Mongolia will launch a blockchain-based payment platform

Maria Rodríguez
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Mongolia will launch a blockchain-based payment platform

The idea is to make possible quick and low-cost remittances in a “peer to peer” way. This country has its own cryptocurrency

Ulaanbaatar, Mongolia’s capital, partnered with Terra, a stablecoin developer, to launch a service platform for instant money transfers that will use blockchain technology.

Terra will have the support and financing of the city government to try to simplify and secure the electronic payment process. Among other financial services that it will offer, it is trying to provide their users with the possibility of making quick and low-cost remittances and loans.

According to official information, in the medium term Terra plans to work together with the local government to replace the traditional method of current payment of utility bills and government subsidies through the use of its stablecoin.

“The P2P (per-to-per) facilitation and the recurring payments of public services with Terra are the first important steps towards building a financial infrastructure based on blockchain technology in Mongolia”, said Daniel Shin, Terra’s co-founder. He added that the intention is to offer at all times a wider range of financial services, “reforming the remittance industry, loans and banking in general”.

Positive alliances

The pilot program will be launched in the next six months with two main characteristics: peer-to-peer (P2P) payments in order to allow instantaneous transfer between users of different banks, and mobile payments to build the infrastructure of secure payments, assured the company to expand the information.

It is planned to start in the Nalaikh, district of Ulaanbaatar city, and includes both payments in pairs and mobile payments.

The announcement was made by the blockchain company Terra, based in South Korea. The solution developed by the company will be launched in the Nalaikh district of the city through a pilot program, with plans to expand the idea throughout the city. In the future, this technology could reach other areas of the country.

Terra, known for the development of its own stablecoin, is a company co-founded by Daniel Shin, who created Ticket Monster, the e-commerce market in South Korea. The project of its stablecoin closed a round of financing of 32 million dollars in August 2018, with the participation of Binance Labs, OKEx and Huobi Capital, as well as Polychain Capital, among other important companies in the industry.

Last autumn, the Bank of Mongolia, the country’s largest bank, granted permission to the largest mobile telecommunications operator in Mongolia, Mobicom, to issue its own digital currency.

In order to make real its plan, Terra partnered with the South Korean messaging app giant Kakao Talk, in November last year, to develop a blockchain-based payment system that allows more people to use these services.

With its decision, Mongolia invites to the adoption of cryptocurrencies. Mobicom’s CEO Tatsuya Hamada is confident in the impact of digital currencies on the economy. “When digital currencies begin to circulate, ATMs and cards will become things of the past”.

According to the Central Bank, “the regulation defines who will use the digital currency system and how to obtain permit rights, duties of clients and service providers”. In fact, in this country already circulates a digital currency called Candy for the payment of goods and services.

By María Rodríguez

Cybersecurity Company Warns of Possible New Attacks against Ethereum Classic

Maria Rodríguez
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Cybersecurity Company Warns of Possible New Attacks against Ethereum Classic

Last January 6th, the platform lost millions of dollars. A supposed attacker returned USD 100,000 in ETC. Experts explain their opinions

SlowMist, a China-based cybersecurity firm, warned of a private mining group from Ethereum Classic (ETC) that, apparently, is accumulating a lot of the network’s hashpower. This is one of the possible signs of risk in the platform.

SlowMist was one of the first organizations to discover the 51% attack on the Ethereum Classic blockchain network, which occurred on January 6th as a “reorganization of the network” and caused the theft of millions of dollars in cryptocurrencies.

People affected could feel distrust in the security of this network, even when a supposed attacker returned USD 100,000 in ETC to the exchange house Gate.io.

The company reports that the return was made on January 10th and that it has been trying to contact the attacker, but without getting any response. The team estimates that the attacker was possibly looking to make people aware of the security risks of a cryptoactive with a low requirement of hash power.

How to Know that there are Risks?

