Category: Crypto

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Crypto News Tech

Microsoft Azure Launched A Platform Based On Proof Of Authority Protocol On The Ethereum (ETH) Network

Microsoft Azure announced on Tuesday in a blog post the launch of a licensed cloud computing platform based on Ethereum (ETH) network but having the Proof of Work protocol replaced with the Proof of Authority.

Proof of Work Vs. Proof of Authority

Cody Born, a software engineer at Azure, Microsoft’s cloud computing platform, explains in the release note that the Proof of Work (PoW) protocol, used by Bitcoin (BTC) and Ethereum (ETH) blockchains, is based on computing costs for the self-regulation of those networks and to allow open participation.

Proof of Authority, on the other hand, does not require such costs and is more suitable for private blockchain networks.

The PoW works very well in open, anonymous networks, where competition for cryptocurrencies promotes network security. However, in private networks the underlying Ethereum (ETH) technology is worthless. An alternative protocol, Proof of Authority, is more suitable for permissible networks where all consensus participants are known. If there is no need to mine cryptos, Proof of Authority is more efficient, while maintaining fault tolerance.

Cody Born, Software Engineer at Microsoft Azure

Also noteworthy is that the Proof of Work is a consensus mechanism in which the miners compete in the resolution of a cryptographic task and when a miner finds the answer he or she diffuses it to all the participating nodes. For this, the miners obtain a certain amount of the respective crypto as a reward.

The Proof of Authority, on the other hand, is based on a set of Trusted Nodes, known as “authorities,” which are given the ability to secure the blockchain through transaction verification and to create new blocks. The validation of the transactions in the new blocks is done similarly as in the cases of Proof of Work, but without mining.

Microsoft Azure launched a platform based on Ethereum (ETH) blockchain that runs with Proof of Authority protocol

Microsoft, which focuses its decentralized solutions proposal on private blockchains, will use a development platform for Ethereum (ETH), Parity, which allows smart contracts to be programmed in widely used languages such as C, C++, and Rust.

Although there are projects within Microsoft using the language created for Ethereum (ETH), Solidity, Cody Born,  Software Engineer at Microsoft Azure, says that corporate clients find this language very difficult to handle.

Microsoft Azure has previously served to develop innovative applications with blockchain for different companies. One of them was Renault, which used it to create a vehicle maintenance application.

On the other hand, several financial institutions have also used Microsoft Azure to improve their operations processes.

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Crypto News

NEM (XEM) Employed In New Blockchain-Based Voting Tests Conducted By The Electoral Commission of Ukraine

The Electoral Commission of Ukraine is working on mechanisms to improve local and national electoral processes in Ukraine through a blockchain-based voting system. In this sense, they are carrying out voting tests using NEM (XEM) main chain.

Oleksandr Stelmakh, the head of the state’s voter registry, said through his Facebook account that he is continuing a series of experiments with blockchain technology applied to elections. The start of the tests was announced by Stelmakh himself in a July 10th publication on the social network, where he made a public invitation to participate in the voting tests.

One of the basic useful properties of blockchain is the inability to make changes to the saved information (…) These are the properties we intend to use to save voting session information.

Oleksandr Stelmakh, Head of the State Voters’ Register, The Electoral Commission of Ukraine

The official highlighted that the tests are being conducted using 28 nodes of the NEM (XEM) network. He also said that the NEM Foundation of Ukraine “kindly” provides the test crypto assets required to validate the transactions. These test votes are still open for participation of any Ukrainian citizen.

NEM (XEM) network tested for a blockchain-based voting system in Ukraine

According to Oleksandr Stelmakh’s calculations, the implementation of the project would cost an estimated $1,227 per polling station. In his opinion, this is “a small fee for the lifetime preservation of these socially important data.”

Ukraine is considering the incorporation of distributed ledger technology into its electoral processes since 2016 when an agreement was signed to develop an electronic voting platform. A group of technology firms participated, including the Bitcoin Foundation of Ukraine.

Back then, the signatories committed themselves to create a decentralized, transparent, and accessible system of electronic voting, using instruments based on blockchain technology.

Many other blockchain-based voting systems initiatives are being developed around the world, as this technology is perceived to have the potential to build reliable electoral systems. Among these global initiatives are the trials conducted in Zug, in Switzerland, and in the United States.

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Crypto News Tech

Opera Browser With A Built-In Crypto Wallet Launched For Computers

The new version of the Opera browser for computers will include a crypto wallet, a feature they had already added in their release for mobile devices. Users of this browser will be able to synchronize their existing portfolio with this new update by merely scanning a QR code.

Users will be able to link their desktop wallet to their mobile devices so that private keys and passwords can be stored on the phone. The user will be able to sign transactions with “his fingerprints instead of using long phrases” to improve security, according to the statement. The new version is available since yesterday.

