Connect with us
https://paxful.com/?utm_source=CGNT&utm_medium=Banner&utm_term=Crypto%20Global%20News%20Team

Altcoin News

Shanghai Government Working With 6 Banks on Blockchain Project for Trade

Published

on

Shanghai Government Working With 6 Banks on Blockchain Project for Trade
Shanghai Government Working With 6 Banks on Blockchain Project for Trade

The municipal Shanghai government has joined forces with financial institutions to create an alliance to foster the use of blockchain for global trade. 

The Global Times reported on Nov. 7 that during the China International Import Expo earlier today, the Shanghai Municipal Commission of Commerce, Shanghai Customs and representatives from six bank branches — including the People’s Bank of China and Bank of Communications — signed a Blockchain Alliance proposal for the city’s e-port area.

Chen Huifang —  a professor at the College of Information Science and Electronic Engineering of Zhejiang University — told the Global Times that blockchain has previously been implemented in several free trade zones across China, noting that:

“Blockchain technology increases the reliability of information, thus improving the efficiency of customs clearance, reducing costs and promoting trade facilitation.”

An official from the General Administration of Customs of Shanghai, Ye Jian, emphasized that the blockchain alliance represents “the first blockchain application project in customs and the first service project for the CIIE.” He added that blockchain had been successfully implemented in the newly-launched cross-border yuan trade financing services for Shanghai’s single window system, helping to tackle data imbalance issues in the process. Image result for shanghai

As the Global Times notes, a pilot blockchain system was also trialed for cross-border financial services in Nanning, South China’s Guangxi Zhuang Autonomous Region, this October. Qi Hong, vice director of China Construction Bank’s Shanghai branch, emphasized to reporters that the technology remains in its early experimental phase in the country, outlining that:

“We now use blockchain in sporadic financial products instead of the whole finance industry chain, and the public doesn’t have a sound understanding of the technology when it comes to financing. But I think the government’s call for blockchain construction will help push the technology’s application in a more comprehensive way.”

As reported, China’s President Xi Jinping has recently stated that the adoption of integrated blockchain technologies is key to promoting tech innovation and industry transformation in the country. Reflecting on the president’s remarks, Galaxy Digital CEO Mike Novogratz this week claimed that the statement had “credentialized crypto and blockchain.” 

Even as China’s National Development and Reform Commission has now rolled back its former plans to crack down on Bitcoin (BTC) mining in the country, local media has cautioned against misinterpreting the president’s remarks as being an endorsement of decentralized cryptocurrencies.

Altcoin News

Cryptocurrency And Blockchain News Update 19th February 2020

Published

on

India To Use Blockchain For Voting

India’s citizens will soon be able to cast votes from outside their city of registration thanks to a blockchain-based system. India’s Chief Election Commissioner said that the country hopes to increase voter turnout with a blockchain-based voting solution. 

China Using Blockchain To Fight Coronavirus

With the ongoing coronavirus epidemic, China has turned to blockchain technology to manage medical data, track supply of virus prevention materials and consult the public. For the first two weeks of February, China saw the launch of as many as 20 blockchain-based applications designed to help fight the coronavirus outbreak. Most of the apps are used to manage citizens’ personal data as many people are returning to work this month.

IOTA Updates Trinity Wallet

Following an apparent hack of IOTA (MIOTA) official wallet on Feb. 12, the IOTA Foundation has released a safe desktop version of the Trinity wallet. According to a Feb. 17 update post, IOTA should update their Trinity apps to securely check their balances and transactions via Trinity 1.4.1, a new version that is designed to remove the recently detected vulnerability from the wallets. The new version of the wallet doesn’t apparently represent the full solution of the recent breach because the IOTA’s dedicated network Coordinator, is still on hold

BitcoinAnd Google Scandal

A new extortion scam targeting website owners serving banner ads through Google’s AdSense program has begun circulating the Internet. The malicious scheme demands Bitcoin (BTC) in exchange for preventing an attack, which would purportedly lead to the users’ AdSense account suspension.

Binance Cloud Has Been Launched!

Binance cloud is here, According to the announcement from Binance, Binance Cloud will serve as an all-in-one infrastructure platform for customers and partners to launch digital asset exchanges based on Binance’s industry-leading technology, security, liquidity as well as custodial services. The solution also supports dashboard for managing funds, multilingual functionality, as well as a range of trading pairs and coin listings. The Binance’s new exchange-specific cloud solution will provide users with a method of setting up a crypto platform in their local markets. Binance Cloud’s features include crypto spot market and futures trading as well as local bank API integrations and peer-to-peer exchange services from fiat to crypto, the announcement notes. In the future, Binance Cloud plans to add more features like staking, over-the-counter trading services as well as token issuance with initial exchange offering platform.

