MyEtherWallet Launches Decentralized Website Hosting

MyEtherWallet Launches Decentralized Website Hosting
June 23, 2020

 

The cryptocurrency market is once again making an attempt to turn bullish, with Bitcoin (BTC) gaining 2.8% in the past 24 hours to $9,639.51. Ether (ETH) has gained 3.6% to trade at $242.25. However, XRP has gained 0.5% to trade at $0.1884. Other major altcoins which have gained in the past 24 hours include  ChainLink (LINK-$4.47, 3.9%), Stellar (XLM-$0.0714, 2.8%), Bitcoin Cash (BCH-$240.56, 2.4%), Ethereum Classic (ETC-$6.35, 1.5%), Tezos (XTZ-2.65, 0.5%), Cardano (ADA-$0.0829, 3.7%), Litecoin (LTC-$44.12, 1.3%),  Tron (TRX-$0.0163, 2.1%), IOTA (IOTA-$0.2303, 4.3%) EOS (EOS-$2.57, 1.3%), Binance Coin (BNB-$16.39, 1.4%), Huobi (HT-$4.26, 1.8%), Cosmos (ATOM, $2.68, 1.0%), OKB (OKB-$5.14, 7%), Monero (XMR-$65.89, 1.2%), and Dash (DASH-$71.92, 1.0%). The only major altcoin which lost ground in the past 24 hours is LEO (LEO-$1.15, -0.15%).

 

Government level initiatives

Bank of Thailand to build a trial system to test cases of CBDCs

The Bank of Thailand has revealed its plans to build a system to trial real-world commercial use cases of Central Bank Digital Currency (CBDC). The bank also stated that it would roll out the CBDC payment system to all enterprises after piloting with large corporates.

In this regard, the central bank has collaborated with Siam Cement Group (SCG), the biggest cement and building manufacturer in Thailand, and Thailand based fintech company Digital Ventures Company Limited to trial their payment platform. The trial, scheduled to begin next month, is anticipated to get completed by the end of this year. With the launch of CBDC, the bank intends to realize a highly efficient payment platform which offers a lot of flexibility in money transfers, while ensuring quicker settlement to suppliers.

Following the trial, the Bank of Thailand will validate the platform’s operational feasibility and a method to quickly incorporate CBDC payments on other business platforms. The bank stated that it would create the CBDC payment model based on the experience gained from Project Intathon, a bulk CBDC payment trial successfully conducted between the Bank of Thailand and eight financial institutions in January.

 

Private sector initiatives

Helium expanding its business into Europe

Helium, a P2P (peer-to-peer) crypto-based wireless network, stated that it is expanding operations to Europe, following the successful rollout in North America. Helium intends to begin shipping its network’s Hotspots to Europe in July.

The announcement further stated that the firm just unveiled Helium Tabs, which are gadgets that capitalize on the decentralized network for monitoring purposes. Helium Tabs, the company claims, will have a battery life period of more than six months.

The hotspots, in addition to acting as a node on the Helium blockchain, are low power wireless access points that can be accessed even from a distance of up to 10 miles. Helium (HNT) tokens are used as rewards for operating nodes, which can also be accessed via internet-of-things (IoT) devices that meet the LoRaWAN (low-power wireless telecommunication) standard.

The network will permit IoT gadgets to gain access to a wireless network. It also acts as a pathway to the internet, and the devices consume minimum power. Notably, the devices on the network can also conduct dealings via the Helium blockchain.

 

More than 40 enterprises join hands to establish the OPC

Over 40 enterprises, including Brave, Ripple, and Huobi, have joined hands to establish the Open Payments Coalition (OPC) and roll out universal payments system (PayID). The new payment processing system, which reaches over 100 million clients, will facilitate users to remit or receive funds anywhere across the globe in real-time and using any payment network.

By simply providing an email address or a phone number linked to the bank account, users can receive funds without a need for complex bank account numbers, routing numbers, international codes, or SWIFT details.

Blockchain and cryptocurrency firms that are part of the OPC are Bitso, Bitrue, Coinone, BitGo, Bitstamp, BitPay, Blockchain.com, Ripple, Brave, Huobi, BTC Markets, CipherTrace, Crypto.com, Independent Reserve, Liquid, and several more.

Ripple’s Ethan Beard stated that PayID intends to make worldwide payments easy and quicker.  Beard said, “If sending a payment were as seamless as sending an email or text, we would all send more payments quickly and easily around the world.”

Liquid Group Inc. CEO Mike Kayamori opined that cryptocurrency would be a major factor: “Payments will need to be interoperable between fiat and cryptocurrency, and easy to send and receive across the globe.”  

Three years before, PayID was launched in Australia, and it is one of the widely used payment platforms. Several bank and cryptocurrency exchange users in the country can carry out instantaneous money transfers on a 24×7 basis.

 

Miscellaneous

MyEtherWallet unveils new feature to host a decentralized website

The Popular Ethereum wallet app, MyEtherWallet, has unveiled a new feature that facilitates users to host a decentralized website using the InterPlanetary File System (IPFS). The feature, named “Host Your Own Site” offers an easy interface to upload a webpage on the IPFS. Notably, websites hosted on IPFS are linked to Ethereum blockchain-based domain name services such as Unstoppable Domains and ENS, featuring either “.eth” or “.crypto” endings.

Being hosted on a decentralized network of peer-to-peer computers, the websites are resilient to a majority of censorship tools offered on a conventional web page.

The availability of such a feature on MyEtherWallet enables the automation of hosting a website on the IPFS. According to Kosala Hemachandra, the CEO of MyEtherWallet, a user has to simply provide a *.zip file containing the files related to the website, and the custom-built app completes the process of uploading to the IPFS and linking it with a blockchain domain.

Notably, currently, the facility can only enable loading static webpages.

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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