Archive November 2019

Brazil represents 30% of Ripple’s value transfer volume

ripple-brazil

Brazil is already responsible for 30% of Ripple's money transfer operations. The number is so significant that it motivated the opening of an office in São Paulo and encouraged the constant coming of its vice president to the country.

The information comes from the executive himself, Eric van Miltenburg, senior vice president of global operations at the company, in an interview with local business magazine, published on Tuesday (26).

Miltenburg says that even with the constant presence of Ripple's CEO in Brazil, Luiz Antonio Sacco, his coming to the country means increasing efficiency and unlocking opportunities. According to the executive, this fine-tuning has worked so far.

Another point, he said, is that with the São Paulo office, the startup starts to learn from the country's good ideas and apply them to the rest of the world.

Brazil is now part of a select group of countries that have company offices (United States, United Kingdom, Australia, Singapore, and India).

Ripple wants to be global

According to the vice president, Ripple seeks markets with large volumes of low-value transfers.

This is because the traditional system of international bank transfers is very inefficient, which results in higher fees being charged.

However, he stressed that every country is interested in Ripple, as the intention is to build a global network. In Brazil, for example, she already works with three financial institutions: Banco Rendimento, Santander and BeeTech Global.

However, he said, "the most developed countries tend to have a slightly more efficient international money transfer structure." According to him, there are already more than 300 partner banks in the world.

Libra Difference

What would be the difference between the project he runs for Libra, the cryptocurrency being developed by Facebook.

In addition to citing its decentralization, Miltenburg said first that Ripple does not threaten established currencies: "On the contrary, we want to strengthen them."

He gave an example. According to the executive, increasing the efficiency of a bank transfer between Brazil and Canada threatens neither the Real nor the Canadian Dollar.

"On the contrary, I reinforce their importance," he said.

About the Pound, he said Facebook is trying to create a currency that would be tied to a basket of coins. For him this is what bothers governments.

“I think that bothers the French government. Facebook is said to try to assert itself as a global central bank. I find it difficult, ”he commented.

Miltenburg does not believe that in the future any currency can play a dominant role, whether it is the Pound or even the dollar, which he says has turned into a de facto global currency.

In short, he said that the more the idea of ​​a global currency loses strength, the better for Ripple.

“The world needs a neutral means of payment to bridge currencies. That's where we come in, ”he concluded.

Ripple, 3rd largest market

Ripple ranks third among the highest market value cryptocurrencies, worth $9.6 billion according to Coinmarketcap, second only to Ethereum ($16 billion) and Bitcoin ($131 billion).

Focused since its inception on international transfers, Ripple has numerous partnerships around the world. The company believes that in the long run it can fight giant global transfer institutions.

25,000 blockchain companies in China tried to issue their own cryptocurrencies

china-blockchain

Chinese officials, led by the country's central bank, have issued a paper stating that thousands of local blockchain companies have tried to issue their own cryptocurrencies.

About 89% of blockchain companies in China - about 25,000 - may have tried to create and issue their own tokens, while only 4,000 are fully focused on blockchain applications, said Yedong Zhu, president of the Beijing Blockchain Applications Association, in Beijing. an interview with Chinese state media CCTV at the launch of the report.

According to the report, more than half of the 28,000 blockchain companies are based in southern China's Guangdong province, next to the Chinese Silicon Valley in Shenzhen, while the rest usually run their operations in Beijing and Shanghai.

The document was released amid a new Chinese crackdown on cryptocurrency companies.

A few weeks ago, Chinese President Xi Jinping asked the country to get more involved in blockchain-based technologies. Since then, however, the government has run the narrative “Blockchain, not Bitcoin,” reminding people that cryptocurrencies remain illegal in general.

Last week, the Central Bank of China in Shanghai made a new regulatory update, which said it would strengthen regulation and control and restrict trade in cryptocurrencies.

According to the update, authorities will continue to enforce strict regulations while monitoring cryptocurrency-related activities within their jurisdiction. In addition, it also states that once identified, these activities will be “stopped immediately and prevented from continuing”.

In 2017, China banned ICOs in the country. However, it still allows mining operations and possession of crypto assets.

