Students will be able to learn the basics of smart contracts and how to create them. Five blockchain expert professors will lead the course.

The Pontificia Universidad Católica de Chile will launch the second course of the Diploma in Blockchain, Smart Contracts, and Value Chains, focused on smart contracts, through the online modality.

The University’s website reported the news. The University clarified that such a diploma focuses on professionals in the information technology sector interested in knowing the fundamentals of blockchain.

These lessons would focus on the possible applications of blockchain networks, including smart contracts and cryptocurrencies.

In definition, a smart contract is a computer program that facilitates, secures, and executes the agreements that got registered between two or more users or organizations.

A smart contract is a model to strengthen the security of users, who will be able to verify data by receiving accurate information before approving transactions.

In practical terms, smart contracts facilitate the sending of cryptocurrencies without the need for an intermediary. It will also make the loan within cryptocurrency networks easier and even the possibility of developing games.

How does it work?

Now, in the second edition of the diploma course, students will learn the fundamentals of these contracts. Also, they will learn skills to write and create simple contracts, according to the University.

In more detail, and once the course “Smart Contracts: Development and Implementation” meets its completion, those approved will be able to identify platforms for the development of cryptocurrency networks, classify technologies that focus on blockchain, and apply simple contracts on a specific platform.

Regarding the contents, the University clarifies that, at first, it will be a simple introduction to Ethereum, as well as Ether as a currency and merchandise system.

 The subjects in the course are Ethereum addresses, the transactions, smart contracts themselves, and the mining of their cryptocurrency.

Ethereum forks, Ethereum Virtual Machine, The Solidity Programming Language are also part of the content, adding contract structures, smart contracts with Solidity, and advanced smart contracts.

One of the directors, Professor Jaime Navón, noted that blockchain technology would be potentially worthy in various other applications that are about to appear shortly.

Lawyers and Experts will be the Ones who Give the Lessons

According to the information offered by the study house located in Santiago de Chile, at least five lawyers will be the ones to teach about this technology.

There is talk of Marco Alarcón, who is the head of blockchain architecture at the Santiago Stock Exchange, as well as Patricio López, who is an expert software developer and expert in Ethereum and blockchain technology.

Domagoj Vrgoc will also be on the team. He is a computer doctor, graduated from the University of Edinburgh in the United Kingdom. He will make a partnership with Alejandro Echeverría, who is an expert in Computer Science.

By: Jenson Nuñez

The second phase of the merger to the new network is coming, and it will no longer need miners.

The first update of the Ethereum 2.0 Beacon Chain network, called Altair, has a release date. This update would arrive on October 27, 2021, at the time 74240 of the network.

All the details regarding this event will get published on October 4, and it will be possible to start the update in the nodes from this date.

The developer Danny Ryan highlighted on the Ethereum blog, that Altair will be the first update to the Beacon Chain mainnet, the first of at least 64 shards that will be part (at least initially) of the Ethereum 2.0 blockchain.

This update is part of phase 1 to consolidate the fragments that will later enter the main blockchain.

According to that release, Altair brings light-client support to kernel consensus, cleans up beacon state incentive accounting, fixes various issues with validator incentives, and boosts the increase of punitive parameters under EIP-2982.

Regarding the latter, the validators that will lead the processing of the networks will receive punishment if they carry out malicious activities or if they enter into an inactive phase for a long time.

According to Ryan, the scheduled time for the new update is 10:56:23 a.m. Precisely, one of the great benefits of the proof of stake is that users can specify the times of the updates.

Ethereum Mining is a few steps closer to the End of its days

Beyond the details about the Altair update, the quoted text highlights the author’s celebration on the possible end of the proof of work at the network’s hands.

The end of mining might be one of the first changes that the move to Ethereum 2.0 will entail. Phase 0 or Serenity began on December 1, 2020, when the genesis block of the Beacon Chain met its creation.

This parallel chain intends to keep recording data while the stages complete the transition from the first Ethereum network to the new consensus, Ethereum 2.0.

Once the transitions take effect, the disruption in the registration of the data in the blockchain gets avoided. On the other hand, the tests pave the way for the transition of said information to the first network.

Once the Altair upgrade achieves its completion, Ethereum takes a further step towards fusing with Beacon Chain, which will end the proof of work (that is, mining) to validate transactions on the network.

The proof of stake or proof-of-stake will replace this proof of work once the move to Ethereum 2.0 reaches its completion.

In addition to the proof of stake to validate transactions, the other vital change from Ethereum 2.0 will be the use of shard chains. These shard chains are divisions in the Ethereum blockchain that will grant the processing of transactions in parallel as if they were a lot of lanes on a highway.

