Microsoft seeks to integrate blockchain technology to enhance the use of tokens in future projects

Maria Rodríguez
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Microsoft seeks to integrate blockchain technology to enhance the use of tokens in future projects

Every day, there are more companies that seek to integrate blockchain technology into their internal processes. As an example, Microsoft, the important technology company, seeks to take advantage of the rise of this new technology with the aim to implement its benefits to technological projects.

In recent years, blockchain technology has been found in high levels of adoption among different technology companies worldwide facilitating internal processes that were previously done manually or even helping to store vital information that previously represented a concern for companies to maintain security at high standards. In this way, Microsoft is in the task of developing a project that helps integrate blockchain technology into its systems to develop projects related to tokens.

Microsoft has realized that there are big problems to integrate the tokens in its blockchain platform, Azura. Thus, the company recently announced that they are in the process of developing solutions to facilitate this initiative.

Marley Gray, who is a designer of the system used at Microsoft, explained this integration process using a metaphor with the ink cartridges of the printers. In this sense, he explained that, previously, printers only worked with the ink cartridges that were designed for each specific model. Today, it is possible to connect any printer to any electronic device and it will work. This is a way to make the use of technology easier without unnecessary complications.

The idea of this Microsoft blockchain system was born with the intention of solving these problems. In this way, Azura would seek to allow its developers to design tokens for independent applications that are based on blockchain technology. Given this, a series of specific patterns and codes are available to faster access, which can be used as a foundation for the creation of new currencies. This initiative, called Token Taxonomy Initiative (TTI), has the support and approval of other technology companies such as IBM, Digital Asset and R3.

About this project, Gray commented on the challenges and benefits of a platform like this for the industry. “We are creating a cloud platform where any token within the TTI framework can fit into place (…) So you can build applications where you want to use, to use tokens with, for example, Dynamics, SAP, applications in the Office suite (from Microsoft) or some other business automation process”, Gray said.

This whole project addresses the field of new technologies and their complex processes with various areas of the global economy. For Microsoft, integrating a token system into its Azura platform can bring opportunities for new ways of making financial negotiations in the future, using the company’s products and services as a central medium.

In addition, it is expected that Microsoft can even expand its markets by maximizing the potential of blockchain technology, since it is proven that this technology can be perfectly applicable in health, education, administration, among many other areas.

By María Rodríguez

Sports Token Reinforces Brazilian Soccer Team

Willmen Blanco
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Sports Token Reinforces Brazilian Soccer Team

The soccer team Chapecoense received an amount of USD 1.4 million in sponsorship from a cryptocurrency company. The capital will be used to pay agreements relating to the 2016 air tragedy.

It was reported that the Brazilian soccer team Chapecoense received USD 1.4 million in sponsorship from the company behind the token based on Ethereum, USD Soccer (USDSC). It is probable that the commercial alliance will be extended for one year and will help the team to pay agreements relating to the 2016 air tragedy, salaries and image rights.

The capital, which amounts to about 5.6 million Brazilian reais (BRL), is said to give the company rights to stamp its logo on the uniform of the team participating in the Brazilian Serie A championship, according to local media and specialized journalists.

It has been confirmed that on the USDSC website there is already information regarding Chapecoense and other Brazilian soccer teams such as Botafogo, Cruzeiro and Corinthians, as well as several Spanish teams, who have also received support from the company.

The USD Soccer project is presented as the parent currency that is aimed at connecting soccer with the StockSports platform, where it will be possible for all soccer teams and athletes all over the world to be represented by a crypto asset. It is expected that the token will allow any individual to interact, either for the passion for soccer or for financial freedom.

The road map of the project indicates that USD Soccer was created in June 2019 and that its team recruitment process culminated in August of this year. A financing round is expected for the month of November through its Initial Coin Offering (ICO) and analysis of results.

According to data from Etherscan, USD Soccer is an ERC-20 token that will have a total emission of 2 billion units.