SlowMist was based on the Proof of Work (PoW). This time, SlowMist sent a new alert regarding the encryption: 0x58b3cabd0c5c777da2c1c4d4f7ecc8afe5674f20. Apparently, this address has been accumulating hashpower since the last attack of 51%. The hashrate of the private pool increased considerably from 300 GH / s to 3,263 GH /.

“According to the distribution of ETC hashrate during the last 24 hours, the hashrate of the private mining pool (0x58b3cabd) has accumulated 10% of the total hashpower. The private group is currently in fourth place, just after EtherMine, NanoPool and MiningPoolHub”, explained the Chinese company.

Due to security issues, SlowMist research analysts recommend that users should wait at least 400 confirmations when conducting ETC transactions.

Coinbase, the US cryptocurrency exchange service, also detected the 51 percent attack and decided to stop all ETC transactions. “At the time of writing this report, we have identified a total of 15 reorganizations, 12 of which contained double expenses, for a total of 219,500 ETC (USD 1.1 million)”, it explained.

SlowMist believes that a concerted effort by all the exchanges involved could help identify the attackers: “Through our intelligence analysis, the identity of the attacker can be located if the relevant exchanges are willing to help”.

An attack on a blockchain which uses a PoW algorithm is possible if the attackers have more than 50 percent control of the network’s hash rate.

When this occurs, the power of the control CPU allows the attackers to create a separate chain from any previous block in the blockchain. Since it has most of the computing power, its new chain exceeds the chain accepted by the network and creates a new transaction history.

In this new chain, attackers can spend twice their virtual money, which means funds that have already been spent in the network chain could be spent again in the attackers’ chain.

The main developers of Ethereum (ETH) reached a tentative consensus to implement a new PoW algorithm. They explain that the more people use this network in an honorable way, the more secure the network will be because these honest transactions will avoid the development of any malignant mutation.

Once the development team and the community have taken stock of the damage, they will define what to do to prevent future attacks. This may include a change in the working method of the network.

By María Rodríguez

The United States will Invest 4.8 Billion Dollars in Investigations about Blockchain

Maria Rodríguez
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The United States will Invest 4.8 Billion Dollars in Investigations about Blockchain

It is expected that the government, in its different agencies and institutions, will continue to approve resources that are destined for the research and use of blockchain technology and cryptoactives

On January 7th, it was announced that the US Department of Energy approved the financing of 4.8 million dollars for some universities in the country that are developing technology oriented to the generation of solutions based on fossil energy and blockchain technology, which may be related to advances in energy.

The financing was granted through the Fossil Energy Office of the Department of Energy under the government project called “Training and Research for Universities”, which seeks to develop and promote the country’s technological growth while protecting the environment to avoid contamination.

Among the main objectives that drive these initiatives, is to strengthen the technological and scientific advances related to the development of technologies that can reduce the use of conventional energies. Also decrease energy costs in domestic markets and strengthen current technology in the coal industry.

According to spokesmen of the US Department of Energy, the intention is to invest in these new technologies, especially in the blockchain technology, in order to improve the internal processes of the energy industry to get better results. For this reason, they commented that they seek to “ensure the process of sending information and the flow of information within distributed networks for the generation of systems based on fossil fuels”.

However, the investment is aimed at other large potential projects that are not necessarily related to blockchain technology. Among them, we can explore other areas such as advanced computational ones for work in coal plants, better results analysis techniques, development of other processes for the reuse and purification of water, among other physical and biological investigations.

In addition, the Department of Energy said that economic allocations would continue to promote the creation of new projects that help replace the use of fossil energy, such as oil, by more friendly energy sources, as it is the intention.

Blockchain, ​​Technology of the Future

Among the most important projects developed by the United States are LO3 Energy, a startup with great potential to reform, generate, store, sell and buy energy, using blockchain technology.

Another great project is WePower (WPR), which also uses blockchain to generate sustainable energy, in order to restrict the use of conventional energy. The intention is to bring together people who produce green energy with consumers of domestic energy, and generate mechanisms to commercialize this energy for American households.

