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How Asia is unbeatable in blockchain tech

How Asia is unbeatable in blockchain tech

Far away from the western eyes, the blockchain system in Asia is growing. Every project, start-up, and new idea is based on blockchain. Asia is seeing the future in blockchain and they are not mistaken. Every time something is trending in the world, in Asia it was popular five years ago. Meaning that they are always looking forward and their innovative ideas are always changing things for the future of the whole world. A vibrant ecosystem of the public and allowed system has boomed in Asia. The blockchain is protected and embraced by the governments in Asia. It’s not only China that is welcoming the blockchain system in the country but other countries too. Everyone across southeast Asia is officially hooked with the idea of blockchain. The blockchain system is already used in different industries. For example aviation - China and India use blockchain for deploying the visitors from each other. It is speeding up immigration for millions of people.

Asia loves blockchain because the new technology and creative ideas are important for them. They know that in the future everything will work based on technology. Solving any kind of problem with blockchain is not a hard task, so they are adopting this system as much as it is possible. Singapore is also using a blockchain system. In fact, it is one of the greatest examples of using blockchain. The biggest fintech festival in the world celebrates fintech that is using blockchain every year.

The important part of using blockchain in China is the fact that most people are trading. They know that the future of the financial world is in trading and because of that regulations and proper protection is needed. Some of the largest crypto exchanges as well as the largest crypto miners are located in China. China is also the first country that will have a CBDC (central bank digital currency).

Japan has pretty much fully integrated itself with Bitcoin as almost everything can be bought with BTC there. Singapore is an unstoppable fintech machine where the most number of fintech startups are going. Blockchain is a fintech so it's pretty obvious why this is an important location.

The situation in Singapore is so advantageous in the fact that the list of 10 best Asian forex brokers contains nearly 8 companies located in this particular city. FX trading is also considered as some kind of fintech so it's not too surprising. It is almost becoming a cultural thing. Singapore is looking at bitcoin and foreign exchanges as a business and where the economic value can be driven.

Interest in technologies

One of the main things, why people in Asia are so interested in blockchain technology and financial technology is that they are extremely interested in new tech. For the blockchain adaptation, solid IT support is required. Korea possesses one of the fastest internet speeds in the world, which means blockchain and other new IT tech can be flawlessly completed.

Asians are using blockchain in this pandemic too. To secure data hackers and cyber thieves, many Asian countries decided to use blockchain as the protector during the coronavirus pandemic. Blockchain technology has become more widely embraced in various areas of different fields. One of the most important is of course the financial services industry. During the coronavirus pandemic, people were stuck in their homes. They needed online payment methods that will not cost too much of their money because everyone is saving money in these uncertain times. That is why the use of fintech and online payments rose during the pandemic. Everyone was buying stuff online because they could not go out to do something they wanted. The recent digital currency electronic payment (DCEP) enterprise by the People’s Bank of China has put blockchain and crypto back on the radar screen. Home to the largest FinTech community in Hong Kong with well over 300 FinTech start-ups and companies in the community. Cyberport is pleased to be powering Hong Kong Blockchain Week to examine the latest improvements of blockchain and showcase Hong Kong’s abilities in this area. Asia is always drawing blockchain talents together to exchange ideas, to co-create business occasions as well as to lead the region in embracing blockchain and they are doing a great job in it because they are best in adopting the blockchain system.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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DeFi Startup Acala to Build New Oracle Network For Polkadot Ecosystem 

DeFi Startup Acala to Build New Oracle Network For Polkadot Ecosystem 

DeFi project Acala is working to revolutionize the way projects using Polkadot information get their data — specifically, price feeds. 

Oracle exploits in the DeFi world are a hot topic right now: an eye-watering $100 million has been lost recently due to hacks. This is because protocols are getting their data, particularly price data, from just one source. 

Acala, in a technical collaboration with Laminar and Band Protocol, wants to make oracle networks more decentralized. 

How will they do this? 

The idea is that projects on the Polkadot ecosystem will use Acala’s Open Oracle Gateway. This system will speed up and secure the process of moving information off-chain to on-chain. 

Acala will do this by allowing multiple parties to create their own oracle price networks and provide price feeds — as long as they’re approved. 

Those using the Open Oracle Gateway will be able to pick the price feeds they want to use and choose an aggregated feed combining data (something that has been recommended as getting data from a single source compromises security.) 

All price feeds posted to Acala will be up-to-date, valid and refunded with transaction fees incurred, too, making them essentially free to anyone using Acala’s service. 

Why should we care? 

A number of hacks have happened lately because criminals are able to exploit weak oracles. Experts have also warned that this is likely to continue happening unless projects get their data from a number of sources. 

Acala is providing a solution: projects will be able to get price data from a large number of sources and the data will be approved and safe. 

This will protect exciting projects built on Polkadot — an ecosystem that has had a meteoric rise.

Who’s Acala? 

Acala is a DeFi hub and stablecoin platform powering cross blockchain liquidity and applications. The Acala Dollar (aUSD) is a multiple-asset-backed decentralized digital currency without volatility for the Acala network and wants to provide stability to those building on the Polkadot ecosystem.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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BitTorrent Arrives in Huawei’s App Store Following Latest TRON Partnership

BitTorrent Arrives in Huawei’s App Store Following Latest TRON Partnership

TRON, the crypto network whose architects seem to never sleep, is back with another partnership announcement. Its latest, a deal with telecoms titan Huawei, is sure to get tongues wagging, not just within the cryptosphere, but the broader tech industry. Four of BitTorrent’s apps have been added to Huawei’s native app store, making them accessible on up to 3 billion Android devices.