The report is one of three "eBooks" that guide Chinese officials on how to regulate the emerging fintech industry. The other two reports focus on technologies used by regulators and financial technologies.

The EU creates an AI fund of 400 million euros with Blockchain

europe-central-bank

A new fund has been created with the aim of preventing the EU from falling behind nations like the United States and China on innovation in blockchain and artificial intelligence (AI).

The European Investment Fund (EIF) and the European Commission have jointly collected 100 million euros (more than 110 million dollars) for a specific investment scheme that will make capital available to AI and blockchain projects through Venture capital funds or other investors, the FEI, an EU agency indirectly to finance SMEs, said in a blog post on Wednesday.

With the “cornerstone” financing in effect, the EIF said that private investors are expected to bring up to 300 million euros (331 million dollars) to the fund, while the total could increase further from next year, with national promotion banks that can co-invest under the plan.
Sifted reports that the fund could ultimately raise up to 2 billion euros ($2.2 billion) under the InvestEU Program. According to the post, the EU already spends a lot on the blockchain (the planned expenditure for 2019 is 674 million dollars), but that is mainly aimed at research and proof of concepts.

The United States is the largest spender, with an expected cost of $1.1 billion, and China ranks second with $319 million, according to the quoted numbers from the International Data Corporation.

The new fund aims to address the fact that not much is spent in the EU in the development of 'larger-scale projects.

“Investing in a portfolio of innovative AI and blockchain companies will help develop a dynamic community of investors across the EU in AI and blockchain. By involving national promotional banks, we can expand the volume of investments nationwide” said the FEI.

What are the top three challenges of Bitcoin Lightning Network?

bitcoin-Lightning-Network

The inception of Lightning Network, which is a complementary layer for facilitating out-of-chain transactions in Bitcoin, has been termed as having a transformative potential.

Once the technology is deployed on all nodes, the network is expected to accelerate transaction processing and minimize related expenses on the BTC blockchain.

While all the talk has been focused on Lightning Network's game-changing potential, there are problems. This innovation has some challenges that need to be overcome to reach its full effectiveness.

Challenges include: unnecessary online presence; the possible inability to resolve BTC network issues; and the potential inability to fully address Bitcoin's transaction rate problem.

Challenge 1: Security Vulnerability

To facilitate the transfer of payments, nodes in this network should remain online at all times.

In addition, cold storage is considered impossible on Lightning Network. The problem with this development is that this type of storage is considered the safest way to maintain cryptocurrencies. Consequently, there is a chance that this network is open to hackers and theft.

On the other hand, where nodes go offline, a multitude of challenges arise. There are concerns that in a two-user payment channel, one party may close it and keep funds for themselves while the other is offline. This aspect is called “fraudulent channel” closure.

Alternatively, when a node goes offline, there is an enhanced possibility for the entire network to collapse. This issue is related to the concentration of funds on system-specific nodes.

From a practical perspective, this scenario can result in blocking user tokens if one of the nodes goes offline.

Challenge 2: Possible BTC Network Inability

The introduction of Lightning Network is designed to help Bitcoin achieve viability as a conduit for daily transactions, whether paying for clothes from an online store or renewing cable television subscription.

However, the BTC has much to accomplish before it is universally adopted. The recent increase in transactions is mainly related to the growth in trading volume. From this perspective, it can be argued that Lightning Network's net effect on minimizing BTC's transaction fees may be negligible.

Challenge 3: About Bitcoin Transaction Rate

Another issue Lighting Network must address is the increase in fees when it comes to performing BTC transactions. The argument is that rates will be reduced when this innovation facilitates transactions outside BTC's main blockchain because the current high rates are associated with the congestion experienced in the main blockchain.

However, congestion is just one of the factors contributing to the high rates. In addition, the digital currency rate itself is a significant part of Lightning Network's overhead.

Firstly, its costs are linked to two critical factors. First, its costs include a fee equal to BTC's transaction charges for opening and closing channels between the parties. The second cost is associated with separate routing charges for moving payments between channels.

While Lightning Network's routing rate, currently set to zero, may remain low due to its relative scalability, BTC's transaction charges may increase as a result of factors beyond the new technology.

