypto-prices-fall,but-experts-optimise-rebound-on-horizon

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