The cryptocurrency market remains slightly bullish, with Bitcoin (BTC) inching towards the next resistance level of 12,000. At the time of writing this article, Bitcoin was trading at $11,005.98, reflecting a gain of 2.6% in the past 24 hours. Ether (ETH) has gained 6.3% to trade at $381.69. XRP has rallied 7.5% to trade at $0.2568.
Major altcoins which have recorded gains in the past 24 hours include OKB (OKB-$6.45, 4.7%), Litecoin (LTC-$49.10, 2.9%), Bitcoin SV (BSV-$165.84, 1.7%), Bitcoin Cash (BCH-$237.48, 3.7%), Tezos (XTZ-2.53 2.8%), EOS (EOS-$2.75, 4.7%), Huobi (HT-$4.81, 1.1%), Cardano (ADA-$0.0937, 2.6%), Polkadot (DOT-$5.29, 4.4%), ChainLink (LINK-$11.37, 5.6%), Cosmos (ATOM, $5.09, 5.7%), Stellar (XLM-$0.0817, 7%), IOTA (IOTA-$0.2803, 3.6%), LEO (LEO-$1.16, 1.6%), Dash (DASH-$74.20, 2.6%) and Binance Coin (BNB-$28.46, 6.4%).
Major altcoins that have lost value in the past 24 hours, includes Monero (XMR-$89.17, -1.7%) and Tron (TRX-$0.0271, -0.2%).
Government level initiatives
BSN will now support the Digital Asset Modeling Language (DAML)
The Blockchain Services Network (BSN), the Chinese government-backed blockchain framework initiative, will support smart contract programming language DAML (Digital Asset Modeling Language). Trialed in 2019, the BSN was established to back medium-sized firms in creating and installing blockchain operations. The BSN will start supporting stablecoins next year to unfold multiple modes of payments for several services offered using the BSN network.
Tech firm Red Date Technology, which has played a crucial role in the development of BSN, will do the necessary work to integrate DAML, the smart contract language developed by the US blockchain startup Digital Asset. Following the incorporation, DAML will become the “exclusive standard” for creating decentralized apps (DApps) over the BSN.
The integration will pave the way for DApps to seamlessly work in different blockchain networks. Therefore, developers will not need to rework their smart contracts every time they shift a particular app on BSN to a new blockchain platform. By this November, both Red Data Technology and Digital Asset intend to finish their initial DAML trial on the BSN.
The trial will involve the installation of a DAML app that will work on two blockchains: IBM’s Hyperledger Fabric and WeBank’s FISCO BCOS. The app will also be integrated into the core BSN framework. Following the trial, developers will be able to start utilizing the BSN next year.
Private sector initiatives
OG, the Esports firm, collaborates with DNScript for advertising
Esports firm OG is collaborating with DNScript, a blockchain-focused gaming technology firm. The OG Esport team, referred by the name CS:GO, will advertise DMScript products to its fan base by dressing in costumes that flaunt the company’s emblem while partaking in electronic sports tournaments held across the globe.
The collaboration with OG will also permit DMScript to receive more in-depth knowledge into the requirements of the esports sector and assist DMScript to create new plans, value-added solutions, and systems that improve the standard of living of players. Likewise, the collaboration will assist OG to build and grow by benefiting from the technical tools offered by DMScript.
As per OG Co-owner and CRO Xavier Oswald, the collaboration with DMScript is not the last one, and they aim to enter into additional collaborations with tech firms in 2021.
Notably, OG has also joined forces with both Secretlab and SteelSeries, and has clinched an agreement with Red Bull whereby the Red Bull brand is embedded into the OG emblem.
Sberbank Switzerland AG signs deal with the finance platform, Komgo
Russian Sberbank’s Swiss subsidiary has opted for a blockchain-powered platform facilitating commodity trade finance. In this regard, the largest Russian bank’s subsidiary, Sberbank Switzerland AG, has inked a deal with the Swiss trade finance platform Komgo to use the latter’s blockchain-powered trade funding facility.
Executives of Sberbank Switzerland stated that partnership with Komgo resolves the rising need for digitization of trade finance. Evgeny Kravchenko, chief of trade finance at Sberbank, underlined that commodity trade funding is a strategic business of the bank. Kravchenko revealed that Russia and the CIS (Commonwealth of Independent States) countries are the major markets for the company, while Sberbank Switzerland also aids international trade flows.
Kravchenko opined that Komgo’s trade finance would widen the effectiveness of Sberbank’s operations. Komgo is a decentralized trade funding startup that is building a commodity trade funding platform powered by the Ethereum blockchain. With this platform, Komgo intends to expedite trade funding deals, while allowing the participants to monitor a deal with real-time info on the commodity trade.
Miscellaneous
Russia’s elections pull 30,000 votes from Waves Enterprise blockchain online platform
In the recent Russian Parliamentary elections, roughly 30,000 votes were polled using the blockchain platform built by Waves Enterprise. As per Artem Kalikhov, chief product officer of Waves Enterprise, the entire process went on smoothly.
The elections were conducted using the permissioned network operated by Rostelecom. For this purpose, Russia’s Central Election Commission had entered into a contract with Rostelecom, which, at the same time, had entered into a subcontract with Waves Enterprise to build the blockchain portion of the online platform. The 10 nodes operated by Rostelecom cannot be monitored by the people. As per Kalikhov, such a measure was taken to avoid likely cyberattacks. He also trusts that Rostelecom will facilitate the tracking of the blockchain by the public in the future.
The platform uses five major encryption keys generated in a decentralized manner and later on merged into a single master encryption key. To decrypt the election results, a predefined number of keys are required. It is comparable to multi-signature wallets, which necessitates several keys to validate transactions, instead of a single signature from a key. So, it is crucial to have independent, trustworthy observers to retain each of those keys.
The election took place in the Kursk and Yaroslavl region (oblast) of Russia, with a total population of 2.50 million. Locals were given the option of voting online or in person. In the Kursk region (oblast), 13,184 voters signed up for online voting, with 11,940 (90.59%) casting their votes via the blockchain platform. In the Yaroslavl oblast, out of the 18,834 registrations, 16,828 (91.54%) voted online. Overall, 28,771 votes were cast using the blockchain system.
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.
