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July 2010

Massive Indian Telecommunication Provider Develops Blockchain Network

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blockchain

blockchain

There are plenty of trends in the technology sector that will fade over time. Blockchain does not appear to be one of them, however. Just as more countries are warming up to cryptocurrency—New Zealand just gave the go-ahead for employers to pay staff in digital currencies—more and more countries are starting to use this innovative technology. India is the latest. Here’s what we know.

India Moves into Blockchain Technology

At the start of this week, news came out that Reliance Jio Infocomm, a massive telecommunications provider in India, has decided to develop a blockchain network. The Chairman of the company, Mukesh Ambani, announced the network. According to the report, Reliance Jio Infocomm will use the technology for several reasons. First, it will be used for internal uses, like increased automation. But the Indian telecommunications provider will also make the technology available to millions. “Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world with tens of thousands of nodes operational on day one,” the report said.

Why is This Big News?

This news is making headlines for several reasons. For starters, it means yet another country is adopting blockchain technology, indicating the success of it as a whole. Secondly, India has not always been overly supportive of the technology or the cryptocurrency industry. In April, the Supreme Court of India even recommended the ban of crypto assets.

>> Walmart Submits Patent for Drone System Based on Blockchain

Takeaway

If India develops a massive blockchain network, and blockchain is set to only become more popular in the next couple of years, then the country could very well become a hub for the technology. Or, the network could flop. Only time will tell.

What do you think about Reliance Jio Infocomm developing a blockchain network that will be accessible to millions? Let us know your thoughts in the comments below!

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Ripple’s Brad Garlinghouse Clamps Down on XRP FUD

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Ripple

Ripple

Ripple’s CEO, Brad Garlinghouse, has taken to Twitter in an attempt to clarify Ripple’s decision to sell XRP. Investments in the token have been dwindling, as many feel Ripple’s decision to continue selling its XRP is driving the price of the token down.

Garlinghouse has previously explained that funds from the selling of XRP are funneled back into the company, using the money raised to develop various projects within Ripple. However, with the token now embroiled in a class-action lawsuit, investors have more reason than ever to steer clear from XRP. Thousands of investors have accused Ripple of selling them XRP as an unregistered securities offering, and are seeking refunds after suffering losses from their XRP investments.

In a recent thread on Twitter, the CEO explains that “questionable sources” have been “spreading FUD about XRP and Ripple” regarding the XRP sales. Recently, a petition has been doing the rounds asking Ripple to end its continued selling of XRP, accusing the company of dumping billions of dollars worth of XRP on the market, driving the token’s value down. At the time of writing, the petition has received almost 2,500 signatures.

In response, Brad Garlinghouse stated that “XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte.” He added that, in reality, Ripple has actually been decreasing its sales by volume, and the inflation rate of the circulating XRP supply is lower than that of Bitcoin and Ethereum.

>> Bitcoin Drops Below $10,000 USD in Sudden Swing

Garlinghouse also attempted to clarify XRP’s classification as an asset. He stated that the token isn’t a security asset, adding that the UK’s Financial Conduct Authority (FCA) has said as much. Earlier this month, the FCA compared XRP to Ether, stating:

“Tokens may have mixed features that may overlap or change over time. For example, Ether can be used as a means of ‘payment’ (exchange token) on the Ethereum platform, and can also be used to run applications (utility token). XRP has similar features.”

The consensus among analysts is that XRP passes the Howey Test, which classifies the token as a security.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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Crypto Mining Group BitFury to Investigate Data Analysis with AI

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BitFury

BitFury

The cryptocurrency mining and chip development firm BitFury has announced plans to set up a new department that will investigate the benefits of ‘big data’ analysis using artificial intelligence (AI). Speaking to newswire Reuters this past Tuesday, BitFury CEO Valery Vavilov referred to big data as ‘the next oil’, highlighting the need for a much greater focus on constructive analysis. According to Vavilov, the information available in 98 percent of big data is not being properly utilized, something his company hopes to simplify through AI-powered analysis.

“..artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives. To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications,” said Vavilov in a statement announcing the new development.

