Zain Becomes A Member Of DLT Hedera Hashgraph Platform

Zain Becomes A Member Of DLT Hedera Hashgraph Platform
June 18, 2020


The cryptocurrency market remains range-bound with slight bearish bias. Bitcoin (BTC), which has a market cap of $173.39 billion, continues to struggle below $10,000. In the past 24 hours, Bitcoin has lost 0.4% to trade at $9,420. However, during the same period, Ether (ETH) and XRP have gained 0.3% and 0.8% to trade at $233.35 and $0.1919, respectively. Other major altcoins which have gained in the past 24 hours include  ChainLink (LINK-$4.19, 4.6%),  Stellar (XLM-$0.0719, 1.7%), Bitcoin Cash (BCH-$239.35, 1.5%), Ethereum Classic (ETC-$6.25, 0.3%), Tezos (XTZ-2.67, 3.0%), Cardano (ADA-$0.08357, 6.9%), Litecoin (LTC-$43.92, 0.6%), Tron (TRX-$0.0162, 0.3%), Other major altcoins which have lost ground in the past 24 hours include IOTA (IOTA-$0.22245, 2.4%) and EOS (EOS-$2.56, 0.8%). Binance Coin (BNB-$16.39, -0.2%), Huobi (HT-$4.16, -1.1%), Cosmos (ATOM, $2.67, -1.2%). OKB (OKB-$5.03, -0.7%), Monero (XMR-$65.05, -0.8%), LEO (LEO-$1.14, -0.1%) and Dash (DASH-$72.04, -0.5%).


Government level initiatives

The ASA and IAB releases new tool to identify illegal online ads

The UK Advertising Standards Authority (ASA) and the Internet Advertising Office (IAB) have unveiled a new tool to identify and eliminate illegal online advertisements. The system will facilitate people to notify fraudulent advertisements, particularly those that are shown in bought spaces.

According to authorities, one of the main reasons that fueled the creation of the alert system is worries about the increase in advertisement based frauds that are primarily linked to cryptocurrencies. The UK’s financial regulator, Financial Conduct Authority (FCA), has pointed to the figures provided by the ASA, which states unsuspecting individuals have lost more than £197 million ($255 million) in cryptocurrency and other investment-related scams such as Forex in 2018.

Guy Parket, executive director of the ASA, stated as follows: “The vast majority of ads responsibly inform and entertain their audience, but a small minority are published with criminal intent. Our scam ad alert system will play an important role in helping to detect and stop these scams.”

The report also mentions that renowned tech firms such as Facebook and Google have assured their cooperation to the regulators.


Private sector initiatives

Zin Group becomes a member of the ledger platform, Hedera Hashgraph

Middle-East and North Africa (MENA) based telecom provider Zain Group has become a member of the governing council for enterprise-level distributed ledger platform Hedera Hashgraph. The company offers mobile voice and data services to more than 49.50 million subscribers and has commercial operations in eight countries (MENA region), including Kuwait, Iraq, Bahrain, Saudi Arabia, and Jordan. Zain is the first corporate in the region to become a member of the council.

To accomplish its plan of setting up a safe internet utilizing public blockchain technology, Hedera Hashgraph’s Governing Council adopts a decentralized governance model, drawing together organizations across the globe from varied sectors. Some of the prominent members include Boeing, Google, Swisscom Blockchain, Deutsche Telekom, IBM, and University College London.

On the Hedera Hashgraph public network, a node is run by each member of the council. Each of those nodes is tasked with approving amendments to the Hedera platform codebase. The code, which forms the backbone of the platform, is available for anyone to review. It utilizes a hashgraph powered consensus algo to permit several branches of blocks, as against a single chain.

Zain Group, as a member of Hedera, hopes to gain knowledge and exposure to the latest developments in the blockchain domain.


Deloitte’s Global Blockchain Survey yields surprising results

A research report published by auditing behemoth Deloitte indicates that roughly 40% of survey participants from top tech enterprises across the globe are involved in a blockchain project, and about nine of those ten blockchain ventures will gain prominence in the upcoming three years. As per the results of Deloitte’s 2020 Global Blockchain Survey carried out between February 6th and March 3rd, 39% of 1,488 top executives and in 14 countries have revealed that they have already adopted blockchain in their manufacturing processes, up 16% from last year. The figures rise to 41% after taking into account companies with more than $100 million in revenue.

The survey disclosed that several companies are giving importance to blockchain technology and digital assets. The report stated, “Nearly 89% said they believe that digital assets will be very or somewhat important to their industries in the next three years. An outright majority (53%) report that digital assets will be very important.” 

As per Deloitte, these high figures may be associated with hiring practices. The audit firm stated that 82% of respondents are willing to hire staff “with blockchain expertise” over the next year. Almost the same percentage, i.e., 83% of respondents stated that they would no longer remain competitive if they don’t adopt blockchain technology.



Six blockchain companies gain recognition as Technology Pioneers for 2020

Of the top 100 early growth-stage enterprises listed by the World Economic Forum (WEF), six blockchain firms have earned recognition as Technology Pioneers for 2020. As per the WEF’s webpage, the list of blockchain and cryptocurrency firms recognized for developing new technologies this year are Chainlink, Bitcoin analytics firms Elliptic, Latin America-based cryptocurrency startup Ripio, MakerDAO, Veridium Labs and Lightning Labs.

The 100 firms mentioned above have made contributions in a range of subjects across the globe, from “artificial intelligence to diagnose cancers and quantum computing systems, to carbon capture and removing technologies, cell-grown meat production and use of microbiome to track goods.”

The WEF website further stated that “By joining this community, Technology Pioneers begin a two-year journey where they are part of the World Economic Forum’s initiatives, activities, and events, bringing their cutting-edge insight and fresh thinking to critical global discussions.”

Sergey Nazarov, Chainlink’s co-founder, stated that the company was delighted by the accolade: “Using smart contracts on the blockchain to bring enforceable guarantees to contractual obligations has widespread social and economic benefits. We’re proud to play a role in bringing accountability and automation to global and local economies, and we look forward to contributing to Forum dialogues on this challenge.”

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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