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Chainalysis and Integra FEC Win $1.25 Million Contract To Develop Tracing Tools

By
Adam Barry
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0

The IRS has awarded crypto intelligence company Chainalysis and Integra FEC a $1.25 million combined contract to provide tracing tools for Layer 2 protocol and Monero token.

Chainalysis and Integra to develop tracing tool for privacy coins for IRS

The IRS floated the one-year contract at the beginning of September, and the contract covers Layer 2 payment protocols such as the Bitcoin lightning network and Monero token (XMR). These are features that the IRS considers channels of criminal activity since privacy coins are usually developed to hide financial activity from law enforcers’ attention.

According to an IRS spokesperson, the two firms won the contract award, which was contested by 22 other companies, but the IRS used comparative analysis to pick the firms. Chainalysis is one of the top cryptocurrency analytics companies that have routinely won these kinds of cont5acts with various government agencies. On the other hand, Integra FEC is a rather unfamiliar name despite receiving several contracts with agencies such as SEC for “Other Scientific and Technical Consulting Services.”

Chainalysis can track up to 99% of private coins

Each firm will receive $625,000 for tracing obfuscated wallet addresses as well as transaction amounts. According to the original requests, the companies will receive an advance of $500,000 to develop the necessary tool for tracing. The remaining $125,000 will be received once the solution they will submit proves to be effective and successful. The companies are expected to submit a working submission in eight months, with testing and development occurring in the ensuing 120 days. Chainalysis previously stated that it can track up to 99% of transactions that involve Zcash as well as all Dash coins.

With the government ramping up its interest in crypto tracing, the number of companies working in the sector is likely to continue growing. The IRS expects the solution to help track transactions to specific users, identify transaction details, and offer network activity information. Recently the US treasury erred with sanctions on a Monero wallet, which turned to be a payment ID.

Bittrex Global Receives Approval To Operate Cryptocurrency Operations In Bermuda

By
Adam Barry
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Bermuda’s island has continued to experience a wave of cryptocurrency exchanges, with Bittrex Global becoming the latest to get clearance for operations in the country. The Bermuda financial regulator approved Bittrex to carry operations in the country under supervision from local authorities.

Bittrex approved to operate in Bermuda

Bittrex announced that it had received Class F Digital Assets Business Act license for operating its crypto exchange under the Bermuda Monetary Authority’s supervision. This allows the company to offer cryptocurrency services like futures subject to the watchdog’s approval. The positive regulatory response towards cryptocurrencies in Bermuda comes within the Digital Assets Business Act context. The framework approved in 2018 established the path for crypto companies in Bermuda. The Act includes the provision for issuance of digital assets, custodial services, and exchange operations.

Stephen Stonberg, the CFO and COO of Bittrex’s Bermuda subsidiary, said that Bermuda’s government’s concierge service made the process of setting operations on the island. He added that the availability of a single point of contact managing interactions with the Bermudian government was refreshing.

Tom Albright, the CEO of Bittrex Global, said that the whole cryptocurrency industry was all about looking into the future. He said that working with the Bermudian government and the BMA was a huge milestone in enhancing crypto adoption at all financial industry levels.

Bermuda has ideal regulations for cryptocurrency operation’s

According to Bermuda Premier’s David Burt, attracting Bittrex to Bermuda is a huge achievement since it is one of the leading exchanges globally. He added that Bermuda’s choice for expansion of its services demonstrates the attractiveness of the Island’s approach. Burt said that Bermuda offers flexibility and model regulatory clarity for setting up cryptocurrency services in the country.

Recently the government entered a collaboration with stableocoin site Stablehouse. The government and the company will partner to launch a digital “stimulus” token trial program that will target merchants and residents on the island. The government will use the token in distributing payments to qualifying individuals for COVID-19 related aid.

Pennsylvania State University To Host Its Node For GoChain Blockchain

By
Adam Barry
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0

Pennsylvania State University, whose population is over 100,000 students, is set to operate as a signing node for GoChains’ PoR (Proof-of-reputation) blockchain.

