Tag: blockchain

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BlockFuse Launches CoinMesh To Facilitate DApps Development On Bitcoin (BTC) And Litecoin (LTC) Blockchains

BlockFuse, a project dedicated to the development of decentralized applications based on the blockchain, has announced the launch of its new tool, CoinMesh, which specializes in the integrated development of applications in the Bitcoin (BTC) and Litecoin (LTC) networks. The instrument is an open source platform dedicated to the automation of the nodes of both blockchains, as well as providing layers of adaptation to interact with data from Bitcoin and Litecoin networks with greater ease.

CoinMesh is an integrated development environment (IDE) that provides different levels of infrastructure for the constitution of a DApp project in a straightforward manner. In this way, the company aims to facilitate the work of developers, since the constitution of decentralized applications in these networks is difficult and there is very little knowledge about it.

BlockFuse says it has developed a platform that will help the interaction of a product with the blockchain, providing automated data sources and adapters for the creation of a DApp.

BlockFuse’s CoinMesh platform for DApps development on Bitcoin (BTC) and Litecoin (LTC) blockchains is in its Alpha stage

The platform provides available client support, including Bitcoind, Litecoind and Lightning Labs, so that developers can connect directly to the blockchains’ databases without having to create a link from scratch.

“CoinMesh automates the Data Source and Adapter layers in minutes. In this way, developers can go directly to the creation, iteration, and validation of their projects instantly,” stated BlockFuse.

At the moment, CoinMesh is in the Alpha stage and only recognizes JavaScript language. However, the BlockFuse team hopes that new components will soon be added to the tool for large-scale operation. Currently, the applications and development tools specialized in Bitcoin (BTC) have experienced a wave of interest.

In this sense, BlockFuse considers that the recent popularity of decentralized applications (DApps) is because these tools constitute “the branches of cryptocurrency economy,” which is why their development is vital for the ecosystem.

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Crypto News Tech

Sirin Labs Opts For Ethereum (ETH) Blockchain Over IOTA’s Tangle For The Blockchain Smartphone

Sirin Labs, the developer of the enormous $16,000 Solarin Android smartphone, is developing a blockchain phone and has chosen to construct its new device line named “Finney,” a blockchain smartphone series, to support a private blockchain from Ethereum (ETH), instead of IOTA’s Tangle distributed ledger technology, as initially stated in its white paper.

Sirin Labs to work with Ethereum (ETH) blockchain instead of IOTA’s Tangle for the blockchain smartphone

“We are not working with IOTA. We considered the option and decided to go our separate ways. At launch, we’re going to use Ethereum (ETH) blockchain. The Finney Phone will work through complete nodes that are hosted at Sirin Labs.” said Marketing Director of Sirin Labs, Nimrod May.

“Our plan since the release of our report has always been to migrate the SRN token and the Sirin Labs ecosystem to a next-generation chain of blocks,” Nimrod May added.

The Finney devices, including a blockchain smartphone and PC, will run on Sirin Labs’ open source OS, the Sirin OS. The Sirin OS will be engineered to handle native blockchain applications such as a cryptocurrency wallet, secure exchange gateway access, secure communications, and an ecosystem of peer-to-peer resource for sharing applications and payments, all of which supported by the SRN token.

The Finney devices will make up a stand-alone blockchain network

The goal of Finney devices is to facilitate people’s use of cryptocurrencies and associated services. In April, a branch of Foxconn Technology Group, the world’s premier electronics manufacturer, decided to help manufacture the Finney smartphone.

Foxconn will build the Finney blockchain smartphone series in-house, spearheading the original design and manufacture of the phone, while Sirin Labs will be leading the cold wallet hardware design and operating system development for Sirin.

The Finney smartphone, which will be available for retail sale for $1,000, will launch in November, while the Sirin Labs is planning to sell the device via eight new shops in locations with the most actively involved crypto communities.

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Crypto News

BaFin, The German Financial Market Authority, Debated Blockchain And Cryptocurrency Regulations

The German Financial Market Authority BaFin praised the revolutionary potential of blockchain technology in the first issue of its new “Perspectives” publication series published in July. On more than 30 pages, BaFin has numerous experts from the private sector explain technical aspects of distributed ledger technology. In a separate chapter on the subject of cryptocurrency regulation, BaFin makes its own contribution.

BaFin sees the blockchain technology’s confidence-building effect on the economy as positive

The intermediaries previously required in many transactions, such as banks and central securities depositories, could be partially replaced by blockchain technology applications, resulting in lower transaction costs and more efficient markets.

Blockchain technology can help to minimize the necessary trust and thus transaction costs between the parties involved in the transaction, for example by reducing dependence on intermediaries.

