Lithuania’s LBCOIN, The World’s First Collectible Digital Coin, is Sent to the ECB Council

The world’s first collectible digital coin called LBCOIN was sent to the email inbox of European Central Bank policy makers on Monday from one of their colleagues.

The coin came to Governing Council members as a link to an e-wallet with six digital tokens. These tokens feature a portrait of one of the 20 signatories of Liithunai’s 1918 declaration of independence.

“I’m curious how popular this is going to be among Governing Council members,” said Vitas Vasiliauskas, Lithuania’s central bank governor. “I’ve asked for feedback,” he added.

Just last week, ECB President Christine Lagarde said that they would soon discuss whether or not the eurozone should create its very own digital currency.

Currently, finance chiefs of the euro region are working on devising a regime to regulate fiat-backed stablecoins.

Call for a Digital Euro

Before being sent to the colleagues, the LBCOIN was demonstrated at last week’s Governing Council meeting about how it works.

Based on blockchain technology, the project took three years to complete, Vasiliauskas said.

“We’re the first to issue” such a coin, he said. “The whole experience gave us ample possibilities to comprehend the technology.”

The users of the tokens can also trade them among themselves after activating the tokens. The specific set of them can also be exchanged for a credit card-sized physical coin that has a nominal value of 19.18 euros.

The central bank governor believes the LBCOIN experience will help ECB in reaching the decision on a digital euro. According to him, it was the social media giant Facebook’s stablecoin Libra that helped euro-area central banks in recognizing that digitization can revolutionize the financial system.

“We absolutely need to move forward, we see the Chinese are already testing it in practice, launching the CBDC in certain regions,” he said. “Europe shouldn’t sleep through this again.”

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Author: AnTy

Ethereum Foundation Grants Nimbus $650,000 To Help Develop ETH 2.0

A press release sent out to the public on January 28th indicates that Nimbus was recently awarded a grant of $650,000 by the Ethereum Foundation that would enable it to continue working on the Light ETH 2.0 Client. The main goal of this project is to enable embedded devices and smartphones to operate nodes that are smart contracts capable.

Nimbus was launched by Status in March 2018 as an infrastructure project. In the beginning, it had been imagined as a project that would provide better admittance to the Status application that is installed on all modern smartphones. But as time progressed, the scope of the project was stretched out with the aim of transforming it into something that would be good for the entire Ethereum community.

Jacek Sieka, the current Nimbus Head of Research had a one-on-one with Cointelegraph and stated that:

“The R&D performed by the Nimbus team is not specific to Status or The Status Network, but rather designed as a public good for anyone to use, change, and benefit from.”

Nimbus was started as a collaborative effort between Gitcoin, the Ethereum Foundation, and is co-funded by Status. The money awarded to Nimbus as a grant is set to be used into getting it ready into a state where it can start being produced.

The upcoming project milestones, according to the project map indicate that testing is the next phase, which will then be followed by the final release of a client that will be capable of supporting the beacon chain from Ethereum.

About Nimbus

As is the case with the already existing ETH clients such as Parity and Mist, Nimbus is expected to enable its users to link to the Serenity network that is about to be released by Ethereum.

The main difference between Nimbus and the existing clients lies in the form of support that it will provide to all devices. It’s a client that intends to provide support to a broad range of devices, and not just servers and computers.

As things stand at the moment, the ETH blockchain has been seen to take up too many resources, making it unfriendly for use in smartphones.

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Author: Daniel W

SpaceChain’s New Milestone: First-Ever Demo of Blockchain Tech on the International Space Station

On Monday, December 5, 2019, community-based space and blockchain-focused platform, SpaceChain sent its blockchain hardware wallet technology to the International Space Station (ISS). As per the press release, this endeavor is the first ever ISS demonstration to date and was achieved as part of the CRS-19 commercial resupply service mission.

This is definitely a milestone for SpaceChain, as the blockchain hardware is said to be installed in Nanoracks’ commercial platform on Station, making it the third blockchain payload containing crucial information about a transaction sent into space by the team.

What happens once everything has been activated? The entirety of this move is said to establish receipts, authorizations, and retransmission of blockchain transactions. Moreover, SpaceChain’s multi-signature satellite wallet requires multiple approvals to complete transactions. This was done to not only secure the transfer of funds but also to make the process faster.

Speaking in regard to this venture is the Co-Founder and CEO of SpaceChain, Zee Zhang, who noted that the third payload launch is just the beginning of the possible development of a New Space Economy. It was further emphasized that:

“The integration of space and blockchain technologies has uncovered new possibilities and opportunities and we are very excited about the prospect of working closely with financial service providers, fintech and Bitcoin developers…”

According to Jeff Garzik, Co-Founder and CTO of SpaceChain, “Blockchain is the next major disruptor in space… Through integrating technologies, new paradigms that were once beyond reach can now be created and add exciting elements in the New Space Economy.”

SpaceChain was awarded funding from the ESA Business Applications and Space Solutions just months ago to explore different use cases for its satellite blockchain technology. Before this launch, SpaceChain was able to develop an open-source OS and flight-tested two blockchain nodes into space within a year’s time. To completely achieve the goal behind the third payload, and for the team to check it off their list of tasks, the testing is expected to done by early 2020.

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Author: Nirmala Velupillai

New Annual Licensing Crypto Mining Regulations Proposed by Cabinet of Iran

The Iranian government set to introduce new cryptocurrencies mining regulations in a new draft proposal sent from the Cabinet of Iran, as reported by Coindesk in exclusive reports from Tehran.

The new draft proposes an annual license for cryptocurrency miners and expects these miners to provide information on their business activities, their employment and rental status and a list of other mining-related information. The directive, which locals say is close to official approval, will require miners to provide the value of their mining equipment, value derived from mining and the period of mining.

A Conflicted Proposal to Miners

For the better part of the last two years, the Iranian government has shown increased interest in regulating the crypto mining industry to provide a cushion from the sanctions by the US government.

An unnamed Bitcoiner in the country sees this an opportunity by the government to create a stable mining industry. How exactly? One respondent speaking to Coindesk anonymously explained the role of the government saying,

“It’s obvious that the power industry here in Iran, it’s not a private business, it’s from the government.”

Some of the benefits include standardizing the mining operations to control the power usage to prevent harming the power grids, the Iranian respondent said.

“If there’s a constant, a continuous consumption of electricity you can also make new power plants or assign power plants to this.”

However, a number of cryptocurrency miners remain disgruntled and more are expected to use illegal ways to mine Bitcoin and obtain mining equipment.

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Author: Lujan Odera