Gochain Blockchain uses POR in running the network

GoChain is created as an Ethereum blockchain code fork, and it is secured through various entities running their codes. This is according to a statement from GoChain’s SPV marketing Marie Gonzalez. The GoChain blockchain employs a consensus referred to as PoR that calls on specifically approved signing nodes in the network’s running. This blockchain is targeting eventual function with 50 nodes. Gonzalez said that they have set the bar high, and therefore it will take some time before getting to 50 nodes. Some of its node operators are Lenovo, DISH network, and the latest Pennsylvania State University.

Gonzalez stated that this is one public blockchain having 50 nodes that is accessible to everyone. The GoChain blockchain is compatible with Etherum 100%, and therefore one can leverage the 100x scalability of around 1,300 transactions per second with 10,000x cheaper fees. Equally, since every node gets voted in with their reputation at stake, there is no battle for hashes.

In the last couple of years, scalability has become an important issue in the cryptocurrency industry. For instance, Bitcoin only completes around seven transactions every second on the bitcoin blockchain.

Penn State to use GoChain blockchain in Supply chain

Pennsylvania State University’s Smeal College of Business will head the node through the Centre for Supply Chain Research. This is because the Smeal College of Business has a high reputation in supply chain participation.

Besides its operation as a node, the Centre for Supply Chain Research of the school will also study the role of blockchain in supply chains with the Department of Supply Chain and Information Systems and GoChain.

Early this year, Lenovo moved into the GoChain blockchain that uses eco-friendly cooling measures at data centers. Lenovo supports the Gochain network signing node, which is the first of its kind to be operated through a liquid immersion data center to help in cooling.

Polkadot-based Cross-Chain Decentralized Finance Project, Equilibriums Raises $5.5 Million In Token Swap Fundraising

By
Adam Barry
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0

Cross-chain decentralized finance (DeFi) and Polkadot-based project, Equilibrium has raised around $5.5 million through a progressive token swap fundraising process.

Equilibrium raises $5.5 million in token swap fundraising

In a press release on Thursday, Equilibrium said that the DeFi money market raised close to $5.5 million through a “token swap method,” which involves swapping of cryptocurrencies between blockchains. The capital raise round had several venture capital funds, such as PNYX Ventures and BKOEX investing in the Polkadot ecosystem. The fundraising involved investors exchanging their old tokens to receive new ones. For instance, the Native Utility Token (NUT) from the Equilibriums’ EOS product line was exchanged for EQ, a new Polkadot-based token. The company indicated that it values its user participation more compared to the token sale.

The EQ token is a compatible cross-chain token used as a voting mechanism and platform currency in the decentralized governance of Equilibrium. Most importantly, the token can be employed in paying for product fees, bailing out liquidity in securing credit, loan collateral, and also for payment of transaction charges on Equilibrium substrate.

Equilibrium to help in migrating Ethereum blockchain to Polkadot

Alex Melikhov, the CEO of Equilibrium, stated that the company has been developing a DeFi protocol on Polkadot, which will simplify the building of decentralized apps on Parachains and Substrates. This will then help developers in migrating from the Ethereum blockchain as well as other blockchains to Polkadot. The cross-chain protocol of Equilibrium will provide pooled borrowing, lending, trading, and staking. The developers of the protocol plan to make Ethereum blockchain and others compatible with each other through a unified DeFi use interface.

BKEX exchange CEO and founder Ji Jingy expressed the exchange’s intent of listing the EQ token. He stated that that there is no one currently offering non-custodial pooled loaning besides Equilibrium. He also added that it enables the connecting of major protocols and assets in empowering global cryptocurrency trading. Equilibrium seemingly filling the absent link with its services as it combines cross-chain lending for leading cryptocurrencies and synthetic assets and cross-chain trading.