The United States is committed to the potential of blockchain technology, which is why research projects have been formed in recent years, creating groups to study cryptocurrencies and even approving laws that support its use.

The United States of America is the country that most uses this technology and projects the highest traffic of commercial transactions with cryptocurrencies globally. As well as the one that greater investment and governmental support has had for its growth at present.

By María Rodríguez

Ripple will Have more Financial Institutions as its Customers

Maria Rodríguez
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0
Ripple will Have more Financial Institutions as its Customers

According to the company’s statistics, the network has had an increase of up to 350 by the way. Last year, more than 100 companies switched to their blockchain platform

Ripple, the company of blockchain technology and cryptocurrencies, announced that it will incorporate new financial institutions into its payment network through its RippleNet platform. In addition, it will use XRP in international financial transactions.

In the report offered by the company, it is pointed out that lately more than 15 new financial institutions have been registered in Ripple’s client portfolio, and that they number more than 200 clients from countries such as Sweden and England. With this, the blockchain solutions company is positioned on the platform par excellence, with a presence in more than 40 countries around the world.

About this point, the report issued by Ripple on its blog specified that among the new companies that will be using XRP in their business and international contracts are the companies: JNFX, Euro Exim Bank, Transpaygo, FTCS and SendFriends.

However, it was announced that other companies will use the RippleNet platform for different purposes, such as the Olympia Trust Company, which seeks to have more transparent and almost instantaneous transactions.

Brad Garlinghouse, CEO of the company Ripple, talked about these issues in its blockchain platform. He said that one of the biggest interests of the companies that request these services, is to streamline financial movements and thus be more effective in current business. For this reason, he explained: “A SWIFT transaction takes 3 days on average, and we refer to three (3) business days. Here you face the volatility and the risk of fiduciary markets that close during the weekend”.

Referring to the lack of confidence that some institutions have in cryptocurrencies, Brad said the market is not as unstable as some people think and that traditional markets often also have exorbitant drops.

On the other hand, Ashay Mervyn, Head of Emerging Market Studies of the JNFX company, assured Ripple is a platform of high trust and that it will guarantee transparency and efficiency when making payments of a transnational nature.

“Payments between countries are plagued with inefficiencies: inefficiencies around cost, inefficiencies around speed and inefficiencies around transparency. RippleNet is aimed at addressing these problems. For our clients ranging from the largest conglomerates in Africa (with operations and commitments in more than 40 countries) to individuals in rural villages in Nigeria, our decision to go to RippleNet and use their payment solution, including the XRP for liquidity Upon request, it simply makes sense”, he said.

Brad Garlinghouse hopes that more customers can learn about the solutions offered by the RippleNet company to financial institutions that seek to improve the speed and efficiency of their services, since, according to their criteria, the transactions conducted through the SWIFT platform congest and delay their hiring and ask that they have confidence in the new market of cryptocurrencies and, above all, in the advances of blockchain technology in the international market.

By María Rodríguez

China Mobile Company will Use Blockchain Technology in Water Purifiers

Maria Rodríguez
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0
China Mobile Company will Use Blockchain Technology in Water Purifiers

The user will receive a specific token. Using this tool, he can obtain repairs of the water purifier or purchase another product from the company

The massive telecommunications company China Mobile Communications Corporation announced, this week, it is developing a new water purifier that will use blockchain technology to collect specific information and offer new advantages.

One of the main interests of the company is to show its users that blockchain technology can be used in everyday products, such as a water purifier and that this technology is not only applicable in the use of cryptocurrencies. It also aims to simplify the way in which people perceive blockchain, as well as expand and diversify the possible uses of this kind of technology.

For this reason, Xiao Yi, Product Manager of the company China Mobile, explained: “Our goal is to attract those who are not very steeped in blockchain technology or within the cryptocurrency community, who have heard of this technology, but do not understand it. In order to achieve mass adoption, we need to turn something that looks very professional into something very ordinary”.

