Hyperledger Welcomes Startup Argentina IOVLabs and 7 Other Companies as New Members

Alexander Salazar
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Hyperledger Welcomes Startup Argentina IOVLabs and 7 Other Companies as New Members

New members unite with the mission of providing more tools for development. Input Output Hong Kong group, developer of Cardano, also joins the group.

The Hyperledger consortium, from the Linux Foundation, is welcoming IOVLabs (Internet of Value Labs), the Argentine startup that created the Bitcoin RSK sidechain, together with 7 other companies, as its new members. IOHK, the developer of Cardano (ADA), is part of the group, according to a June 11 press release.

The collaborative open source project Hyperledger seeks to advance the development of blockchain technology across industries. The global collaboration between companies and experts to facilitate and improve the adoption of blockchains emerged in 2015 and now has more than 250 members, among which are large companies such as ABN Amro, American Express, Daimler, Fujitsu, IBM, Intel, Microsoft, and JPMorgan.

The mission of the new members is to join efforts, provide research, libraries, and business-quality open source tools, to continue advancing technology and developing blockchain projects.

Diego Gutiérrez Zaldívar, CEO of IOVLabs, says that they are pleased to be part of the Linux Foundation, the leader in the promotion of open source software and ecosystems. He notes that all the software that the RSK network uses and IOVLabs develops is open-source, and their spirit closely aligns with that of Linux. He explains that their membership in the Linux Foundation and Hyperledger will accelerate the adoption of open blockchain standards that foster financial freedom, transparency, and trust.

Another startup in the group, together with IOVLabs, is DB Systel GmbH, the technological arm of the German railway company Deutschen Bahn AG. It focuses on developing a comprehensive platform for the entire transport industry, based on the transparency and information shared.

Development in Latin America

Also joining is Atomyze, the commodity tokenization platform that is working with Nornickel, the largest producer of high-grade palladium and nickel. Besides, Binarystar, the largest blockchain business center in Japan, is uniting. Likewise, Public Mint, a fiat currency payment processor that uses blockchain, joins the Global Blockchain Business Council (GBBC) and InterWork Alliance (IWA), two organizations that focus on promoting blockchain-based technology.

Argentine startup IOVLabs, one of the smallest to join the group, recently launched its new permissioned blockchain platform. There they are developing the pilot plan for certification based on smart contracts, called Gasnet, designed to ensure and accelerate the process for the certification of gas, with a chronic delay in Argentina.

IOVLabs is also part of the consortium that works with the Central Bank of Argentina on the interbank platform based on smart contracts on RSK. It is operating with six nodes, one for each participating institution, including Banco Santander, BBVA, Bancor, ICBC, Interbanking and Bolsas y Mercados Argentinos (Argentine Stock Exchanges and Markets, BYMA).

Since it acquired RSK Labs in November 2018, the Argentine startup has been on a constant expansion program. Now, it has offices around the world, including places like Gibraltar, Singapore, Shanghai, and Uruguay. In 2019, IOVLabs acquired Taringa, the largest social network in Latin America, with an estimated 30 million users.

By Alexander Salazar

IBM Develops Blockchain Solution for Teacher Pensions in Bangladesh

Maria Rodríguez
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IBM Develops Blockchain Solution for Teacher Pensions in Bangladesh

The main objective of the project is to store the data on an unalterable and secure platform.

IBM recently announced that it is working with the Government of Bangladesh to modernize the digital pension system for primary school teachers in that country. This modernization will be done through a system based on Distributed Ledger Technology (DLT).

The proof of concept will be an authorized network in which the government will upload the information on pensions. Blockchain technology will help prevent the information on this platform from being altered or manipulated. In this way, the aim is to guarantee sufficient security for teachers who participate in the GBB electronic pension system.

Local media reported that IBM also works with the Bangladesh Computer Council (BCC), a Bangladesh government body that oversees information technology policy in the country. With this association, the government seeks to develop the project successfully and taking into account legal issues.

Until now, the developers of the project expect the IBM blockchain platform to host the live version of the digital pension infrastructure, as local media recently detailed as well.

About the Benefits of the Project

Parthapratim Deb, Executive Director of the BCC, believes that this blockchain platform will increase confidence in the digital pension system, as it will ensure that payments are based on authentic information.

