The government of Singapore will offer financial incentives in order to grow the blockchain ecosystem in the country.
According to The Business Times, the Infocomm Media Development Authority (IMDA) which falls under Singapore’s Ministry of Communications and Information will offer seed funding to players in the media and ICT sector. This is with a view of incentivizing them to develop platforms which link special interest groups in the blockchain space, solution providers as well as other related groups.
In order to obtain seed funding from the IMDA, the platforms to be developed must meet certain criteria and this includes a capacity to connect with other blockchain communities spread across the globe.
Expanding Beyond Finance
Per the IMDA, blockchain adoption has largely been restricted to the financial sector and there are few, if any, large-scale successful cases that exist outside banking and insurance. In IMDA’s view, this has hampered the adoption of blockchain in other sectors due to lack of interoperability.
The IMDA said in a statement:“This has resulted in the industry showing signs of siloed, specialised blockchain solutions rather than interoperable network blockchains, which would deliver the most benefit to users.”
To reach its goal of becoming a smart nation, Singapore has come up with various other initiatives aimed at boosting the country’s blockchain ecosystem. Earlier in the year, the IMDA launched the Blockchain Challenge whose goal is to incentivize firms to develop pioneering solutions that go beyond financial applications using distributed ledger technology.
Through the Blockchain Challenge, participating firms are required to come up with either Proofs-of-concept or Minimum Viable Products that solve particular problems.
Three months ago, a fund to assist tech firms in sectors such as blockchain was launched jointly by the governments of Singapore and China. Known as the China-Singapore ICM Joint Innovation Development Fund, the sectors that the initiative sought to target were in ICT and Media and hence the initials ICM.
Other pro-blockchain initiatives undertaken by Singapore include a move by the Intellectual Property Office of Singapore (IPOS) to grant firms in the fintech space including blockchain companies special treatment when awarding patents. Rather than having these companies wait the usual two years, the IPOS announced in April that the waiting period would be cut to six months, as CCN reported at the time.
According to the CEO of IPOS, Daren Tang, this would serve to assist Singaporean fintech firms to compete globally:
“By significantly reducing the time needed for grant of a fintech patent, our innovative enterprises will be able to compete effectively through their intellectual property and use these intellectual assets to scale up and enter the world’s market.”
Meet us at World Blockchain Forum in Shenzhen: January 11th, 2019
World Blockchain Forum [WBF] will officially build media alliance with Asian blockchain leading media AMBCrypto.
On January 11, 2019, World Blockchain Forum [WBF] will officially launch World Blockchain Awards • Asia 2019 at Marco Polo hotel in Shenzhen, where the development and application directions of blockchain, the presentation ceremony of the blockchain, as well as the exchange of the industry will be discussed.
This will be a grand event in the blockchain world, which is helpful in defining the next future development in the industry.
In 2019, WBF will host 18 blockchain meetings in key metropolises around the world, and the WBF Global Blockchain Media Alliance will also welcome a large number of Asian blockchain media to join.
Please find more details and the agenda on our event page. You can register for the event on the official website!
YouTuber’s Video Resurfaces of His Bitcoin Revolution Prediction in 2011 When BTC Was $1
In the early days, bitcoin was a niche tech toy with limited value. Few people predicted that bitcoin would rise to an all time high of $20,000, and even fewer people predicted that bitcoin would disrupt the global financial system.
One of those early believers, however, is now getting the recognition he deserves. As spotted by Redditor MATURBO, a YouTuber named Davincij15 predicted the rise of bitcoinall the way back in 2011.
At that time, bitcoin was sitting at a price of just $1 USD. There were limited software programs that allowed you to access bitcoin, and the protocol was clunky to use for anyone without decent tech skills.
Despite these shortcomings, Davincij15 recognized the potential in bitcoin. Redditor MATURBO dug through the YouTube archives from 2011 and discovered a video where Davincij15 spoke excitedly about the new payment protocol.
In the video, Davincij15 describes how bitcoin was going to permanently change the worlds of internet and finance.
Davincij15 apparently discovered bitcoin after reading an article on the then-two-year-old payment technology. That article contained a link to InstaWallet, allowing readers to send money directly to the article author. Davincij15 was amazed at the ease at which he was able to send the money. He also enthused at the concept of sending money without centralized authorities like PayPal cutting away hefty commissions.
The 3.5 minute video was uploaded to Davincij15’s YouTube channel, which had previously been dedicated to talking about gold and silver.
“I know that you probably don’t want to hear this on my silver channel,” explains Davincij15. “But I have to point out this amazing stuff.”
“I went to InstaWallet. It’s a link on the web that allows you to store bitcoin. I was able to copy it, copy his link on my iPad, and paste it into my InstaWallet, and send him money instantly.”
“I didn’t have to pull out my credit card. I didn’t have to type in my address, remember my postal code. It was instant, it was fast, there were no middle man taking a cut, a 3% cut or more, of his money that I sent him. It was just smooth and easy.”