Regarding the product, Xiao said that the equipment has an internal chip in its system, which works together with an Internet of Things (IoT), unit which will collect personal information from the user, such as the use of the purifier, quantities of product use, frequency, among others. In this way, the company will be able to develop future studies and advances in its products.

How will it Work?

The method in which the product provides the information to the company is through the blockchain. The water purifier is a device that enjoys being a mass-selling product, and can be purchased by the user through fundraising campaigns, with a sales margin that exceeds US $ 30,000 before January 21st of this year.

With respect to the user, it was known that the purifier owner may or may not authorize the company to collect his personal information. To grant access to the company, the user will be rewarded with a token called: PWMC, which can be used later to pay for the spare parts of filters that need the water purifier, or even purchase other products.

This system is completely new among the range of products that use IoT technology. The company believes that the product is the birth of a series of future devices that incorporate the joint use of both technologies, in order to connect to the Internet without the use of a Wi-Fi connection and that can be used to send user information to a distributed network.

The development of these systems has been developed by the company since mid-2017, when blockchain technology began to gain popularity in the various global markets.

Xiao said that the company is in a phase in which they hope to adopt much more technology in all their information registers in order to simplify the processes and keep the company’s data unchanged.

By María Rodríguez

Binance Labs will Receive Proposals to Finance Projects in Latin America

Maria Rodríguez
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0
Binance Labs will Receive Proposals to Finance Projects in Latin America

Selected enterprises will receive advice and seed capital until February

Individuals and small companies in Latin America that have designed crypto-ideas will be able to postulate their projects until February to receive as a prize the financing of Binance Labs, the investment branch of the Binance exchange house, a social impact fund to invest and empower the blockchain and cryptocurrency entrepreneurs.

The idea of ​​this initiative is to “inject” resources into proposals related to cryptoactive and distributed accounting technology. Any Latin American enterprise can apply for financing. The same applies to the regional proposals of each continent, which are not limited to the city or the chosen host country.

Enthusiasts can present their work plans on two deadlines: until January 30th, in a first phase, or postulate their applications between February 14th and 28th, in its second stage. Those who do so in the first group will have an interview about their idea between January 31st and February 13th, whilst those who do it in the second round will go to the interview between February 25th and March 2nd; this was reported on the official page of the program.

The call will have two chapters. The first phase will be regional per continent, and will take place between March 25th and May 3rd. For this phase, Binance Labs selected the cities of Lagos (Africa), Hong Kong and Singapore (Asia), Berlin (Europe), San Francisco (North America) and Buenos Aires (South America) as venues of the event.

The second stage will be held between May 4th and 31st, in Singapore, city in which all the selected teams will be assembled. Interested teams can review the general questions and consider their possibilities to send the request.

Subsidy and Seed Fund

Binance Labs will provide seed capital according to the requirements of each project. It will also provide participants with tutoring experts in cryptocurrency technology and connect startups with industry leaders to create future and positive partnerships. The company also undertakes to offer “support for the formation of new companies, legal, regulatory, recruitment, technical execution, fundraising, marketing and public relations”, as described on its official website.

The Binance Labs subsidy is presented even though the cryptoactive market remains bearish, which has led to the closure of multiple startups that made life in the crypto ecosystem, investment funds or the dismissal of personnel, because they could not stay and deal with that situation. However, some other companies have decided to continue investing in the crypto world, to develop projects related to this area.

The ZCash foundation is one of those examples. It ceated financing programs and distribute $ 264,100, in ZEC cryptocurrency, to promote 13 winning proposals from its 2018Q2 Grants Program.

The 0x open source project also announced in December the launch of its Ecosystem Acceleration Program with annual grants exceeding one million dollars. The Blockchain for Humanitu awards (b4H) is another example of the accompaniment to the raiders of new ideas to take advantage of blockchain technology in social causes.

Economists from Europe and North America maintain confidence in the crypto world and large companies support small projects that can make a difference.

By María Rodríguez

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