Chapecoense received worldwide media coverage after the air tragedy that took place in November 2016. The soccer team was traveling from Bolivia to Colombia to play the first leg of the South American Cup final against its rival Atlético Nacional. However, the plane carrying the team plane fell to the ground after the fuel was depleted, five minutes away from the José María Córdova International Airport, which serves Medellín. In the accident there were 71 dead casualties including players, crew, coaches and journalists.

Soccer and Crypto Ecosystem

In recent years, the relationship between soccer and the crypto ecosystem has become increasingly close through alliances, announcements and sponsorships that include teams and leagues from Europe, South America and Asia. Unlike other disciplines, companies that sell cryptocurrencies or tokens have seen soccer as an ally for their promotion.

Teams such as Juventus (Italy), Paris Saint-Germain (France), Newcastle United and Cardiff City (England), have reached agreements to create tokens and make Initial Coin Offering.

It is also appropriate to mention those players who have decided to take the risk and create their own tokens. One of them is Colombian soccer player James Rodríguez. Other cases include Lionel Messi, Ronaldinho and Didier Drogba, who have also been associated with cryptocurrencies in one way or another.

By Willmen Blanco

The soccer team Chapecoense received an amount of USD 1.4 million in sponsorship from a cryptocurrency company. The capital will be used to pay agreements relating to the 2016 air tragedy.

It was reported that the Brazilian soccer team Chapecoense received USD 1.4 million in sponsorship from the company behind the token based on Ethereum, USD Soccer (USDSC). It is probable that the commercial alliance will be extended for one year and will help the team to pay agreements relating to the 2016 air tragedy, salaries and image rights.

The capital, which amounts to about 5.6 million Brazilian reais (BRL), is said to give the company rights to stamp its logo on the uniform of the team participating in the Brazilian Serie A championship, according to local media and specialized journalists.

It has been confirmed that on the USDSC website there is already information regarding Chapecoense and other Brazilian soccer teams such as Botafogo, Cruzeiro and Corinthians, as well as several Spanish teams, who have also received support from the company.

The USD Soccer project is presented as the parent currency that is aimed at connecting soccer with the StockSports platform, where it will be possible for all soccer teams and athletes all over the world to be represented by a crypto asset. It is expected that the token will allow any individual to interact, either for the passion for soccer or for financial freedom.

The road map of the project indicates that USD Soccer was created in June 2019 and that its team recruitment process culminated in August of this year. A financing round is expected for the month of November through its Initial Coin Offering (ICO) and analysis of results.

According to data from Etherscan, USD Soccer is an ERC-20 token that will have a total emission of 2 billion units.

Chapecoense received worldwide media coverage after the air tragedy that took place in November 2016. The soccer team was traveling from Bolivia to Colombia to play the first leg of the South American Cup final against its rival Atlético Nacional. However, the plane carrying the team plane fell to the ground after the fuel was depleted, five minutes away from the José María Córdova International Airport, which serves Medellín. In the accident, there were 71 dead casualties including players, crew, coaches, and journalists.

Soccer and Crypto Ecosystem

In recent years, the relationship between soccer and the crypto ecosystem has become increasingly close through alliances, announcements, and sponsorships that include teams and leagues from Europe, South America, and Asia. Unlike other disciplines, companies that sell cryptocurrencies or tokens have seen soccer as an ally for their promotion.

Teams such as Juventus (Italy), Paris Saint-Germain (France), Newcastle United and Cardiff City (England), have reached agreements to create tokens and make Initial Coin Offering.

It is also appropriate to mention those players who have decided to take the risk and create their own tokens. One of them is Colombian soccer player James Rodríguez. Other cases include Lionel Messi, Ronaldinho, and Didier Drogba, who have also been associated with cryptocurrencies in one way or another.

