Augur Blockchain Successfully Completes Protocol Upgrade

Augur Blockchain Successfully Completes Protocol Upgrade
July 30, 2020


The cryptocurrency market remains mixed with some of the top 20 altcoins in the positive zone, while the others are in the red. Bitcoin (BTC) continues to consolidate at $11,000 levels. At the time of writing this article, Bitcoin had gained 2.1% over one day to trade at $11,076. Ether (ETH) had gained 1.1% to trade at $318.05. XRP had gained 2.1% to trade at $0.2409.

Other major altcoins that have recorded gains in the past 24 hours include LEO (LEO-$1.25, 0.2%), Dash (DASH-$81.02, 1.8%), and IOTA (IOTA-$0.2961, 8.4%).

Altcoins, which lost ground in the past 24 hours include Tron (TRX-$0.01911, -2.0%), ChainLink (LINK-$7.17, -3.3%), Cosmos (ATOM, $3.66, -4.1%), Stellar (XLM-$0.0953, -2.6%), Tezos (XTZ-2.874 -6%), Cardano (ADA-$0.1401, -4.5%), Monero (XMR-$80.06, -1.5%),  Huobi (HT-$4.43, -0.5%), Ethereum Classic (ETC-$7.19, -1.0%), Binance Coin (BNB-$19.81, -1.6%), Litecoin (LTC-$55.16, -1.3%), EOS (EOS-$3, -0.1%), Bitcoin SV (BSV-$212.37, -1.7%), Bitcoin Cash (BCH-$284.62, -1.4%) and OKB (OKB-$5.80, -1.3%).


Government lever initiatives

BSN of China to include public blockchain networks into its fold

Blockchain Service Network (BSN) of China will bring some of the popular public blockchains under its fold in the months ahead. Elaborating further, He Yifan, CEO of Red Date Technology, private enterprise backing the BSN, stated that the network intends to bring together 30-40 public blockchain networks by June 2021. Furthermore, in 2022, it will bring together almost double the blockchains aimed for next year.

Rolled out in April, BSN is the country’s initial blockchain venture backed by the government and focused on assisting small and medium-sized companies and businessmen in creating and employing blockchain apps on permissioned blockchains. So far, 6,000 enterprises and individuals have become a member of the network.

Regarding the selection of blockchains to be brought under the fold of BSN, Yifan said, “we are trying to integrate as many suitable public chains as possible, but definitely not all chains. That would not be feasible due to high costs and limitations on manpower.” 

For integration, the first batch of six blockchains has been selected already, and that includes EOS, Ethereum, and NEO.


Private sector initiatives

Huawei applies for a patent on a blockchain-powered storage process

Huawei, the China-based telecom enterprise, has filed an application for a patent on a blockchain-powered storage process. The company already holds several patents, covering subjects such as blockchain-based settlement systems. The smartphone manufacturer applied for the patent on January 17th, 2019, but the announcement date was set as July 14th.

The government of the Nanshan District of Shenzhen earlier revealed a collaboration with Huawei to increase the rate of adoption of blockchain technology, artificial intelligence, big data, and 5G in the province by setting up the Kunpeng industrial demonstration zone.

Huawei had also inked a “strategic cooperation agreement” with China’s central bank, the People’s Bank of China (PBoC), but the information had been kept under wraps. The news of collaboration came to limelight after PBoC started trialing its CBDC (Central Bank Digital Currency) in Shenzhen, jointly with Huawei.


Augur completes a protocol upgrade (V2)

Augur (REP), which offers a blockchain-powered betting platform, has successfully completed its protocol upgrade (V2). The upgrade was primarily aimed to resolve vulnerabilities that existed in the earlier version. Additionally, the latest version also implements certain changes to rules related to betting markets. With the installation of the latest version, the platform supports Dai stablecoin and other well-known DeFi covenants, while supporting an affiliate program.

Augur disclosed that its V2 covenant agreements had been employed on the Ethereum Mainnet and validated on Etherscan. A media release related to the venture states that “exchanges, wallet providers, block explorers, and additional services will be updating to the REPv2 contract address over the coming day.” 

Notably, the upgrade has been done five years after the venture was rolled out. While the initial protocol was categorized as a PoC (proof-of-concept), the latest version is flexible enough to accommodate emerging trends such as decentralized finance (DeFi), while being compatible with 0x’ (ZRX) Mesh network, Uniswap’s v2 oracle network, MakerDAO (MKR) Dai stablecoin, and Interplanetary File System (IPFS).

The latest version also features ‘invalid’ as a foreseeable result for any event, introduced to avoid speculators who try to misuse the platform.



Buyeo residents continue to show interest in the local blockchain-based stablecoin

Buyeo, a South Korean County, continues to observe keen enthusiasm in a blockchain-based stablecoin of local origin since it was introduced at the beginning of 2019. A majority of the county, situated in the rural province of South Chungcheong, is comprised of elderly people. As per the latest census report, roughly 75,000 people live there. Last year, the county developed the local token called “Goodtrae Pay” by spending more than $267,000.

As of date, roughly $48.50 million worth tokens have been issued in an attempt to increase the method of contactless payments. The system also utilizes a zero-fee smart card with Near-Field-Communication (NFC) technology as its core. The smart card has been designed to empower residents with digital payment facilities even if they do not own a smartphone. A recent survey published by Buyeo Country indicates that over 54% of its residents have either downloaded the app or make use of the smart card to settle bills with Goodtrae Pay. Furthermore, businesses have not encased roughly 8% of tokens. Goodtrae Pay venture is backed by a tech firm named InJoyWorks Inc.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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