Dentacoin Deep Analysis

dentacoin

Dentacoin (DCN) is a fashion product for the dental industry. Many organizations have begun to experiment with the blockchain in an effort to make management efficient. While any decentralized accounting book can streamline dental services, Dentacoin surpasses them all as it is customized only for this field.

DCN is not a single person project. Rather, it is a product that was created by a team of engineers, dentists, programmers, marketers and other experts in advanced technology. Members come from the United Kingdom, the United States, India, South Africa, Germany, Russia, Germany, the Netherlands and Bulgaria. Collectively, these individuals form the Dentacoin Foundation.

The basic work for the DCN currency began in 2014, but the foundation was created in 2017. The project was subjected to a test analysis in March and finished in May of the same year. Since its creation, the Dentacoin blockchain has become a reliable tool not only for organizing and sharing dental records, but also in a contractual system.

What is Dentacoin and how does it work?

Like most blockchains, Dentacoin is rather an accounting book to store dental records securely. As a decentralized tool, there is a lot of transparency and allows the majority of patients and doctors around the world to interact.

This digital accounting book works through … A smart contract is a computer protocol that facilitates, verifies, negotiates and concludes the contract. Like ordinary contracts, the conditions must be met before dental coins are issued to the recipient. If all the requirements are not met, the contract will end on its own, and the amount in custody will be returned to the rightful owner.

The Dentacoin blockchain was created thanks to the combined efforts of about 120 people. Members of the core team are Dr. Dimitar Dimitrakiev, Philipp Grenzebach, Sergey Ushakov, Jeremias Grenzebach, Alexander Atanasov and Daniel Kolarov.

Main features of Dentacoin

Like most blocking chains, Dentacoin also has unique features that make it attractive to those who deal with dental services. Here is a drop-down list of the best qualities that this blockchain shows:

Healthcare Database

Any blockchain in its core is simply a digital accounting book that provides storage space for new transactions. DCN keeps records of all patients who have attended a particular clinic and why they were treated. Individuals and doctors can share their records with third parties through private keys.

This digital accounting book comes with infallible security and is known to be transparent. Once a record has been registered and a block has been assigned, there is no need to edit it again, which usually ensures that there will be no further manipulations in the future.

Trusted Review Platform

The Dentacoin ecosystem revolves around revisions. Basically, anyone who needs the best dental services can visit the review platform based on the Dentacoin blockchain and examine through some of the user comments until they find the service they like.

Dentists will also use the platform to identify and solve some of the complaints that clients make against them. Unlike conventional platforms, this rewards users with some Dentacoins for leaving honest comments.

How do trust reviews work? There are two types of reviews submitted: standard and trusted. Anyone is free to post comments, but trusted ones come from real dental patients.

Once you see a dentist and receive treatment, you will receive an email later to review your services. The link ensures that you check the exact dentist and not another person. The more you post your comments, the more Dentacoin cryptography you will get.

Dental insurance

One of the biggest challenges facing dentistry is the lack of affordable dental premiums. The Dentacoin Foundation intends to make dental services accessible to many people around the world through chain-based insurance. In this network, the patient's well-being becomes a shared responsibility between him and the dentist. Simply put, the interests of the patient and the dentist will be aligned.

Post-treatment mobile application

Post treatment is vital for a healthy cure. Through a mobile application, the Dentacoin blockchain will help dentists provide their patients with more care while they are out of the treatment center. The application is simply a way to enforce long-term good dental practices in both children and adults.

Educational website

The Dentacoin website focuses on imparting to its users knowledge about the best dental habits. Knowledge is transmitted through reading articles, answering questionnaires and play.

The Bitcoin of the dental industry?

Dentacoinis is sold like that of the dental industry because it is one of the few blockchain projects oriented to this niche. Its mission is to make dental care accessible to almost 80% of the population.

The blocking chain will remove the power from the hands of intermediaries, usually insurance companies. This will be achieved through the self-execution of smart contracts with the issue of peer transactions. This will help patients reduce their costs. The blockchain will also involve participants and promote healthy dental habits through the Dentavox incentive program.

Does the dental industry really need to be tokenized? Absolutely. It is estimated that the dental care industry has a value of more than 400 billion dollars. This means that if Dentacoin is adopted by many people in this niche, it could become as valuable as Bitcoin itself.