By Willmen Blanco

Russia Proposes to Seize Cybercriminals’ Bitcoin

Maria Rodríguez
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0
Russia Proposes to Seize Cybercriminals’ Bitcoin

To achieve said objective, Russia must define a legal concept of cryptocurrency

Recently, a group of cybercriminals posed as the Russian criminal group Fancy Bear to launch DDoS attacks against companies of the financial sector. These attacks are aimed at international companies. Criminals demand that victims pay a ransom in bitcoins and only one bitcoin costs about USD 9,300.

This group research all about its victims. According to what the recent attacks show, the group is going after back-end-servers, which are not usually protected by DDoS mitigation systems. In this way, criminals have a good chance of causing system downtime.

For this reason, Russian authorities are seeking legal means to confiscate virtual assets such as cryptocurrencies stolen by criminals. Currently, Russian authorities can confiscate traditional forms of property. But the idea is to be able to do the same with the new form of money like cryptocurrencies.

In this sense, the Ministry of Internal Affairs of Russia is studying how to develop legislation to allow law agencies to force criminals and obtain the assets they stole and also obtain, this way, digital gains, according to what local media reported.

Difficulties to Face

But there is one aspect that must be clear to achieve this objective. Russia must define basic concepts such as what is a cryptocurrency. Defines it as commodities or as cash-equivalent is needed in order to implement the idea and use the stolen funds.

The problem is that the process of regulation and definition of cryptocurrencies in the Russia parliament has been very slow. This is something that complicates the issue.

Among other potential problems are some characteristics associated with the means to stole cryptoactives. Crypto-criminals have different types of wallets protected by passwords and encryption. Regulators are aware of these difficulties and work in how to solve this aspect.

Until now, Russian authorities consider they may be able to work with exchanges to isolate and then “freeze” the stolen funds. Nikita Kulikov, who is a member of the State Duma’s expert council and Founder of PravoRobotov Autonomous Non-Profit Organization, explained that aspect.

To use the money, agencies may have to develop their own crypto wallets and find ways to exchange digital assets into fiat currencies.

“For these purposes, they (authorities) can create a state crypto-exchange and crypto-ruble with a stable rate in which they will store the withdrawn funds”, Kulikov commented.

Russia is accepting to work with cryptocurrencies as a means of payment but it does not consider launching its crypto assets until now; although law enforcement moves to become acquainted with cryptocurrency.

Currently, Russia’s central bank is maintaining indifference with respect to the emission of a national cryptocurrency. Last October, Elvira Nabiullina, Chairwoman of the Ban of Russia, said she saw no pressing reasons to launch a digital ruble following the results of internal research they made.

Fancy Bear is known for its attack of the Democratic National Committee during the 2016 election. Also, the plan of the group of criminals was to obtain data from the Military Industry of Spain, which contains information about 50,000 people.

The group operates through infected emails to affect users. Now, the money that this and other groups steal could be recovered by Russia. More information about the progress of the proposal is expected.

By María Rodríguez

Huawei Signed an Agreement for FinTech Research with the Central Bank of China

Maria Rodríguez
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0
Huawei Signed an Agreement for FinTech Research with the Central Bank of China

Huawei established an alliance with the Central Bank of China to develop research projects in innovative technology and digital currencies.

One of the world’s largest technology companies Huawei has just signed an important cooperation alliance with the most important financial institution in the Asian country, the People’s Bank of China (PBoC). According to local media, the main interest is to develop important research and technology development projects related to digital currencies.

Fan Yifei, who is Vice President of the PBoC, attended the signing of the treaty among both parties. According to some official sources, all the effort is oriented to the research development of technology related to digital currencies. This is the reason why the work will be under the direct tutelage of the PBoC Digital Currency Research Institute, and the technology company Huawei.

The information was recently published in local media, where only the event was detailed, without offering more information about what is planned.

The review only had basic information about the alliance, without any further information regarding the orientation of the research, or if they will use blockchain technology and digital currencies in the development. In addition, everything indicates that the project is being careful of the competition, so the spokesmen of the company have not issued more details or opinions.

On previous occasions, the interest of the Central Bank of China has been to design and launch, to its economic market, its own cryptocurrency. In this way, this alliance with the technological giant Huawei indicates a possible progress in that project for the future.

