A new proposal wants to take decentralization a step further by decentralizing the private keys themselves.
Trusting trustless bot with your crypto private keys
Tide, a non-profit privacy advocate, claims to have developed a decentralized technology, which gives rise to a trustless bot or Delegated Automated Trustee (DAT) on the blockchain.
According to an announcement on Aug. 5, DAT can act as the custodian of a crypto-key, manage access to personal data or enable automated trading bots to access funds without having access to a full key.
Essentially, the key protecting the data or crypto-assets is divided into several pieces and split between a group of nodes. No single node has access to or knowledge of the whole key, or the authority to act on its own. This makes malicious access to your key virtually impossible.
However, the nodes can act in a swarm to perform functions utilizing the key. The user can specify the parameters upon which this authority can be given.
The trustless bot can manage access to personal data, perform decentralized authentication and password or key recovery. Business processes which require ongoing access to crypto-assets, can be granted such access immediately, as long as it falls within defined criteria.
Tide co-founder, Michael Loewy, gave Cointelegraph some examples of the form these criteria can take:
“In the context of the Tide ecosystem those instructions may be a set of rules determining which data fields I’m prepared to trade with certain types of organizations — for example, I don’t want any contact details traded with political organizations. That same concept can also be applied to advanced crypto trading — for example, social trading where my instructions may be to follow or mirror the trades or a peer or expert trader.”
Privacy as a service
Existing centralized solutions which address such situations can be vulnerable, and current automated trading bots require access to your private keys. However, the trustless DAT allows trading bots to run on decentralized exchanges without giving up this information, providing an extra level of security.
One of the benefits of decentralized exchanges is that the user maintains control of their funds and private keys. Using an ordinary bot with full access to those keys reintroduces a central point of attack. As the DAT is trustless, this risk is mitigated.
Maintaining the secrecy of your private keys is essential, as anyone discovering them can get access to your crypto. This is one of the issues facing parties wishing to act as cryptocurrency custodians. The DAT may well be one solution which keeps overall responsibility in the hands of the user, whilst maintaining access for approved functionality.
TNC IT Group to commence with mergers and acquisitions in crypto market
TNC IT Solutions Group, a blockchain-based organization headquartered in Dubai, is set to commence the launch of its mergers and acquisitions [M&A] program, a first in the crypto and blockchain space.
In its recent launch event held last July 2019 at the Rockefeller Center in New York, the group presented their M&A proposition as one of the company’s core business goals. Currently, TNC is set to move forward after its appraisers have finished reviewing 2000+ crypto companies that are listed on various coin information websites. From the list, the team will pick 500 of the most promising companies to absorb in its massive organization.
The M&A process is already underway, as the appraisal team has begun the process of reviewing the crypto companies and communicating with those they have found with great potential.
The group envisions a future wherein it will lead the blockchain industry by becoming the one-stop-shop for every blockchain need of every company. To turn its vision into reality, it is absorbing companies that focus on harnessing blockchain technology. According to TNC CEO Bruce Jeong, the team “wants to create an environment where ideas can flourish without having to constantly reinvent the wheel”.
The group proactively works toward its vision with a clear roadmap to success. Through its M&A program TNC offers the industry impactful progress. The concept simply relies on unity, wherein entities would be able to strengthen other companies under the same network. The merge will help existing businesses to sharpen their strengths and mitigate its weaknesses – creating a synergy that was never felt in the crypto and blockchain world.
With industry and prominent appraisers at its court, TNC benefits from having a good foundational support network and expert consultancy. In the same way, TNC hopes to extend the same opportunity to many other start-up companies that are struggling or currently on their challenging years of operations. Despite all the technological advancements these companies can turn to, M&A arises as to the most cost-effective and fastest option to improve the economy and business standing.
According to Circle, blockchain-focused M&As are forecasted to grow to over 300% in the upcoming years. Significantly, M&A will provide companies an opportunity to expand and grow further with a trusted backbone in the industry and without doing the work solely themselves.
Once a company joins TNC, it will benefit from comprehensive support in blockchain technology development, human resource, and business consultancy. TNC will also offer financial support and investment, first-rate developers, effective blockchain strategies, legal services, and technical support.
Aside from M&A, the company will promote the use of its own blockchain and offer TNC token development projects. The TNC token aims to be universal and holders will be able to utilize the TNC token in many exciting projects such as Buyaladdin, a one-stop online marketplace for crypto users and traded on listed exchanges, and other projects to be integrated on the TNC blockchain. The possibilities are boundless, as CEO Bruce remarked his excitement in the prospect of “being able to support young companies with a diverse skillset that helps them focus on their ambitions”.
TNC will also be unveiling more of its groundbreaking initiatives to various blockchain enthusiasts from around the world in the near future. Among these plans are other revolutionary projects such as the establishment of a blockchain academy, investment on innovative projects such as Buyaladdin, and total blockchain consultancy that would all help drive sustainable progress for blockchain adoption in the fin-tech industry and other sectors.