The Dentacoin team

One of the determinants of a robust blockchain or cryptocurrency is the presence of well-informed individuals behind it. In fact, Dentacoin is a creation of many geniuses. Here are some of the core team members and their credentials.

Dimitar Dimitrakiev

Dimitar is the founder of Dentacoin and an accomplished university professor. His knowledge of financial markets spans more than two decades. He is a lover of science and engineering, and this has earned him a position in established research organizations such as EADM, the Union of Automation and Informatics, and the IEEE computer society.

Philipp Grenzebach

Philipp has a degree in law, business administration and economics. As co-founder, he deals with all commercial aspects of things in the blockchain. His dream is that more decentralized markets replace conventional centralized systems.

Jeremías Grenzebach

Jeremias is an expert blockchain developer with more than 8 years of experience. He has participated in other famous block chains such as,,,,, uPort, iMToken and Byteball. His exceptional coding skills earned him a position as Dentacoin chief coder.

Dentacoin Roadmap

The roadmap of this blockchain began in 2017 with the launch of its file. Some of the milestones that have already been reached (at the time of writing this article) include the formation of the foundation and the launch of the review platform. Pending projects include

  • DentaVox - this is a customer intelligence tool also known as a market center that uses questions to get customer feedback. The tool will contain about 100 questions, and there will be incentives (on DCN tokens) according to the time spent answering the questions.
  • Launch of the mobile application -Dentacare mobile app is one of the “work in progress” projects in which the foundation is currently working. The android application will teach people about the best dental practices to adopt.

Token DCN

The Dentacoin blockchain runs through a DCN token. This sheet provides a means to encourage people to participate in the network. It can be said that anyone who owns several of these currencies owns an action of the Dentacoin Foundation.

This blockchain token can be exchanged for medical services or “HODLed” (retained) as an investment. Unlike Bitcoin and other cryptocurrencies, Dentacoin is not minable. There is a maximum of 8 trillion DCNs with approximately 325,000 million in circulation.

The objective of the foundation is to distribute 76.1% of its cards in a smaller proportion between 2018 and 2042. The cards will be sent in “Timelock” contracts, in which the founders will obtain 5%, 2.4% will go to The main founders and a major part will go to the public. More information on the distribution of tokens on the Github page.

Dentacoin price growth

Unlike most of the best selections, Dentacoin's transaction history is not exciting. Surely the currency has made some milestones in the price, but never exceeded the dollar. All this can be attributed to the fact that the currency is still young and most people don't know it.

When the coin was first launched, it was trading at just a few cents and reached a record high of $ 0.006 on January 8, before falling to around $ 0.00035. Dentavox and the Dentacare mobile application are some of the pending projects that most followers are waiting for.

Conclusion

Dentacoin is the only cryptocurrency that aims to revolutionize dental care services. Patients can pay for the treatment of teeth with DCN coins and can receive it from dentists after leaving a good feedback about their services. Although cryptocurrencies are still finding their place in our societies, this currency may work well not because of the low competition from similar companies but because of the dynamic services it offers.

Africa calls European blockchain companies

africa-blockchain

Cape Verde works to be the African hub with services of this technology

African countries look to Europe and open their doors to the arrival of innovation with advantages to work, or to receive the investment of blockchain developers from the old continent. This was expressed by the African speakers of the Global Blockchain Convergence Congress, held from November 11 to 13 in Malaga. “In Africa, we have an open mind to developments with blockchain technology, and we think of our own solutions. We are very flexible because it is a very important technology for us, ”said Victor Varela, member of the Executive Board and CTIO at NOSI (Operational Nucleus for Information Society) of Cape Verde.

Cape Verde works to be the hub to provide the services of blockchain technology. The services will be in the cloud to offer them to the rest of Africa. He calls on European companies, “tell Spanish companies that you are welcome to do joint projects and teach us. We have facilities to investigate and work. We are developing the regulation, we give support to the implementation ”, explained Víctor Varela.

