EOS-Based DeFi, Equilibrium, Adds Binance, Eosfinex to EOSDT Stablecoin Governance Council

  • Binance and Eosfinex, Bitfinex’s decentralized exchange, are some of the big names in crypto to join Equilibrium’s EOSDT stable coin governance committee.

According to official reports, the two companies joined the council alongside independent block producers, EOS Nation and EOS Cannon, to provide oversight over approval of contracts and amendments made on smart contracts on the EOSDT stablecoin blockchain.

Equilibrium is an EOS based open finance platform that offers similar capabilities to Maker platform with EOSDT similar to the DAI stablecoin. With the new governance team in place, Alex Melikhov, CEO of Equilibrium, said this will allow the network to fully utilize the features on EOS in his statement,

“One of the main advantages of EOS lies in updatable smart contract code. In other words you can migrate to new versions of your application seamlessly without hard stop of the whole system.”

Binance involvement in the governance of the Equilibrium chain will see the exchange oversee every smart contract on the platform, granting access to upgrades or rejecting them. However, the governance council regulations require at least two parties to give their consent before the smart contract is implemented.

“You can also consider it as establishing a four-eyed principle for Equilibrium’s EOSDT.”

The decision to add the new members was voted by the existing council members not only Equilibrium, Alex said. This is to ensure the best and most reliable participants in governance are chosen for the slots. Such decisions are uncommon on Ethereum DeFi platforms whereby the founders hold the admin keys of the protocol giving them absolute power over the system.

Equilibriums governance council, while not fully trustless, offers the blockchain “decentralization by creating a proof-of-authority framework which consists of trusted counterparts that are independent according to their background.” Alex further said,

“Instead of a single owner who can potentially do whatever they want there is a group of reputable and known ecosystem participants who bid their reputation on the integrity/relevance of these updates.”

While the verdict remains unknown on why Binance joined the governance council, the possibility of BNB being added as a backing asset to the EOSDT stablecoin has improved. According to one spokesperson from the largest crypto exchange, top management is looking forward to BNB getting added as collateral on the Equilibrium DeFi platform.

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Author: Lujan Odera

OKEx Mining Pool Becomes Proof-of-Stake (PoS) Validator For Ethereum 2.0 Topaz Testnet

  • OKEx becomes the latest exchange to join Ethereum 2.0 testnet validators’ pool.
  • The Topaz testnet phase 0 is set to be released in 2020 in readiness for the mainnet launch.

One of Ethereum’s largest mining pools – OKEx Pool – announced they are joining the Ethereum 2.0 Topaz testnet as a validator.

The exchange-based mining pool becomes one of the first pools to launch a Topaz testnet showing its support for ETH moving from a proof of work (PoW) to a proof of stake (PoS) system.

The move is set to mutually benefit existing pools and ETH 2.0 developments, with users expected to be the biggest gainers. The exchange is expected to boost the traffic on the testnet and create a convenient and direct way for a large number of ETH 2.0 Topaz users and dev teams.

“For mining pools, betting on the ETH network will allow them to grow together and share future dividends”. – OKEx Pool benefits on launching support for the ETH 2.0 Topaz testnet.

Alysa Xu, Chief Strategy Officer at OKEx, showed appreciation as OKEx becomes one of the first ETH mining pools to offer support for the Topaz ETH 2.0 testnet network. The exchange pool will work with ETH 2.0 developers to help tap into the potentials the Proof-of-Stake (PoS) system offers. In the release, Xu said:

“We appreciate what ETH dedicated to the industry and have great confidence in the potentials of ETH 2.0. We are willing to contribute to the ETH ecosystem.”

The exchange pool has partnered with Prysmatic Labs, to boost development on the Topaz testnet, which is a new iteration of Prysmatic Labs’ testing environment.

“We have already established the collaboration with Prysmatic Lab and more specific cooperation will be carried out by us to promote the development of ETH in the near future.”

As ETH rallies past new resistance levels, the anticipation for the launch of ETH 2.0 grows stronger as potential stakers rush to buy the token.

