The cryptocurrency market has turned bullish, with Bitcoin breaking below $55,000 once again. While writing this article, Bitcoin was trading at $50,452, down 11.4% in the last 24 hours.
The decline started after Tesla CEO Elon Musk stated that the automobile manufacturer would no longer accept Bitcoin as payment as mining of the numero uno cryptocurrency is carried out using power generated from fossil fuels.
Ethereum (ETH) lost 3.4% to trade at $4,041. XRP was trading at $1.35, down 10.6% in the past 24 hours.
Other altcoins which have lost ground in the last 24 hours include ChainLink (LINK-$44.20, -9%), Dash (DASH-$376.34, -13.1%), Bitcoin SV (BSV-$327.84, -16.2%), Binance Coin (BNB-$618.04, -8%), Tron (TRX-$0.1231, -14.6%), Cardano (ADA-$1.65, -6.8%), Bitcoin Cash (BCH-$1,335.73, -15.7%), Stellar (XLM-$0.6243, -11.7%), IOTA (IOTA-$1.85, -12.7%), EOS (EOS-$11.12, -21.1%), Polkadot (DOT-$37.36, -5.2%), Cosmos (ATOM, $24.31, -10%) and Tezos (XTZ-6.25, -11.1%).
Government level initiatives
Emomali Rahmon takes the initiative to adopt blockchain technology
Emomali Rahmon, President of Tajikistan, has been taking initiatives to adopt blockchain technology in government institutions as a part of the modernization plan.
In this regard, intelligent contract platform Fantom, a different public-private collaboration between Fantom Foundation and the Tajik Ministry of Industry of New Technologies, will work towards implementing a series of blockchain-powered solutions across the country’s IT framework.
The collaboration aims to study, create, and employ several blockchain-based data distributions, automation, and transparency solutions.
As a foremost measure, the collaborators will set up an R&D facility to educate domestic coders in creating blockchain-based platforms.
Simultaneously, Fantom will conduct a detailed study of prevailing data flows and records at the government ministries and offer relevant solutions that simplify traditional procedures and likely improve productivity.
Fantom will also assess the likely benefits of central bank digital currency for Tajikistan’s payment network.
President Rahmon launched the country’s modernization plan in 1994. In 2019, legislation was passed to increase broadband access, extend technology training programs, and develop customized agencies to track the country’s IT framework digitization.
Regarding the steps taken to improvise e-government facilities via blockchain, Fantom director of South Asia, Jawid Sikandar, stated: “Following our success in Afghanistan and Pakistan, the agreement to begin work in Tajikistan truly underscores the ways Fantom’s solutions respond to the pressing needs of growing economies. It is tremendously gratifying to know that we can play a part in helping these countries reach their developmental milestones.”
Private sector initiatives
Nokia unveils Nokia Data Marketplace
The famous smartphone manufacturer, Nokia, has unveiled Nokia Data Marketplace, an enterprise-level blockchain technology-based data marketplace framework service.
In a media release, Nokia disclosed that its latest blockchain service offers data exchange and analysis within a safe, private and permissioned blockchain framework.
Nokia has further stated that customers in a range of business sectors can partake in the blockchain network and enjoy the advantage of trustworthy decentralized technology for data transfer.
An excerpt from the media release reads as follows: “This [the Nokia Data Marketplace] enables a wide range of vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation, and preventative maintenance powering numerous vertical segments, including transportation, ports, energy, smart cities and healthcare.”
A portion of the vertical integration potential of its blockchain data marketplace, Nokia also announced that the latest service could pave the way for other communication service providers to create comparable networks.
Canada’s Brane Capital collaborates with CSTC
Canada’s Brane Capital stated that it has entered into a deal with Computershare Trust Company for cryptocurrency custodial service in the form of cold storage.
In this regard, the firm has submitted its application for a US public trust charter in recent times with the South Dakota Division of Banking. The firm also intends to offer its services to institutional customers across the US, with South Dakota as the base.
Dave Revell, member of the Brane board and ex-Global Chief Information Officer at CIBC, stated, “Brane’s cryptocurrency custody technology is built for financial institutions, and that’s why we provide the highest standards of security and redundancy for our clients.”
Australia, headquartered in Computershare, has operations across the globe. About 57% of the $2.30 billion in revenues are generated from North America.
The company’s corporate trust services are a relatively small portion of its income. The company is well known for administering share registries which represents the most significant portion of its revenues.
Uniswap reveals the successful deployment of the V3 protocol
Decentralized exchange Uniswap has revealed that the V3 protocol has been successfully deployed on the Ethereum blockchain.
The protocol paves the way for several new features that can significantly change the DeFi arena.
The team has clarified that the V2 covenant will also run on the Ethereum blockchain for the time being but removed systematically by V3.
Since the launch in 2018, Uniswap has remained strong in DeFi and has speedily transformed into an advanced platform in the sector.
Since the roll-out of V2 a year back, the platform has posted a trading volume of more than $135 billion. In an intention to strengthen traders, liquidity providers, developers and stay as the advanced DeFi covenant on the Ethereum blockchain, it is rapidly undergoing changes, and Uniswap V3 protocol is yet another step in that direction.
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