MasterCard Joins Linux Foundation’s Data Privacy Project

MasterCard Joins Linux Foundation’s Data Privacy Project
May 7, 2020


The cryptocurrency market is undergoing a minor technical correction, with all the major altcoins in negative region. However, Bitcoin (BTC) continues to hold above $9,000 level. In the past 24 hours, Bitcoin, which has a market capitalization of $168.19 billion, has gained 2.1% to trade at $9,160. However, Ether (ETH), the native cryptocurrency of Ethereum blockchain, has lost 1.2% to trade at $201.20. XRP has lost 1% to trade at $0.2130. Other major altcoins which have lost in the past 24 hours include Tezos (XTZ-2.67, -2.0%), Ethereum Classic (ETC-$6.93, -2.7%), Cosmos (ATOM, $2.65, -1.3%), Dash (DASH-$77.68, -1.4%), ChainLink (LINK-$3.60, -1.6%),  IOTA (IOTA-$0.1800, -3.6%), EOS (EOS-$2.67, -3.2%), Tron (TRX-$0.01564, -0.9%), Binance Coin (BNB-$16.42, -1.9%), Huobi (HT-$4.12, 1.0%), Litecoin (LTC-$45.16, -2.6%), Bitcoin Cash (BCH-$242.03, -1.5%), Stellar (XLM-$0.0708, -1.4%), Monero (XMR-$58.28, -2.6%), LEO (LEO-$1.06, -0.5%) and OKB (OKB-$5.16, -0.6%). The only major altcoin which has gained in the past 24 hours is Cardano (ADA-$0.0497, 0.7%).


Government level initiatives

Ukraine Ministry of Energy considering using surplus energy for crypto mining

Ukraine Ministry of Energy believes that using surplus energy for cryptocurrency mining is a smart move. In its Facebook post, the Ministry of Energy has revealed that power generated by nuclear plants in the country remains unused due to the Covid-19 lockdown.

The organization is now looking at various options to avoid wastage of power under the framework of government’s digitization drive led by President Volodymyr Zelensky. The Ministry has cautioned that turning a blind eye towards the current situation will result in “conditions for corruption offenses, which will ultimately be paid at Ukrainian citizens’ expense.”

The Facebook post further suggests cryptocurrency mining as one of the worthy solutions.

The post reads as follows: “There is a way to transfer this ‘liability’ into an ‘asset’. One of the modern approaches for using excess electricity is to devote it to cryptocurrency mining. That would not only allow to maintain the guaranteed load on the nuclear power plants, but also ensure that companies can attract extra funds. Therefore, it would open the way to a fundamentally new economy, new approaches, a new market model.”

Notably, on May 5th, the acting head of Ukraine’s Ministry of Energy had asked the state-owned enterprise Energoatom to look at various ways to venture into cryptocurrency mining using the power generated by Ukraine’s nuclear energy facilities.


Private sector initiatives

Linux Foundation considering a data privacy project

Of late, there is a lot of concern about data privacy as personal data is increasingly used for fighting the coronavirus disease. In this regard, the Linux Foundation, a non-profit technology association, is venturing into a data privacy project backed by numerous tech and financial institutions such as IBM and MasterCard.

Referred to as the ToIP Foundation, the latest data trust association intends to offer a trusted exchange of info across the internet and set up a worldwide standard to guarantee digital trust. Partakers in the ToIP Foundation include an array of non-profit organizations, government bodies, and enterprises related to health care, finance, and software.

MasterCard, Accenture, and IBM Security are the founding members, while contributing members include top blockchain consortium R3, online lending platform Kiva and the University of Arkansas. Notably, the province of British Columbia is also one of the founding members.

Abbas Ali, chief of digital identity at R3, underlined that R3 is dedicated to the creation of safe, trusted, and privacy-retaining digital identity ecosystems. The executive pointed out that R3’s open-source enterprise blockchain platform Corda is able to facilitate private dealings.

“Our Corda platform is designed to enable private transactions, and by incorporating the work of the ToIP Foundation, we can develop solutions uniquely suitable for self-sovereignty in the digital world.”


Aglive completes trial of the tracking of a beef shipment to China

Aglive, the Australian livestock monitoring platform, has completed a trial program that tracked a beef shipment to China. In the final week of January, Aglive, in partnership with worldwide shipping logistics firm DB Schenker and industry association Meat and Livestock Australia, began piloting of the platform.

The trial involved tracking of cattle moved from Macka’s cattle farm in regional New South Wales to an abattoir situated in the same province. Movement of frozen beef products were tracked throughout the supply chain as the meat was shifted via the land route to Queensland and then exported to Shanghai by ocean route, guaranteeing that the goods were held under a secure environment during transit. Grocery stores in Shanghai were the end receivers of the product.

Paul Ryan, executive director of Aglive, stressed that each standalone package, carton, and container utilized throughout the supply chain is designated and monitored, with Internet-of-Things gadgets fixed along with the goods to store location info and temperature. All information is documented on the private variant of the Ethereum blockchain.

The executive emphasizes that Aglive is “technology-neutral” and “will work with whatever blockchain technology delivers the best outcomes for our client.”



Scaling solutions and gas-free transactions of Ethereum 2.0 are available

It will take a few more months for the launch of Ethereum 2.0; however, scaling solutions and gas-free transactions are already available. The network is also gaining popularity, with the number of active wallets doubling to roughly 500,000 since the beginning of this year.

Synthetix, the creators of the second-largest DeFi covenant, is collaborating with Optimism, the team involved in the research of layer-2 of Ethereum, to carry out a trial installation of Synthetix Exchange on the Optimistic Virtual Machine (OVM).

Optimism’s OVM is a layer-2 scaling solution structured to permit DeFi financial platforms to function with speeds paralleling centralized platforms. Optimism founder Kain Warwick stated that the current Ethereum network has not reached a saturation state. He said, “Even if ETH 2.0 was to not happen, there’s still a lot of upside in ETH 1,” and pointed that Optimism scaling solution facilitates attaining few thousand transactions per second. He finished his argument with the statement, “There’s the potential for ETH to scale up significantly without moving to Proof of Stake.”

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.

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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