Tag: Blockchain

Categories
News

Zhao Speaks About Potential Of Blockchain With Gaming

There is little doubt that blockchain will change the way that human beings interact with each other and the way that industries operate. However, many blockchain proponents are constantly wondering and debating about which industry will help the most regards with mass adoption. Well, it appears as though Changpeng Zhao, the CEO of Binance, has offered his opinion about a sector.

Although he didn’t necessarily state that the industry would be single-handedly responsible for mass adoption, Zhao did seem to indicate that the gaming industry could be instrumental with regards to blockchain. This is quite significant, considering that Zhao is easily one of the most influential figures in the sector.

About The Comments

One of the reasons that Zhao even brought up gaming is because there is a new popular game that is accepting Binance (BNB) tokens. That game is the collectible trading game Steem Monsters, which involves six kingdoms and has various RPG elements, and is based on the Steem blockchain.

Zhao took to Twitter to express his excitement about the announcement. He not only spoke about the opportunity that the gaming industry presented, but also indicated that its tokenization was inevitable. Specifically, he stated: “Gaming is a not-so-small industry yet to be tokenized.  Fast or slow, it will happen.” He went on to add that his company was ready to help. You can find the tweet below:

https://twitter.com/cz_binance/status/1090082827293450241

Obvious Opportunity

Zhao does seem to have a point. After all, there are over 2 billion video gamers in the world, which indicates that a significant amount of the global population is a gamer. In addition, blockchain can help with regards to creating a secure ecosystem for gamers to trade digital assets, for example.

In addition, the industry is growing significantly. In the United States, for example, year after year, the video game industry sets records with regards to sales. In 2018, there were over $43 billion in video game sales in America alone.

Categories
News

Iran Plans State-Backed Cryptocurrency

Often times, when cryptocurrency enthusiasts and proponents think about cryptocurrency and decentralization, we think about the fact that we can provide a way for those who do not have access to traditional financial institutions to have a way to exchange money. We also think about free speech, and the fact that central authorities cannot manipulate currencies.

However, there’s a drawback. There’s the idea that a country that is isolated financially for a reason can still develop a cryptocurrency to galvanize themselves economically. That appears to be becoming a reality, as there are reports that Iran will be developing a state-backed cryptocurrency to circumvent global sanctions.

Announcement Soon

The announcement is expected to be made very soon. In fact, on January 29, at the Electronic Banking and Payments System conference, in Tehran, Iran, the announcement is expected to be made. The year’s theme even seems to hint at the announcement, as it is “blockchain revolution”.

The reason for the announcement is the fact that U.S. president Donald Trump had announced the reinstatement of sanctions against the country last year. They aim to target various sectors of Iran’s economy, including its oil sales, shipping industry, banking industry, and more.

Rollout/Context

One of the more urgent reasons for the cryptocurrency is the fact that the United States has even turned the Society of Worldwide Interbank Financial Telecommunication (SWIFT) against the country. Many were surprised at the move, and others pointed to the influence of the United States as the main reason, considering the organization is supposed to be an independent organization.

The new announcement certainly proves that the sanctions are affecting Iran’s economy significantly, considering its own government issues an official ban against cryptocurrencies in April of last year. Many attributed this to the fact that the rial, Iran’s currency, had hit an all-time-low around the same time.

Categories
News

Crypto Winter Hasn’t Hit Zug Yet

There is one undeniable fact about markets and business – there are ups and downs, and times of growth and prosperity, and times where companies have to figure out how to cut costs as quickly as possible. While more people than ever are aware of blockchain and cryptocurrency, the markets still aren’t off to the best start, as it appears as though Bitcoin still cannot break past the $4000 resistance level (as of press time).

However, that isn’t stopping one area of the world from betting on blockchain in the long-term. That area is none other than Zug, Switzerland, which has been described as the “Silicon Valley” of crypto, and also as “Crypto Valley”. Interestingly enough, there are more companies than ever in the cryptocurrency space, even if their valuations have been adjusted, thanks to the markets.

About Zug

For those who have never heard of Zug – it is a city of about 30,000 residents an hour outside of Zurich, which is the largest city in Switzerland. One of the reasons that it has been able to attract so many blockchain and crypto companies is because it boasts a low corporate tax rate.

