Waves Enterprise Launches Public Beta Trial For An E-Voting System

Waves Enterprise Launches Public Beta Trial For An E-Voting System
June 9, 2020


The cryptocurrency market remains mixed with Bitcoin (BTC) struggling again to cross above the crucial $10,000 level. In the past 24 hours, the cryptocurrency has lost 0.3% to trade at $9,700. Ether (ETH) has lost 0.1% to trade at $243.88. XRP, on the contrary, has gained 0.5% to trade at $0.2038. Other major altcoins which have gained in the past 24 hours include  ChainLink (LINK-$4.47, 3.0%),  Stellar (XLM-$0.07907, 0.9%), Bitcoin Cash (BCH-$253.79, 0.1%), Ethereum Classic (ETC-$6.81, 0.1%), Tezos (XTZ-2.92, 1.4%), IOTA (IOTA-$0.2426, 1.6%), Huobi (HT-$4.48, 1.2%), Monero (XMR-$67.90, 2.4%) and Cosmos (ATOM, $3.12, 3.9%). Other major altcoins which have gained in the past 24 hours include Cardano (ADA-$0.0856, -0.5%), OKB (OKB-$5.43, -0.2%), LEO (LEO-$1.25, -0.1%), Dash (DASH-$77.16, -0.5%), EOS (EOS-$2.75, -1.6%), Binance Coin (BNB-$17.31, -0.8%), Litecoin (LTC-$46.14, -0.8%) and Tron (TRX-$0.0176, -2.7%).


Government level initiatives

Kyrgyz considering a bill to tax crypto mining operations

Kyrgyz Republic’s legislators are looking at the option of introducing a bill to oversee and tax cryptocurrency mining operations. The bill titled “On Amending the Tax Code of the Kyrgyz Republic” intends to boost government revenue by creating the framework for the taxation of miners, while clearly defining terms such as “mining” and “virtual assets” within the subject of cryptocurrencies.

If the bill goes through, the latest taxation rules would be the first major initiative undertaken towards cryptocurrency deregulation by the Kyrgyz Republic, with the country openly banning cryptocurrency assets as a mode of payment in July 2014.

The intended law would enable the government to collect tax from miners at a flat fee of 15% on profits generated from the sale of cryptos generated through mining. The bill was initially suggested in August 2019 and is evaluated that it could bring in an additional $4.20 million for the Kyrgyz Republic’s approximately $1 billion yearly budget.

Notably, the parliament also debated about the enforcement of a separate electricity rate for miners, following the Supreme Council’s directive to charge $0.05 per KW/h (kilowatt-hour) in December last year, reflecting a premium of 70% over the country’s average electricity rate of approximately $0.030 per KW/h.


Private sector initiatives

TomoChain introduces a p2p lending facility on TomoDEX

TomoChain, the Singapore headquartered cryptocurrency exchange, rolled out a p2p (peer-to-peer) lending facility last Saturday via its TomoDEX platform, which is the first decentralized exchange (DEX) running on TomoX, a layer 1 protocol. A maximum of 150 DEX can function using the protocol. Despite being a soft launch, the platform facilitates spot trading. Notably,  DEX claims to have a processing speed of 2,000 transactions per second.

Long Vuong, CEO of TomoChain, stated that the P2P lending facility necessitates a trusted custodian, and there will not be any data asymmetry.

“All functionality is handled through auditable smart contracts and secured by the TomoChain blockchain. The P2P lending service uses a unique and familiar spot trading order book approach to provide fixed-term USDT loans of 1, 7, 30 and 90 days based on the interest rate and position. Borrowers can flexibly back their loans through a choice of collateral too, including BTC, ETH & TOMO.”

TomoChain is based on a system backed by 150 master nodes running on PoS Voting (PoSV) protocol. The system supports EVM friendly covenants, smart contracts, and even cross-chain token transfers.

Vuong stated that the platform “is entirely permissionless and has no centralized component, unlike most other hybrid-DEXS.”

He also pointed out that TomoDEX can process transactions at speed comparable to that of the chain as its functionality is incorporated in the underlying layer of the TomoChain blockchain.

Vuong said: “Users get a fast trading experience, close to that of any centralized exchange without the downsides of trusting a third party.”

There is no need for TomoDEX users to possess TOMO, native crypto token of the blockchain, as transactions are conducted from wallet to wallet and purely on-chain.


Waves Enterprise launches public beta trial for an e-voting system

Waves Enterprise has begun a public beta trial of voting, a blockchain-based e-voting system focused on corporate customers. The latest facility intends to “leverage all the advantages of blockchain technology while retaining traditional voting rules and processes.”

Artem Kalikhov, chief product officer of Waves Enterprise, emphasized that only a decentralized system can ensure data safety, while maintaining transparency, in online voting: “The blockchain provides a trustless environment for data exchange between independent encryption servers that act as participants of voting protocol. Voting results are protected by cryptographic algorithms. Blockchain technology does not allow forging or stealing a vote.”

The platform’s blockchain uses PoS (Proof-of-Stake) and PoF (Proof-of-Authority) protocol, which supposedly permits it to handle “up to 1,000 requests per second.”

Kalikhov pointed out that the e-voting platform is very useful for enterprises to conduct shareholder voting and other confidential internal voting among staff. During the two month trial period, the platform is offered free of cost.



Tether might overtake Ethereum

A Bloomberg report has forecast Tether (USDT) to overshadow Ethereum (ETH) in terms of market capitalization. The research report has also pointed out the surge in market cap of Tether as one of the main reasons for Bitcoin (BTC) price rally.

“Interest in digital links to the dollar represents the need to transact and store value in the world’s reserve currency without an intermediary.”

Of late, Tether has surpassed XRP to become the third-largest crypto by market capitalization. Bloomberg argues that the trend will continue, and Tether will gain further ground and push back Ether from second place in terms of market capitalization.

“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin. Benefiting from widespread adoption with a viable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin.”

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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