JPMorgan’s DLT Spinoff Kadena Debuts The First Hybrid Blockchain, Adds Cosmos Network to Wallet

Kadena, a crypto startup which is a spinoff of JPMorgan’s blockchain center has rolled on its own public blockchain which marks what they termed as the first hybrid blockchain in the industry, Cointelegraph reports.

The public blockchain was released on Jan. 15 and comprises of full transactions as well as the capacity to fully write smart contracts. According to the company’s CEO Will Martino, the new product is also the inaugural sharded proof-of-work (POW) Layer 1 to hit the market.

Kadena’s hybrid blockchain network also allows the linkage between a private network with a public chain.Stuart Popejoy Kadena’s president stated that the development was an imperative milestone in enhancing blockchain capacities since the technology is marred with different limitations although it harbors great potential. Popejoy explained,

“Despite blockchain having immense potential, our experience building JP Morgan’s first blockchain showed us its limitations. Launching a fully functional hybrid blockchain which seamlessly integrates a public chain with a private network is a significant step forward in reimagining what applications can do on-chain.”

The new Kadena hybrid blockchain interoperates with Pact, a smart contract language developed by the firm. Martino also explained that Pact will be used to tackle the security concerns within the Ethereum blockchain.

The firm also announced that the Kadena Hybrid blockchain also has Kadena Kuro which was previously referred to as ScalableBFT which was rolled on Amazon Web Services last year in January.

In a tweet the firm announced that Kadena hybrid blockchain has the capability to process 750 transactions within a second. This is compared to both Bitcoin and Ether which can only process 7 and 15 transactions in every second respectively.

As per Martino, the completion of Kadena hybrid blockchain has helped to address the issues associated with core scaling while at the same time maintaining decentralization. He said,

“If we had launched with 1000 chains, people wouldn’t be able to visually grasp the magnitude of the innovation that Kadena is bringing to market. We’ll be upgrading to a larger network for more scale in Q2, likely 100 chains, but for now, 10 chains provide and illustrate our unique value.”

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Author: Joseph Kibe

Brazil Tax Authorities Impose New Regulation to Fine Crypto Traders Who Do Not Report Their Transactions

Back in August this year, the Department of Federal Revenue rolled out various provisions and stipulations that require all Brazilian citizens to report transactions that involve cryptocurrency. A recent report tabled on December 6th from one of Brazil’s most popular news outlets stated that the new codes for reporting cryptocurrency was introduced to back up the previous provisions.

Another Brazilian media outlet reported that the measures were brought on board to prevent illegal dealings such as tax evasion, money laundering, terrorism funding, and weapons trafficking.

The Department of Foreign Revenue of Brazil stated that transactions in excess of $30000 Brazilian real ($7,600) must be reported to tax authorities. These rulings target all crypto activities including private investors, brokerages as well as companies dealing in crypto. Failure to comply on the same will lead to sanctions. On the other hand, inaccurate and unfinished filings may be trimmed 1.5 to 3 percent of the total value of the transactions.

A report released earlier on Brazil’s cryptocurrency market is expanding at a fast and exponential rate. The report continued to say that at that time crypto had gained more investors than B3, the country’s second-oldest stock exchange. At that time, the number of investors using B3 stood at 800,000 customers.

Funds for the Department of Federal Revenue were Low

In late summer of this year, FinTech news outlets reported that tax authority RFB expected the government to unlock financial resources.

The agency noted that it would terminate contractor agreements as well as stop the paying of income tax refunds if the requirement was not met. To further the regulatory understanding of the cryptocurrency industry in Brazil, a regulatory platform for financial and blockchain technology is essential.

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Author: Lujan Odera

Telegram Introduces A Desktop Test Wallet For Its GRAM Token Amid Ongoing SEC Case

Encrypted messaging app giant Telegram has rolled out a desktop test wallet for its testnet of the yet to be released crypto network, Telegram Open Network (TON).

According to CoinDesk, the test app is now available for download for Linux, macOS as well as Windows. Interested individuals can access the app from Telegram’s website and they will be able to create a wallet as well as a set of private keys. In addition, users will be able to get and send test Grams, however, at the moment, the wallet will not hold anything of value.

Currently, the test wallet can only accept Grams as it is not indicated whether other cryptos are supported. Users are awarded from 5 to 20 Gram tokens by a bot to transact.

Telegram started a blockchain project and dubbed it TON and went ahead to get funding of $1.7 billion through a private token sale in 2018. Telegram went ahead and told the investors the network would be launched before Oct.31. In this case, the releasing of the Test Gram Wallet seems like a plot to beat the deadline.

Telegram’s plans to launch TON has been put in jeopardy by SEC after it was sued by the regulator saying that the token was equivalent to security. The regulator pleaded with the courts to stop the selling of the Gram token. Telegram has insisted that the token is not a security and has asked the court to set aside the ban.

In the recent past, Telegram and the regulator have come into an agreement where Gram tokens will not be distributed until the court has heard and determined the case which will take off in February.

Telegram has since received relief from investors after they agreed to postpone the selling of the Gram token to April 31, 2020, giving the company enough time to settle issues with the SEC. it turns out that Telegram has a lot to do to convince the regulator that Gram is not a security token or risk returning the $1.7 billion to investors.

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Author: Joseph Kibe

Binance DEX Adds BNB/BUSD Trading Pair, Burns $36.7 million worth of Binance Coin

The decentralized exchange rolled on by crypto exchange giant Binance earlier this year is now offering it’s clients a new service to purchase and sell Binance’s new USD-pegged stablecoin with BNB.

On Oct 17, on its official Twitter platform, Binance DEX announced a new listing on its platform, BNB/BUSD Trading Pair. the pairing means that traders will now have the option to buy and sell BUSD using the Binance Coin (BNB).

BUSD Gets Regulator’s NOD

In the recent past the crypto space has witnessed a significant growth in the number of stablecoins. These are assets which are pegged or backed by physical or touchable assets and, in most cases, the US dollar, the world’s reserve currency. Some of the most popular ones include Tether (USDT), USD Coin (USDC), Gemini Dollar (GUSD), among others. Recently, Binance joined the fray as one of the coin emitters with its Binance USD (BUSD).

Recently BUSD was approved by the New York State Department Of Financial Services (NYDFS). According to Binance, the launching of BNB/BUSD trading pairs will help in adding liquidity in the market to the advantage of the customers. At the moment BUSD is ranked number 287 among the most popular cryptos in the market.

Binance Burns More BNB

Meanwhile, Binance CEO Chaopeng Zhao popularly known as CZ, has announced that the company has burned 2,061,888 BNB worth about $36.7 million. This is the ninth BNB burn and represents about 1.1% of the total BNB supply.

According to U Today, coin burning can be described as the permanent removal of coins from circulation, thereby reducing the amount of coins in circulation. Binance burns BNB coins on the basis of the volume of trades made within its exchange over the last 3 months. Therefore, in every quarter, the crypto exchange giant burns some BNB coins.

According to CZ, the high amount of BNB burn shows significant growth and he credits it to the launching of fresh services like margin trading and futures trading.

Binance plans to keep on burning BNB within its possession until there are only 100 million left.

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Author: Joseph Kibe