Interestingly enough, the city is an affluent one, but is so small that it doesn’t even have its own airport. However, that hasn’t stopped many companies from clustering in the area, eager to come up with the next innovative company as it relates to blockchain technology.

About The Study

While many have called this period of time a “crypto winter”, where cryptocurrency companies are either experiencing layoffs or actually folding – Zug has actually experienced an uptick in terms of entrepreneurs creating cryptocurrency-related companies. Specifically, just in the last quarter (Q4 2018), the region has expanded by 20%, rising from 629 business entities in the sector to 750.

This certainly is curious, considering that the markets still haven’t recovered from 2017, which featured some incredibly bearish price action. For some context, the average cryptocurrency business has a valuation of 27 million. For those wondering about the larger businesses; the average valuation of the top 50 companies hovered at around $400 million.

Categories
News

Italy Might Pass First Blockchain Law

While there are countries that are still arguing about how exactly to classify or regulate cryptocurrency – it appears as though Italy is busy trying to figure out how to use blockchain technology in ways that could make the world more efficiently.

Specifically, Italy’s Senate is exploring exactly how to allow for “timestamping” with respect to blockchain and validate documents using blockchain. For example, this would allow for there to be a legal precedent for data and documents of all kinds, and the distributed ledger technology would make the verification that much more secure, for example.

Italy Open To Change

While two committees – the committee of Constitutional Affairs, and the committee of Public Works – have approved the amendment – Italian parliament would have to actually turn the regulation into law. There are two important aspects to the amendment, in that it actually defines “smart contract” and “distributed ledger technology”.

While other countries are still ambivalent on how to deal with the sector – Italy, last month, published a list of 30 different experts to come up with a “blockchain strategy” for the nation. The list includes individuals involved in business, law, research, science, and more.

Banks Already Involved

In a growing trend, Italy’s banks are already exploring how to utilize blockchain for increased efficiency. The platform that they decided to use was developed by the startup R3, and is known as “Corda Enterprise”, which has made headway globally. In fact, Italy’s second-largest bank, Intesa Sanpaolo, and thirteen other banks, were involved.

The idea was to improve interbank transactions, and took place over ten months. This also involved over 1.2 million transactions over this period of time, as well. The tests were also conducted in partnership with ABI Lab, which is backed by the Italian Banking Association. The banks also plan on moving forward to utilizing blockchain for everyday transactions in general, during the trial’s next phase, being conducted now.

 

Categories
News

Malta Is The Crypto Trading Leader

We all know that there are all sorts of different perspectives that different countries have with regards to cryptocurrency. There are some governments that are embracing cryptocurrency exchanges and blockchain startups with open arms, and others that are cracking down hard on the entire sector.

However, Malta has now become the country with the largest crypto trading volume in the world. While Malta has often been touted as “Blockchain Island” – its new position as the leader in trading volume has been subtle and unexpected by many.

About The Numbers

For those wondering just how much Malta has traded in 2018, the answer might surprise you. Specifically, the country traded $40 billion in cryptocurrency during that year. To put this in perspective, it traded over twice the volume of the United States, which is the largest economy in the world currently.

Following behind Malta was China, which processed $32.5 billion in cryptocurrency transactions. This achievement is even more remarkable when one considers that New York and London are considered traditional finance hubs of the world. Malta is clearly bucking that trend.

Embracing Blockchain

Of course, there is a reason for this. The government of Malta is extremely pro-blockchain, to the point where the prime minister of Malta, Joseph Muscat, told the United Nations that crypto was the “future of money”. Since the government is so welcoming to blockchain business, two of the largest exchanges in the world, Binance and Okex, have signed agreements with the Maltese Stock Exchange (MSX) to launch security token platforms, as well.

Changpeng Zhao has praised Malta for embracing blockchain and cryptocurrency, calling the local regulators “very welcoming and reasonable”. He also stated in early 2018 that “Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe.” It is also believed that the entrepreneur is also planning on creating the world’s first decentralized bank in the country, as well.

Categories
News

WWF Utilizing Blockchain For Food Tracking

The WWF will be utilizing blockchain technology. For wrestling fans who might be used to the acronym – the WWF does not refer to the “World Wrestling Federation”, but instead refers to World Wildlife Fund. The well-known conservation fund boasts that this will help both businesses and consumers track food “from origin to consumer”.