Dash Announces Upgrade To V0.16.0.1, which will Adjust Percentage Block Reward

By
Adam Barry
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0

Dash Core Group, the company behind the privacy-focused coin DASH, has announced fresh changes to the proof of stake of assets as part of the recent upgrade of the protocol’s mainnet.

Dash released a new upgrade of Dash Core V0.16

In an announcement from one of the Dash Core Group developers, the Dash Core V0.16.0.1 binaries have been released and are ready for deployment by node operators on mainnet. This is a huge release that is a compulsory upgrade for all masternodes and miners.

The upgrade on the network enhances DASH ecosystem in several ways that include ways to confirm the right masternode holder software, interface improvements for wallet users, and enhanced anonymity capabilities for those that the non-custodial coin mixing alternative of the project, PrivateSend.

Network operators, Stakeholders, and partners have been asked to commence the upgrade immediately to continue getting block rewards before spork 21 activation. The company plans to announce the activation date of spork 21 at a later date after adequate masternoders have migrated successfully to v0.16.0.0.1.

The Dash Evolution started in 2015

The announcement also indicated that the upgrade also included “block reward reallocation to enhance Dash Economics through the adjustment to of reward percentage.” Other highlights of the upgrade include a dynamic activation threshold to offer a safer and non-blocking method of proposal activation, enhanced recovery for signature shares recovery through a deterministic approach, and wallet UX/UI improvement s through enhanced flexibility and consistency.

Recently on September 18, Dash made another change to transition to decentralized cloud crypto through the launch of a platform supporting blockchain-verified user data storage and decentralized API. The new insights allow data storage within the network in a decentralized cloud service form.

The Dash platform being introduced was developed through innovative ideas that will see the transformation of crypto functionalities. The concept of Dash Evolution began in 2015, and it focuses on having simpler cryptocurrency use for users. It will have A Dash Drive, DPNS or username layer, decentralized API or DAPI, and the Dash Platform Protocol (DPP).

ConsenSys Granted Contract To Develop Cross-Border Payment Project Between Thailand and Hong Kong

By
Adam Barry
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0

Blockchain Company ConsenSys has announced that it has been granted a cross-border payment project contract between Hong Kong and Thailand. Under the terms of the contract, ConsenSys will develop a cross-border payment proof of concept after success rese3asch by the two countries’ central banks.

Hong Kong and Thailand working ion a cross-border payment project

ConsenSys is expected to lead the implementation of the second phase of Project Inthanon-Lionrock. This is a joint project being carried by the central banks to create a central bank digital currency payment network. The Bank of Thailand (BOT) and the Hong Kong Monetary Authority (HKMA) and initiated the joint project in May last year, and the results of the preliminary research phase were reported in January. Results indicated that there was massive potential in using DLT tech in reducing third-party intermediaries and settlement layers involved during cross-border transfers.

The object is to develop a proof of concept that will set up a cross-border corridor between the country’s Lionrock networks. However, this requires a solution for efficient currency conversion between the Hong Kong dollar and the Thai baht.

ConsenSys developing cross-border payment networks

ConsenSys plans to employ its enterprise Ethereum stack technologies by focusing on prioritizing security, scalability, and interoperability. The blockchain company has previous experience developing a CBDC payments network for the South African central bank’s Project Khokha and Singapore central bank’s Project Ubin. The company has been at the forefront of using emerging tech for digitalization and enhanced global connectivity.

Charles d’Haussy, ConsenSys’s Hong Kong Director, said that the company is delighted to implement the central bank digital currencies for cross-border payments. He added that they are humbled to work on developing the financial infrastructure of Hong Kong.

Recently the company announced the acquisition of the JPMorgan developed blockchain project, Quorum. The project was an attempt to make Ethereum technology stick in an industrial setting. However, Quorum is being rehomed, and ConsenSys is buying the brand to uses its trademark brand and intellectual assets from a marketing viewpoint.

