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Algorand Is Going After Insurance Fraud With A New Partnership

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Algorand Is Going After Insurance Fraud With A New Partnership
Algorand Is Going After Insurance Fraud With A New Partnership

Distributed ledger technology (DLT) firm Algorand has partnered with blockchain-based tamper-proof media verification platform Attestiv to target fraud within the insurance industry. The firms will combine their tech to develop a single platform for verifying digital media for a multitude of stakeholders across the insurance sector — including insurers, customers, repair vendors, and carriers. Media is validated using Attestiv’s AI-based platform “either at the point of capture or via forensic analysis” before being “fingerprinted” and uploaded to Algorand blockchain to create an immutable record of the validated documentation. Alogrand COO Sean Ford described Attestiv as “disrupting the insurance industry”, adding: “We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”

Attestiv chief executive, Nicos Vekiarides, stated that the two firms connected last year through the Boston Blockchain Association. Vekiarides explained that blockchain can be deployed to eliminate many redundancies in the gathering and maintenance of records in insurance. “Within the insurance sector, DLT allows for greater data transparency and trust amongst a large ecosystem,” he said, adding:

“When you look across stakeholders, ranging from carriers, brokers, MGAs, independent adjusters, construction and repair, to public safety, you find a lot of redundancy in gathering and maintaining records along with varying levels of technical sophistication.”

Ford said that the partnership is Algorand’s first major use case in the insurance industry, noting that the project “aligns with the overall focus of Algorand to remove the friction from the exchange of value”.

Last week, Algorand founder and Turing Award recipient Silvio Micali discussed his proposal for a blockchain-based contact tracing system. Micali’s system aims to ensure the anonymity of participants while delivering key information on when and where individuals come into proximity of a confirmed COVID-19 case to health organizations. Micali emphasized the value in using a blockchain ledger to create “a shared truth” amid the coronavirus outbreak, stating:

“In situations such as the public health emergency we are currently facing, having public access to accurate data is critical. Truly decentralized blockchains can be of enormous value in this.”

Altcoin News

3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

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3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income

In a special announcement made at the Unitize conference on July 6,  Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:

“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”

Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.

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Altcoin News

Telegram Is Set To Shut Down The TON Testnet By August 2020

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Telegram Is Set To Shut Down The TON Testnet By August 2020
Telegram Is Set To Shut Down The TON Testnet By August 2020

Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.

Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.

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Altcoin News

Brock Pierce Enters The 2020 US Presidential Race

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Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce Enters The 2020 US Presidential Race

Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “

“I, Brock Pierce, am running for President of the United States of America.”

Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.

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