The country is aligned with regulation, the GDPR (data protection regulation) and European standards in blockchain. It has an experience of twenty years in the development of software solutions for finance, health, education, and administration. “We have won awards in software solutions, and we are a reference in Africa. We want to repeat it with blockchain, it is a disruptive technology to catapult the country's digital economy, and to boost its e-commerce, ”added Victor Varela, who remembers the digital programs of Cape Verde (Digital.cv and Techpark.cv) to find out the promotion of initiatives, while Nosi.cv is the public company to develop electronic government.

IDB Lab launches L-Net to organize the Latin American blockchain network

LACChain-1050x600

IDB Lab, the innovation laboratory of the Inter-American Development Bank (IDB), builds blockchain networks in Latin America. It has launched L-Net to boost and operate the main nets (blockchain networks in production) of LACChain, the global alliance to develop block technology in Latin America and the Caribbean. “L-Net will orchestrate the organizational and operational needs of DLTs technology infrastructures, such as blockchain, throughout the region” explains Moisés Menéndez, who will be in charge of the organization and launch of L-Net, as senior advisor of IDB Lab, after leaving Everis to keep his entrepreneurial path. IDB Lab will work in coordination with Alastria on this project.

These infrastructures will be designed to function “within the legal framework and will support the actual use of the services of any public or private organization. They can be used by millions of end-users, whether consumers or citizens. Our goal is to achieve a model with the highest level of decentralization, ”adds Moisés Menéndez. Argentina, Mexico, Chile, Peru, Colombia, and Costa Rica are the countries adhering to LACChain, and all of the regions are expected to join. The LACChain Network is already available from a technical point of view and supports more than ten real use cases.

Sustainable model

Establishing the economic and incentive model that makes the network sustainable is one of the challenges. “We will make a sustainable network with a clear focus on the public good, totally inclusive, a true asset for the entire region. The concepts of governance must be brought down to the real ground, so that any citizen can use this technology transparently. You have to specify understandable models for regulators of any kind. L-Net will be the instrument of LACChain to promote an operational network, as with other consortiums of DLTs, ”says Moisés Menéndez.

The LACChain Consortium Network. L-Net, its cooperative and coordination center.
(Funciones y Relaciones)

Precisely, one of the brakes to the expansion of block technology in narrow-margin markets is to decide who pays the proof, for example, of the origin of a food product in a blockchain network. The producer and the store at the expense of its margin, or the consumer at the cost of raising the price of the product? “We are going to investigate the realization of a sustainable economic model for a blockchain network, and that is in accordance with the current regulation so that it can work now,” says Moisés Menéndez.

The cost of use

Moisés Menéndez advocates a cooperative economic model, to prevent the cost of using this technology from slowing its implementation. The project would lay the foundation for the expansion of a blockchain network in Latin America. Bid Lab speaks with renowned companies linked to blockchain technology to add them to the project.

The cost of using blockchain technology is one of the brakes to its expansion. Public networks, such as Ethereum, are supported by miners' computers, which collect their work through the blockchain cryptocurrency (Ether, in the case of Ethereum) Those who use the network must pay their cost, called gas. The problem is that the value of cryptocurrencies is very volatile because they have become an investment object, and companies cannot adopt such variable cost technology. On the opposite side, there are private solutions, such as those supported by technology providers. In between, there are intermediate solutions such as the Alastria permit network, with nodes collaboratively and voluntarily placed by the companies of the consortium.

Bitcoin plummets below $7,000 after pressure from China under cryptocurrencies

Bitcoin-Images

The price of bitcoin continues to fall sharply and at 11:08 am this Friday (22) fell below $ 7,000 for the first time since May.

The bearish movement began in early November and intensified during Thursday (21) after the BTC lost $8,000.

A few weeks ago, Chinese President Xi Jinping asked the country to get more involved in blockchain-based technologies. Since then, however, the government has run the narrative “Blockchain, not Bitcoin,” reminding people that cryptocurrencies remain illegal in general.

Today, the People's Bank of China headquarters in Shanghai has made a new regulatory update, describing that it would strengthen regulation and control and restrict trade in cryptocurrencies.

According to the update, authorities will continue to implement strict regulations while monitoring cryptocurrency-related activities within their jurisdiction. In addition, it also states that once identified, these activities will be “stopped immediately and prevented from continuing”.

