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Oracles Are The Missing Link For Business Adoption, Says ChainLink CEO

Secure oracle mechanisms are the only way to bring established companies onto the blockchain, according to the founder of ChainLink (LINK). In an interview with Crypto Briefing, Sergey Nazarov explained that many companies are interested in using the technology, but are nervous about adapting to new infrastructure. “If you take some time to talk to these people and try and sell them a system, you realize that they literally run servers on COBOL,” Nazarov told Crypto Briefing.  COBOL is a business-oriented programming language first designed in 1959, which is still widespread in many systems. Companies may not be in love with it, but moving onto a new system is dangerous. “They have so much money on these systems that re-architecturing produces its own risk,” Nazarov explained. If anything goes wrong, the results could be catastrophic. “The question is, how can enterprises quickly start using these blockchain systems without having to throw out their infrastructure or their current workflows and backends?” Nazarov said. “Because the reality is that most of them won’t do that.” Oracle mechanisms, like ChainLink’s, can provide reliable data and information from external sources to blockchain smart contracts. They represent an ideal compromise for mainstream companies that are interested in leveraging DLT, but reluctant to transition to a radically different and unfamiliar system. “We’re selling this idea of decentralization to these folks,” Nazarov said.  The way to do that, he emphasized, is through oracles, which allow companies to only use as much of the new technology as they feel comfortable with. ChainLink Keeps Good Company Nazarov is not certain how many partners his company now has. “I think it’s past fifty,” he guessed. “It’s hard to keep track.” Following the mainnet launch at the end of May, even companies that have never spoken with ChainLink have unexpectedly announced new LINK integrations. It’s a sign, according to Nazarov, that more people are taking security seriously, “to show people their systems are secure end-to-end.” Many of ChainLink’s partnerships have also been with dApps. DeFi, in particular, has been a high growth space, and businesses in that sector need provably secure and reliable oracles to provide price feeds and market data. ChainLink has also announced collaborations with platforms such as Polkadot and Hyperledger. It takes roughly half a day for most projects to integrate ChainLink’s oracle mechanism, effectively outsourcing the problem of how to make those projects interact with the wider world. By helping projects interact with real-world data, ChainLink allows companies to free up resources for more productive purposes.  “All these types of platforms don’t really want to solve this problem,” explained Nazarov. “It’s not a core base layer-one type of problem, but it is going to be something that stops developers building certain types of applications that people are excited about.”   The post Oracles Are The Missing Link For Business Adoption, Says ChainLink CEO appeared first on Crypto Briefing.
CryptoBriefing

Zero-knowledge proof cryptography now available in Kaleido blockchain business cloud

Zero-knowledge proof cryptography now available in Kaleido blockchain business cloud - CryptoNinjas QEDIT, an enterprise solution for preserving data privacy using zero-knowledge proofs, today announced that its private asset transfer solution will be available in an “off-the-shelf” advanced privacy option for businesses using the Kaleido blockchain cloud platform. Through this partnership, QEDIT’s private asset transfer solution is now available in the Kaleido marketplace. Customers can seamlessly transition […] Zero-knowledge proof cryptography now available in Kaleido blockchain business cloud - CryptoNinjas
CryptoNinjas

FiO Technology Unveils Hyperledger Blockchain-Powered Business Model 

FiO Technology, a startup that claims to be focused on functioning as a Blockchain-as-a-Service (BaaS) platform for enterprises, has announced the launch of its new business model powered by Hyperledger. The firm aims to promote commercialization of distributed ledger technology (DLT) by enabling enterprises to easily integrate and manage digital assets and analyze user behaviorRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Legacy Trust Dedicates New Business to Bitcoin, Crypto Custody

Hong Kong-based Legacy Trust is creating a new business arm dedicated entirely to cryptocurrency custody. According to a press release shared with Bitcoin Magazine, the asset management firm has decided to fork its business, resulting in the “new and independent” First Digital Trust. The press release stressed that First Digital Trust will remain “linked to Legacy Trust, but at arm’s length” to ensure that each can focus on their respective custody services. For First Digital Trust, which anticipates that it will see “$28 billion worth of assets in custody within the next 3 years,” the room to breathe will be necessary to scale. “Keeping traditional and digital asset business lines together beyond 2019 has become less advantageous to each business, both strategically and competitively. The industry landscape is rapidly changing, and each company faces unique competitive opportunities and challenges. The pace of industry change and innovation in the digital asset space requires maximum flexibility to stay competitive and drive global leadership,” Vincent Chok, CEO of Legacy Trust and newly appointed director and CEO at First Digital Trust told Bitcoin Magazine. “We feel this business is now mature enough to run as an independent business. We can move much faster as a standalone company, and that allows us to better adapt to the industry’s needs,” Gunnar Järv, COO at First Digital Trust and head of digital assets at Legacy Trust, added. Founded in 1992, Legacy Trust made its name as a pension and family trust provider, but it broke into the crypto custody game during the 2017 bull run. The trust company partnered with hardware wallet provider Ledger in April 2019 to provide a more robust custody option for their clients. It launched a digital asset pension plan that includes bitcoin in September 2019. “We are very happy with Ledger’s technology, and our partnership is going strong. Client facing side, arrangements are in place to provide our clients with a seamless experience,” Chok told us, saying that their custody framework makes them “well-positioned to work with exchanges, institutions, professional investors, market makers, investment firms, hedge funds, and various other professional industry participants” Järv said that their clientele will likely not change after establishing the crypto-specific trust business, “though they[‘ve] seen much interest from the issuers of digital asset securities, who are looking to custody the underlying assets that back digital asset securities.” “This is an area where our expertise in traditional asset classes has proven useful,” he continued. In addition to the new business, Legacy Trust has gone fund hunting, hoping to bag $15 million from VC offices. This will be used to build out the trust’s technical capabilities, flesh out its legal framework and fund its expansion into other markets.  “The Digital Asset industry is fast paced. Investment is required in several areas to achieve scale while maintaining speed. A portion of funds will be allocated to better integrate with third-party platforms and develop proprietary technology. That is what will bring the most value to our clients,” Järv concluded. The post Legacy Trust Dedicates New Business to Bitcoin, Crypto Custody appeared first on Bitcoin Magazine.
Bitcoin Magazine

Before the revision of Tether's ToS of February 2019, the business model implicitly relied on an eventual exit scam

[This post is censored on r/bitfinex] Tether's ToS were revised in February 2019 (see appeal to NYAG, page 16 of pdf) to allow its reserves to include credits alongside with US dollars. Before this revision, all issued Tethers were contractually covered in full by USD deposits at any given time, and these deposits could not contractually be spent by the company. The ToS included a clause to allow the company to not redeem the tokens, temporarily or permanently, at its discretion. I seem to conclude that the business model was a planned exit scam. As of April, Tether USD reserves cover 68% of all issued tokens (page 78 of pdf)
/r/BitcoinMarkets
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DIGEST

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OPINION

Why Thinking In Terms Of Crypto Doesn't Work

The developers of Samurai wallet removed fiat conversions, explaining that people should understand that by sending Bitcoin they send Bitcoin, not dollars, so there's no need to think in fiat terms. But this seems like an improper decision...

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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.
CoinGape

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
Bitcoin Exchange Guide

Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager
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