By: Jenson Nuñez

From 8:00 pm on September 30 to 6:00 am, on October 1, there will be no digital banking. The “operational pause” will take effect due to the entry into force of the third currency conversion.

The Venezuelan banking digital system will stop its operations for at least 10 hours, or more, due to the currency reconversion that will take effect on October 1. The “operational pause,” as the executive explained, will take effect this Thursday, and it will last until October 1.

For a few hours, there will be no digital system for the use of the population, according to the information coming from the executive vice president of the Caribbean country, Delcy Rodríguez.

The ceases of operations will bring the inability to move or spend funds. There will be no transfers or mobile payments; the point of sale systems, BioPago, or other methods work will stop their operations too, and neither will work at the box office.

The representative also anticipated that the following week, from October 4 to October 8, all banks must also operate in offices to “serve the public.”

This paralysis had appeared a few weeks ago when the Superintendency of the Banking Sector (Sudeban) reported that the Venezuelan banking in plenary session would not operate during the days of the reconversion at the office level until all the modifications get executed.

Venezuela has undergone a Reconversion Before

The announcement by Vice President Rodríguez reveals that there will be total paralysis of the entire Venezuelan banking system, something that the local inhabitants had already experienced. A little more than three years ago, there was the second reconversion in the country’s history.

In 2018 when the «sovereign bolivar» arrived, which was an event that ended up with the elimination of five zeros from the monetary cone; and nine years earlier, in 2007, the first reconversion happened, the «Bolívar Fuerte» arrived, eliminating three zeros.

Now, on October 1, the third monetary reconversion takes effect, which involves the removal of six zeros from the current monetary cone and the arrival of a so-called “digital bolivar.”

The Central Bank of Venezuela (BCV) highlighted that the measure does not imply an appreciation of the actual currency. The policy will only help make its use a bit easier, so this is why it is happening on a simpler monetary scale.

Banking Systems will Get Back to its Normal Functions

The official pointed out that the bank systems will recover their functions gradually and gradually. It is not necessarily all Venezuelan banks to be operational on Friday. It may work again, in some cases, days later.

In the absence of cash, most transactions go through digital systems. In figures, the rolling quantity of monetary pieces currently in that country is 2%, when necessary, given the dense population; it should be up to 13%. These percentages go according to the economist Rodrigo Cabezas.

By: Jenson Nuñez

The billionaire does not believe that governments could ever destroy cryptocurrencies but says they can slow its progress. He spoke about regulation and repression in China.

Tesla and SpaceX CEO Elon Musk shared his thoughts on various hot topics in the Bitcoin ecosystem on Tuesday, including cryptocurrency regulation and the latest repressive procedures against the sector by China.

Speaking at the Code 2021 conference in Beverly Hills, California, Musk explained that governments should not intend a regulatory measure on digital currencies. While he considered that governments could bring down Bitcoin, he noted that they could slow down its development.

Governments Cannot Destroy Cryptocurrencies

As CNBC reported, New York Times columnist Kara Swisher asked Musk specifically if the US government should get involved in regulations of the cryptocurrency space. Musk said in response that he would suggest doing nothing.

In August, the renowned businessman had already voiced his stance against the controversial crypto reporting provision contained in Biden’s government and its infrastructure bill.

At the time, he expressed in a tweet his thoughts about the discussion in the US Congress and added that it was not time to pick winners or losers in crypto. He continued highlighting that no crisis should force legislation hastily.

Musk Talks About a Crackdown in Chinese Territory

Musk also shared his thoughts on the latest Chinese government offensive against the local crypto industry. Last week, the Chinese authorities intensified the ban policies over cryptocurrencies, initially established in 2017, declaring all transactions with said assets illegal.

The Chinese government had already strengthened repression measures at the beginning of the year, encouraging a strategy to dismantle the crypto mining operations in the country. Officials from the Asian powerhouse have said that the measures are to diminish the coal power supply nationwide.

The CEO framed himself in context and expressed how China and its actions concerning cryptocurrencies could have been encouraged by struggles due to the shortages in the nation.

At the same time, the chairman recognized that cryptocurrencies could also have other political and financial implications due to some of their particular qualities. He said that he supposes that cryptocurrency counts on the reducted power of a centralized government as one of its fundamental goals. And governments simply do not like that.

Bitcoin is not a New Hope

The entrepreneur has become a vital figure in the digital currency space in recent months. Musk frequently accesses Twitter to express his support for the doggy meme coin, Dogecoin (DOGE). He has also come out in favor of Bitcoin, although he has been critical of the high carbon power consumption that helps that Blockchain network.

