Blockstack, Algorand to Build Secure Smart Contract Language, ‘Clarity’

Blockstack, Algorand to Build Secure Smart Contract Language, ‘Clarity’
June 16, 2020

 

The cryptocurrency market remains mixed with Bitcoin (BTC) still struggling to cross above $10,000 level. At the time of writing this article, Bitcoin was trading at $9,400.26, up 1.4% from in the past 24 hours. Ether (ETH) was trading at $229.66, an increase of 0.3% in the same period. XRP was trading at $0.1906, reflecting a gain of 1% in 24 hours. Other major altcoins which have gained in the past 24 hours include  ChainLink (LINK-$3.91, 2.6%), Stellar (XLM-$0.0702, 1.0%), Bitcoin Cash (BCH-$235.49, 0.3%), Ethereum Classic (ETC-$6.23, 0.6%), Tezos (XTZ-2.61, 2.4%), Cardano (ADA-$0.0777, 3.9%), Binance Coin (BNB-$16.42, 0.1%), Litecoin (LTC-$43.57, 0.4%), Tron (TRX-$0.0161, 1.3%), Huobi (HT-$4.18, 0.4%) and Cosmos (ATOM, $2.73, 1.2%). Other major altcoins which have lost ground in the past 24 hours include OKB (OKB-$5.02, -1.1%), IOTA (IOTA-$0.2169, -0.1%), Monero (XMR-$64.53, -0.4%), LEO (LEO-$1.16, -1%), Dash (DASH-$71.81, -0.1%) and EOS (EOS-$2.53, -0.3%).

 

Government level initiatives

The National Bank of Belarus now allows banks to issue digital tokens

The National Bank of the Republic of Belarus, which is the country’s central bank, has granted permission to the country’s commercial and state-owned banks to issue digital tokens. They will disburse these digital tokens via a forthcoming trial program. As per Sputnik Belarus, Belarus has embraced Decree No. 8, “On the development of the digital economy,” granting rights for the Belarus National bank to enforce the institutions’ digital economy plans.

The government infrastructure establishes the legal background necessary for initial coin offerings (ICOs) in Belarus. The trial program will begin on January 1st, 2021, and continue until January 1st, 2024. Banks that are participating in the program include BTA bank, Belarusian People’s Bank, and Belarusian-Swiss Bank, in addition to Belarusbank, which is the largest bank in the country.

The trial program will happen in Hi-Tech Park, a Minsk-based blockchain free trade zone, which hosts numerous crypto mining centers. The report states that the National Bank gave authority to commercial banks for raising funds in Belarussian rubles through ICOs. However, the central bank has stipulated that banks will not be permitted to receive crypto during the trial program. Non-citizens could still purchase tokens utilizing overseas or domestic fiat money.

 

Private sector initiatives

Vanguard completes trial of the platform that facilitates digitization of ABS

Vanguard, which manages the world’s second-biggest index fund, has revealed the completion of the trial of its blockchain-powered platform that facilitates the digitization of asset-backed securities (ABS). For conducting the trial, Vanguard partnered with one of the largest US-based ABS providers, financial institutions Citi and BNY Mellon, and distributed ledger technology (DLT) provider Symbiont to model all stages of securities settlement process using a DLT network.

Vanguard and Symbiont foresee later stages of the trial to incorporate smart contracts in the ABS issue and settlement process, paving the way for “increased information flow, enhance[d] price discovery and secondary market liquidity” and the automated enforcement of “key corporate actions.” 

At the end of April, Vanguard administered $5.70 trillion worth assets worldwide, offering over 425 funds to roughly 30 million investors.

Warren Pennington, the head of Vanguard’s Investment Management FinTech Strategies Group, explained the trial as a step towards building “a more efficient business model for future generations of capital market activity.”

Pennington further stated that “by digitizing and streamlining the ABS issuance process, we will be able to increase the speed and transparency of transactions while reducing costs and minimizing exposure to risk.” 

In December 2017, Vanguard initially collaborated with Symbiont, disclosing an effort to capitalize on blockchain technology to enhance price index data sharing. Last year, the platform went live.

 

Algorand reveals a joint open-source venture to create a smart contract language, dubbed “Clarity.”

Algorand, the firm behind Proof-of-Stake (PoS) blockchain covenant, and blockchain developer Blockstack have unveiled a joint open-source endeavor to create a smart contract language named “Clarity.” Both firms allege that prevailing smart contract languages are neither safe nor meet the increasing requirement of the growing sector.

Decentralized finance (DeFi) markets hold roughly $1 billion in value as of February, primarily in the form of credit facilities via smart contracts. Algorand and Blockstack stressed the necessity for an alternate smart contract language with the following characteristics:

“Purpose-built for the needs of developers working on high-stakes transactions in the hundreds of millions of dollars, which require more predictability and reliability than current solutions.”

Notably, Algorand’s founder Silvio Micali is a professor at MIT and also a cryptographer. He is also the recipient of the Turing Award in computer science and Gödel Prize in theoretical computer science. The Blockstack team is headed by Dr. Muneeb Ali, who holds a Ph.D. in computer science from Princeton University.

 

New York Times magazine concludes trial of blockchain platform which identifies false data

The New York Times magazine has disclosed that it has successfully concluded the trial of a blockchain-based platform to identify false data. The publisher has developed a prototype to offer dependable metadata on several images found online. Frequently, different pictures taken at different times in the past will be used in combination with unconnected events. Readers and social media users, via the platform, will be able to understand when the pictures were taken and by whom.

Technically, the platform utilized IBM’s blockchain built directly by IBM Garage to guarantee that the stays unaltered. According to the company’s blog post, the system necessitates a permissioned enterprise-level blockchain “to ensure the right members of the network have the appropriate permissions for the metadata.”

The feedback indicated that users are also interested in knowing where the picture appeared initially.

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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