The Topaz testnet replaces the Sapphire testnet hence changing the number of tokens needed to successfully become a node in staking from 3.2 ETH to 32 ETH. Currently, Ethereum trades at $213 after a 5% boost in the past 24 hours.

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Author: Lujan Odera

Dole to Implement Blockchain Supply Chain Tracking in All Food Departments by 2025

The Dole Food Company, one of the world’s leading fruits and vegetable distributor has decided to join the blockchain bandwagon as it announced its 5-year plan to introduce blockchain-based tagging and food tracing in all its departments by 2025. The food business is planning to launch advanced traceability solutions to ensure the highest quality of food safety across its major business departments.

The sustainability report released on Wednesday contained a blueprint on how the world’s leading fruits and vegetable distributor is going to redesign its network to incorporate blockchain-based traceability solutions. One of the major goals listed in the blueprint or redesign work was to identify the trouble spots in its supply chain and increase the speed to make amendments to it to meet its 2025 deadline.

The Dole Food Company has also been working with IBM Food Trust to help them with redesigning their supply-chain management. IBM has emerged as one of the leading players among the mainstream tech firms to research and develop various blockchain-based enterprise solutions. It is already working with Nestle, the leading food and beverage company to help them incorporate blockchain in their supply chain to improve the quality and safety of foods that reach the customers. The sustainability report said,

“Blockchain cuts the average time needed for food safety investigations from weeks to mere seconds. Produce that’s been logged via blockchain can be instantly traced back through the supply chain, giving retailers and consumers confidence in the event of a recall.”

Food Supply Chain Management is Emerging as the Top Blockchain Use Case

Blockchain technology has found many use cases in the past few years, be it in the field of healthcare data management, agriculture or education, but food supply-chain management by far has emerged as the leading use cases where numerous mainstream food businesses have increasingly utilized the decentralized technology for tracing and managing their supply-chain business.

Dole like many other food producer and distributors have decided to incorporate the technology to not only ensure better safety, higher transparency, but also to provide more information to the end customers on the products they are purchasing. The incorporation of blockchain technology would help customers know the history of their food, right from the farm, their fruits/vegetables were picked to the place where it was packed and shipped.

Dole also claimed in its report that they were already offering the data to its retail customers since last year, but they are adding protection to the data to avoid other retailers from seeing competitor’s data. The report also revealed that they have been experimenting with the DLT for quite some time now, thanks to their association with IBM, and they plan to continue their association with IBM’s blockchain consortium known as IBM food trust.

The US Food and Drug Administration’s (FDA) department has been bullish on the use of emerging technology like blockchain in the field of food management. The FDA in its upcoming “New Era of Smarter Food Safety” is also going to advocate for the incorporation of blockchain technology to bring better food safety and quality standards.

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Author: James W

Rhode Island Policymakers Table Blockchain Bill To Spur Economic Growth in the State

Rhode Island is on track to join blockchain-friendly jurisdictions after they introduced a bill on leveraging this tech for economic growth. The state’s goal is to create a sustainable ecosystem that will allow innovations around distributed ledgers to thrive.

This bill was tabled on March 11 by two GOP policymakers and partly read that;

“The state of Rhode Island understands that to compete in the twenty-first century economy, Rhode Island must offer one of the best business environments in the United States for blockchain and technology innovators, and should offer a comprehensive regulatory technology sandbox for these innovators to develop the next generation of digital products and services in Rhode Island.”

The State of Rhode Island plans to establish grounds for collaboration between private and public entities with interests in blockchain technology. In doing so, they are hopeful to consolidate ideas for spurring economic growth through emerging tech. One of the practical approaches to this includes forming ‘an immutable interagency-industry-operability blockchain filing system.’

Blockchain Banks and Hemp Supply Chain

The bill noted that the current legal framework has been a big challenge to blockchain-based projects looking for financial intermediary services. This is mainly because a large number of banks are skeptical given the US Fed and SEC are yet to issue clear guidelines. Rhode Island, however, suggested a solution to this shortcoming;

“A new type of Rhode Island financial payments and depository institution that has expertise with customer identification, anti-money laundering, and beneficial ownership requirements.”