The announcement was made in a blog post from the Australian arm of the fund. The announcement points out that this will both help consumers eat in a more responsible manner, and help businesses maintain ethical standards, as well.

About The Fund

The World Wide Fund For Nature is an international organization that was founded in 1961. It is easily the world’s largest conservationist organization, and boasts over five million supporters worldwide.

The fund has invested into thousands of organizations, projects, and initiatives, with the hope that the money will help to stop the degradation of Earth’s environment. The organization focuses on six key areas: climate, wildlife, freshwater, forests, oceans, and food.

About OpenSC

The blockchain-based food tracking system is called OpenSc, and was developed through a partnership by WWF-Australia and BCG Digital Ventures. The initiative plans to “add a unique blockchain code at the product’s point of origin”. The idea here would be a consumer who could find out where a fish was caught, and how it traveled across the supply chain.

This is not the first time that blockchain technology has been used to increase transparency in the food sector. Cargill notably incorporated blockchain to increase transparency with their turkeys right before Thanksgiving last year. The largest employer in the United States, Wal-Mart, has also utilized blockchain technology to track its lettuce, as well. This proved to be quite relevant, considering that an E.Coli outbreak related to Romaine lettuce occurred only a few months after the corporation made the announcement.

Categories
News

Seoul Examining Blockchain Military Applications

In 2019, there is little doubt that blockchain technology will be utilized in a variety of sectors and industries. Over the years, there have been some obvious applications that blockchain is usually associated with, including sectors such as global payments, logistics, and data storage.

Of course, this doesn’t mean that blockchain is limited to these sectors, by any means. In fact, it appears as though South Korea is exploring how blockchain can possibly aid with their military.

Not The First

It should be clarified that South Korea is, by no means, the first country to explore military applications. Superpowers such as the United States and Russia have already been open about the fact that they might utilize blockchain for military purposes, particularly when it comes to making sure that communications are secure.

The Defense Acquisition Program Administration (DAPA) in South Korea is planning on spending over $500,000 for various projects to develop blockchain solutions to military issues. The Defense Advanced Research Projects Agency (DARPA) of the United States has made it clear that they are interested in blockchain, as well.

Fourth Industrial Revolution

South Korea has always been on the cutting edge of technology, and its government has been open about referencing the “Fourth Industrial Revolution”, which would incorporate technological trends such as artificial intelligence, blockchain, and the Internet of Things (IoT).

While some in the Korean government don’t necessarily advocate publicly for blockchain or cryptocurrency markets; there is one high-profile South Korean politician that has always promoted cryptocurrency. This would be Park Won-Soon, the mayor of Seoul. The mayor has even suggested that the city create its own cryptocurrency, the “S Coin”. The city has also set up a 100 billion won (around $88 billion in USD) fund in order to fund blockchain startups, as well.In addition, Korea has already been developing its own blockchain-based voting system since last year.

Categories
News

First Canada Crypto Law Firm Launched

Canada flag done in red and white begonia flower against a backdrop of the Rocky mountains.

One aspect about the cryptocurrency markets is certain: there are many different countries who feel a different way about regulation, and there will be all sorts of legal work for many lawyers in the years to come. However, there is one lawyer that is actually planning on specializing in the crypto industry.

For those that don’t know, one of the most recognized lawyers in the space is a man by the name of Addison Cameron-Huff. He has now apparently launched Canada’s first all-crypto legal firm, catering specifically to clients with cryptocurrency-related needs.

About Huff

Addison Cameron-Huff is no stranger to the cryptocurrency space, as he has been resolving legal matters in the sector since 2014, before many were even thinking about blockchain technology. He is easily one of the most accomplished lawyers in the industry, and has represented high-profile clients that include “Ethereum cofounders, a Bitcoin code contributor, and exchanges in three countries”, according to his website. For example, Peter Todd, a Bitcoin Core Developer, has nothing but positive things to say about Huff, stating: “I’ve relied on Addison Cameron-Huff’s legal advice since I starting consulting in applied cryptography and Bitcoin full time.”

