Project Inthanon news

World latest news

Project Inthanon: Wipro and R3 Launch Interbank Settlement Blockchain with Digital Currency

In a press release to the Bombay Stock Exchange on May 7, 2019, Indian IT powerhouse Wipro along with the R3 consortium announced the launch of an interbank settlement blockchain that will utilize digital currencies. While many Indian companies are researching and implementing distributed ledger, Wipro is the first Indian company to associate itself withRead MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Bank Of Thailand’s Project Inthanon To Launch Central Bank Digital Currency with R3 Tech

Bank Of Thailand Set To Launch A Digital Currency Based On R3 Tech The Bank of Thailand (BoT), country's central bank has declared that it is working on a project ‘Inthanon‘ that will devise and develop a proof-of-concept prototype for wholesale funds transfer by issuing a wholesale Central Bank Digital Currency (Wholesale CBDC). BoT is partnering 8 participating banks in a collaborative project that will use R3’s distributed ledger technology (DLT) platform Corda to build a proof-of-concept prototype that will enable domestic funds transfers within the country’s interbank system with the issue of CBDC tokens. The joint effort to that end is being called ‘Project Inthanon’. R3’s Corda is a distributed ledger technology (DLT) platform that has been designed to work within the financial service sector and uses a permissioned system to restrict data access to the required participants only. The ultimate purpose of the effort is to use the digital currency to facilitate interbank transactions and to “enhance the efficiency of the Thai financial market infrastructure,” according to the announcement. To assist with the so-called Project Inthanon, the BoT has signed up R3 as a technological partner and eight other participating institutions, including Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand) and HSBC. In addition to the project Inthanon, the BOT is conducting a DLT proof of concept for scriptless government savings bond sale to enhance operational efficiency The bank announced the projected deadline as follows: “Project Inthanon Phase 1 is expected to be completed by the first quarter of 2019 after which the BoT will publish a project summary accordingly. Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.” The BoT confirmed it would subsequently publish a summary of the project, before drafting goals for the next phase of its central bank digital currency token. Notably, in March 2018, the Thailand Blockchain Community Initiative was launched, bringing together Thai’s large banks, state-owned enterprises, corporate giants and the central banks. The working group has been piloting various blockchain-based initiatives that are meant to enhance efficiency.
Bitcoin Exchange Guide
More news sources

Project Inthanon news by Finrazor

Trending

Hot news

Hot world news

High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
CryptoBriefing
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.