Ideally, the financial institution should provide custodial services for both traditional and digital assets within the state’s compliance scope. Rhode Island has since formed an advisory council comprising 13 people who are expected to look into blockchain tech in detail on behalf of the state.

Another proposition by this bill was the integration of blockchain within the supply ecosystem of hemp products. According to the bill, such an initiative would ensure that there is accountability, product safety and legal compliance in this booming market. Furthermore, hemp derivatives that are not fit for the public would not make it to the blockchain.

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Author: Edwin Munyui

Mighty Ducks Star Brock Pierce Endorses Potential Crypto Ponzi EXW Wallet, Before Deleting Tweet

Crypto scams have in the past become a popular way to rip off unsuspecting investors looking to join the digital currency space. Brock Pierce, one of the crypto market billionaires, was recently accused of giving an endorsement to a probable scam dubbed ‘EXW Wallet’.

The prominent crypto figure attended a convention held by EXW Wallet’s team at the beginning of 2020. Some stakeholders in the crypto community have however raised concerns about the legitimacy of the project given its structure is similar to previous scams. Brock who was formerly at Block.One has since deleted the tweet in which he endorsed the potential MLM crypto scheme;

This space is so fucked up. Mr. EOS, Brock Pierce, supports the most obvious scam “EXW Wallet” by being a guest speaker. This ponzi scheme promises 0,33% on your investment per day – generated by a trading bot. 2020 and people are still falling for shit like this. from CryptoCurrency

As it stands, the project has promised a 0.33% daily return on investment for users who deposit digital assets with them. Furthermore, EXW Wallet has partnered with Crypto Trust Consulting; the latter claims to be registered within U K’s laws. Records by the Financial Conduct Authority, however, tell a different tale and it appears that Crypto Trust Consulting is not registered by the regulator as purported. The firm is also on Austria’s Financial Market Authority blacklist after it emerged that its investors had zero protection from a loss of funds.

Big Fish in Crypto Promoting Scams

Several warnings have been issued by both authorities and legitimate crypto-oriented businesses against the rampant scams within this industry. Some investors are however still falling prey for MLM designed schemes given the crypto ‘figures’ associated with the projects. The EXW Wallet is a perfect example; this project was identified as a Ponzi back in September 2019 by BehindMLM.

The idea by EXW Wallet is to pay out higher returns to early joiners and increase this value based on how one’s affiliate portfolio grows. This will be done through EXW token which currently has an insignificant value given they do not trade on any major crypto exchanges. It, therefore, raises the question of whether Brock Pierce is indeed aware of the shady operations or just another crypto celebrity victim?

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Author: Lujan Odera

IBM and Maersk’s Blockchain Platform TradeLens Onboards Asian Shipping Terminal CMIT

A new shipping company from Vietnam has decided to join the TradeLens blockchain platform powered by IBM and Maersk. The shipping company is called Cai Mep International Terminal (CMIT), which is also a joint venture between Vinalines, Saigon Port and APM Terminals. The information was released by CMIT in a blog post on December 19.

CMIT Joins TradeLens

As per the press release, CMIT is recognized as one of the most important terminals in the deep-water gateway port complex called Cai Mep – Thi Vai. Indeed, their facilities allow accommodating vessels with a capacity of up to 194,000 WT allowing Vietnam to be connected with other markets in three different continents.

This decision to start using the TradeLens blockchain network powered by the shipping giant Maersk, the goal is to remain a pioneer in the industry. In this way, CMIT will be able to continue innovating and applying e-solutions to its daily operations. In the future, this platform will help CMIT offer a best-in-class service to customers and clients from all over the world.

According to Jan Bandstra, General Director at CMIT, customers played an important role in demanding new and high-quality services. By getting integrated into the TradeLens platform, CMIT will have the possibility to make immediate updates on cargo and shipping data.

TradeLens works as a neutral blockchain platform that is helping the international trade and shipping industries to become more efficient. It is worth mentioning that this is beneficial not only for CMIT but also for cargo owners, inland transportation providers and all the parties that are involved in the whole supply chain process.