Huff is not only a lawyer, but an entrepreneur, as well. He is the president of Decentral Inc., which went on to develop the Jaxx crypto-wallet. Additionally, he actually helped shape Canadian cryptocurrency legislation, and taught a cryptocurrency law course at University of Toronto law school.

About The Firm

44519101 – judge gavel and scale in court. library with lot of books in background

The firm will be based in Canada, but that doesn’t mean that it will be focused or partial to the country at all. It plans on developing a global clientele, and Huff believes that there is a real talent gap with regards to blockchain-related lawyers currently. He states that it is an “export opportunity for Canada’s blockchain lawyers.”

There are many law firms that utilize an hourly billing model, with some of the world’s top lawyers charging well over $1,000 an hour. Many have criticized the model, and felt that it has allowed lawyers to charge for unnecessary work, bill hours where they aren’t actually working, or game the system in other ways. Instead, Huff’s firm will rely on a fixed monthly rate for unlimited legal services, which is very rare in the legal industry.

Categories
News

Swiss Watchmaking Company Launching $100K Crypto Watch

21865711 - panoramic view of the swiss alps

There are certain countries and regions that simply dominate their industry to the point where they are associated with a certain standard. For example, Belgians are known for some of the best chocolate in the world, Germany is known for its incredible engineering with regards to the auto industry, and Switzerland is known for its excellence with regards to watchmaking.

It appears as though one of the most respected Swiss watchmaking companies, A. Favre & Fils, are looking to appeal to cryptocurrency investors, traders, and investors with their newest product, that will come with a built-in cryptocurrency wallet.

About The Product

For those who are unaware, one of the distinguishing characteristics of A.Favre & Fils is that it can actually trace its genealogy to show how the watchmaking tradition was passed on from generation to generation. The CEO of the company specifically appealed to the cryptocurrency community in a statement, saying: “We have developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on.”

The product certainly will be marketed to the affluent, as the watch will cost around $100,000 at the very least. Specifically, a spokeswoman gave the range of $102,000 to $153,000, as a potential price range. This, of course, would depend on the model and features.

Watch Features

26729597 – man with suit and watch on hand

For those who are wondering about the exact features of the watch, the company is noticeably vague. However, it does state that the watch will “guarantee ultimate in-data security and privacy protection”, although how it will do so is unclear.

For those hoping to purchase the product immediately, you might be disappointed. The company announced that the first prototype of the new watch won’t be released until the second quarter of 2019.

Categories
News

Washington Wants A Blockchain Campus

Typical American college campus.

There are many regions of the world that are interested in attracting blockchain startups in order to revitalize their local economies. For example, the city of Cleveland is attempting to rebrand as “Blockland” to attract blockchain entrepreneurs, and its state, Ohio, now allows business to pay certain taxes in cryptocurrency.

It appears as though another state is making it clear that it wants to foster blockchain innovation, and that state is Washington. The state already has a history of dealing with crypto mining companies, which might provide some unique advantages over other states, as well. Specifically, Washington wants to build a “blockchain innovation campus”.

Why Washington?

19367399 – illustration of a hydroelectric dam generating power and electricity

Washington has also attracted many crypto mining companies and individuals for one very particular reason. The state boasts some very cheap hydroelectric-powered electricity, that allows for miners to mine for Bitcoin and other cryptocurrency without having to spend much more money that they would in other states.

Despite the fact that many crypto miners have lost faith in the industry thanks to the bearish markets of 2018 – there are many that still believe in the sector. One notable proponent is Lisa Parks, who also happens to be the executive director of the Port of Douglas County. Parks states: “There is more to the (cryptocurrency story) than boom and bust.” The county is putting their money where their mouth is, as well, offering $50,000 to help build out the campus.

Previous Activity

While the future might be promising in Washington – there have been companies that have folded in the area. Most famously, Giga Watt, described by media as a “Bitcoin (BTC) pioneer” actually filed for bankruptcy in November 2018, owing the same county – Douglas County – over $300,000.

However, others see opportunity. The world’s largest bitcoin mining producer, Bitmain, opened a $20 million facility in Douglas County the same month that Gigawatt filed for bankruptcy. The amount of power associated with the facility could potentially power thousands of homes.