The lack of information on what they would be designing could also indicate that it is an initiative of the Chinese Central Bank, since it would be a work oriented to the economic activity of the country. Also, it is something that must be treated with a high level of security.

With respect to the position of the Chinese government on these technologies, it is known that they have remained in a strong ambiguity regarding the use of cryptocurrencies.

However, the Chinese government has been especially interested in implementing blockchain technology in many of their economic fields, this in order to enhance the financial activities of that Asian country. Hence, the government has not only allowed the development of blockchain platforms to private companies, but now it could start by implementing the benefits of blockchain in public and government activities.

The words of the President of the Asian country are an example of the aforementioned since Xi Jinping recently said that blockchain technology must be a high priority to advance in the development of different projects.

“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation”.

Therefore, China currently assumes a stronger focus on the benefits of innovative technology offered by blockchain technology.

By María Rodríguez

Incompatibility between Educating about Bitcoin and Advertising It

Willmen Blanco
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0
Incompatibility between Educating about Bitcoin and Advertising It

When the limitations of cryptocurrencies are not explained, that is not education but mere advertising. The life cycle of this type of advertising campaign is rather limited as they are not self-sustainable.

Bitcoin and the rest of the cryptocurrencies are a fairly new technology with evident social and financial implications. Bitcoin was born about 10 years ago at almost hidden forums on the Web and, since then, a huge ecosystem based on this invention has been formed. It is not easy to understand that technology, of which other cryptocurrency projects take advantage to advertise their initiatives, pretending to educate.

One of the countries where this is most evident is in Venezuela, where several projects such as Dash, Bitcoin Cash, Waves, PIVX, Nano, EOS, Steem, SmartCash, and PacCoin, among others, have focused on advertising campaigns. There are even small local projects that move less than USD 200 per day in the few markets that lend their exchanges to other crypto assets. It should be noted that these advertising campaigns are not self-sustaining, since those who finance them do not distribute more funds for continuity, thereby losing all profits, as in the cases of Dash Venezuela and Dash Latam.

The country has perfect conditions to concentrate its advertising efforts: a decrepit economy, a government that promotes cryptocurrencies, marketing costs lower than in any other country, people who are seeking a magical solution to improve their finances and a rather internationally media-driven place to encourage their “adoption advances”. The latter is noted as there are African countries that may have more economic needs than Venezuela and are less mentioned in the cryptocurrency ecosystem.

All these projects have founders with large reserves of their cryptocurrency, who want it to be better known and used so that its price increases in the market and its funds are revalued through its adoption. This argument could even be applied to Bitcoin, but it does not have an official marketing team dedicated to forcing adoption among potential users. The adoption of Bitcoin has occurred gradually, since it was worth USD 0, and aspires to be an alternative to the current financial system.

Each cryptocurrency project has the right to dedicate funds and effort to advertise its cryptocurrency. The problem comes when they say that they are “decentralized”, since they actually have headquarters or multiple forms of organization to boost their development and marketing campaigns, apart from discrediting Bitcoin to pretend that they are better.

All cryptocurrencies have their own merits, but it is wrong to advertise them by hiding their limitations and risks, especially if false information about their competitors is disseminated. Therein lies the great difference between an advertising campaign, which finances cryptocurrency projects, and an educational one, which seeks to honestly teach what Bitcoin is.

Educating about Bitcoin and advertising certain cryptocurrencies are not compatible concepts. Generally, an educator seeks knowledge while an advertiser wants to make a profit through a price increase.

All cryptocurrencies are highly speculative and volatile assets, excluding stablecoins, which present their own risks as they are issued by companies. Bitcoin is the most prominent for its greater stability and liquidity in the market, resulting from the network that has been formed around it for 10 years. The other cryptocurrencies are even more volatile and have a lower capacity to transfer value. These details about cryptocurrencies should be known before investing, as the amount invested might be lost and an unjustified aversion to this ecosystem would be generated.

