Tag: Smart Contracts

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Crypto News

Ohio State Legally Recognized Blockchain Technology And Smart Contracts Utility

Ohio became one of the first territories to legally recognize blockchain for the storage and transmission of information throughout the United States after the state governor signed a bill on Monday that legalizes such technology applied to a wide range of industries.

Through Bill SB300, which directly amends Ohio’s Uniform Electronic Transactions Act, a group of legislators introduced in May the possibility of distributed accounting technology being legally recognized in Ohio’s private and public industries for information management.

The law was approved in the first instance by the state Senate in June, and this week it was approved by the governor of the territory, John Kasich, according to a public statement.

The new legislation states that all documents scanned, sent and signed through the blockchain are recognized as authentic and even digital signatures and smart contracts can be used for commerce and will have legal effect.

Ohio State adopts a new regulatory framework to recognize blockchain technology and smart contracts utility

The initiative is mainly focused on the financial industry. However, the communiqué also highlights that supply chain companies, government authorities, and health platforms could also benefit from technological advances in distributed ledger networks.

Ohio State Senator Matt Dolan said blockchain technology could help the local economy by securing the technological and economic leadership.

“For Ohio to compete for new investments and jobs, we must welcome innovation, and new technology,” he said.

Valentina Isakina, executive director of financial services for the Ohio Private Development Corporation (JobsOhio), also said this kind of action could help move the most innovative projects to realize their full potential, an approach that will allow Ohio to expand economically.

“In Ohio, blockchain technology innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina from JobsOhio.

The Ohio State is one of the largest economies in the United States, ranking fifth among the most economically and financially developed states in the nation. As if this were not enough, the territory has also presented an essential development of blockchain technology initiatives, which will directly benefit from the recently passed legislation.

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Crypto News

The UK Lawmakers Work On Establishing Legal Framework For Blockchain And Smart Contracts

In an attempt to adapt the laws of the United Kingdom to the new technological realities, the British Law Commission announced, through a report released on Thursday, July 19th, that it will launch an investigation to call for potential reform of the law to adjust it to the use of blockchain and smart contracts.

The announcement is part of the Commission’s annual report 2017-2018, a 91-page document that addresses different aspects and laws such as those involving criminal law, commercial and common law, public law, property, and family law. The section on blockchain and smart contracts has been included in the commercial and common laws.

The report states, according to the commissioners who participated in its preparation, that there has been much media coverage concerning smart contracts, particularly those related to financial services. However, the Commission broadly recognizes the potential for improving many processes.

Lawmakers around the world struggle to legislate blockchain and smart contracts

The purpose of this project would be to ensure that the law is secure and flexible enough to be applied in a global, digital context and to highlight any issues that lack clarity or certainty. We have begun our initial research on this project, which is scheduled for the summer of 2018.

United Kingdom Law Commission

The agency’s recommendation is to ensure that both the courts and the law itself remain competitive for new business, which could leave the door open for some regulation in the short or medium term.

It is not the first time when an agency or state has announced changes in its legislation to add or recognize the legality of smart contracts. That has been the case, for example, in Florida, in the United States, where it became known last January that a bill was introduced to create a legal database on blockchain and smart contracts.

A similar situation occurred in the state of Tennessee, also in the United States, where Governor Bill Haslam signed an amendment to the state’s commercial legislation related to electronic transactions last March. The intention was to include, in a new section, blockchain technology and smart contracts.

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Crypto

Traxia (TMT), The First Running Cardano (ADA) Smart Contracts Technology, Listed On KuKoin

KuKoin, the most popular and appreciated cryptocurrency exchange platform based in Hong Kong, listed Traxia (TMT) which is the first cryptocurrency to implement the new Cardano (ADA) smart contracts technology. TMT will trade on KuKoin against the Bitcoin (BTC) and Ethereum (ETH) trading pairs.

The new cryptocurrency rolled out on June 6th after ending a very successful ICO during which it raised over $15,1 million.

The announcement of this addition, significantly surged the TMT price against the USD, rocketing to $0.044, after growing up by about 25%, right after KuKoin listed the crypto coin. However, the craze after the announcement stopped slightly and the support reduced. At the moment of this writing, Traxia (TMT) is trading at $0.040, recording a growth of only 16% in the last 24 hours. Therefore, TMT dropped about 9% since the KuKoin announcement.

What is Traxia (TMT)?

Traxia (TMT) admits that it is a “decentralized global trade finance ecosystem” which targets the development of an open and decentralized marketplace for both enterprises and individuals for exchanging invoices.