Besides, the executive noted that this pilot project will cause the Government of Bangladesh to seek to develop more initiatives related to blockchain technology.

“We believe blockchain will increase confidence in the e-pension system by ensuring that payouts are based on accurate and authentic information,” Parthapratim Deb said.

About the initiatives that this project could inspire, he commented: “Its success will likely encourage other agencies to explore applications for our core blockchain platform, furthering BCC’s mission of transforming governmental digital services.”

Promoters representingthe Bangladesh National Digital Architecture teamwere the ones who proposed the pilot project. Meanwhile, BNDA previously built an e-governance framework to standardize digital service delivery across all government agencies in Bangladesh. In this way, the country began to prepare for the adoption of new technologies such as blockchain.

Bangladesh Expands Blockchain Adoption

In the past 12 months, IBM has worked on different blockchain initiatives in Bangladesh, in collaboration with both public and private entities. In this way, they seek to modernize many important systems for the organization of the society in that country.

For instance, in December IBM collaborated with local company IPDC Finance Limited to launch the country’s first supply chain financing platform based on Distributed Ledger Technology (DLT), Orjon.

Three months earlier, the country’s Ministry of Information Technology selected IBM as a technology partner to establish a digital technology research center inthe capital of Bangladeshi, Dhaka.

The main objective of this center is to accelerate innovation in cutting-edge technologies, such as blockchain, Artificial Intelligence (AI), and large data management platforms to make processes faster and safer for users and companies. The country continues walking towards innovation and blockchain adoption.

By María Rodríguez

Tron and Bitcoin Cash Experience Sharp Drop in Activity on their Blockchains

Alexander Salazar
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Tron and Bitcoin Cash Experience Sharp Drop in Activity on their Blockchains

Following Bitcoin’s third halving, activity in the development on the Tron and Bitcoin Cash blockchain platforms has dropped dramatically.

In recent days, there has been a lot of quiet in the world of cryptocurrencies. After the third Bitcoin halving, given the lateralization of the BTC market, members of the cryptocurrency community seem to be resting from the almost frantic work that they continually do. One sign of this is the fact that the activity on the Tron and Bitcoin Cash blockchains has plummeted.

Situation in the World of Cryptocurrencies

Since the birth of cryptocurrencies eleven years ago, the world of cryptocurrencies has been characterized by truly frantic levels of activity. That is something normal, considering that the core of the community that revolves around blockchain technology is comprised of developers from around the world. Those men and women, enthusiastic about blockchain ideas and values, provide their knowledge to improve cryptocurrencies.

However, after Bitcoin’s third halving, the world of cryptocurrencies has experienced a general cooling. Even though proposals and ideas for cryptocurrencies continue to be developed, overall activity levels are not as high as in the days before the halving.

This is perfectly observable in the price of the main cryptocurrency on the market. Even though it has not suffered a collapse, its increase has not been so important as to consider that a bullish rally has started. For this reason, it is in a phase known as a lateral market, with no upward or downward movement, and basically in a temporary stagnation.

However, there is a more direct way of looking at this drop in activity in the world of cryptocurrencies. This is the true collapse in development that occurred on several of the world’s major blockchain platforms. These include Tron, Bitcoin Cash, and EOS, which had a drop in activity in more than 50% of their development in the second quarter of 2020.

Drop in Activity of Tron, Bitcoin Cash, and EOS

Two things have been characterized this period after Bitcoin’s halving. First, there was an announcement of major code updates to several of the world’s main cryptocurrencies, including the upcoming release of ETH 2.0 and Tron 4.0.

Second, there has been a deep drop in developer activity on the blockchains of major cryptocurrencies like Tron, EOS, and Bitcoin Cash, according to a study by blockchain and artificial intelligence investment firm Outlier Ventures. That document outlines 86% collapse in EOS activity, 63% in that of Bitcoin Cash, and 53% in that of Tron.

Other cryptocurrencies like Bitcoin and Ethereum have suffered less aggressive declines in their activity, with a drop of around 20%. There has also been a minor, but equally relevant, decline on the Ripple and Stellar blockchain platforms. At the same time, Cardano has experienced a 580% increase in its activity.