Continue Reading

Altcoin News

TON Devs Worldwide Working Together To Intervene In SEC Case Against Telegram

Published

on

TON Devs Worldwide Working Together To Intervene In SEC Case Against Telegram
TON Devs Worldwide Working Together To Intervene In SEC Case Against Telegram

A group of international Telegram Open Network (TON) contributors has submitted a court document criticizing United States regulators’ line of attack against the project. The group has formed a non-profit association, “The TON Community Foundation,” and collectively submitted the brief on Feb. 14 in the form of an amicus curiae.

 An amicus curiae is a brief that offers expertise or insight into a given case on behalf of an entity that is not formally a party to the case itself — i.e. an entity that is neither a plaintiff, defendant, nor legal counsel for either side. The court can decide whether or not to take the brief into account at its discretion.

In their filing, the contributors state that the foundation has been formed to represent a “professional community of active participants in the TON project in whose interest it is to see the TON blockchain mainnet launched as soon as possible.” The foundation comprises 20 teams in the TON global community, designated as “independent specialists with extensive blockchain experience who are involved in the actual work on the TON blockchain and who write its code, protocol, smart contracts, tools, and applications.” These 20 teams ostensibly represent over 2,000 computer scientists, engineers, programmers, and entrepreneurs — based in China, Russia, France, and Spain, among other countries.

Image result for TON crypto

The foundation writes that the unanimous position of the TON dev community is that the TON blockchain is fully operational, has “state-of-the-art prelaunch security” and a developed suite of services. They contend it would, in its current state, be ready for launch as a mainnet in a “matter of seconds.” The brief focuses on particular arguments that were presented by Brown University Professor Maurice Herlihy in his review of TON for the United States Securities and Exchange Commission. 

Following Telegram’s wildly successful $1.7 billion initial coin offering for TON in 2018, the SEC had launched an investigation into the project in 2019, claiming the entity had not registered with the commission for its ICO and the network’s “Gram” tokens. The Herlihy report was submitted as evidence on behalf of the SEC in late December 2019. In its brief, the foundation argues that the court should decline the SEC’s impulse to place the industry under an “innovation-suffocating regime,” it contends. It argues that other successful blockchains — such as Bitcoin, Ethereum and Tezos — would never have launched had they been subjected to Professor Herlihy’s “academic scrutiny” and his “unrealistic standards of pre-launch performance, security, and maturity.” Moreover, despite Professor Herlihy serving as the SEC’s blockchain expert, the foundation claims he has mischaracterized the TON network in his report. It notes that he uses a blockchain definition from 2010 that has since become obsolete, which fails to account for smart contract functionality as one of the technology’s core parameters. 

What makes the TON blockchain unique, the brief outlines, is that literally “everything in its network is based on interaction with smart contracts” and “all Grams will be located in smart contracts,” so that, “in a way, TON is a smart contract platform more than a cryptocurrency one.” The rest of the foundation’s arguments against Professor Herlihy’s report provide a detailed overview of the state of the network’s services, readiness for launch, protocol, code, and security audit results.

Continue Reading

Altcoin News

Craig Wright Threatens BTC and BCH With Possible Lawsuits

Published

on

Craig Wright Threatens BTC and BCH With Possible Lawsuits
Craig Wright Threatens BTC and BCH With Possible Lawsuits

Craig Wright, who claims to be the Bitcoin creator known as Satoshi Nakamoto, has warned the Bitcoin (BTC) and BCH to stop using the Bitcoin database in order to avoid potential lawsuits. He claims that both networks may also violate the laws under the terms of Bitcoin’s original EULA and MIT License. The man behind Bitcoin SV in the recent personal blog post added that he is going to take back control of the system he created, and is ready to fight for his rights this year.

Wrights argues that the distributed Bitcoin database rights are governed by the Copyright, Designs and Patents Act 1988 (CDPA) and the Copyright and Rights in Databases Regulations 1997 (Databases Regulations 1997). So it should be considered as personal property. Dr. Wright claims that representation of 21 million total Bitcoin which each divisible by 100 million Bitcoin is only a verbal deal. The Bitcoin’s creator should have the full rights to claim this unilateral contract with those nodes to issue, adding that:

“As the creator of Bitcoin, I maintain the sui generis rights to any copy of the database created from Genesis in January 2009. I shall not be relinquishing the ownership. I will be licensing it, and have already engaged in a process.”

Ever since 2018 Craig Wright has been the defendant in a lawsuit filed on behalf of the estate of Dave Kleiman, Wright’s late business partner. The claim alleged that following Kleiman’s death in 2013, Wright unlawfully appropriated more than a million Bitcoin (BTC) that the duo had mined jointly in the early years of the cryptocurrency, as well as some related intellectual property. The new trial with Kleiman’s case has been postponed to April 17, and the trial won’t be held till July 2020. But in any case, it shouldn’t take long to find all these claims are legitimate or not.

Continue Reading

TRENDING

Copyright © 2015 Crypto Global News Team.