Google To Play Active Role in Hedera Hashgraph Governance

Google To Play Active Role in Hedera Hashgraph Governance
February 13, 2020


The cryptocurrency market continues to remain bullish with Bitcoin (BTC) once again crossing above $10,000 mark. At the time of writing this article, Bitcoin was trading at $10,371, up 1.3% from the prior close. Ether (ETH) was trading at $272.15, an increase of 11.8% in the past 24 hours. XRP is trading at $0.3194, up 13.1% from yesterday’s close.

Other major altcoins, which have gained in the past 24 hours include IOTA (IOTA-$0.3448, 3.6%), Cardano (ADA-$0.0669, 9.3%), Bitcoin Cash (BCH-$473.58, 1.1%), Monero (XMR-$94.23, 3.1%), Tezos (XTZ-3.24, 7.1%), Dash (DASH-$132.65, 0.9%), Tron (TRX-$0.0255, 10.6%), Stellar (XLM-$0.0839, 9.7%), EOS (EOS-$5.42, 2.8%), Litecoin (LTC-$83.54, 7.6%), ChainLink (LINK-$4.05, 3.9%), OKB (OKB-$6.07, 9.9%), Huobi (HT-$4.86, 3.8%), Ethereum Classic (ETC-$12.22, 0.3%) and Binance Coin (BNB-$26.57, 4.1%). The major (top 20) altcoins which have lost ground in the past 24 hours are Cosmos (ATOM, $5.13, -1.3%) and LEO (LEO-$1.02, -1.0%).


Government level initiatives

3iQ and Mavennet for Canada Stablcorp to launch a regulated stablecoin

3iQ, one of the prominent Canadian investment fund managers, and Mavennet, a blockchain-focused startup, have together unveiled a unique regulated stablecoin pegged to the Canadian dollar (CAD). The stable coin was created by Canada Stablcorp, a firm established through a partnership between Mavennet and 3iQ.

Using Ethereum blockchain as host, QCAD adopted the ERC-20 standard, with an aim for mass adoption. While QCAD trades can be monitored using Ethereum blockchain explorer Etherscan, the crypto is yet to get listed on top websites such as Coin360. As per Etherscan, 150,350 QCAD (worth ~$113,000) is owned by five addresses.

Following the rollout, Canadians can start trading QCAD against key cryptos such as Bitcoin (BTC), Ether (ETH), and also USD Coin (USDC), a USD-pegged stablecoin rolled out through collaboration between Coinbase and Circle.

Stablecorp’s chief operating officer (COO) Rob Durscki claims that QCAD is the “first fully compliant stablecoin with a 1/1 CAD equivalency.”

Durscki stressed the work finished by the firm with domestic financial regulators. The COO stated that QCAD is “fully compliant based on relevant regulations.” So, it seems 3iQ will comply with Know Your Customer and Anti-Money Laundering (AML) guidelines.

Durscki, who worked at Deloitte, one of the Big Four auditing firms, stated that the FinTRAC would begin overseeing Stablecorp from June 2020 onwards.

“Our policies and systems are designed fully compliant with FINTRAC requirements for Money Service Businesses (MSBs), the category under which our business will start being regulated on June 1st., the date regulation is expected to change in Canada.”


Private sector initiatives

Hedera Hashgraph to use Google Cloud for deploying public networks

For deploying public networks, Hedera Hashgraph has decided to use Google Cloud Platform as a desired cloud provider. In this regard, Google blog, while appreciating the decision, has revealed that it is taking a proactive role in the venture’s administration. Hedera will be using Google Cloud to deploy its public testnets and Hedera Consensus Service ecosystem. This permits Hedera coders to leverage Google’s geographical spread and framework.

Hedera is a distributed ledger technology venture ingrained in global business activity. It utilizes a hashgraph-powered consensus algo to permit several offshoots of blocks, instead of a single chain. The venture claims to have a processing capacity of 10,000 transactions per second.

The venture is managed by Hedera Governing Council, an organization made up of several prominent enterprises such as Boeing, Deutsche Telekom, IBM, and others. The main job of the association is to guide the decisions of the network and guarantee its uninterrupted reliability. By becoming a member of the Hedera Council, Google Cloud will run a Hedera network node and also offer access to ledger data, including block information from Bitcoin and Ethereum blockchains.

Activate facilitates the token launch of Skale Network

Activate, a token launch platform built by ConsenSys Codefi, is facilitating the token launch of Skale Network.  The platform, announced last October, was developed particularly to facilitate the launch of new blockchain based ventures. Skale Network, an Ethereum blockchain based smart contract platform, is the first project launched using Activate.

Activate has features similar to that offered by other ICO (initial coin offering) platforms such as CoinList and Binance Launchpad. However, the core team of Activate believes it should not be grouped with such platforms.

Ejaaz Ahamadeen, ConsenSys’ Global Lead of Token Architecture, explained how Activate differs from others: “Activate is a platform that allows anyone to engage and participate in decentralized networks. That’s kind of like a statement as a whole. And the best way to think about it is it equips you with the means to purchase, manage or use your utility tokens through its entire existence.”



German banks seek go-ahead to offer crypto-related services

Following the enactment of fresh Anti-Money Laundering Laws, numerous German banks have sought regulator’s permission to start offering cryptocurrency-related services. Currently, applications from 40 banks, seeking permission to operate as regulated crypto custodians, are being considered by the German Federal Financial Supervisory Authority (BaFin).

The latest legislation permits banks to start providing services beyond conventional securities such as bonds and stocks. This has encouraged banks to take steps to begin offering services related to cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and XRP.

For companies already involved in a crypto-related business, the latest legislation allows for a transition time frame which will be operational up to November this year. However, interested firms must register their interest before the end of March 2020.

Frank Schäffler, a member of parliament for the Free Democratic Party, stated that the Finance Ministry is overwhelmed by the response: “The market is growing faster than the Federal Ministry of Finance has predicted. This is a blessing and a curse. The high demand […] shows that more and more firms accept blockchain technology, but can also be seen to be a result of the new legislation.”

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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