BaFin

Blockchain technology could, therefore, create a new type of decentralized ecosystem, which BaFin calls the “blockchain economy,” which will primarily affect the financial services industry. Their subscriber-supported infrastructure cannot only significantly change business processes but also massively shift the strategy of the companies working with them.

The German Financial Market Authority BaFin also debated cryptocurrency regulations

According to BaFin, it is “always guided by the principle of technological neutrality” and follows the credo “same business, same risk, same regulation,” which means that it is based on the “principles of proportionality and equal treatment under the rule of law.”

BaFin also rejects the view that cryptocurrencies are not regulated.

Cryptocurrencies are not unregulated per se, but are subject to the existing financial market regulations, depending on their concrete form in individual cases. They are therefore not regulated across the board, but specifically and technology-neutrally according to material facts that are subject to legal interpretation and can therefore also cover new types of facts.

BaFin

In the document, BaFin also describes in detail the principles it uses to evaluate crypto tokens and initial coin offerings (ICOs), which are based on the delimitation of payment tokens or virtual currencies of utility tokens and securities tokens.

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Crypto News

The Ex-VP Of JPMorgan Chase Claimed Blockchain Could Avoid The Next Global Financial Crisis

The ex-Vice president of US investment banking JPMorgan Chase, Pang Huadong, has claimed that the blockchain technology “may be the key to avoiding the next global financial crisis,” reported the China Economic Times today.

Pang Huadong, who is now an honorary academic consultant at the Blockchain Asian Institute, remarked that his involvement with JPMorgan in the 2008 financial crisis had prompted him to consider that blockchain may well be the underlying technology for building transparency and reliability in the global financial system.

When I started working at JPMorgan in 2007,] 13 people managed more than $40 billion[in assets]…. when the 2008 financial crisis was at its worst, the average daily loss was $300 million. Only little by little did I realize that blockchain technology could be the key to avoiding the next global financial crisis.

Pang Huadong, ex-Vice president of JPMorgan Chase

Blockchain technology could help avoid the next global financial crisis, said Pang Huadong, the ex-VP of JPMorgan Chase

Huadong continued by saying that “while the technology is still at a very early stage,” its perspectives for growth are boundless. Pang Huadong considers that the core of blockchain’s breakthrough, more specifically, its property of developing decentralized and accountable systems can drastically mitigate global financial crises risks and “establish confidence-building mechanisms at the lowest cost.”

While the Chinese government’s stance on decentralized cryptocurrencies continues to be tough, the blockchain technology has been increasingly popular among leaders in politics, the academic sector, and the financial world. Moreover, even the Chinese president, Xi Jinping, has publicly applauded blockchain technology’s potential.

Additionally, only the past week, the Chinese Ministry of Science and Technology’s official journal informed that China would be leading an international research team focused on the Internet of Things (IoT) standardization and blockchain technology. Also, on July 16th, the assistant director of China’s Ministry of Information Technology called on China to “join forces” to encourage blockchain as a central technology within the new digital financial age and pleaded for alleviating institutional bottlenecks in optimizing the conditions for its successful integration.

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Crypto News

Blockchain Technology Companies In Malta Should Wait Before Applying For New Authorizations And Approvals

The Malta Financial Services Authority (MFSA) stated in a press release that blockchain companies must now wait until a freshly adopted legal framework is in place prior to applying for authorizations and approvals, as the Times of Malta noted.

In a declaration recently released, the MFSA announced that it is currently working on a new framework that will back up newly enacted blockchain regulations so that operators should wait until the agency announces a public notice before applying for permits and authorizations.

The Virtual Financial Assets Act (VFAA), which the Parliament of Malta approved on July 5th, will govern general Distributed Ledger Technology (DLT). With this new regulation, Malta is the first nation in the world to provide legal security for blockchain businesses.

The Times of Malta reports that in the last few weeks the MSFA has been reviewing stakeholders’ views on the proposed new blockchain regulations, and examining a number of concerns regarding the VFAA, ranging from fees to management penalties.

Malta to become the world’s first blockchain technology nation

Also, MFSA is allegedly conducting inquiries into a so-called law book of standards for the newly adopted legislation, the first of which is open through the end of July. The MFSA will subsequently release two additional sections, which will cover the issuers and service suppliers of the VFAA. By the end of the period of consultation, MFSA will issue the final blockchain regulations and guidelines for the VFAA to allow for the implementation of the new rules.

Malta now aims to establish a crypto-friendly environment and develop into a “blockchain island.” A number of crypto and blockchain businesses have been set up in Malta, such as the cryptocurrency exchanges and wallets Binance, OKex, and BitBay.

Binance, at the beginning of this month, reported its intention to launch a bank built on a token-owned blockchain. The forthcoming Founders Bank is to be the property of digital token investors and is to be headquartered in Malta and aims to be the world’s first decentralized, community-owned bank.

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