This would demonstrate that there is a cooling in the activity of the world of cryptocurrencies, at a time when nobody knows what else will happen on the Bitcoin market after the halving. For this reason, most users do not keep the usual working levels.

By Alexander Salazar

Bitcoin Trading Volume Falls, Bringing its Price below USD 9,000

Alexander Salazar
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Bitcoin Trading Volume Falls, Bringing its Price below USD 9,000

Bitcoin trading volume has been declining until now in June 2020. If it continues to break supports, there would be the possibility of changing the price of the cryptocurrency.

The price of Bitcoin started the third week of June dropping below USD 9,000, reaching its third-lowest low of the month. In the early hours of Monday, June 15th, Bitcoin fell to 8,990.18 to then rebound to 9,150.48 at the time of writing this article.

The main cryptocurrency has experienced great difficulties to establish itself above USD 10,000 in 2020. After reaching USD 10,375 on February 13th, it fell to its lowest low of the year at USD 4,121 after the World’s Health Organization (WHO) officially declared that the COVID-19 outbreak was a pandemic last March. The only times the price of Bitcoin has managed to exceed USD 10,000 was in May before the halving and on June 1st, only to drop as sharply as it had risen. It is possible to see this through the well-known graphic pattern called “Bart Simpson”. It received that name for its resemblance to the hair of the animated character.

Between March and June 2nd, the price of Bitcoin had shown a clear upward trend, reaching ever higher lows, breaking resistances, and establishing price support at increasingly high levels. However, since the day that the “Bart Simpson” pattern was observed, Bitcoin has broken several lower levels of support, establishing lower lows and lower highs.

The charts also show a decline in volume averages in the cryptocurrency markets. At first, people may think that the cause for the decrease in the trading volume on exchanges could be the withdrawal of Bitcoin to transfer it to personal wallets, which suggests an accumulation phase more in the medium or long term.

If the demand for Bitcoin increased on exchanges, the lack of liquidity could lead to a further rise in prices. However, the current decline in the trading volume suggests that, at least in the short term, the bullish momentum of the parent cryptocurrency may be losing strength.

It would be necessary to wait as Bitcoin tests its immediate support level and establishes firmly above USD 9,000 or if it continues to drop to lower lows. The objective of said wait is to confirm whether it is a momentary reversal of the price direction or a mere take on profits to enter long positions again. However, resistance at USD 10,000 remains firmly established.

The largest trading volume of the first cryptocurrency in recent days is on Binance with the BTC/USDT pair, having traded an estimated USD 586,395,906. It is followed by the same pair on OKEx and Huobi, with trading volumes of USD 523 million and USD 413 million, respectively.

Since its creation, Bitcoin has suffered major declines from which it has managed to rise to recover and exceed its highs. Despite the decline in its trading volumes in recent days, the cryptocurrency is still an excellent investment option.

By Alexander Salazar

Cryptocurrencies Would Be Permanently Banned, According to Indian Draft Bill

Alexander Salazar
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Cryptocurrencies Would Be Permanently Banned, According to Indian Draft Bill

It would be illegal to own, sell, issue, mine, and use cryptocurrencies, according to the draft bill. It contemplates fines of INR 25 million (equivalent to USD 325,000) or imprisonment for up to 10 years.

India is seeking to introduce a law to ban cryptocurrencies, as the government considers a legal framework to be more effective than a Reserve Bank of India (RBI) circular on the matter. A government official explained that the finance ministry produced a draft bill that has been circulating, for inter-ministerial consultation.

The incentive for the cabinet’s proposal was the March 4th decision of the Supreme Court to annul the April 2018 RBI circular, which prevented banks from providing services in support of cryptocurrencies, according to the aforementioned official.

After some consultations, the draft bill will reach the cabinet and, later, the Parliament. Experts say that, if it follows the same lines as the previous proposal, the law will come as a shock to investors, exchanges, and other entities that deal with cryptocurrencies like Bitcoin.

In July 2019, a high-level government group prepared a draft bill that banned all forms of private cryptocurrencies. It suggested a fine of up to 25 million rupees (INR) (equivalent to USD 325,000) and imprisonment for up to 10 years for those who traded with them.

