Ethereum Co-Founder says Cryptocurrency Unfettered

Samuel Larreal
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Ethereum Co-Founder says Cryptocurrency Unfettered

     Cryptocurrency should remain unfettered according to Ethereum co-founder, Joseph Lubin.

Ethereum Co-Founder Joseph Lubin recently shared, with Bloomberg, what could be conceived as a controversial commentary. Lubin said he believes that the cryptocurrency market in Paris’ Viva Tech should embrace regulation, but without compromising innovation.

Lubin, head of ConsenSys, declared he welcomes regulators into the cryptocurrency space both in the United States and other parts of the world. He also communicated some relief to the market, as the leading cryptocurrencies are raising once again.

“It is really valuable to have regulators in this space taking a look at some of the complicated practices in much less regulated situations. So, whether it’s with respect to cryptocurrencies, and cryptocurrencies — in my opinion — should remain unfettered because they have tremendous use cases, or whether it’s tokens representing securities or other assets, and how that maps into securities law, we’re very happy to see the regulators,”

said Lubin.

Lubin’s declarations could generate some degree of acceptance regarding regulation, especially in American crypto-communities. Since regulation hasn’t been as hostile in the west as some eastern counties like China, and they haven’t closed the doors to innovation. There could be a hint of a healthy “regulators – industry” relationship in the future of western markets.

“We’re focused on getting very clear definitions and helping regulators around the world understand that there are these network business models that benefit from membership tokens or tokens that represent consumption of scarce resources. And as long as these projects are selling tokens to token buyers that make use of the token and they’re not selling in large quantities to speculators or hoping to make money by the actions of others, that is a good clean definition of a consumer token,”

said Lubin, who added that is “absolutely what Ether is” and described it as a “crypto fuel.”

 

by Samuel Larreal

IOTA & United Nations Use Blockchain For Transparency

Samuel Larreal
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IOTA & United Nations Use Blockchain For Transparency

     The IOTA Foundation and the United Nations Office for Project Services partner to use blockchain technology for more transparency.

UNOPS’s technical advisory and cryptocurrency startup IOTA have announced a partnership that will make more efficient UNOPS operations through open-source distributed ledger and Tangle technology.

“We share a vision where machines, devices, sensors and people connect and communicate to each other — it’s the world of ‘Industry 4.0.’ Harnessing technology that allows for these processes to work simultaneously, without the need for intermediaries, will help expedite our mission as an organization.”

Stated Yoshiyuki Yamamoto, UNOPS Special Advisor on Blockchain Technology. As a global organization empowering the UN’s humanitarian projects, UNOPS adheres to strict accountability standards, which IOTA’s transparent ledger can complement. UNOPS delivered $1.8 billion in projects in 2017 and operates in 80 countries. An essential part of UNOPS’s interest in IOTA, is the open technology that drives the blockchain which eases communications and supply chain bottlenecks. In addition, IOTA’s Internet of Things protocol will make business processes more efficient.

“Shared global problems require shared global solutions. With our open-source, permission-less innovation approach, IOTA’s distributed ledger technology lends itself uniquely to this kind of cooperative problem-solving.”

According to IOTA Co-Founder David Sønstebø.

IOTA implements Directed Acyclic Graphs (DAGs), also known as Tangle, which operate as a mesh network. The protocol is less resource-intensive and scales better than traditional protocols because it does not rely on every node having a full copy of the blockchain. Instead, the Tangle protocol offloads this work to the entire network of nodes which depend on each other to verify transactions. According to UNOPS

“The cooperation between both organizations will further extend to training workshops, thought leadership seminars, and the development of specific proof-of-concepts to bring greater efficiencies to specific areas of UNOPS work.”

 

by Samuel Larreal

Bank of America – Security Based in Blockchain

Samuel Paz
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Bank of America – Security Based in Blockchain

     Bank of America registered a patent in which it proposes a way to control access to certain aspects of a blockchain-allowed network, according to recently published documents.

Specifically, the patent is on a system to manage security and give access to the resources of sub-components, to explain how security tokens will be used (basically electronic keys, different from blockchain-based assets that mimic physical values) to grant access to certain users to the information contained in a specific block. They exposed an automatic system, which means that the network, by itself, will grant and track the access.

On May 22, 2018, they officially received the patent, by the United States Patent and Trademark Office (USPTO). This represents the latest intellectual development for the bank, after many applications filed based on blockchain in recent years.

B of A’s focus on data security and privacy may not be surprising, due to the sensitive  information transmitted through their networks. As well as, the broad security issues in the current cryptographic space due to the need to keep private keys safe from actors with bad intentions.

The Bank Officially explained:

“There is a need to provide the designated entities and users with the ability to easily identify the blocks that are relevant to designated users, and once those blocks are identified, the security features ensures that the designated entities and users accessing the blocks, are in fact, authorized.”

