Revisiting Amazon Move Into DLT With Quantum Ledger Database And Managed Blockchain

Amazon has recently provided some more information about two of its blockchain-related projects. They are the Amazon Managed Blockchain and the Amazon Quantum Ledger Database.

The preview of these new products points out that they are still in a very early phase, but that Amazon is getting consistently more interested in the blockchain technology and that it plans on using it more and more in the near future.

During the presentation, two aspects were especially showcased: the immutability and the verifiability of the blockchain technology. People can use it to enter immutable records and easily verify them in a decentralized manner. This trust aspect is why the company is so interested. Several other companies can use this technology for many purposes.

One caveat of the presentation is that Amazon keeps using the term “quantum ledger” while quantum technology is still not here, which means that it is more of a buzzword than anything else.

The so-called quantum product (see here) was created for cases in which a complete blockchain is not needed, only parts of it. In this case, some of the immutable technology can be used, but in a more centralized way, so that a single entity controls the data. What there is of something really new here is that the database allows for inserts, but not for deleting information.

Amazon Managed Blockchain, (see here) on the other hand, is the real thing. A complete core blockchain product that can be used by companies that are interested in private blockchains. This platform is set to initially have support for Ethereum and the Hyperledger Fabric technology. While Hyperledger is for companies that want to create a private network, Ethereum is better for creating open ones.

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Author: Gabriel Machado

United Kingdom’s Data Protection Agency Is Concerned About Facebook’s New Project Libra

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The United Kingdom’s Information Commissioner’s Office has recently decided to request that the Libra Association should provide more details on how the group will protect the data that will be gathered by the users of the upcoming Facebook Libra stablecoin.

According to this latest report, all the 28 organizations that form the association should explain how the data will be taken from the users will be protected in order to be on par with the current standards of data protection.

The letter, which is signed by many authorities of the country, highlights that some concerns are raised especially because Facebook has already been known to collect data from people and to fail to properly secure it.

Taking this into account, the agency is fairly concerned about what may happen if the citizens of the U. K. are subject to a leak of their financial information because they used Libra.

The document states that the agency is already aware that the Libra Association has opened a dialogue with several relevant financial actors, but what concerns the regulatory watchdog the most is that many important details are still lacking right now, as they were not made public yet.

This is especially concerning when considered that despite the Libra Association not revealing enough information, there is no shortage of people actually asking for it.

David Marcus, a representant of Facebook, was recently called to a Senate hearing in order to talk with U. S. lawmakers to determine the risks of the project. At the time, not all the questions were properly answered, so it remains to be seen whether they will be now.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Lillian Peter

Swiss Data Protection Watchdog Awaits Official Details On Facebook’s Libra Project

Swiss Data Protection Watchdog Awaits Official Details On Facebook’s Libra Project

The Swiss Federal Data Protection and Information Commissioner (FDPIC) said it is still waiting to hear from Facebook regarding its supposed oversight of Libra, the social media giant’s proposed cryptocurrency.

The FDPIC said it is still waiting to hear back after it wrote a letter on July 17 asking for more details about the project, Reuters is reporting.

This comes after David Marcus, who oversees Facebook’s currency project, said at a U.S. Senate hearing earlier this month he expected the Swiss Federal Data Protection and Information Commissioner to be Libra’s privacy regulator. This is because the nonprofit Libra Association, which Facebook had set up to oversee the currency, is based in Geneva.

In a statement, the FDPIC said it sent a letter to the association on July 17 because it had not yet heard from the group about the project.

The FDPIC said soon after the Senate hearing that the lack of contact from the social media giant about Libra had prompted it to send the letter. In an official statement the agency stated:

“The FDPIC is currently waiting for the Libra Association to respond to [its] letter of 17 July 2019 and set out their official position.”

Among other things, the Swiss data privacy authority said it was expecting Libra to conduct an impact assessment of data protection risks associated with the cryptocurrency, evaluate risks and propose measures to minimize them. The watchog explained:

“The FDPIC stated in its letter that as it had not received any indication on what personal data may be processed, the Libra Association should inform it of the current status of the project so that the FDPIC could assess the extent to which its advisory competences and supervisory powers would apply.”

Evading Oversight?

Cointelegraph reports that the news about Facebook’s unresponsiveness comes amid continuing concerns on the choice to establish Libra in Geneva which was a major concern during Congressional hearing earlier this month.

During the hearing, Marcus insisted that the Libra Association was going to be headquartered in Switzerland “not to evade any responsibilities of oversight,” but because that’s where other international financial groups are headquartered, like the Bank for International Settlements, making Geneva a conducive business place.

Members of the congress were concerned that Switzerland has long been viewed as hub for criminals and shady corporations. In his defense, Marcus said the FDPIC would handle privacy concerns, and that the Swiss Financial Markets Supervisory Authority (FINMA) would regulate it financially. FINMA has previously indicated that it had been in contact with people from the Libra project.

Facebook’s cryptocurrency project has already been met with skepticism from policymakers around the world. US Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell both said they have “serious concerns” about Libra related to money laundering, financial stability and regulation. Many of the senators who questioned Marcus also brought up data privacy concerns tied to Libra.

The FDPIC is not alone in wanting to know more about Facebook’s plans for Libra and its potential risks. Numerous regulators worldwide and the finance chiefs of the G7 nations have called for further information to be released.

Should Libra provide more details to the public about the project to avoid the speculations? Let us know in the comments section.

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Author: Joseph Kibe

Coin Metrics Report Claims Kik Presented Inaccurate Data About the Kin Blockchain

Coin-Metrics-Report-Claims-Kik-Presented-Inaccurate-Data-About-the-Kin-Blockchain
  • Kik might have presented wrong information about its Kin network
  • Coin Metrics compared the data provided by Kik with other blockchain networks such as ETH and BTC

Kik has recently provided information about activity on its blockchain network to the U.S. Securities and Exchange Commission (SEC). However, Coin Metrics reported that these claims made by Kik are inaccurate.

Kik’s Inaccurate Claims About Kin

Back in 2018, Kik claimed that their network exceeded Ether (ETH) and Bitcoin (BTC) in daily blockchain activity. This demonstrated that Kin was adopted and used by many individuals around the world. However, Coi Metrics claims that the daily operations included a large number of account creations.

Indeed, some of these accounts seem to be empty after a single transaction processed. Although Kin had a very interesting number of daily transactions, it was far from reaching a similar level as top tier blockchain networks.

In addition to it, Kik has also questioned the SEC regarding the token as a security. They said that there were over 300,000 individuals that earned and spent kin as a currency. Coin Metrics explained that there have been just 35,000 addresses that held more than 10,000 kin worth around $0.23.

On the matter, the report commented:

“This is orders of magnitude less than other blockchains in our sample, which each have at least 1,000,000 addresses that hold at least $1.”

Coin Metrics explained that multiple metrics showed that the Kin digital asset was not used more than other chains such as Bitcoin or Ethereum. Just last month, Kik has launched a $5 million crypto campaign in order to deal with the SEC and improve its regulatory clarity.

Back in September 2017, Kik was able to gather almost $100 million during a token distribution event. However, the US regulator claimed that Kik may have violated securities laws in the country. Since that moment, Kik is working in order to prove it has been operating in the market as it should.

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Author: Carl T