TNC IT Solutions Group is a blockchain development company that is focused on helping existing companies and startups thrive in the crypto and blockchain world. With a comprehensive network and an array of resources to its disposal, the group intends to grow through M&A, adding promising companies to its portfolio and helping them grow. TNC is set to provide a comprehensive blockchain service for users, covering a range of aspects including issuing, marketing, token listing, and security.
Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Bullish levels to watch after Binance announces Venus vs. Facebook’s Libra
- Cryptocurrencies have been rising as a new week kicks off.
- Binance has revealed its project Venus rivaling Facebook’s Libra.
- Here are the next levels to watch according to the Confluence Detector.
Cryptocurrencies have been advancing once again, with Bitcoin topping $10,500, Ethereum clawing its way back above $200, and Ripple extending its gains. Investors are jumping back into digital coins after a weak that saw struggles.
One of the upside drivers is Binance. The crypto exchange that also backs its own coin – BNB – has revealed a new project called Venus which aims to develop localized stablecoins all over the world.
Binance has said that it is well-positioned thanks to its public blockchain technology – Binance Chain – and its formidable status as one of the leading exchanges. Similar to Facebook, the crypto-exchange aims to work with corporations, tech companies, governments, and other players in the crypto-world. It aims to compete with the social media behemoth by launching a stable coin on a global scale.
The fresh news joins the announcement by Rakuten – a Japanese retail giant and the shirt-sponsor of FC Barcelona to compete with Binance and others by launching its crypto-exchange. Facilitating the entry of mainstream Japanese into the crypto-world is also bullish news for coins.
What levels should we watch?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to break resistance at $10,800
Bitcoin has one clear hurdle at $10,800, which is the convergence of the Fibonacci 61.8% one-week, the Simple Moving Average 50-one-day, the SMA 5-15m, the previous 4h-high, the Pivot Point one-day R2, and more.
If the granddaddy of cryptos breaks higher, the next cap is only at $11,640, which is the meeting point of last week’s high and the Fibonacci 61.8% one-month.
BTC/USD has support at $10,528, where the previous daily high, the BB 15min-Middle, and the SMA 200-4h all converge.
The next cushion is at $10,306, where we note the confluence of the BB 4h-Middle, the SMA 200-15m, the SMA 50-1h, the SMA 10-4h, the Fibonacci 38.2% one-day, and the previous 4h-low.
ETH/USD break confirmation awaited
Ethereum is trading above $200, which is not only a round number but also a dense cluster of lines including the BB 1h-Upper, the Fibonacci 61.8% one-week, the previous 1h-low, the PP 1d-R1, and the SMA 5-15m.
If Vitalik Buterin’s brainchild’s break is confirmed, the next noteworthy cap is $210, where we see the Pivot Point one-week R1 and the SMA 100-4h converge.
Further up, ETH/USD may find resistance at $217 where the previous weekly high meets the PP 1d-R3.
Strong support below $200 awaits at $192 where we see the confluence of the BB 1h-Lower, the Fibonacci 38.2% one-day, the SMA 10-4h, and other lines meet.
XRP/USD finally looking upbeat
Ripple, which was the laggard for many months, is finally looking bullish. XRP/USD has surpassed $0.2846, which is the convergence of the SMA 10-1d, the previous monthly low, the SMA 100-15m, and the previous monthly low. The line now serves as support.
It is backed up $0.2816, where we find the confluence of the BB 1h-Lower, the Fibonacci 61.8% one-week, the SMA 200-1h, the SMA 50-4h, and the Fibonacci 38.2% one-day.
Looking up, XRP faces some resistance at $0.3000. The round number is the meeting point of the PP 1w-R1 and the BB 1d-Middle.
Further resistance awaits at $0.3156, where the Fibonacci 23.6% one-month awaits the price.
China Central Bank Crypto Can Cannabalize Alipay, WeChat Pay — Analyst
China’s answer to Facebook’s Libra digital currency could help the central bank attract business away from Alipay and WeChat Pay.
Speaking to mainstream media outlet the South China Morning Post (SCMP) on Aug. 19, Cindy Wang, an analyst at DBS Group Research, said Beijing could profit from the appeal of its state-issued digital currency to merchants.
Bringing back bank deposits
According to Wang, the two payment giants Alipay and WeChat Pay account for nine out of every ten transactions in China.
In addition, the digital currency could help limit capital outflows.
“Currently, banks are under pressure to retain their deposit base because, with the money market funds distributed by third-party payment providers like Alipay or Tencent, some of the idle money held in mobile payment accounts are leaked out of the banking system into the hands of fund managers,” she told the SCMP.
China’s central bank digital currency won’t compete with yuan
As Cointelegraph reported, China’s hurried digital token is reportedly ready for issuance, though it can’t be called a bonafide cryptocurrency. Under the auspices of its central bank, the People’s Bank of China (PBoC), preparations accelerated in the wake of Libra, which authorities identified as potential threat.
Revealing further details last week, Mu Changchun, PBoC deputy director, underscored the payment method would not seek to compete with the yuan, nor take over any of its existing functions.
“It can use existing resources to support and develop commercial banks and smoothly promote digital currency,” he said regarding its emission.