Authorities seem to believe that there are multiple risks regarding the issuance of cryptocurrencies and their respective negotiations. These include asset tampering, investment speculation, business bankruptcies, among others.

In short, investors should not mix blockchain and cryptocurrency technology, as government policies on both are particularly different.

Market in red

All major cryptocurrencies in the market operate sharply on Friday. Ethereum and Bitcoin Cash are down 11% each and are trading at $ 146 and $ 204 respectively.

Crypto market capitalization also fell below $ 200 billion after losing more than $ 50 billion in November alone.

Bitcoin continues to dominate the market with over 66% of marketshare.

PayPal invests $17 million in startups of cryptocurrency risk control

paypal-cryptos

PayPal Ventures is one of the investors at startup TRM Labs, focused on risk management and cryptocurrency compliance for the financial sector. According to Coindesk, the company raised $4.2 million, with the participation of PayPal's venture capital arm.

With the new investment, TRM, which emerged from the US accelerator Y Combinator project, now has $5.9 million in cash to tap compliance solutions for the traditional financial sector.

On the TRM Web site, the company says it was built by experts who have already gone through Google, Amazon, and universities like Harvard and Stanford.

Although it will compete with the well-known Chainalysis and Elliptic, the startup is focused only on the financial sector.

According to a statement shared with Coindesk, TRM will help financial institutions simplify customer due diligence and meet regulatory requirements.

"Financial institutions use TRM to rate the risk of their cryptocurrency-related transactions, customers or partnerships," the startup said in a statement.

The focus, therefore, is to help financial institutions combat money laundering, prevent fraud and maintain compliance - which is a set of actions to ensure compliance with the standards set by law.

Speaking to Coindesk, Esteban Castaño, co-founder and CEO of TRM, said his team is helping financial institutions think about the potential of cryptocurrencies and mitigate market-related risks.

“By designing solutions to prevent cryptocurrency fraud and financial crime, we enable this vision of building a safer financial system for billions of people,” said Castaño.

According to Coindesk, in addition to PayPal, they invested in TRM Initialized Capital, the company of Reddit founder Alexis Ohanian, and Blockchain Capital.

PayPal post Libra

PayPal recently left the Facebook Libra project, where it was scheduled to be one of the Foundation's 100 node blockchain.

As the company reported, the reason for leaving was that it needed to focus more on its own projects.

However, a report in several newspapers revealed that PayPal has begun to move away from the project due to criticism and recent regulatory issues discussed by various countries around the Libra.

However, at the time the company did not hesitate to say that it supports the initiative of the social networking giant:

"We maintain our support for Libra's aspirations and look forward to continuing dialogue on how we can work together in the future."

US IRS: Bitcoin ATM Users and Operators

bitcoin-atm

The Internal Revenue Service (IRS), which is the United States Internal Revenue Service, is keeping an eye out for bitcoin money exchange activity through ATMs for purchasing cryptocurrency. According to Bloomberg Law, the authority aims to combat tax evasion and money laundering.

John Fort, head of the IRS criminal investigation, commented on the matter during a blockchain conference last week in New York.

According to him, if the person can insert money and withdraw cash bitcoin, obviously the authorities are interested in knowing the source of these resources.

Fort stressed that users of the service are required to comply with the same anti-money laundering regulations and that the agency is interested in analyzing compliance issues.

The director said that so far there have been no registered public cases, but there are some cases under investigation regarding tax issues in cryptocurrencies.

However, he believes that as a sector lacking transparency and visibility, the new market has the potential to circumvent the rules.

Bloomberg added that the IRS is also eyeing the exchanges where US and overseas-based cryptocurrencies are traded.

Bitcoin ATMs

According to data from the Coin ATM Radar website, the number of bitcoin ATMs is already over 6,000, a new global record. Most of them are located in the USA.

The country boasts more than half of the equipment: 4,133 units, about 65% of the total. Canada and the United Kingdom come respectively after, with 732 and 295 points.

However, the largest movements of cryptocurrencies are performed through exchanges, online wallets and also P2p services.

According to Coin ATM Radar, all of these services now number nearly 150,000 platforms worldwide.