BitFury, which is headquartered in Amsterdam and has offices in London and San Francisco, represents one of the largest competitors to market-leader Bitmain, the Chinese company that currently dominates the world of cryptocurrency mining and chip production. In 2016, BitFury made headlines when it established a deal with the government of Georgia to develop a blockchain-based system of land registration, later opening a large cryptocurrency mining center in the country.

AI and Blockchain: A Marriage of Convenience

Now, the ever-innovative BitFury continues its expansion beyond blockchain with a foray into AI-enhanced data analysis. Artificial intelligence and blockchain are no strangers to each other, having been party to several crossover projects recently involving big data. The autonomous, trustless nature of blockchain technology lends itself to automated AI processes such as machine learning, and the decentralized model fits perfectly into the needs of big data analysis.

Earlier this year, Coinpayments CEO Alex Alexandrov announced the launch of a new AI-enhanced blockchain system called VELAS, or Virtual Expanding Learning Autonomous System. Utilizing an evolved form of AI known as artificial intuition, the VELAS team aims to develop a blockchain that self-regulates in an effort to address concerns regarding energy efficiency, security, and scalability.

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“Here at Velas, our purpose is to address and fix existing issues and challenges faced by most existing Blockchains, such as centralization for example, or 51% attack, nothing at stake problem, scalability, security, high upfront expenses and so on. This is done by using neural networks optimized by artificial intelligence to enhance its consensus algorithm,” explained Alexandrov.

Blockchain projects—Bitcoin in particular—are increasingly drawing criticism for their excessive use of energy, prompting several mining outfits like BitFury to move operations to low-cost, clean energy countries like Paraguay. In February this year, BitFury announced a partnership with South Korean research and development firm Commons Foundation for the launch of two hydroelectric powered Bitcoin mining centers at Itaipu and Yacyreta.

Disclaimer: I currently hold a small amount of Bitcoin, XRP, and ETH. I am associated with none of the companies mentioned.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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North Korea Expected to Launch Its Own Cryptocurrency Similar to Bitcoin

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North Korea

North Korea

North Korea has set plans in motion to create its own cryptocurrency that will be similar to Bitcoin or other cryptocurrencies. The crypto will help the country avoid international sanctions and evade the global US-dominated financial system.

North Korea to Introduce Own Crypto

A representative of the regime has indicated that the planned cryptocurrency will be the same as the other cryptocurrencies. Alejandro Cao de Benos, the head of the country’s crypto conferences, said that they are currently evaluating products that will offer the digital currency value. For now, the country does not intend to digitize its current currency.

In recent times, Pyongyang has demonstrated significant interest in cryptocurrency. In April, the country held its first-ever cryptocurrency and blockchain conference that brought together all home-grown crypto and blockchain experts with foreign companies.

However, observers of North Korea’s use of cryptos confirm that the country has the capability of creating and deploying a cryptocurrency with little effort. This crypto will help North Koreans evade sanctions.

North Korea has the Expertise to Build Own Crypto

Royal United Services Institute analyst Kayla Izenman told VICE News that the country has demonstrated a considerable interest in the cryptocurrency space. It has shown expertise in crypto-jacking, hacking exchanges, crypto mining, and much more. He says that this confirms that the country has the necessary expertise to create and use virtually all iterations of crypto, including creating its digital currency.

>> Altcoin Season? Bull Run Continues While Bitcoin Stalls

Although Bitcoin provides users with anonymity, it is nonetheless easier to track transactions across the globe. It is for this reason that North Korea is pondering the creation of its cryptocurrency that they can control individuals having access to it and how it is run. Countries such as Iran, Venezuela, and Russia are also considering similar projects.

North Korea has turned to crypto to raise money from illegal activities. Recently, hackers from the country were allegedly blamed of stealing cryptos and mining them before utilizing them to evade limits imposed by international restrictions on their financial institution. North Korea’s state-sponsored hackers use Bitcoin for ransomware cyber-attacks and have accumulated close to $2 billion in digital and fiat currency.

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