Hinting, that the automated characteristics, will have the capacity to allow access to the blockchain network, for certain periods of time, based on the reach of the user’s reasons for connecting.

 

By Samuel Paz

Blockchain Affect On Gold & Diamond Mining

Samuel Larreal
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Blockchain Affect On Gold & Diamond Mining

    Blockchain has the potential to substantially change a wide range of industries. Frank Holmes, CEO of U.S. Global Investors says the mining industry is now on that list. According to a Forbes article written by Holmes,

“Blockchain technology has the potential to revolutionize how gold and precious metals are manufactured and delivered. Consider the journey a gold nugget must take along its supply chain, from mine to end consumer—it cuts through several other industries and practices, including legal, regulatory, financial, manufacturing and retail, each of which might have its own ledger system”

Holmes also explained how traditional methods are susceptible to hacking, fraud, errors and misinterpretations. There are numerous cases of billion dollar scams regarding the source of the metal or mineral sold.

“With blockchain technology, there’s no hiding anything. Decentralization guarantees complete transparency, meaning anyone along the supply chain can see how, when and where the metal was produced, and who was involved every step of the way. This will give the industry a huge shot of trust, not to mention dramatically increase efficiency.”

According to producers, tech firms and entire jurisdictions have already adopted, or will adopt, blockchain technology for its incredible range of opportunities. For example, IAMGOLD, a Toronto-based producer, announced last month that it partnered with Tradewind Markets, a fintech firm that uses blockchain technology to facilitate digital gold trading. Also, IBM just helped launch a diamond and jewelry blockchain consortium called TrustChain, with the objective of tracking and authenticating diamonds, metals and jewelry from all over the world.

With precious metals being used more widely in industrial applications, from smartphones to electric cars to Internet of Things (IoT) appliances, tracking metals across the supply chain has become increasingly more important to businesses and consumers. According to the Semiconductor Industry Association (SIA), global sales of semiconductors—which contain various metals, including gold, crossed over $400 billion for the first time in 2017. Total sales were $412.2 billion, an increase of nearly 22 percent from the previous year.

This technology offers great solutions to great problems, and maybe in the next year we could see a Blockchain-based mining industry.

 

by Samuel Larreal

Ethereum The New Apple – Steve Wozniak

Samuel Larreal
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Ethereum The New Apple – Steve Wozniak

     Steve Wozniak is one of the most influential names in the field of technology. The co-founder of Apple declared at the WeAreDevelopers tech conference in Vienna, compared Ethereum with the acclaimed, previously named, company and said it could become just as influential.

While delivering his speech at the conference, Wozniak was enthusiastic about Ethereum (ETH), describing it as a platform similar to Apple’s. He said that in the long-term, Ethereum can become just as influential as Apple, stating:

“Ethereum interests me because it can do things and because it’s a platform.”

According to Forbes, Wozniak has been a follower of Bitcoin and Ethereum since its early days, although he divested from crypto in early 2018. Wozniak said he still owns one Bitcoin (BTC) and two Ethereum (ETH) to “experiment with paying for different things.”

“Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

On Thursday, in his opening speech at the conference, Wozniak called blockchain technology, “the next major IT revolution that is about to happen.” He said that both blockchain and cryptocurrencies will achieve their full potential in a decade.

In October of last year, Wozniak said at the Money 20/20 conference in Las Vegas that Bitcoin is “more genuine and real” than US dollar.

 

by Samuel Larreal

Columbia Blockchain Association to Talk to National Government

Samuel Larreal
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0
Columbia Blockchain Association to Talk to National Government

     The Colombia Blockchain Association was announced in the past week with the coalition of six public and private Colombian companies, Buda Colombia, Bitcoin Colombia, Cajero.co, IntiColombia, Panda Group and RSK. This new entity seeks to support the country’s cryptocurrency and blockchain technology ecosystems and to advise the national government on matters concerning regulation of the space.

Mauricio Tovar co-director of inTIColombia, a research group of the National University of Colombia, and representatives from each group attended an event this past Wednesday in Bogota, in order to create the agenda for the new organization.

Tovar spoke out at the event against an “abusive” traditional financial sector that encumbers Colombians with unnecessary costs.

“citizens distrust the current system”,

he said. According to him,

“the new association should act as an intermediary to the state in order to encourage the informed adoption of new financial technologies, without compromising the decentralized principles of blockchain, as well as to prevent stifling overregulation”.

Buda CEO Alejandro Beltrán contributed his perspective on the potential future of crypto across Latin America, noting that there is estimated to be over 200 million “un-banked” citizens in the continent who could be served by a crypto-economy. He also noted how complicated it currently is for migrants to send remittances back to their countries of origin using fiat money.

Beyond financial applications, the event participants also discussed the possible use of blockchain technology in other fields, including information security, intellectual property, the energy sector, electoral systems and real estate registers.

 

by Samuel Larreal

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