IOHK Awards $500k to Wyoming University Blockchain Lab

IOHK Awards $500k to Wyoming University Blockchain Lab
February 18, 2020

 

The cryptocurrency market continues to remain in the green with Bitcoin (BTC) hovering around $10,000 level. At the time of writing this article, Bitcoin has gained 0.2% in the last 24 hours to trade at $9.780. Ether (ETH) has gained 10.6% to trade at $270.70. XRP has rallied by 3.4% to trade at $0.2916. Notably, all major (top 20 by market cap) altcoins have gained in the past 24 hours. This includes IOTA (IOTA-$0.28588, 7.7%), Cardano (ADA-$0.0608, 1.5%), Bitcoin Cash (BCH-$412.61, 8.2%), Monero (XMR-$84.11, 2.1%), Tezos (XTZ-3.26, 9.8%), Dash (DASH-$115.7, 9.7%), Tron (TRX-$0.0220, 5.3%),  Stellar (XLM-$0.0739, 7.4%), EOS (EOS-$4.49, 9.6%), Litecoin (LTC-$74.93, 6.8%), ChainLink (LINK-$4.41, 5.3%), OKB (OKB-$6.76, 4.7%), Huobi (HT-$4.81, 1.9%), Ethereum Classic (ETC-$9.68, 8.5%), Binance Coin (BNB-$23.96, 7.5%), Cosmos (ATOM, $4.25, 2.4%) and LEO (LEO-$0.9870, 1.2%).

 

Government level initiatives

Central Bank Digital Currency to be unveiled in the Bahamas

Bahamas intends to reveal and start using central bank digital currency (CBDC) sometime this year. Notably, the decision has been made when several central banks and governments are still studying the pros and cons of CBDCs.

The information was revealed by John Rolle, Governor of the Central Bank of Bahamas (CBOB). Rolle affirmed that the Bahamian digital dollar would be rolled out in all its islands in the second half of this year.

Rolle presented the initiative, referred to as Project Sand Dollar while speaking in an event conducted by the Bahamas Chamber of Commerce and Employers’ Confederation.

Notably, in December 2019, as a trial, Bahamas introduced the Bahamian digital dollar on the island of Exuma. Furthermore, the CBOB governor announced that the trial would be widened to the Abaco province, which was actually the first venue chosen for testing the Bahamian digital dollar. Rolle issued a statement explaining the reason behind pushing back the launch of the Bahamian digital dollar in the Abaco region.

“Abaco actually was the first choice for the digital currency pilot. […] But we felt that what was missing from Abaco was that the financial inclusion, or financial access issue, wasn’t as stark in the sense of all of the banks being present. But in terms of ecosystem, it would have been just as rich.”

The Bahaman central bank has signed up 1,200 people who have expressed their interest in taking part in the trial in Exuma.

 

Private sector initiatives

Tron Foundation joins forces with Steemit

The Tron Foundation, which is behind the Tron (TRX) blockchain, has cemented a partnership with Steemit, a popular blockchain-powered blogging and social networking portal. Under the partnership agreement, the Tron Foundation will assist Steemit to move its blockchain-powered decentralized apps (DApps) to Tron blockchain. Furthermore, the Tron blockchain will also host the new Steem (STEEM) token while the old one will be shifted to this blockchain.

The partnership paves the way for the prevailing TRX users to be rewarded with new Tron-based STEEM tokens and also the launch of a fresh accelerator program targeted at the developer community.

 

Coinbase Commerce now includes MakerDAO DAI stablecoin as payment option

Coinbase Commerce, a software tool facilitating crypto payments for e-commerce firms, has started included MakerDAO’s DAI stablecoin as one of the support modes of payment. The integration will enable vendors across the globe to receive the US dollar-pegged stablecoin as payment for products and services. Notably, Coinbase Commerce will not charge any additional fee for the facility.

By simply embedding a “pay with crypto” button, a vendor can accept DAI. Shop owners will also receive an annual interest of 7.5% on DAI coin. The facility paves the way for more than 800,000 stores and 3 million online retailers on Shopify and WooCommerce to accept decentralized stablecoins as payment.

Rune Christensen, CEO of the Maker Foundation, had the following to say about decentralized finance (DeFi): “DeFi is a new generation of products that are entirely transparent, where users can see exact cash flows while achieving greater levels of trust and security that can be audited in real time. DeFi also incorporates the global nature of blockchain and its advantages, making these more efficient systems with lower fees and higher yields.”

 

Miscellaneous

IOHK donates half a million dollars to the University of Wyoming

IOHK (Input Output Hong Kong), the blockchain research and development firm behind Cardano (ADA), has donated $500,000 for the establishment of a Blockchain Research and Development Lab at the University of Wyoming (UW). IOHK was founded by Charles Hoskinson, co-founder of the Ethereum blockchain. The organization strives to create accessible financial services for everyone.

The Advanced Blockchain Research and Development Lab will be headed by Professor James Caldwell, Assistant Professor Mike Borowczak, and Philip Schlump.

The donation given by IOHK will be used for paying faculties and backing graduate students involved in creating practical apps for real-world use cases of blockchain technology. Borowczak issued the following statement regarding the use of grant by IOHK.

“This funding is meant to directly stimulate and develop a highly qualified workforce in the blockchain sector. Student researchers from undergraduate and graduate levels are at the core of this initiative. Our research and development lab focuses on grounding all work in theory, while developing real-world products.”

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.

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Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.


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