BitTorrent is already the world’s largest file-sharing network, boasting 100 million users who access the service via desktop and mobile. The addition of the app to Huawei’s AppGallery extends the reach of the file-sharing network, placing it in the hands of potentially billions of users. Given the difficulty of having crypto-related apps admitted into Apple’s App Store, the deal will be welcomed by Asian smartphone users seeking a simple way to torrent files and interact with crypto.

No other company manufactures more telecommunications equipment than Huawei, the Chinese tech company that was founded in 1987. Today it has over 194,000 employees and a presence in 170 countries. It is China’s largest tech firm and maintains a strong presence all across Asia.

TRON Enters Another App Store

TRON, which owns BitTorrent network, and whose founder Justin Sun is the company CEO, has already gained admittance to Samsung’s Galaxy Store. Earlier this year, a number of TRON-based dApps were listed there and connected with the built-in TRON crypto wallet. Huawei’s decision to partner with TRON can be seen as further evidence of how crypto is permeating every vertical it touches. While no knowledge of cryptocurrencies is required to use the BitTorrent app, its tokenized ecosystem – powered by the BTT token – creates an economy for rewarding file sharers, who provide network bandwidth.

With payment platform PayPal recently adding support for cryptocurrency, which can now be used as a means of payment with online merchants, digital assets are enjoying a rip-roaring end to 2020. It’s a year that has tested the crypto market, and indeed the entire world, as a series of macro forces including economic and biological crises have buffeted society and impacted the markets. Now, with the worst ravages of the pandemic appearing to have passed, and multiple vaccines on the verge of being rolled out, the stage is set for a remarkable recovery.

As TRON’s mission to expand into every major entertainment ecosystem accelerates, so does the case for TRX and BTT being supported by more leading platforms. Coinbase and PayPal are likely to be the next to bow to the inevitable and invite the TRON family into the fold. Those are rumors for another day, though. This week, all that matters is that TRON has entered the Huawei app store via BitTorrent, and it won’t be relinquishing its place in a hurry.

“This is another huge milestone for TRON and BitTorrent to be listed by one of the largest Android manufacturers in the world,” enthused Justin Sun. “We are excited to see the blossoming universe of distributed networks grow via Huawei devices and technology.”

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Two of the biggest economies in the Middle East have teamed up to create a joint CBDC

Two of the biggest economies in the Middle East have teamed up to create a joint CBDC

Quick Take

1 minute read

  • Could a dual CBDC be viable?
  • Two of the biggest economies in the Middle East have joint forces to test a partner CBDC.

A report was released earlier this week from two of the most powerful economies in the Middle East that looked into a year-long joint project for a central bank digital currency and the results are very positive.

Project Aber was first announced in January of last year and is an effort between the United Arab Emirates and Saudi Arabia to help create a “proof of concept“ designed to “contribute to the body of knowledge in CBDC and DLT technologies.“

This is the first project of its kind where two central banks have worked collectively on such a project. The report highlights that the name choice of Aber was particularly chosen as it relates to the core mission of the project.

“The name Aber was selected because, as the Arabic word, for “crossing boundaries”, it both captures the cross-border nature of the project as well as our hope that it would also cross boundaries in terms of the use of the technology.”

The report highlights that the project used a digital currency backed with real money in order to force more research and consideration into issues that surround securities and payment systems that are currently existing.

On top of this, the report ends noting that a dual issued central digital currency was not only possible for cross-border payments but that it can even provide a significant improvement over centralised payment systems.

“The key requirements… were all met, including complex requirements around privacy and decentralization, as well as requirements related to mitigating economics risks, such as central bank visibility of money supply and traceability of issued currency.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Sino Global Capital CEO believe there is no need for FUD just yet

Sino Global Capital CEO believe there is no need for FUD just yet

Quick take

1 minute read

  • Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. 
  • There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt.

Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt. But the head of research at the blockchain investment company Sino Global Capital, Dermot McGrath, has said that the firm prefers to look long-term.

Last week, the Chinese government had seized $4.2 billion worth of crypto assets as a part of the Plustoken pyramid scheme and the court proceedings relating to it. After news broke on this, rumours were flying around the industry that these tokens were getting ready to be dumped on the open market and as a result, prices crashed further.

On Twitter, the chief executive officer of the blockchain investment company, Matthew Graham said the following on the Ponzi scheme:

Furthermore, McGrath spoke in an interview recently with CT saying that investors should look outside of the immediate headlines going on to note:

“In the crypto and blockchain ecosystems it is important to be able to ‘cut through the noise. We are long term bullish on Bitcoin and we continue to see the industry professionalize and mature as an asset class."

McGrath went on to discuss the topic of Chinese crypto miners saying that many have predicted that these individuals could conduct a 51% attack on the network for bitcoin but rejects this saying:

“Some of the reason that “Chinese miners” have been a “boogeyman” to western traders is simply a lack of understanding. In theory, of course we know that 51% attacks can occur, but the level of centralization/coordination and incentives simply does not exist among the Chinese miner community for top cryptos.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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