The cryptocurrency market remains range-bound with a slight bearish bias. Bitcoin (BTC) continues to trade between $30,000 and $35,000. While writing this article, Bitcoin was trading at $33,401.65, reflecting a loss of 2.40% in the past 24 hours. Ether (ETH) has lost 1.80% to trade at $2,280. XRP was trading at $0.6412, reflecting a loss of 3.80% in the last 24 hours.
Major altcoins, which have gained ground in the past 24 hours, include Binance Coin (BNB-$324, 0.1%) and IOTA (IOTA-$0.8740, 2.80%).
Major altcoins, which have lost ground in the past 24 hours includes Cosmos (ATOM, $12.59, -4.20%), Tezos (XTZ-2.84, -1.20%), Tron (TRX-$0.0634, -2.30%), ChainLink (LINK-$19.42, -4.70%), EOS (EOS-$3.74, -3.70%), Cardano (ADA-$1.39, -2.20%), Polkadot (DOT-$16.26, -0.60%), Dash (DASH-$132.58, -1.80%), Bitcoin SV (BSV-$138.21, -2.70%), Bitcoin Cash (BCH-$500.24, -2.50%) and Stellar (XLM-$0.2529, -3%).
Private sector initiatives
R3 joins hands with OneHypernet
The blockchain-focused company R3 has entered into collaboration with Singapore-based startup company OneHypernet. The newly established firm is developing a netting platform for cross-border remittances, implying that there will be a considerable drop in the quantum of payments to be made by a company, save time and also bring down payment-related costs (estimated to create a savings of 96%).
There is a requirement to create netting solutions for blockchain-based payments. When two banks settle every transaction now and then, it will result in the to and fro movement of payments. On the contrary, if the banks agree to settle the net amount once a day, the final amount will be only a percentage of the entire payments. OneHypernet platform takes it to the next level by netting payments across multiple partaking banks and also in a decentralized manner.
The decentralized solution will utilize confidential computing, implying that enterprises will distribute their pre-calculated payments using R3’s Conclave system, which functions as a black box. Notably, unrelated parties will not be able to see the info used for the netting computation.
Digital Token Identifier Foundation rolls out DTI registry
The Digital Token Identifier Foundation rolled out its registry that offers distinct identifiers named Digital Token Identifiers (DTIs) for native crypto assets, as per the ISO 24165 standard that is anticipated to be published in the third quarter of this year.
Institutions routinely utilize distinct identifiers in various financial domains such as securities (ISINs) and OTC (over-the-counter) derivatives (UPIs). Such kind of reference info is utilized for trading, price discovery, custodial service, and also after-trade processes. For example, the DTUs of BTC and USDC are 4H95J0R2X and CK9PW1MFH, respectively. Notably, there will be a distinct identifier for USDC on each different blockchain network.
Interestingly, Etrading Software, the company managing the DTI registry, also offers ISINs for OTC derivatives and is also doing similar work for UPIs. ISO working group has nominated the firm as the Registration Authority, with endorsement from the International Standards Organization (ISO).
Sassan Danesh, a Managing Partner of Etrading Software, said, “The purpose of the DTI is to address the demands of exchanges, custodians, financial institutions, and regulatory authorities for a registry and identifier assignment process for digital tokens, to mirror the use of ISINs and UPIs in the digital asset space.”
The non-profit unit of Etrading Software, DTI Foundation, was established to take care of the DTI reference info. Input will be provided by an industry Product Advisory Council. To begin with, 100 tokens were seeded to the registry, which is yet to be rolled out completely.
West Bromwich Albion FC partnering with SecuTix
West Bromwich Albion FC, a second league English football club, is collaborating with ticketing service platform SecuTix to deploy the latter’s blockchain ticketing app TIXnGO and ticketing software SecuTix 360. During the 21/22 football season, which starts at the end of summer, the app will be available for use.
SecuTix 360 can be regarded as a fully functional ticketing solution that not only sells tickets via various channels, but also runs advertisement campaigns. TIXnGO intends to guarantee ticket monitoring and validation. Mobile ticketing based on blockchain technology resolves the issues of fraud, double selling, and inappropriate reselling. TIXnGO is a major solution in blockchain-powered mobile ticketing.
As the ticket is encrypted and recorded utilizing blockchain, it avoids the issue of counterfeits while facilitating hassle-free reselling and transfer of the ticket. The system gives good control of second markets to West Bromwich, while potentially restrict the price at which tickets are resold. Also, the club can quickly identify suspicious activity related to reselling. Interestingly, TIXnGO’s app also offers a COVID self-certification feature.
Miscellaneous
Wa’ed gains stake in IR4LAB
Saudi Arabia’s entrepreneurship division, Wa’ed, has acquired a stake in the country’s foremost blockchain technology startup IR4LAB by investing $1.50 million. The blockchain firm is developing solutions that assist enterprises in identifying fraudulent claims regarding professional qualifications.
The Gulf is specifically impacted by educational qualification fraud. Last year, the Saudi Council of Engineers identified more than 2,799 cases of fraud by non-Saudi job applicants who made bogus claims about job skills.
Wa’ed intends to fight this via the IR4LAB blockchain digital system, which validates the originality of professional certificates.
Established in 2017, IR4LAB’s certification platform “DocCerts” facilitates Saudi professional and technical certificate issuers to offer digital, unalterable, and real-time verifiable certificates that big employers, including Aramco, can verify during recruitment.
The safety and speed provided by blockchain technology will reduce the certificate validation procedures to a few seconds rather than several weeks. Dhahran-headquartered IR4LAB’s digital system will also assist in regularizing business procedures and minimize costs.
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.