Finally, by integrating TradeLens, CMIT will become the first terminal in Vietnam that joins this blockchain platform. In the future, other terminals and partners can join this initiative and help customers and players offer better services to clients.

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Author: Carl T

Ripple or No Ripple? TransferWise Joins Visa’s Real-Time Payment Solution for Global Remittances

  • The latest company to join Visa’s real-time payments platform Visa Direct that simplifies and drives costs down in the global remittance space is TransferWise.

The major money transfer service has joined the expanding partners’ list of Visa Direct that processed 2 billion transactions in 2019. The idea behind Visa Direct is to make sending money as “as easy as sending a text message.” Kristo Käärmann, CEO and co-founder of TransferWise said,

“TransferWise is on a mission to move money around the world in a cost efficient, quick and transparent way.”

“Integrating Visa Direct further eases the transfer process and brings us another step closer to achieving our mission.”

TransferWise will launch the Visa Direct-powered service in Spain, with plans to follow up in Bulgaria, Czech Republic, Hungary, and Romania and then scale it throughout Europe and worldwide in 2020.

Visa Direct allows for safe, convenient, and real-time funds delivery to financial accounts via card credentials.

Unimpressed by Ripple’s Partner Network

About a year back, TransferWise indicated excitement over the growth of Ripple’s global payment solution but said blockchain has its own set of challenges.

At that time, TransferWise chairman and co-founder Taavet Hinrikus said,

“If every bank in the world was going through the Ripple network, it would be amazing. Yet how many banks are using Ripple today in production? It’s a very short list.”

Ripple’s partner list has now increased to 300 but TransferWise still might not have any plans in the near future.

Ripple Partners Working with Visa Direct

Visa Direct’s growing partners’ list also includes Ripple members. As we reported last week, MoneyGram expanded its service to Span and the Philippines and is planning to launch in additional countries in the coming months.

This partnership had a successful launch in the US where 50% of users are brand new to MoneyGram. Moreover, indicators show custom retention rates outperforming expectations.

Before MoneyGram, last month, Ripple partner Nium that joined RippleNet in February 2018 and was the first one ODL to settle transactions between US dollar and Mexican peso, partnered with Visa Direct.

Interestingly, Earthport, a cross-border payment company that joined Ripple in 2014 was acquired by Visa earlier this year.

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Author: AnTy

Private Corporations Should Develop a USD-Cryptocurrency, Not the Govt: Coinbase Legal Officer

The chief legal officer for Coinbase is urging the private sector players to join forces and come up with a tokenized version of the US dollar.

According to Brian Brooks, the time has come for the development of a digital US dollar but the major issue should be the one to lead the initiative, the private sector or the government.

Brooks in an article published in Fortune, opined that private firms should come together to develop a virtual US dollar. He explained that the government should only come in with favorable regulations rather than be the one to lead the initiative. Brooks explained that the best way to go about it is to allow the private actors within the crypto and financial industry to develop the digital currency while government agencies offer regulation guidelines.

Brooks suggests an unofficial public-private agreement where the private sector will allow the government to control the fiscal aspects while the government allows the private sector to control the technological aspects of the digital currency.

Brooks’ suggestions are different from the Libra project. The Facebook’s led stablecoin project has elicited concerns from policy makers around the world with various Congress and Senate members saying that the stablecoin will hard to control or regulate. The idea of pegging the Libra crypto with various worldwide currencies will inevitably dispose the US dollar as the global reserve currency. Several central banks heads like Lael Brainard of US have stated that Libra has the capacity to destabilize the global financial market.

Brooks explained that just like stablecoins pegged on the US dollar do not compete with the dollar, so will a digital dollar. He stated that the Federal Reserve will still maintain the control of the digital dollar.

Brooks explained that more stablecoins will continue to be minted if the government does not come up a guideline to guide the private sector to develop a digital dollar. For now, Brooks calls on the government to ensure that the stablecoins have the requisite dollar reserves they claim to have.

