The blockchain platform, Equigy, are planning on extending operations in the EU

The blockchain platform, Equigy, are planning on extending operations in the EU
June 2, 2020

 

The cryptocurrency market has turned bullish as Bitcoin (BTC) has broken above the psychological level of $10,000 today. At the time of writing this article, the numero uno cryptocurrency was trading at $10,086, reflecting a gain of 5.7% in the past 24 hours. Ether (ETH) has gained 4.4% to trade at $246.70. XRP has rallied 2.6% to trade at $0.2098. Other major altcoins which have gained in the past 24 hours include  ChainLink (LINK-$4.46, 2.1%),  Cardano (ADA-$0.0814, 7%), OKB (OKB-$5.41, 3.0%), Stellar (XLM-$0.0786, 8.9%), Bitcoin Cash (BCH-$258.59, 6.5%), LEO (LEO-$1.20, 0.6%), Ethereum Classic (ETC-$7.19, 1.9%), Dash (DASH-$79.65, 2.4%), Tezos (XTZ-2.96, 3.1%), Binance Coin (BNB-$17.81, 2.4%), EOS (EOS-$2.82, 4.2%), IOTA (IOTA-$0.2342, 4.7%), Tron (TRX-$0.0171, 5.9%), Huobi (HT-$4.16, 2.4%), Litecoin (LTC-$48.52, 5.0%), Monero (XMR-$67.57, 2.6%) and Cosmos (ATOM, $2.84, 2.6%).

Government level initiatives

US losing the battle against cyber criminals?

During the May 28th virtual roundtable conference conducted by the Congressional Subcommittee on National Security, International Development, and Monetary Policy, both spectators and congress members expressed their dissatisfaction over the manner in which the government organization is lagging behind criminal hackers exploiting the vulnerabilities in the financial system.

In fact, a spectator, Guillermo Christensen, a partner at law firm Ice Miller, went to the extent of praising the technical expertise of cybercriminals: “We are always playing catch up with the criminals. […] It’s very hard to find people who are as qualified as some of these criminal hackers, frankly, to take apart their schemes and trace them.”

A high level of classification of government data is creating limitations to safeguarding efforts put forth by the private sector. According to Naftali Harris, co-founder and CEO of SentiLink, a cybersecurity firm, “The information sharing between the private sector and the public sector is very valuable, but it could be better.”

 

Private sector initiatives

Equigy extending operation into the European Union

Equigy, a blockchain platform used for the administration of batteries linked to the electric grid, is widening its operations in the European Union. In this regard, three prominent EU’s electricity transmission system operators (TSOs) have started using Equigy’s platform. Specifically, Netherlands TenneT, Italian TSO Terna, Swiss TSO Swissgrid, and TSO with operations in Germany have started using the blockchain-powered system.

TenneT and Terna have an annual revenue of $1 billion and $2.30 billion, respectively. However, Danish TSO Energinet, which is also joining the initiative, is relatively small, with annual revenue of $8.60 million.

Equigy’s blockchain platform does not charge any fee for registration and enables monitoring energy transactions, while facilitating home batteries and even electric cars to sell electricity to the grid.

René Kerkmeester, who heads digital transformation division and co-founder and program director of Equigy, said: “We believe that by 2030 there will be sufficient EVs and home batteries in place to balance Europe’s grids to a large extent, if not completely.”

Martin Van’t Verlaat, a Digital transformation technology program administrator at TenneT and Equigy technology head, pointed out that the firm chose to utilize blockchain technology because it permits the platform to run without a centralized database.

He further stated: “We could have used other technologies for this as there are just a few participants. But looking ahead, we expect the energy market to become one big dynamic, decentralized system with many actors interacting at the different voltage levels and believe that blockchain is the technology that can grow toward this vision. […] It future-proofs us from an IT strategy perspective.”

Equigy chose to operate its platform on a private variant of the Hyperledger fabric, implying that it can be accessed only by local energy firms who have participated in the project. The platform, installed at every TSO throughout the country, operates as a standalone system. Furthermore, the application necessitates taking domestic scenarios into account.

 

ICON launches its Blockchain Transmission Protocol

ICON (ICX), the largest public blockchain venture of South Korea, rolled out its Blockchain Transmission Protocol (BTP) last week. The covenant facilitates interoperability between two different blockchains, thereby enabling value transfer and data sharing.

ICON’s mission is to “Hyperconnect the World,” and the latest rollout is a significant initiative in achieving that objective. BTP is an interoperability covenant, which permits unique independent blockchains to exchange info with each other. The protocol even facilitates interaction between blockchains using distinct algorithms and consensus models. It also paves the way for interoperability between public and private blockchains.

ICON asserts that: “BTP facilitates such transfer directly through smart contracts, from one chain to another without using a central trading platform, at the protocol level.”

Potential use cases for the system include decentralized identity verification via cross-chain communication and sharing of services offered on one blockchain with another distinct blockchain, among others.

 

Miscellaneous

York University School of Continuing Studies now offering two new blockchain courses

York University School of Continuing Studies, situated in Canada, is offering two new blockchain courses, namely the part-time Certificate in Blockchain Development and the full-time Post-Graduate Certificate in Back-End and Blockchain Development.

The university stated that their courses intend to cater to the growing demand for blockchain developers in the country, specifically in the Greater Toronto Area, where the demand has surged by 374% in the past two years.

The two courses, scheduled to begin this September, will assist students in honing their skills so that they will be able to be quickly employed in the blockchain industry.

The university is also offering a part-time blockchain development course online. The post-graduate certification course will commence online and shift to campus on the basis of public health guidelines. The enrollment has already begun.

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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