Waves Crypto Exchange Enables “DeFo” Staking For Neutrino Stablecoins

By
Adam Barry
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0

Waves.Exchange, a US-based crypto exchange that supports the Neutrino protocol, has introduced a way for traders and investors to make some money from stablecoin staking.

Waves expand tokenized crypto ecosystem offering

The exchange announced on September 29 that it was expanding its tokenized crypto ecosystem to include 7 other different Neutrino stable coins. This includes the synthetic version of the national currencies via a decentralized foreign exchange market (DeFo). Crypto traders holding Neutrino US dollar (USDN), Yen (JPYN), Euro (EURN), ruble (RUBN), Yuan (CNYN), Ukrainian Hryvnia (UAHN) as well as Nigerian Naira (NGNN) will receive up to 15% yield annually through staking.

Interestingly, Neutrino stablecoins, unlike other centralized fiat- collateralized stablecoins that require holders trusting the issuers they are algorithmic and are issued through a smart contract. Besides Waves, other platforms are offering staking rewards on crypto this year.

For instance, in July, Coinbase launched a similar system for cryptocurrency traders to gain a 2% annual percentage yield on their DAI besides the current 0.15% for USDC holders. At the beginning of this month, Binance announced that Launchpool platform users will be earning tokens rewards for staking Binance USD (BUSD) and Binance Coin (BNB) and other different coins.

Ethereum users can earn staking rewards on Neutrino dollar

In August, Cointelegraph reported that Waves was making its Neutrino dollar accessible to users for staking on the Ethereum blockchain. Following the porting, Neutrino USD became available to Ethereum blockchain users, thus enabling them to stake reward for holding Neutrino Dollar in their wallets. With this new integration, Ethereum developers can use USDN in DeFi applications.

Waves is reportedly planning on the addition of ore DeFo trading pairs subject to voting by holders of Neutrino’s governance token (NSBT). In October, Waves will launch Gravity Hub, a blockchain agonistic protocol that addresses the interoperability challenges between blockchains. This includes Ethereum (ETH), Bitcoin (BTC), Solana (SOL), Cosmos (ATOM) as well as Ethereum Classic (ETC). Gravity Hub will send requests by dApps to of other dApps in different blockchains and the transfer of tokens using ports.

Samsung Announce New Blockchain Pilot Projects For Tracking Of Drug Distribution

By
Adam Barry
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0

Blockchain is witnessing increased adoption in the pharmaceutical sector with Samsung SDS expected to run pilot projects in November testing blockchain-supported medicine distribution management. The objective of the tests is to guarantee transparency in the tracking process of pharmaceutical drugs.

Samsung launches pilot program for tracking drug distribution

Samsung Group’s It branch, Yankup, announced the pilot programs called “Disruptive innovation technology for tracking drug distribution” in Seoul, South Korea, at the BioPharma Cold Chain logistics session. Interestingly, Samsung SDS officials stated that they have already received many participation applications for the pilot programs from unnamed distributors, pharmaceutical companies, and even medical institutions.

According to Samsung SDS senior research Lee Eun-young, the pilots are expected to last from three to six months. Lee said that through the history management service of drug distribution, it is easier to comply with regulations and innovate business by implementing product-specific history management, automation of reporting functions, and real-time distribution tracking.

Yankup said during the pilots’ announcement that they will comprise an IoT-connected temperature history tracking service. This will be implemented alongside automatic history management for all outgoing and incoming goods. The IT-branch said that this has been picked to reduce handwritten input and verify collections and returns through a secure base.

Samsung leveraging blockchain in the healthcare industry

The company plans to commercialize the pilots in June 2021 once they are successful and have met domestic and foreign regulatory requirements. Lee said that the size of the blockchain market in the healthcare sector is massive and is expected to grow to $5.61 billion by 2025 from $176.8 million in 2018. She said that by 2025 around 55% of healthcare solutions will adopt blockchain tech for commercial use.