“I don’t know how you don’t see that this is a new powerful currency that will change the landscape of the internet and probably the rest of the world.”
Today, Davincij15’s words seem basic: we know that it’s easy to send bitcoin online and we know the technology has the potential to disrupt the world. But keep in mind that bitcoin was less than $1 when he was speaking these words, and that few people had heard about the cryptocurrency at the time.
That’s why Davincij15’s words are significant.
This is the Same Guy Who Urged Users to Remove Bitcoin from Mt. Gox
Interestingly, Davincij15’s Nostradamus-like abilities don’t stop there. As spotted by Redditor mazinger-B, this is the same guy who warned people to remove their bitcoin from Mt. Gox.
On June 26, 2013, davincij15 urged users to withdraw bitcoins from Mt. Gox. At the time, nobody really know what was going on with Mt. Gox. However, the exchange – the largest exchange in the world at the time – had recently stopped accepting wire transfers from Citibank.
Davincij15 cited a news article claiming that Citibank was stopping transfers to Mt. Gox. Davincij15 saw this as a sign of the end and urged users to withdraw bitcoins from the exchange.
We know what happened next: Mt. Gox collapsed. Users lost funds. The exchange had been insolvent for months. Various hacks had drained Mt. Gox’s reserves. It was one of the biggest disasters in bitcoin history – and Davincij15 apparently avoided it.
…And the Same Guy Who Urged Users to Sell Bitcoin in December 2017
The prophetic calls continue for Davincij15. In December 2017, Davincij15 was one of a handful of bitcoin users urging investors to book their profits and avoid buying bitcoin at its current price.
You can see his video warning users of the December 2017 bubble here. The video was spotted by seomit on Reddit. It was posted on December 4, 2017.
We all know what happened next: bitcoin’s price peaked at just below $20,000. Anyone who sold in December 2017 was selling bitcoin at the top of the market. Today, bitcoin is sitting at a price of around $3,200.
For those keeping track of Davincij15’s predictions, he’s still making them: last week, Davincij15 claimed that bitcoin will go a lot higher from its current price. Davincij15 has nailed three separate predictions almost perfectly: could he be right this time too?
Tron’s Justin Sun Predicts The TRX Surge of 500% in Dapp Activities on the Network
Over the latter months of 2018, it’s been the collective effort within the investment world to get rid of the downwards trend that cryptocurrencies have been enduring. The problem is that this bearish market continues to push ahead with attempts to ease and stop it proving more than a challenge. And while it’s been a broader initiative by investors, there’s no such thing as a coin that hasn’t, in some way, been impacted.
This downward trend, or what we could regard as a drastic bearish swipe, has impacted a large number of coins, including the most prominent ones such as Ethereum (ETH), Ripple(XRP), Monero (XMR) and TRON (TRX). While these have all been undergoing some serious declines, compared to its larger cousins, TRON has proven itself highly adaptive, as well as having the potential to recover very quickly when compared to other coins.
The CEO and founder of the TRON foundation, Justin Sun, has stated that he wants to keep eyes fixed on the continued evolution of its network, in spite of any downwards trends in the market. In order to redress this point, Sun announced one of the proposed plans dubbed ‘Proposal Seven’ during late November. This initiative has its aim at increasing the energy limit within the network, as well as improving the level of support given to developers.
While introduced very recently, Proposal Seven has since undergone the approval of more than 28 of the networks judging bodies: the Super Representatives, and has faced no recorded opposition from SR’s. Among those that voted in approval are: BitGuild, dAppHouse, TheLastMe, TronSpark, TronAllianc, Alle-Exchange, Lianjinshu, JustinSunTron among a large number of other Super Representatives yet to declare.
In the wake of recieving these votes, Justin Sun made the following statement through his Twitter account:
“Proposal 7 is approved by #TRON community. We will expect 500% increase of #DApp activities after the activation of Proposal 7. #TRX $TRX”
The Super Representatives themselves have a firm reputation within the Tron network due to the crucial role they play as processors of transactions and information, but also as representatives for their voters. Those that hold any number of TRX, the token native to the network, are able to vote for the candidates that they prefer. Whoever wins sufficient votes will be able to play the role of validator within the network and govern the ecosystem . to some degree.
These same Super Representatives are then entrusted with the duty of initiating the elements of the Tron Virtual Machine (TVM). To being, each of these representatives is required to make proposals for the activation of particular features. After doing so, other Representatives will then be able to confirm the proposal based on a number of different factors.
From there, this feature will go on to be activated on the Virtual Machine, but this will only happen once it’s been passed by a 2/3rds majority of the SRs and within a time span of three days. Should the proposal is passed by less than this number, then it will be considered to be as invalid, and the feature will then have to wait longer until it can be activated or is proposed by another representative.
Nopumpnodump, a Twitterati said:
“Thats how other developers should do even in the bear market.”
Adam, another Twitterati said:
“This will bring some well deserved ovrr due organic grownth imo! #TRX”