Ethereum Leads Cryptomarket Decline

Ethereum Leads Cryptomarket Decline
September 13, 2018

 

The entire cryptocurrency market remains bearish with Bitcoin (BTC) managing to hold above $6,000 level. This week saw Ethereum (ETH), which has been the most favorable network for launching DApps, drop below $200 for the first time in 2018. The decline was fueled by the misinterpreted statement of Vitalik Buterin, the creator of Ethereum blockchain. Bloomberg had reported that Buterin had opined the days of 1000x growth in blockchain have come to an end. What Buterin actually meant was 1000x price growth in crypto is not possible anymore. The market misunderstood the statement and pounded the cryptocurrency. The clarification has not allowed Ethereum to recover as of writing this article.

 

Government level blockchain initiatives

Philanthropists always want to make sure that their donation reaches the people for which it was intended. To ensure transparency and track donations, the Chinese government is planning to employ blockchain technology as part of a restructuring of its charity monitoring system. The information was revealed by China’s Ministry of Civil Affairs (MCA). The organization’s four-year plan promises to “explore the use of blockchain technology in charitable donations, charity tracking, and transparent management.” The announcement additionally states that the officials will create “a tamper-proof charity organization information query system and enhance the authority, transparency and public trust in information publishing and search services.”

 

The Union Cabinet of India has endorsed a Memorandum of Understanding (MoU) on the joint research of distributed ledger technology (DLT). The Union Cabinet is the highest decision-making organization in India comprising of cabinet ministers and headed by the prime minister, Narendra Modi. The approved MOU, which is a joint initiative under the BRICS Interbank Cooperation Mechanism, intends to promote improved awareness of DLT and describe areas where the technology can be deployed to enhance operational efficiency. The study will be jointly conducted by the Export-Import Bank of India (Exim Bank) and banks from the other BRICS member states; China Development Bank (CDB), Banco Nacional de Desenvolvimento Economico e Social (BNDES, Brazil), Development Bank of Southern Africa (DBSA), and State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, Russia).

 

Private level blockchain initiatives

The Japanese software and investment firm, SoftBank, is building a blockchain-based cross-carrier mobile phone payments service. SoftBank’s new proof-of-concept (PoC) was developed in partnership with TBCASoft and Synchronoss Technologies, a telecom-focused blockchain firm, which provides cloud, digital, messaging, and Internet of Things (IoT) services and platforms. The forthcoming smartphone payment service will be supported by Rich Communication Services (RCS) that follows the global messaging standard and advanced cross-carrier blockchain technology-based platform of TBCASoft. The service will empower users to perform peer-to-peer money transfers worldwide. Furthermore, users will be able to conduct merchandise purchases directly using their smartphone through the feature-rich RCS wallet app or a traditional messaging service like SMS or e-mail.

Per the statement, Uber’s principal shareholder SoftBank partnered with TBCASoft in order to build a cross-carrier blockchain platform, referred to as Cross-Carrier Payment Service (CCPS). The platform, launched in earlier 2018, intends to boost mobile phone payment services among international telecom carriers. Furthermore, a multi-channel communications platform that brings together data transfer facilities such as email, text messages (SMS), and RCS is provided by Synchronoss.

 

Paxos and Gemini have officially announced the launch of two stable coins named the “Gemini dollar (GUSD)” and the “Paxos Standard (PAX).” The coins have received approval from the New York Department of Financial Services (NYDFS. Both stable coins are pegged to the US dollar on a 1:1 basis which means that each token of GUST and PAX equals one U.S. dollar. The crypto market widely believes that the launch of fully audited, transparent, and licensed stablecoins will have an acute impact on the entire crypto market in the long-term, as it offers investors a simple method to preserve wealth without getting affected by the volatility of the market.

 

Trade Arabia has reported that Saudi British Bank (SABB) has joined R3, a global banking consortium to further advance the latter’s R3 Corda open-source blockchain platform and its commercial version “Corda Enterprise.” SABB is the first Saudi bank to join the blockchain consortium.SABB has won numerous awards including “Best Trade Finance Bank” for ten consecutive years, “Best Supply Chain Finance Bank” operating in Middle-east in 2018 and “Best Trade Finance Bank” of Saudi Arabia in 2018, for the second year in a row.

 

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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