China Launches Test of DCEP Digital Currency in Four Cities

The People’s Bank of China (PBOC), the country’s central bank, introduced a digital currency known as DCEP (Digital Currency Electronic Payment), which it said will share some features of bitcoin and Facebook’s Libra. It’s being internally tested in four large cities — Shenzhen, Suzhou, Chengdu and Beijing satellite city Xiong’an — aimed at improving its functionality and, in part, to prepare for the 2022 Winter Olympics in Beijing. The PBOC started its digital currency research in 2014. Continue reading China Launches Test of DCEP Digital Currency in Four Cities

Facebook Narrows Scope of Proposed Libra Cryptocurrency

Facebook and its partners pulled back their ambitious plans for the Libra cryptocurrency, which was unveiled last June as “a futuristic global money” that could be the foundation of a “new kind of financial system.” In the months since its June debut, the Libra project has encountered a range of obstacles and the scrutiny of regulators. The Swiss-backed Libra Association, citing global opposition to the project, now aims to create a payment network with coins tied to a local currency. Continue reading Facebook Narrows Scope of Proposed Libra Cryptocurrency

Tether, Most Widely Used Cryptocurrency, Is Under Scrutiny

Although Bitcoin accounts for 70 percent of all the global digital assets’ market value, Tether is the world’s most widely used cryptocurrency, said CoinMarketCap, which revealed that Tether, despite the fact that it’s market capitalization is 30 times smaller than Bitcoin, has the highest daily and monthly trading volume. Tether surpassed Bitcoin in April and, said CoinMarketCap, has done so consistently since early August, at about $21 billion per day, with monthly trading volume 18 percent higher than Bitcoin’s. Continue reading Tether, Most Widely Used Cryptocurrency, Is Under Scrutiny

New Cryptocurrency Planned by Messaging App Telegram

Social network Telegram is moving ahead with its plans to issue its own cryptocurrency, dubbed Gram, within the next two months. The 200 million to 300 million global users of its messaging app will also have access to Gram digital wallets. Telegram appears to have the same ambitions for Gram that Facebook has for its Libra cryptocurrency: as a way to move money worldwide. In early 2018, Telegram tapped $1.7 billion from prominent investors including major Silicon Valley venture capitalists to launch the fund. Continue reading New Cryptocurrency Planned by Messaging App Telegram

Facebook Cryptocurrency Gets Backing From Major Players

Mastercard, PayPal Holdings, Uber Technologies and Visa are among the more than a dozen companies that have agreed to back Facebook’s new cryptocurrency, codenamed Project Libra. Each company will invest $10 million and be part of the Libra Association, a consortium to control the virtual currency, said sources. The invested money will fund the currency, which will be linked to a collection of government-issued currencies to make it more stable. Facebook has been developing the project in secrecy for over a year. Continue reading Facebook Cryptocurrency Gets Backing From Major Players

GlobalCoin: Facebook Expected to Debut Bitcoin Rival Soon

Facebook reportedly plans to release its GlobalCoin cryptocurrency later this month, and will hand over control of it to an independent foundation. GlobalCoin, which is intended to rival Bitcoin, is the fruit of Facebook’s development, linked to a project dubbed Libra in concert with financial and technology partners. GlobalCoin is likely to target developing countries with unstable currencies and will be pegged to the U.S. dollar. Facebook will purportedly integrate GlobalCoin on WhatsApp, Messenger and Instagram. Continue reading GlobalCoin: Facebook Expected to Debut Bitcoin Rival Soon

Coalition of Banks Launches Bitcoin for Cross-Border Trade

Led by UBS Group, 14 financial firms including banks in the United States, Europe and Japan are using blockchain technology to settle cross-border trades. The group, which spent the last four years developing this project, invested £50 million ($63.2 million) to establish Fnality International, a company to control the bitcoin token, dubbed the utility settlement coin (USC). Trades can take a long time to clear and failed trades are common; the USC token would both carry all the information to complete a trade and be payment for it. Continue reading Coalition of Banks Launches Bitcoin for Cross-Border Trade

Microsoft Debuts Project to Adopt Blockchain for Digital IDs

Last year, Microsoft described the idea of a “self-sovereign digital identity,” and has now introduced a project that would shift login credentials to blockchain. With this model, users — not Microsoft — would be responsible for their own digital identities and the portable credentials would, in principle, allow access to numerous applications. Advocates of blockchain champion the concept as more private, preventing anyone from following the user’s activity on the Internet and limiting the opportunity for hacks. Continue reading Microsoft Debuts Project to Adopt Blockchain for Digital IDs

