- Bithumb reveals plans to enter the industry of decentralized finance.
- Bithumb’s proprietary blockchain will use an exchange-as-a-service business model.
The South Korean cryptocurrency trading venue Bithumb plans to launch proprietary blockchain platform that will be based on exchange-as-a-service business model, CoinDesk reports.
The platform called Bithumb Chain will allow users and developers to create decentralized financial applications (DeFi) with open source code that will eventually create a foundation for a new financial ecosystem.
Currently, the new blockchain is at the development stage. The testnet is scheduled for launch by the end of the year, while the mainnet will go live in the first quarter of 2020.
According to Javier Sim, co-founder and managing director of Bithumb Global, the new blockchain will be based on a “revolutionary consensus model,” called OBFT hybrid consensus mechanism. The company plans to patent this mechanism, though Sim refused to reveal more details.
The company wants to use Bithumb Chain, to capitalise on its technologies and know-how protocols that are yet to be developed. The proposed exchange-as-a-service will allow Bithumb to compete with other cryptocurrencies that launched their proprietary chains.
Notably, the head of the US-based cryptocurrency exchange Brian Armstrong noted that the industry of decentralized finances was growing exponentially. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
Advertisement Measuring The True Impact Of The Blockchain
- Tokenisation to be expected as one of the main trends in 2019
- Can Blockchain change the way we shop online
One of the main trends of 2019 is expected to be tokenisation. This can be anything from a pizza delivery service to artwork can be subjected to tokenisation. Along with AI development, tokenisation will give us an opportunity to order goods and services carried out by autonomous machines and pay with tokens for the completed work. If we take a look at a few aspects of day to day life that could be changed by both virtual assets and the blockchain.
Producers of goods and services are usually unable to predict consumer attitudes and behaviours. This can lead to a shortage or even an overproduction after billions have been built on building real-estate which ends up being unclaimed and abandoned.
Smart devices have the ability to record and analyse data obtained from each other. Said data is based on the constantly changing behaviours and attitudes in consumers.
Shopping online is one of the biggest things in the modern world. Changes in the consumer’s behaviour suggest a supply chain restructure. There are indications that warehouses and production should be located closer to the ‘city dwellers’ whereas delivery services should hire more employees than offline stores. But if you take into consideration the continuous development of AI and blockchain technology, this kind of work seemingly tends to be delegated to robots whose maintenance costs are expected to be lower than that of employees.
As CryptoGlobe state:
“In order to implement such a scenario, we should give robots rights to make decisions and to dispose of small amounts of money, namely, tokens. The Ethereum infrastructure allows for interaction between humans and robots, as well as between robots and robots in the form of a smart contract. For example, your smart fridge orders fresh milk to be delivered by an autonomous drone every morning.”
Ventures into New Markets
Thanks to the blockchain, there are a lot of new markets that were once only available to professionals or those who retained their monopoly through expertise. On top of this, tokenisation will allow the creation of an equivalent of any value – this will include assets that haven’t previously been expressed in a digital form.
“One of the most notable examples is carbon units, acting as the equivalent of CO2 emitted into the atmosphere by enterprises. Until recently, trade in these units was opaque and slow. Now blockchain allows them to be freely traded. This opens up a green capital market for countries, businesses, and even individual smart buildings for keeping records of their emissions.”
Who’s Who in Blockchain and Cryptocurrencies in the 2020 US Presidential Elections
- Few candidates speak openly of technology, blockchain and cryptocurrencies.
- John McAfee is the opposite extreme, as he approaches the campaign only as a way of making the technology known.
- Andrew Yang, who supports the regulation of crypto space, seems to be the best placed to face the primaries.
Democratic Party candidate Andrew Yang has made public his position in favor of greater regulation of the crypto segment.
Mr Yang advocates by clearly defining a tax structure, determining what a token is and what asset category a token corresponds to according to its functionality.
Other candidates have their positioning. Let’s see what other candidates think about Cryptocurrencies:
– Michael Bloomberg, Democrat – He is skeptical about cryptocurrencies but values positively the Blockchain technology positively.
– Steve Bullock, Governor of the State of Montana, supported economically the implantation of companies related to the Blockchain industry. In June 2017 he awarded $416,000 to a project to support the Bitcoin network.
– Kamala Harris, Democratic Senator from California, supports classifying Bitcoin as a commodity. She does not express other opinions on the matter.
– Pete Buttigieg, Mayor of South Bend, Indiana, answers the question about the classification of Bitcoin, assuring that the appropriate category is a commodity.
– Tulsi Gabbard, the Massachusetts state senator, had her first experience with cryptocurrencies in 2017. She bought Ether and Litecoin in December 2017, so her first experience didn’t end well. Candidate Gabbard highlights the safety issues of crypto assets and is concerned about the lax regulation of the crypto ecosystem.
– John Delaney, Republican candidate and former CEO of the New York Stock Exchange, was a member of the Congressional Blockchain Caucus.
– Howard Schultz, the former Starbucks CEO, is a blockchain technology enthusiast and defends the use of digital assets for their essential role in a future society without cash.
– John Hickenlooper, a Democrat candidate, led as Governor of Colorado the creation of the Council for the advancement in the use of blockchain technology. Denver is considered one of the friendliest cities with blockchain technology in the US.
– Washington State Governor Jay Inslee has worked hard to turn Seattle into a global hub in blockchain and cryptocurrencies.
– Finally, John McAfee. The eccentric millionaire directly asks not to be voted in the race for the presidency. His goal during the campaign is to publicize blockchain technology as an opportunity to empower the citizen and give him tools to escape government control, all thanks to Blockchain technology.
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VISA Creates a Blockchain-Based System to Handle Sensitive Data
The payment solution provider, VISA has come up with a blockchain-based system LucidiTEE to handle sensitive data. The R&D department of VISA has published a whitepaper which details about LucidiTEE. The system enables parties to jointly compute on private data. It uses protocols to ensure that all computations provide fairness and comply with policies, even when any subset of parties act maliciously. This will further help banks and other financial institutions to transfer the details to and fro.
Visa is a global payments technology company. It connects consumers, businesses, financial institutions, and governments to fast, secure and reliable payments.