The problem of advertising campaigns dedicated to “educating” about Bitcoin and other cryptocurrencies should raise awareness. It is recommended that people educate themselves and think critically when they read about the subject.

By Willmen Blanco

Relation between Argentine Exchange Rate Control and the Venezuelan Case

Willmen Blanco
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0
Relation between Argentine Exchange Rate Control and the Venezuelan Case

New exchange restrictions are applied in Argentina after Alberto Fernández won the presidential elections. In Venezuela, there has been an exchange control to a greater or lesser degree since 2003.

The recent presidential elections in Argentina won by the Peronist Alberto Fernández, immediately gave rise to a more restrictive effect on the country’s exchange policy. A few hours after the event, the Central Bank of the Argentine Republic (BCRA) imposed a monthly purchase limit of USD 200, in the case of bank accounts, and only USD 100 for cash operations.

The exchange rate control reinforces those measures already implemented by the outgoing president Mauricio Macri. It was established last September that companies must request authorization from the BCRA to buy US dollars while individual citizens could buy up to USD 10 thousand per month, at least in theory.

The exchange rate control is well known to Argentines as it was implemented in 2011 by the then-president Cristina Fernández de Kirchner, who is currently Alberto Fernández’s running mate as the country’s elected Vice-President.

Economic and Political Decision

The Argentine situation regarding the exchange control has an example that has been magnified through time in Venezuela, although the reasons for its application are different. In Argentina and most countries where this type of control has existed, the decision to apply it is not aimed at the political aspect but at the economic one.

The opposite is true in Venezuela since the measure is political and permanent. Actually, senior government officials have reiterated it publicly, which fuels distrust among investors. In the oil-producing country, there has been an exchange control since 2003, with multiple mutations.

Instead of seeking more flexibility regarding the exchange situation, these changes were implemented to make it increasingly strict, increasing the bureaucracy in the procedures, with constant reductions in the amount of US dollars available. The result, in combination with other financial decisions, is that the Venezuelan economy has the highest inflation in the world, a double-digit GDP contraction, and migration exceeding four million people.

Bitcoin’s Arrival in Venezuela

Given the tight controls, the shortage of US dollars and growing demand for them, Venezuelans began to seek, since 2009 approximately, new alternatives to obtain US dollars or other national currencies. A mechanism that began to gain ground was that of Bitcoin mining, an activity that has been germinating in the country since 2012 and over the months has become more evident.

People realized that they could skip the State’s establishment and fully enter into the new world presented to them. Then cryptocurrency exchange houses and other services would arrive in order to exchange bitcoins in the face of a new market, a new demand, and a new reality.

In this way, thousands of Venezuelans have managed to avoid the effects of hyperinflation and the economic crisis through Bitcoin. A reflection of this boom is that the demand for the main cryptocurrency on platforms such as LocalBitcoins places the country among the most active in the world in this market.

Argentina Prepares the Land

Argentina is emerging as a candidate to increase the adoption and trade of Bitcoin, as has occurred in Venezuela, in the face of political and economic matters. The most obvious is a political transition, which always gives rise to a certain level of uncertainty among investors.

In this case, it is even greater as the new government will receive an inflationary economy, having a currency that loses value against the US dollar and requiring billions of US dollars in external financing to handle the turbulent situation.

Unlike Venezuela, where a few started mining bitcoins and the expansion was more uphill, the scenario for Argentina looks more fertile as there are multiple ventures related to the crypto-ecosystem, from BTC ATMs and software developers to cryptocurrency exchange houses.

It must also be considered that an increasing number of international companies choose Argentina as their headquarters to offer solutions associated with cryptocurrencies.

This combination could encourage Argentines to see Bitcoin as an alternative to maintain the value of their pesos, transform them into dollars and eliminate the limitations imposed by the State on citizens’ money. While it took Venezuela years to reach the current level of bitcoinization, it might take Argentina only months as they have the necessary infrastructure, human talent, and ability.

By Willmen Blanco

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