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Author: Joseph Kibe

Binance to Work with Chainlink (LINK) to Supply Crypto Data for Decentralized Finance Apps

The giant exchange platform Binance, announced that it would join hands with Chainlink. This partnership will enable Binance to spread its crypto information and data to other blockchain technologies. The bold move was commissioned in a bid to expand the Decentralized Finance.

Binance Believes in Defi

Currently, Defi is the talk in town despite being in its developing stage. Its protocols depend on smart contracts that are blockchain-backed to initiate decentralized infrastructures that can anchor financial applications.

Such financial services characterized by traditional finance may include derivatives trading, lending, and decentralized exchanges. Defi does not need any central authority to take control of the market all courtesy of the DLT (Distributed Ledger Technology). It also takes the role of a guardian.

Binance has always shown interest in Defi and believes it is the next big thing. The Malta-based organization inaugurated Binance DEX, which is a decentralized exchange just recently. The new exchange functions separately on its own and not from their central platform.

Binance CEO CZ commented:

“We support the development of Decentralized Finance as an important part of the ecosystem. Binance works with many blockchain projects, including Chainlink, to bring freedom of money everywhere, and through the help of Binance data and Chainlink’s network, we can help accelerate the growth of DeFi.”

Core Objectives of the Collaboration

The duo joined hands to achieve some of the following crucial functions:

Transaction automation:

The incorporation will allow developers from Defi to create applications that will automate Binance’s transactions. The exchange said that this would bring about more flexibility in application creation and will also open up strategies for assets that are limited to market cap coins which are at the top.

Putting Binance Data On-chain:

The oracle system for Chainlink will enable Binance data to be available on blockchain technologies like Ethereum. That will include the data on insurance, trade finance, Defi, gaming etc.

Defi projects will have unlimited access to Binance data off-chain very securely. Chainlink has come up with an external adapter that smart contracts will use to merge Binance API’s data. That will ensure there is efficient connectivity and that all the node operators can submit data.

Applications created by Defi applying data from Binance can manufacture numerous new products and derivatives like options/futures that would depend on groups of cryptocurrencies.

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Author: Daniel W

Ethereum Co-Founder Joe Lubin Joins Board As ConsenSys Becomes Premier Member of Hyperledger

The co-founder of Ethereum is to join the blockchain development project Hyperledger community. Cointelegraph has announced ConseSys– Ethereum-focused development firm as the premier member of Hyperledger.

Project Hyperledger Besu Already Submitted to Hyperledger

According to the press release by Cointelegraph, ConseSys has already submitted the Pantheon Java-based software to Hyperledger. The project was named Hyperledger Besu as the first blockchain compatible with the public chain submitted to the project.

Brian Behlendorf the director of Hyperledger said that through the submission of Hyperledger Besu, ConsenSys is supporting their intended mission. Brian anticipates building a wide coalition for improving enterprise blockchain.

Improved Interoperability Across the Blockchain

Now that ConseSys is a member of Hyperledger, it is planning to explore interoperability all through the blockchains. As the latest member of the Hyperledger community, ConseSys will support the interoperability between blockchain. This will help support the enterprise blockchain environment by driving standards. Brian commented on the benefits that would come with the collaborative network in the environment. The more members they have networking and working together, the stronger the foundation will be.

According to Ethereum Cofounder Lubin, ConseSys and PegaSys are committed to open-source software and this has already been demonstrated by Hyperledger Besu’s submission.

Hyperledger has over 270 members spread across different industries including IoT, Banking, Supply chain, Finance, manufacturing, and technology. 22 premier members have been included by the governing board ConseSys being one in the list. On top of that, Joseph Lubin becomes a member of Hyperledger governing board.

ConseSys is now an active and committed part of Hyperledger family, plays part as an open-source, and gives the open governance approach to the blockchain. Behlendorf said that the more the members in the community, the stronger the foundation they will build for the blockchain.

Brian agrees that the software is with no doubt of great impact on his company and they are looking forward to more members working together.

According to Cointelegraph report in July, semiconductors manufacturer Intel in collaboration with technology Behemoth has co-sponsored for a new programming project by the Hyperledger development firm.

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Author: Daniel W