The Opera browser sums up more than 320 million users worldwide and is one of the most widely appreciated and secure Internet browsers out there. Opera even added a feature to prevent cryptojacking.

With its implementation on both supports, Opera becomes the first of the primary providers of this type of service to adopt cryptocurrency. Also, Opera crypto wallet could provide an impetus for other companies in the industry to make similar decisions.

Opera browser with a built-in crypto wallet tries to keep the things as decentralized as possible

By adding a crypto wallet directly in the browser, we eliminate the need for complex extensions or separate applications. Open the PC browser to encrypt the second step of Opera towards the creation of cryptocurrency and mainstream Web 3.0.

Charles Hamel, Product Manager for the new Opera browser with built-in crypto wallet

The sync between the desktop version of the new crypto-related Opera and the mobile version would permit users to keep their private keys locked securely. The storage of private keys and other sensitive information, however, remains the responsibility of the user, as Opera will not work with a centralized server to manage this kind of data.

As with the mobile application, the desktop client will support Ethereum (ETH) tokens, as well as digital collectible items created on this network, including CryptoKitties and collectible MLB tokens. Also, the crypto tokens generated in Initial Currency Offers (ICOs) can be stored using the Opera crypto wallet.

“Today’s web will be the interface to the decentralized network of the future. That’s why we have chosen to use our browser to close the gap,” said Hamel during the press conference that announced the launch of the mobile version of the Opera browser with the built-in crypto wallet.

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Crypto News

Snap Inc. Claims that its Source Code was Hacked; Flies past Wall Street Estimates

If you didn’t know, Snap Inc. is the company responsible with running Snapchat. Apparently, earlier this year they were hacked and in this process some of its incredibly wanted source code was released to the public. Motherboard let us know that this source code was for Snapchat’s iOS.

How did it happen?

Before the hacking happened, Snap Inc. archived its source code on GitHub, a code repository site. After the event occurred, Snap asked GitHub for its code back and delivered a copyright act request as well.

A Snap representative spoke about what happened in May. Apparently, an update to the iOS caused the leakage of some of the source code (a small amount, they say) and they had to act swiftly to identify and rectify the mistake. They soon found out that their code is posted online, although it was soon deleted. They feel that their app and the community weren’t affected at all by this event.

How about the finance?

At first Snap observed a loss in daily active users, a first for this company. However, its shared flew by Wall Street estimates, rising by 6%. Still, investors became cautious and Snap lost shares by 3.4%.

Regarding the per share basis, Snap reported a loss of $0.14 on revenue of $262min. Wall Street projected that these numbers would be $0.17 on revenue of $251min. The daily active users fall was also mispronounced by Wall Street, Snap reporting a fall from 191min to 188min.

This user decline raised concerns about Snap’s ability to compete in a market saturated with social media outlets. As to why this fall happened, there could be multiple reasons. One of them would be the redesign that happened earlier this year, which resulted in some people becoming less able to navigate the site.

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Crypto Markets News

PAKET Delivery Network Based On Blockchain Plans To Dethrone Industry’s Big Players, Such As DHL And FedEx

The PAKET platform is a delivery network based on blockchain technology and is prepared to dethrone the big players in the parcel delivering industry, including DHL and FedEx, among others. Taking advantage of blockchain technology to create a transparent and accountable delivery process for the international parcel delivery industry, PAKET is close to becoming a fierce competitor for the already-existing conventional names in this sector of activity.

Today’s global package delivery industry is experiencing rapid technological and procedural change as a consequence of the implementation of new technologies and the growth of online retailing, especially.

These changes imply the inflow of new entrants, particularly at the regional level, where the majority of delivery activity is carried out. But the significant roles performed by the majority of the smaller participants in this industry, who form the core of the package delivery environment, have so yet to be adequately acknowledged.

PAKET delivery network based on blockchain technology plans to outperform big players in the industry, including DHL and FedEx

Some huge names like DHL and FedEx quickly pop to mind when we talk about parcel delivery. While these are still the leading international delivery providers, the fast development of online retailing necessitates increased involvement at scales where these significant operators have not been recognized.

The issue with the actual parcel delivery system is that it engages inadequately coordinated centralized bodies that are interconnected by various levels of middlemen. That is a significant loss concerning cost and quality-of-service, allowing for the inadequacies to exist in the present situation of the package delivery industry.

PAKET is an open network, based on blockchain technology, which provides unlimited access to opportunities for all levels of participants in the global delivery industry. Either as a private individual or as a company, everyone can become a member of the unquenchable pool of service suppliers and be paid for the work they perform.

For the end users, this implies a more secure, transparent and trackable parcel delivery network that guarantees an efficient delivery service.

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