Blockchain adoption is picking steam in South Korea. The country’s 4th largest city Daegu, announced that it was planning to allocate $6 million towards artificial intelligence (AI) and blockchain education. The city aims to solve a deficit of resources in the main technologies of the fourth industrial revolution.

Bitcoin Holds The Key To A Trusted Internet System, Says Twitter CEO, Jack Dorsey

By
Adam Barry
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Twitter and Square CEO Jack Dorsey indicated that Bitcoin holds the key to have a trusted system on the internet, which has become the most distrusted setting. Dorsey, who spoke during a virtual interview with Human Rights Foundation’s event-based entity, the Oslo Freedom Forum, also shared about how content saved through blockchains can become immutable.

Dorsey upbeat about bitcoin redefining trust in the internet landscape

Dorsey stated that the whole spirit of bitcoin was providing a trusted. His comments come at the back of discussions regarding protection and security against nefarious elements. He told HRF president that security is not perfected because it is always a push to stay around 10 steps ahead of hackers.

About Twitter, Dorsey discussed various helpful ways of maintaining an edge over hackers, including Twitter having a sense of internal awareness regarding their security and different external insights. He pointed out choosing proper company frameworks, ensuring they build the correct secure systems for the platform to gain trust in one of the most untrusted spaces.

Bitcoin and blockchain tech pave the way for enhanced security

According to Dorsey, Bitcoin and its technology are revolutionary as a fresh tech innovation that has paved the way for enhanced security, making trust a less crucial element. He lauded the concept and the significance of users holding their won access keys as a way of revolutionizing security. Also, Dorsey mentioned that bitcoin’s blockchain tech and decentralization have changed the landscape of online content where several parties host it rather than a centralized entity. He added that Bitcoin and its blockchain tech show a future where there is content forever without going way or where it will exist forever on each node connected to it.

This is not the first time that Dorsey has spoken positively about Bitcoin as he has in the past indicated that the digital currency holds the potential of being the internet’s native currency. In a recent interview, he indicated that the coin has massive potential.

Indian Cryptocurrency Exchange, BuyUCoin Leads Industry Players In Developing Framework To Regulate Industry

By
Adam Barry
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0

Following rumors that there will be a second cryptocurrency ban in India, a major crypto exchange BuyUcoin has come up with a framework of regulating the sector in the country with support from all top stakeholders.

BuyUCoin leading efforts to regulate crypto

However, it is unclear if the stakeholders that are part of the Draft Sandbox for Blockchain and Cryptocurrency are expected in October. BuyUCoin currently has over 350,000 users and processes billion-dollar transactions. The exchange described the set of regulations as a draft for industry-driven propositions, rules, and implementation mechanisms. They will present the framework to the Indian government.

This development comes as the country faces a wave of new discussions regarding crypto’s legality following recent speculation about a second ban on cryptocurrencies. As a result, there is a need to have a well laid down framework of regulating the sector. In March, the Supreme Court struck down RBI’s circular that banned financial institutions and banks from dealing with cryptocurrency companies. Recently Bloomberg reported that the Indian government was planning to introduce a bill banning the trading of crypto during the monsoon session.

Sandbox daft to help make crypto accessible

BuyUCoin co-founder and CEO Shivam Thakral said that this was a huge milestone in a long process of making crypto accessible to people. Shivam said that the sandbox draft results from industry insiders and crypto experts’ efforts and will help the government make laws that guide guiding crypto startups seeking to enter the burgeoning industry.

Charles Bovaird, the Quantum Economics VP and Senior Contributor at Forbes, said that a ban on crypto trading in India will cause it to fall behind nations that have legalized crypto. Therefore lobbying authorities and sector participants will result in the implementation of the much-required crypto regulations.

Crypto Kanoon, an Indian blockchain-focused law firm, also aimed the possible ban stating India’s ban on derivatives trading in 1953 harmed the finance sector. India took 50 years to regulate commodities, which is a mistake the government shouldn’t repeat.

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