Facebook Is Developing Cryptocurrency Payments System

Facebook is currently recruiting financial firms and online merchants to launch a “cryptocurrency-based payments system on the back of its gigantic social network,” reports The Wall Street Journal. At its center is a digital coin that users would be able to send to one another and use to make purchases on Facebook and on the broader Internet. This has the potential to significantly disrupt, or even up-end, “the traditional, lucrative plumbing of e-commerce and would likely be the most mainstream application yet of cryptocurrency.”

Continue reading Facebook Is Developing Cryptocurrency Payments System

USC Will Host Full-Day Blockchain Symposium This Friday

USC Viterbi School of Engineering’s Center for Cyber-Physical Systems and the Internet of Things (CCI) is hosting the second International Symposium on Foundations and Applications of Blockchain (FAB 2019). The event will take place on Friday, April 5, 7:00 am – 8:00 pm at USC. This one-day symposium builds on the previous success of FAB 2018, attended by close to a hundred participants and featuring presentations by distinguished speakers from academia and industry. To register, visit the symposium’s Eventbrite page. Continue reading USC Will Host Full-Day Blockchain Symposium This Friday

Cryptocurrencies to Launch Soon From Messaging Services

Facebook, Telegram and Signal plan to utilize their messaging services as platforms to launch new cryptocurrencies over the next year. Their virtual currencies will allow users to send money to contacts around the world via the messaging services. According to inside sources, Facebook has been secretly working on a coin for WhatsApp that users could “instantly” send to friends or family. Facebook’s WhatsApp project is developed to the point that the company is already in discussions with cryptocurrency exchanges. Continue reading Cryptocurrencies to Launch Soon From Messaging Services

DTR and Academics Tackle Faster, Scalable Cryptocurrency

A group of professors from universities including the Massachusetts Institute of Technology, Stanford University and University of California, Berkeley are at work on the Unit-e, a “globally scalable” cryptocurrency that can achieve blazing speeds and retain Bitcoin’s vaunted decentralization. Unit-e will be the first project of the non-profit Distributed Technologies Research (DTR), an academic-formed foundation supported by hedge fund Pantera Capital Management. They hope to design a coin that will process transactions faster than Visa. Continue reading DTR and Academics Tackle Faster, Scalable Cryptocurrency

Blockchain at CES 2019 – What a Difference a Year Can Make

Blockchain sessions and projects still abound at CES this year, but the bloom is definitely off the rose. At last year’s sessions it was standing room only, but this year it was no problem finding a seat. Given that cryptocurrencies are down 82 percent since last year at this time, I guess it’s no surprise. The good news, however, is that with a lot of the hype and “quick buck” mentality deflated, there’s a lot of good work and investing still being done. Unlike last year, which was one ICO announcement after another, this year was much more subdued and focused on products that address real business needs. Continue reading Blockchain at CES 2019 – What a Difference a Year Can Make

CES Panel: How Blockchain, a Trust Technology, Is Evolving

CTA’s Tyler Suiters spoke with Phil Klein and Mark Mueller-Eberstein about their book, “The Trust Technology: How Blockchain Is Changing Your World.” “[Blockchain] has rapidly evolved,” said Klein. “The question is when it goes from bleeding edge to leading edge. I think we’re very close to that point. We’ve already crested past the hype cycle.” Mueller-Eberstein noted that blockchain and bitcoin first emerged as something transformational about four or five years ago. The academic research comes mainly from China. Continue reading CES Panel: How Blockchain, a Trust Technology, Is Evolving

Facebook Strategizing Cryptocurrency for WhatsApp in India

With an initial focus on the Indian market, Facebook is developing a cryptocurrency aimed for use on its WhatsApp messaging app. More specifically, sources said the company is developing a so-called stablecoin, which is pegged to the U.S. dollar to reduce volatility. The company is, however, still working on its strategy, meaning that debut of the coin is still some time off. In 2014, Facebook hired former PayPal president David Marcus to run Messenger, fueling belief the company was going to engage in financial services. Continue reading Facebook Strategizing Cryptocurrency for WhatsApp in India

Page 1 of 41234