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Amazon Announces New Quantum Database

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Amazon Announces New Quantum Database

Tech giant Amazon has announced a new service for companies that need a super-secure database.

Amazon QLDB (Quantum Ledger Database) is a high-performance database that offers customers an immutable and cryptographically verifiable ledger.

Specifically, the ledger interfaces with applications where multiple parties work with a centralized, trusted authority to maintain a complete, verifiable record of transactions.

The service lends itself to a number of use cases. It could be used, for example, by a centralized cryptocurrency exchange that needs maximum security for critical data that includes an immutable history of transactions. Amazon QLDB can be tasked to keep track of credit and debit transactions across customer bank accounts and also reconcile data between supply chain systems to track the complete manufacturing history of a product.

By taking the ideas of blockchain and turning them into service, AWS aims to offer companies a superior private and permissioned database – the same database Amazon uses to store data for some of its most critical systems.

The company says that Amazon QLDB is built to scale and that, unlike typical blockchain frameworks, it does not require distributed consensus, so it can execute “two to three times as many transactions in the same time as common blockchain frameworks.”

According to the announcement,

“All changes are cryptographically chained and verifiable in a history that customers can analyze using familiar SQL queries.”

“Customers looking to implement blockchain technologies are typically trying to accomplish one of two things. Some customers want the immutable and verifiable record of transactions provided by a ledger, however they also want to allow multiple parties to transact, execute contracts, and share data anonymously, without the need for a trusted central authority (e.g. transferring reward points across a network of vendors or processing transactions that concern a number of different trade and logistics companies).

Today, Amazon Web Services offers customers Amazon Managed Blockchain for this use case. There are other customers who have applications that need a centralized ledger to record all changes or transactions and maintain an immutable record of these changes (e.g. tracing the movement of an item through a supply chain network, tracking the history of credits and debits in banking transactions, or validating incidents filed against an insurance claim). This ledger is owned by a single trusted entity and is shared with any number of organizations that are working together.

To do this today, customers can use relational databases, or they can use the ledger technology in one of the open-source blockchain frameworks. Neither solution is optimal. Relational databases aren’t built for immutable, cryptographically verifiable ledger entries, so customers must build audit trails and audit logs.

And, there is no way for customers to verify that unintended changes were not made to the data. Using the ledger in a blockchain framework may give customers an immutable history of data changes, but comes at the cost of the heavy lifting to set up a full blockchain network with at least two nodes and all of the associated access control configuration.

Because there are limited database Application Programming Interfaces (APIs) within the blockchain frameworks it is also challenging to create tables, index, and query data. Finally, blockchain frameworks are decentralized and require consensus from members in the network before committing new transactions to the shared ledger, which significantly slows ledger performance.”

The new service is initially rolling out in Ohio, Virginia, Oregon, Tokyo, and Ireland, with additional regions coming soon.

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CFTC Hires Former Coinbase Executive As Their Director of Market Oversight

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CFTC Hires Former Coinbase Executive As Their Director of Market Oversight
CFTC Hires Former Coinbase Executive As Their Director of Market Oversight

Coinbase’s vice president Dorothy D. DeWitt will now serve as director of the division of market oversight at the United States Commodity Futures Trading Commission (CFTC).

The U.S. CFTC Chairman Heath P. Tarbert announced on Sept. 17 that DeWitt will take responsibility for the CFTC’s oversight over derivatives platforms and swap data repositories, as well as other new platform-traded products.

Before joining the CFTC, DeWitt served as vice president and general counsel for business lines and markets at U.S.-based cryptocurrency exchange and wallet provider Coinbase. DeWitt also held positions as a partner and portfolio manager at asset management firm Cadogan Management, and served at asset management group GAM, among other positions. Commenting on the appointment, Tarbert said:

“I am excited Dorothy will soon be joining our team. She brings to the CFTC more than 20 years of private sector experience in the financial services and legal fields. Her strong investment, risk, legal, and compliance background and familiarity with distributed ledger technology, including crypto assets, will be invaluable as the agency looks to develop a holistic approach to regulating 21st-century commodities.”

DeWitt is not the first Coinbase’s officer who has transitioned to the CFTC. In July, the agency announced that it was hiring Andrew L. Ridenour as senior counsel to the chairman. Ridenour joined the CFTC from Coinbase where he worked as counsel for institutional products.

Tarbert became chairman of the CFTC in mid-July. His predecessor J. Christopher Giancarlo’s five-year tenure saw the rise of cryptocurrency derivatives as an object of regulatory oversight. 

Widely regarded as the crypto industry’s ally, Giancarlo — known as “Crypto Dad” — superintended the historic launch of regulated Bitcoin futures and advocated for a “do no harm” approach to blockchain regulation in his testimony before the U.S. Congress.

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IOTA Releases “Chronicle” – For Long-Term Data Storage

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IOTA Releases “Chronicle” - For Long-Term Data Storage
IOTA Releases “Chronicle” - For Long-Term Data Storage

Iota has introduced Chronicle, a permanode solution that will allow its node owners to easily store all of their transactions and maintain uninterrupted access to that data.

On Sept. 17, the Iota Foundation announced Chronicle, which allows node owners to store all the data of the Tangle and quickly access that data when needed over an indefinite length of time. Before Chronicle, node owners of the IoT-based cryptocurrency project, faced issues that were directly related to limited storage, as transactions quickly filled up the database. Iota attempted to resolve this by introducing local snapshots allowing node owners to delete old transactions and keep their database small. However, this was only partially successful, as this solution was not suitable for types of data that needed to be stored for long periods.

In the future, the Iota Foundation plans to further extend the functionality and capabilities of Chronicle. The foundation invited the community to be part of this. The foundation also said they intend to issue grants in developing and expanding the notion of permanodes.

the distributed ledger technology (DLT) company IOTA has partnered with auto manufacturer Jaguar Land Rover for a proof-of-concept (PoC) demonstration for tracing car energy with DLT. Russell Vickers, the manager of Jaguar Land Rover’s group, commented on what he believed this PoC suggests for the future of energy-conscious smart cities. He remarked:

“This agile initiative demonstrates vividly how cities can transform both infrastructure and transportation into a sustainable and mutually beneficial ecosystem. We are excited to let the public see how energy-positive buildings and vehicles such as the I-Pace in this demonstration can create positive sustainability innovation in line with Jaguar Land Rover’s Destination Zero strategy.”

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Huobi to launch local exchange in Argentina

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Huobi to launch local exchange in Argentina

Huobi Group, the parent company of the Huobi cryptocurrency exchange, has announced the official launch of Huobi Argentina. In mid-October, Huobi Argentina will launch the local cryptocurrency exchange with a fiat gateway to trade Argentine pesos for cryptocurrencies via credit cards, wire transfers, and digital payment services.

“Argentina is South America’s most promising market for blockchain development. There already exists a general consensus to break from a reliance on the local currency and banks, and with Huobi’s entrance into the market, it is a great opportunity to move the needle on blockchain and crypto adoption in Argentina,” said Carlos Banfi, Huobi Argentina CEO, “The move would likely contribute to boosting the local sentiment and attracting global investment.”

Huobi Argentina’s launch comes months after Changpeng ‘CZ’ Zhao, CEO of Binance, hinted that Binance is planning to launch a fiat-to-crypto exchange in Argentina. Binance has not made an official announcement regarding the possible launch of an Argentina branch.

The Argentine government has recently ramped up its efforts to restrict capital from flowing out of the country. Earlier this month, the central bank of Argentina released a statement limiting individual Argentinians from purchasing more than $10,000 in USD per month.

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