As said above, TMT is a new entry in the cryptocurrencies market but promises to be strong crypto, eventually. At this moment, we don’t know many details regarding this one, except that it has a total supply of 1 billion TMT and its last 24 hours trading volumes slightly exceed $1,8 million.

Traxia (TMT) is the first cryptocurrency network to work on Cardano (ADA) smart contracts technology

The Traxia invoices trading platform will be operated by the new Cardano (ADA) smart contracts technology which will handle each operation and transaction occurring within the Traxia (TMT) marketplace.

However, at this moment, this trading platform doesn’t use crypto coins in its design but, as they recently announced, Traxia (TMT) marketplace will ultimately integrate with Cardano (ADA) network by the end of the year.

Even though is an eight days old coin, its future sounds bright, so it wouldn’t hurt to keep an eye on this one, especially since KuKoin listed Traxia (TMT).

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Crypto

Ethereum (ETH) ERC20 Smart Contracts Proliferated From 5K To About 100K In Less Than 1 Year

The use of the Ethereum (ETH) blockchain has grown significantly since 2017 with an explosion in the number of new ERC20 smart contracts, from 5,000 in August last year to over 90,000 today. This worldwide network has seen all kinds of projects built around it, the so-called “ERC20” tokens becoming a significant use case.

The ERC 20 smart contracts proliferated in a few months from 5,000 to nearly 100,000 as tokens of all kinds, moving from virtual chats to stable currencies in an unprecedented development in the crypto-verse in such a short time which shows how the fact that a blockchain that is designed as a platform makes the difference.

Recently, Ethereum network introduced the ERC721 standard

The ERC20 tokens, already well known to the general public, are however only a first evolution in the network. Just recently, the ERC721 standard was introduced.

While each ERC20 token is indistinguishable from another, each ERC721 tokens will be absolutely unique. Each of them will have an “individuality” that makes them distinguishable.

As mentioned above, this is a relatively new invention, but one with broad application.

For example, if you want to tokenize works of art, you can opt for the ERC721 tokens, each of which will be unique and linked to a single piece of work.

Ethereum (ETH) price

At the moment of this writing, Ethereum (ETH) is traded at $516.10 after the cryptocurrency dropped by about 5% in the last 24 hours within a cryptocurrency market which is trading “red” right now.

Despite Ethereum (ETH) blockchain’s successful jobs with ERC20 smart contracts and the newly added ERC721 token standard, Ethereum (ETH) price is not soaring as many fans would expect. Unfortunately, Ethereum (ETH) is still very volatile.

In short, Ethereum ERC20 smart contracts have shown to be a real success as they proliferated in a few months from 5,000 to nearly 100,000.

On the other hand, Ethereum (ETH) smart contracts have a new fierce competitor, that is IOTA (MIOTA) Qubic.

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Crypto

ZepellinOS Is A New Open Source Decentralized Platform To Facilitate Ethereum (ETH) Smart Contracts Use

The blockchain startup Zepellin launched ZeppelinOS, a new decentralized open source platform, aimed at developing, operating and managing smart contracts in Ethrereum (ETH) blockchain.

The announcement was made by Zeppelin’s founder and CEO, Demian Brener, in the company’s corporate blog, adding that the objective is to present solutions to the current difficulties in deploying and improving smart contracts, based on the vulnerabilities that may arise over time.

ZepellinOS open source decentralized platform aims to facilitate the creation of applications on the Ethereum (ETH) network

ZepellinOS offers options to link the applications created to the standard open source smart contracts library, already deployed in Ethereum (ETH) blockchain, which is maintained by a community of more than 100 developers worldwide.

This new platform is the result of a series of studies carried out since 2017 by a team of experts from the company, led by the founders of Zeppelin, Demian Brener and Manuel Araoz.

The goal was to facilitate the creation of applications on the Ethereum (ETH) network, a process that, as explained in the project’s white paper, was slow and cumbersome, as well as costly.

The team worked on the creation of ZeppelinOS, making it possible through a system of update patterns to mutate the source code of smart contracts in order to make improvements to the faults detected over time.

ZepellingOS will handle smart contract on Ethereum (ETH) blockchain with access to new functions

The Zepellin startup announced that ZeppelinOS project will be complemented by new functions, which will be integrated into the platform with the launches to be announced over the next two years.

These features are ZeppelinOS Kernel and the ZEP token.

The first seeks to register standard mechanisms for updating smart contracts and creating new versions of standard contract code libraries. As for the second feature, there will be a ZEP crypto token will also be used to reward developers, among others.

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