At the time, the court said that it recognized the RBI’s authority to take preventive action but was testing the proportionality of such a move. To determine it, the RBI needed to show some type of damage suffered by its regulated entities but there was none.

The verdict overturned a ban on trading in Bitcoin and other cryptocurrencies. Furthermore, it has caused startups to resume investment plans and the expansion of cryptocurrency trading in India.

However, industry experts note that the situation has not been easy. Several banks have banned payments for the trade of cryptocurrencies in India or abroad since there has been no specific statement from the RBI after the Supreme Court’s decision. Even so, transactions continue to occur through other channels.

One of the experts stated that the draft bill of the July 2019 proposal was very strong. Such proposed legislation would make it illegal to own, sell, issue, transfer, mine, or use cryptocurrencies. Furthermore, Amit Maheshwari, partner at AKM Global, explained that its approval in its current form would eliminate the cryptocurrency industry in India.

The executive expected the government to consult with shareholders and not continue with the current draft bill.

The panel, led by Former Finance Secretary Subhash Garg, had defended the ban on all types of private cryptocurrencies in their report. However, he asked the RBI and the government to study the introduction of an official cryptocurrency.

The draft bill that the committee prepared said that any direct or indirect use of a cryptocurrency would lead to a fine or a prison sentence, for not less than one year and extendable for up to 10 years.

According to the draft bill, recidivism will be subject to imprisonment for up to five years, extendable for up to 10 years, with a fine. The fine could be three times the loss or damage caused by the person, three times the profit that he or she has made, or up to INR 25 million.

By Alexander Salazar

There Will Be No More Transactions between Banco de Venezuela and Paxful

Alexander Salazar
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There Will Be No More Transactions between Banco de Venezuela and Paxful

Paxful has sent the notification to the accounts of the users of its platform. The community still does not know if there will be future measures related to the South American country.

The peer-to-peer (P2P) Bitcoin exchange site Paxful will not allow transactions with Banco de Venezuela, a financial institution of the Venezuelan state. Last June 10th, the company announced the measure through a brief statement on the social network Twitter and the Telegram group Paxful LATAM.

The notification explains that the new measure responds to compliance with the sanctions of the US Office of Foreign Assets Control (OFAC) against Venezuela. One of the administrators of the group wrote a message stating that the compliance team must follow OFAC sanctions in the US.

According to the message, all the offers available on the platform that directly or indirectly mention bank transfers to Banco de Venezuela would be disabled within hours.

Besides, Paxful requests its users to eliminate this bank from among their options to trade in the country through bank transfers.

In the same Telegram group, various users claimed to have received a notification with the news in their respective accounts on the exchange platform, one of the most used P2P Bitcoin trading sites.

The statement does not refer to other banking institutions in the Venezuelan public sector. The community does not know whether the measure against Banco de Venezuela will be extended to other state banks. In addition to this entity, other states banks are operating in Venezuela, such as the Bicentennial and the Treasury Bank, as well as institutions associated with the Armed Forces, such as Banfanb. Most people prefer private financial institutions when conducting transactions on the platform.

Paxful LATAM explains on a Twitter message that, because it is regulated in the USA, the company must comply with the legal provisions of the North American country. The platform includes Venezuela among the countries that OFAC sanctioned as high risk. Users from countries on that list have to verify their identity so that they can send or sell Bitcoin on Paxful.

Last March, Paxful reached an agreement to work together with Chainalysis. The alliance allows Paxful to monitor the transactions associated with its platform.

User Reactions

It is possible to observe on social networks how the users of the exchange platform have reacted to the news. Some have even shared the message that they received on the platform. This message notifies the action that involves one of the banks with the most customers in the South American country.

Some users regretted the measure, referring to this impossibility as a new door closed on Venezuelans. Previously, US sanctions had caused Bittrex to suspend its services to users in Venezuela. The sanctions even cover the use of Petro, the Venezuelan government’s cryptocurrency project.

In recent months, Paxful has emerged as an alternative to this type of exchange sites concerning LocalBitcoins. According to data from UsefulTulips, the trading volume on Paxful exceeded for the first time that of LocalBitcoins in recent days.

By Alexander Salazar

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