Enjin Rolls Out Gaming Collectibles platform on Ethereum

Enjin Rolls Out Gaming Collectibles platform on Ethereum
February 20, 2020

 

The cryptocurrency market is undergoing a price correction after Bitcoin (BTC) failed to hold above $10,000. At the time of writing this article, Bitcoin has lost 5.4% to trade at $9,591.83. Ether (ETH), the native crypto Ethereum blockchain, has lost 6.4% in the past 24 hours to trade at $261.84. XRP has lost 5.1% to trade at $0.2805. Other major (top 20 by market cap) altcoins which have lost in the past 24 hours includes IOTA (IOTA-$0.2629, -9.1%),  Cardano (ADA-$0.0583, 7.0%),  Bitcoin Cash (BCH-$385.11, -8.0%),  Monero (XMR-$78.39, -8.7%),  Dash (DASH-$105.7, -8.4%), Tron (TRX-$0.0203, -9.1%),  Stellar (XLM-$0.0703, -7.5%), EOS (EOS-$4.03, -11.7%), Litecoin (LTC-$71.10, -8.1%), ChainLink (LINK-$4.39, -6.8%), Huobi (HT-$4.79, -3.0%), Ethereum Classic (ETC-$8.91, -8.5%), Binance Coin (BNB-$22.18, -8.2%), Cosmos (ATOM, $4.22, -3.6%), LEO (LEO-$0.9410, -4.8%). Other major (top 20 by market cap) altcoins which have gained in the past 24 hours includes Tezos (XTZ-3.74, 7.8%) and OKB (OKB-$6.85, 0.1%).

Government level initiatives

Global central banks considering blockchain for inter-banking procedures

To improve the efficiency and transparency of inter-banking procedures, central banks across the world are day by day, considering blockchain technology as the primary tool. South Korea, after witnessing the World Bank’s commendable bond transactions using a blockchain platform, is making preparations to offer bonds using a blockchain platform.

As per a document published by Yonhap Infomax, the Bank of Korea is looking for a blockchain developer to create a bond issuing platform using blockchain technology.  In this regard, the Bank of Korea began a Proof of Concept (PoC) endeavor in the final quarter of 2019, to transfer records related to bond transactions from Korea Securities Depository to a blockchain-based platform accessible by several nodes.

The blockchain bond venture consists of distinct nodes controlled by South Korea’s regulatory authority, the Bank of Korea, the Korea Fair Trade Commission, and other financial institutions.

South Korea’s finance-related authorities have been trialing the capability of blockchain to issue state bonds and document transactions.

 

Private sector initiatives

Blocknox to serve institutional clients

The subsidiary of Boerse Stuttgart Digital Ventures GmbH, Blocknox, is getting ready to serve institutional clients. It is a known fact that Boerse Stuttgart Digital Ventures GmbH provides an escrow based cryptocurrency custody facility.

Boerse Stuttgart disclosed the idea through a tweet, elaborating that Blocknox’s crypto custody facility will also be provided to fintech firms, asset managers, and banks.

Regarding the process of becoming a regulated financial service provider managing directors at Blocknox Raphael Polansky and Dr. Ulli Spankowski said as follows: “With regard to the new legal regulation of crypto custody in Germany as of 1 January 2020, blocknox has already announced its intent to the supervisory authorities to apply for the required license. This means the license is deemed to have been granted provisionally. blocknox will submit the final application by the specified deadline. In this process, blocknox becomes a regulated financial services provider.”

In November 2019, Germany suggested legislation that would permit banks to back the sale and custody of Bitcoin (BTC) and other digital assets. While the original draft of the bill included a “separation clause” that would have necessitated banks to use third-party custodians or devout subsidiaries, the recent version of the suggested law does not include that restriction.

This would supposedly simplify banks’ cryptocurrency relation functions. The following statement was announced at that time: Starting in 2020, financial institutions will be able to offer their customers online banking, virtually at the touch of a button, along with classic securities such as stocks and bonds, as well as cryptocurrencies.”

 

Enjin to introduce a blockchain platform for the coding community

Blockchain technology focused firm Enjin intends to transform game development and other creative ventures by introducing a blockchain platform for the coding community. Specifically, Enjin rolled out its gaming and digital collectibles platform on the Ethereum mainnet.

The core team behind Enjin believes that the capability of blockchain should be utilized in the field beyond finance (money and value transfer). Goods such as digital art, video games, and indeed memes can be converted into tokens, and revenue can be generated, with a P2P blockchain platform facilitating the exchange of tokens.

To create an ecosystem as described above, a distinct but tradable blockchain product, referred to as a non-fungible token, can be utilized to reflect all characteristics of virtually all kinds of real-world goods. Non-fungible tokens, contrary to several digital tokens and currencies, are a kind of digital collectible, which cannot be interchanged and carry specific info (metadata) while varying in the extent of rarity.

Enjin claims that they offer a simple platform for users to structure and market their games without any need to spend time learning complex coding processes and expertise related to the blockchain framework.

The platform facilitates users to develop both fungible and non-fungible tokens, and to tailor-make their supply chain, value, transfer charges, and other criteria.

 

Miscellaneous

ESA financing a blockchain project to improve the mining sector

The intergovernmental organization devoted to space expedition, the European Space Agency (ESA), is financing a unique blockchain venture intended to improve the world’s mining sector.

ESA, which has made a lot of contributions in the creation of blockchain-based solutions, has jointly funded an endeavor with Scottish firm Hypervine to enhance the transparency of information for the mining sector by merging satellite info and blockchain.

The venture has the arduous objective of avoiding miscalculations and likely tragic accidents in the mining sector by offering a unified and unalterable database of mining info. The venture is based on Hypervine’s technology, which facilitates mining groups and their associates to precisely record info on an unalterable ledger, removing the threat of minimal data modifications being amplified down a chain.

In particular, the endeavor intends to store satellite sourced data on a distributed ledger to offer mining companies with a trustworthy and synchronized source of info, superseding hard copy that requires double check by several teams in various locations. The mining sector will also be able to save money by using distributed ledger-based data.

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.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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