His electric vehicle company Tesla invested $ 1.5 billion in Bitcoin earlier this year, a figure that has since appreciated. The firm had also adopted Bitcoin for payments, but the move had met a suspension due to concerns of the CEO about the environmental impact. Musk has said that this suspension could trigger the policy again once Bitcoin starts consuming more sustainable energy.

By: Jenson Nuñez

Bitmain’s alleged decision would also receive support from recent announcements made by the Chinese government, which reiterated the ban on commercial activities with cryptocurrencies and added that there would be legal charges for the offending individuals and companies.

The reputed Chinese mining device manufacturer Bitmain appears to be joining the growing group of companies that will no longer market their products to customers living in China.

Several news portals with knowledge of the case reflected on the situation saying that, like many other companies within the digital currency sector, the measure adopted by Bitmain happened due to the recent announcements made by the government of the Asian country.

These activities will be subject to criminal charges for the citizens and entities that engage in these practices. According to sources familiar with the current situation, Bitmain’s measures appear to go beyond just suspending the marketing of mining devices among residents of the country.

Bitmain even contemplates moving a significant part of its production line to new regions, although there is still no information on the countries where they will install their new headquarters.

According to several analysts, the announcement by Bitmain could be a severe blow to the cryptocurrency industry, especially since the Chinese market was a point of commercialization for many of the products that come from the company.

However, it is worth noting that the company has been promoting its expansion plans and taking its operations to other latitudes, precisely intending to open up space in other international markets.

Market Reacts to the Chinese Government’s Stance

Although Bitmain has not yet released an official statement concerning its intentions, the measure does not take people with more experience within the crypto ecosystem by surprise, precisely because of the events that took effect in recent days. To the announcement of the Chinese government.

Previously, the Chinese company that operates one of the best-known platforms for trading products on the Internet, Alibaba, announced that as of October 8, it would stop the sale of mining devices through its interface.

The platform also highlighted that it would close two categories related to this type of article. The measure took effect due to the legal inconveniences that the commercialization of this type of equipment would face during these times.

Although it is not the first time this year that the Chinese government has announced this type, these measures led again to the fall in the price of Bitcoin and the first cryptocurrencies.

After the first announcement made in May this year by the Chinese authorities, some farm operating companies and mining groups based in China have been migrating their operations to other latitudes with a friendly regulatory environment.

In this regard, the mayor of Miami, Francis Suárez, stated that his country is taking advantage of the situation in China and is assuming several companies to operate in the North American nation.

By: Jenson Nuñez

The regulator charged Kraken with violating Commodity Exchange Law by offering crypto products on margin without the required registration.

Kraken, one of the first cryptocurrency exchanges in the United States of America, will have to pay a fine of one million dollars to resolve the charges imposed by the regulator of the options and futures market of that country.

The Commodity Futures Trading Commission (CFTC) has filed and resolved charges against Kraken for failing to register as a futures commission trading platform and offering margin transactions in cryptocurrencies. The regulatory agency highlighted the case in a statement on September 28.

According to official sources, the order needs Kraken to pay a civil monetary fine of $ 1.25 million and to cease and desist from further disruptions of the Commodity Exchange Act (CEA).

Vincent McGonagle, acting director of compliance explained in the statement that this action is part of the CFTC’s broader effort to protect US clients.

Kraken Reaches an Agreement with Regulators

The CFTC charged the exchange for violating the Commodity Exchange Act between June 2020 and June 2021 by offering cryptocurrency products on margin without having a Designated Contract Market or FCM registration. Kraken offered margin trading of up to 5: 1, but the regulator called it illegal.

In the US, entities wishing to list or trade futures products must register as FCM, while a DCM license will serve to offer futures products, According to CoinDesk. In a margin operation, cryptocurrency traders borrow money to invest and keep their position in the market.

The deal between the exchange and the CFTC arrives three months after Kraken suspended its leveraged products. In June, Kraken commented on limiting its margin products for customers in the US in an attempt to apply regulatory clarity.

The Need for Greater Regulatory Clarity

In addition to paying the fine and agreeing not to commit further violations, the terms of the agreement also add that the exchange waives its right to any court hearing or review.

Meanwhile, in a separate statement, CFTC Commissioner Dawn Stump highlighted that the case outlined the need for clarity of the Commission’s Final Interpretive Guidance, issued in 2020, on retail commodity transactions involving certain digital assets.

In fact, Dawn even admitted that it could be hard for Kraken and other crypto exchanges to comply with the law. The commissioner explained that, under current regulations, the way Kraken could face its regulation was unclear, noting that it would be unprecedented for a company to register as DCM and FCM at the same time.

Along these lines, the commissioner suggested the opening of a regulatory drafting procedure to bring clear rules of the road for exchanges and other entities in the crypto industry.

By: Jenson Nuñez