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Cardano’s Commercial Arm Working With Uzbekistan To Build A Blockchain Task Force

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Cardano’s Commercial Arm Working With Uzbekistan To Build A Blockchain Task Force
Cardano’s Commercial Arm Working With Uzbekistan To Build A Blockchain Task Force

The Cardano blockchain’s commercial arm, Emurgo, has partnered with the government of Uzbekistan to form a blockchain task force to develop regulations for security token offerings (STOs) and exchanges (STXs).

In a Jan. 20 press release, Emurgo revealed its new cooperation with the Uzbek government and Kobea Group &  Infinity Blockchain Holdings — the official Technology Advisory Agency for Uzbekisitan’s Digital Economic Development Project — aimed at the development of a legal framework for STOs and STXs in Uzbekistan. As part of the initiative, Emurgo and Kobea will provide advisory services regarding infrastructure for digital asset banking, blockchain education units and other issues.

Emurgo will also examine the potential for Cardano’s third-generation blockchain in the country and will also integrate its blockchain education platform into Uzbekistan’s national universities to train future blockchain experts. By tokenizing traditional equities through STOs, the country purportedly intends to make the financial sector more transparent and secure. The initiative comes right after Uzbekistan’s National Agency for Project Management prioritized the creation of a national cryptocurrency mining pool in a bid to consolidate the capacities of domestic and foreign miners at the national level. 

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With the move, the agency intends to ensure the economic efficiency of crypto mining, boost the transparency and security of the industry, increase the efficiency of energy consumption in this area and attract investment.

Still, the government of Uzbekistan has demonstrated a mixed stance toward the usage of cryptocurrencies, as it barred its citizens from purchasing crypto in late December of last year. The decision came as a surprise to many, as the country had previously displayed a relatively lenient stance toward digital currencies. In September 2018, the country’s government signed a memorandum of understanding to regulate and establish licensing for crypto exchanges, mining operations, and initial coin offerings.

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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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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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Binance Supports An Ontology Upgrade

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Binance Supports An Ontology Upgrade
Binance Supports An Ontology Upgrade

Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet. Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits. Any future deposits of NEP5 ONT will not be credited to users’ Binance account, it indicates. Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC. Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.

The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected. Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services. MainNet ONT started to release ONG as soon as Ontology MainNet went live two years ago. According to Ontology, from 9 to 12th June 2020, it will give its community the opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results. However, The Ontology Foundation’s first three-year bonus to the top 49 nodes and the distribution method remains unchanged.

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