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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

Bitcoin sell-off over? Strong ‘buy the dip’ signal flashes for the first time in 5 months

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The price of Bitcoin (BTC) has dropped to the key $44,000-$45,000 support level on Feb. 28 for the third time in the past week.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

The BTC/USD pair briefly dipped below $44,000 on Bitstamp before paring some of the losses, bouncing back above $45,000 at the time of writing. 

‘Full rest’ for SOPR, funding rates

Some analysts have pointed out an uptick in miners’ selling as the reason behind the latest drop in price. 

Fortunately, the third retest of this key support level may have a silver lining for the bulls. Data analytics resource Glassnode noted that the daily Bitcoin Spent Output Profit Ratio (SOPR) has seen a “full reset.”

The SOPR essentially shows whether spent outputs are in profit or loss at the time of transaction. This key metric turned negative for the first time since September 2020. In other words, investors are now moving BTC at a slight loss on average, suggesting that profit-taking has abated, according to Glassnode. 

“In total, we saw an on-chain net realized loss of $243 million yesterday,” the analysts added.

“That is the lowest daily value since April 2020.”

Bitcoin funding rates. Source: Bybt.com

Meanwhile, popular trader Philip Swift, the co-founder of trading suite Decentrader and creator of the Golden Ratio multiplier method, also pointed out the SOPR crash.

He considers this a potentially bullish turnaround for BTC price in combination with last week’s reset of derivatives funding rates because such events have previously coincided with the start of new uptrends.  

“The SOPR has now reset (green on the chart) meaning that wallets selling are now selling at a loss,” he explained, adding:

“This is a strong ‘buy the dip’ signal in a bull market. This alongside derivative fundings having reset is bullish.”

BTC price vs. SOPR. Source: DecenTrader/Twitter @PositiveCrypto

The last time the SOPR flipped green was five months ago when Bitcoin was trading around $10,000. At the time, this was a key hurdle for BTC to trigger a new bull market. Since then, the price has surged more than five folds to new all-time highs of around $58,000. 

Nevertheless, many traders remain cautious as the market enters the month of March, which has historically been bearish for cryptocurrencies, and all markets in general. 

“I think March may be slow with a lack of confidence in traditional markets but overall I am bullish Bitcoin and expect significantly higher over the next three months,” said Swift in private comments. 

$44K-$45K remains the key level to watch 

In the meantime, Bitcoin traders are keeping a close eye on the $44,000-$45,000 level. Trader Willy Woo, for instance, says the $45K level is very strong support and expects any dips below this level to be bought up aggressively should they occur. 

Furthermore, researchers at on-chain analytics firm Santiment believe that the entire cryptocurrency market now depends on Bitcoin holding above this key level.

“It’s been a red weekend thus far, with most eyes on Bitcoin as it has rallied back vs. the climb altcoins were making,” they said, adding: 

Keep an eye on the $44k support level for BTC as an indication to monitor for all of crypto. As well as BTC’s on-chain activity. 

Source: https://cointelegraph.com/news/bitcoin-sell-off-over-strong-buy-the-dip-signal-flashes-for-the-first-time-since-september

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Blockchain

Ethereum, Tezos, Elrond Price Analysis: 28 February

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It was a bearish day for the crypto markets as Bitcoin dipped beneath the $45,000 mark. Ethereum, Tezos, and Elrond all registered losses over the past few hours as selling pressure mounted. Ethereum lost the $1437 level, while Tezos was on its way to test the $3.2 mark as support yet again. Elrond could see a bearish retest of $132, and a drop below $115 is likely to grind to a halt in the vicinity of $100.

Ethereum [ETH]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: ETH/USD on TradingView

Ethereum dropped in value from $2040, bounced off $1437 to test $1691 as resistance before another drop past $1437. ETH was trading at $1330 at the time of writing and showed strong bearish momentum on the 4-hour chart.

On the 4-hour chart, the RSI stayed below neutral 50 to denote bearish sentiment remained strong. Losing the $1300 level will likely see ETH drop toward $1196.

It has been reported that Ether’s strong correlation to Bitcoin, Ethereum’s network congestion, dropping transaction number of transactions on the network, and transaction volume, are all contributing factors to the dropping value of Ether.

Tezos [XTZ]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: XTZ/USD on TradingView

Tezos dropped below $3.76 over the past few days and repeatedly tested it as resistance while forming a range with its lower boundaries at $3.22. This range-bound trading activity for XTZ is likely to end with a move to the downside.

Bitcoin dropped beneath the $45,000 mark and over the next few days, the selling pressure could see BTC drop toward $42,000. This will likely see the altcoin market shed value as well, XTZ being no exception.

The OBV notes steady selling pressure and, even though $3.22 was defended multiple times, the sellers have been dominant. This is likely to result in XTZ dropping below $3.22 to visit $2.92 over the next few days.

Elrond [EGLD]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: EGLD/USDT on TradingView

The 4-hour chart and fractals were used to give a better representation of the important points for EGLD over the past couple of weeks.  A descending channel pattern emerged, and recently the price attempted to break out above the channel.

However, it faced stiff resistance at $140 and was forced to drop beneath the $132 level of support- which is the 23.6% retracement for EGLD for its move from $26 to $216.

The Awesome Oscillator was above the zero line but, in the shorter timeframes, momentum was already rising in favor of the bears. A retest of $132 followed by a fall for EGLD can be expected over the next few days.


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Source: https://ambcrypto.com/ethereum-tezos-elrond-price-analysis-28-february

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How Bitcoin miners can help its price movement right now

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Following the massive drop in price over the past week, the Bitcoin market did hold on to the $47k price level for a while, but the support range eventually lost out to the bearish pressure and the coin currently trades around the $44k price range. From the peak of $58k, the largest cryptocurrency has fallen by over 17% in the past six days and despite the past few days’ increased bearish sentiment the coin may now be heading upwards as bullish momentum slowly creeps in.

Source: TradingView

The past week’s correction could have been the result of miners who were selling their Bitcoins since the end of 2020 when the digital asset was trading under $30k.

However, according to a market analyst, Lex Moskovski this selling from miners’ end has finally ended and accumulation was once again visible in the BTC market.

The above chart indicated that the miners were increasingly selling their Bitcoin for the past two months. The Miner net position change indicated long red bars until late January when the value of BTC hit close to $35k. However, as February kicked in and the market was seeing increased volatility in the price, the miners’ net position to sell had reduced and on 27 February it was showing a positive trend.

Apart from miners selling their BTC, the correction led to massive liquidations on exchanges and other platforms like Grayscale. The largest Bitcoin accumulator lost $2.6 billion in a single day when the correction set-in. Grayscale’s holdings of Bitcoin have now dropped from $32.832 billion to $30.724 billion, at the time of writing.

However, as the miners’ attitude towards the digital asset reverses we may the price of Bitcoin gain strength at the current level.


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Source: https://ambcrypto.com/how-bitcoin-miners-can-help-its-price-movement-right-now

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