India Likely to Label Crypto a Commodity

If you know anything about commodities in the context of finance, than you should know that they are not the same thing as traditional currencies.


By definition, a commodity is a raw material or agricultural product that can be bought and sold on physical exchanges, like the Chicago Mercantile Exchange, or digital exchanges, which are currently on the horizon.

 
Therefore, it can also be said that they are not the same thing as digital currencies either.


As of July 11, a report was released by Quartz, which is a news website owned by Atlantic Media, that indicated that India has flipped its stance on banning Cryptocurrencies. As of now, they are considering regulating them in the same way as commodities are currently regulated.
 

Inside of this report, statements were made by Indian government officials to the effect the major goal of the committee assigned to the subject is to better track the movement of Cryptocurrency funds in order to combat illegal activities like money laundering.

 
Related to this, the same officials seemingly also made statements to the effect that the trade of Cryptocurrencies is not illegal at its core, it only needs to be watched over in a better way to prevent more widespread criminal acts in the space.

 
The Reserve Bank of India, which is the same entity that initially tried to spearhead the effort to ban Cryptocurrencies in the country, added their opinion to the same Quartz piece.
 

Reportedly, they believe that if Cryptocurrencies are labeled as commodities, then consumers will be encouraged to reject the idea that they can be the same as traditional currencies.


Even so, the RBI does not seem so sure that this is the case and left room for doubt with ideas like when Cryptocurrencies are used to settle transactions, they could actually be treated in the same way as traditional currencies.
 

In response to the government’s efforts, Crypto firms in the country are supposedly agreeing to just about anything to show that they are willing to adapt to impending regulation.

 
Only time will tell whether the government is willing to recognize their willingness to change and resist regulating the space in a detrimental fashion.


Source: https://www.bitcoinglobalnews.com/single-post/2018/07/13/India-Likely-to-Label-Crypto-a-Commodity
Posted: July 14, 2018
By: BGN Editorial Staff

Republic of Georgia

You may not think of the Republic of Georgia as a blockchain hub, but this country’s government was the first in the world to institute a blockchain-based property transaction verification protocol. The program is the result of a strategic partnership between Bitfury Group and the Georgian National Agency of Public Registry.   

The system uses a second layer private blockchain to validate actions. Transactions are then verified against the public BTC blockchain. The program has been a huge success, and there are already plans to expand the protocol to encompass a wider range of property titles and notary services in the near future.


Australia

The land down under is doing their part by pledging $521,000 towards their Digital Transformation Agency to further explore blockchain integration into the Australian government. This program is focused on calculating the implementation costs associated with blockchain technology.

Australia has almost always been pro-blockchain. In 2017, an additional $5.9 million in grants were earmarked for the Smart Utilities Pilot Project. This unique program studies how to use blockchain technology to increase data analytic capabilities and to improve upon the current energy distribution system.


China

Chinese government officials caught international media attention when they announced in April of this year they had raised $1.6 billion to put towards blockchain research. Even more surprising is the fact that the Chinese government put up 30 percent of the funding for the project from its own budget. The Xiong’An Global Blockchain Innovation Fund was announced at the grand opening of China’s Blockchain Industrial Park. 

The project is also backed by the venture firm Zhenfund. Zhenfund is no stranger to the blockchain community and they are most notably known for their involvement in the platforms Stream and Lino.
US

The US Department of Homeland Security has awarded a million dollars to Virginia startup DigitalBazaar. DigitalBazaar is working on a wide variety of specially built blockchains to help increase identity verification capabilities. The grant was awarded as part of the further development of the Homeland Security Enterprise Initiative. DigitalBazaar continues to secure funding for their blockchain-based identification systems, and this is the third such occasion that the firm has received grant awards.

EU

European Commission Vice-President Andrus Ansip praised government blockchain technology during EC’s Digital Day 2018 conference. His remarks follow the launch of the EU Blockchain Observatory and Forum. This organization is focused on studying the future integration of blockchain tech into the EU’s economy. The group has already secured over $300 million in funding since the beginning of the year.

The EU Blockchain Observatory and Forum is the direct result of a joint venture with the Ethereum-based startup ConsenSys. This group is promoting standardization of blockchains within the EU with the hope of creating a flourishing distributed ecosystem that retains a high level of interoperability. Ansip believes that this is necessary to usher in a new digital European economy.


Russia

Russia hasn’t always been clear on their stance towards crypto, but they have openly embraced blockchain technology in the country. The popular Russian voting service Active Citizen utilizes a government blockchain protocol that allows residents to vote on a wide range of community issues. This program has been used to choose the color of new stadium seats and name new bus lines.

This unique community tool recently got a serious upgrade with the implementation of an Ethereum based consensus mechanism. Voters had expressed concerns that their votes where not being calculated correctly. In response to these concerns, the Ethereum based system was created to provide true transparency. The program has seen great success and officials are looking to expand its use in the coming year.

Japan

Few countries have been as open to cryptocurrencies and government blockchain technology as Japan. The country has experienced enormous growth in their blockchain sector after making BTC legal tender last year. In an effort to lure even more investment capital to the market, the Tokyo Metropolitan Government Accelerator Program started hosting the “Block Chain Business Camp Tokyo.” 

The program is scheduled to last two months and is aimed at stimulating private innovation in the sector. The goal is to promote blockchain projects that have the potential to improve Tokyo residents’ quality of life. As well as those that will further the economic standing of the city in the blockchain sector. The program is open to the public, and many are looking to this program to help re-energize the local economy.


UK

The UK is piloting a blockchain-based research program known as Archangel to delve deeper into the benefits of blockchain record keeping. The program is a community effort that combines innovative minds from the University of Surrey, the Open Data Institute, and The National Archives. 

A spokesperson for the organization, Alex Green, recently commented on the importance of being able to prove a document’s validity through blockchain technology. He explained that this level of transparency is necessary to bolster confidence in the UK government. 

The UK is home to one of the world’s oldest archives. Blockchain tech could help to alleviate many of the issues related to the storage and validation of such large amounts of important information.



Source: https://coincentral.com/top-eight-government-blockchain-programs-from-around-the-world/
Posted : July 08, 2018
by: David Hamilton

Litecoin Cash (LCC) is a Litecoin fork that has a higher max supply, runs the SHA256 mining algorithm, and has better difficulty adjustment.

Forks, forks everywhere. 2017 was a record year for cryptocurrency forks. There were probably more forks in 2017 in crypto than you would find in a department store’s cutlery inventory. Initial Fork Offerings or IFO‘s are the new buzzwords among many in the community. It appears that the Litecoin Cash crew are well… trying to ‘cash in’ on this alternative way of raising capital.

Litecoin Cash is a breakaway or fork, as it’s more commonly known, from the original Litecoin project.



Read more here : https://coincentral.com/what-is-litecoin-cash-lcc-a-beginners-guide/
Posted: July 08, 2018
By: Ryan Smith

Bitcoin prices continue to fluctuate. As a result, Bitcoin mining has seen dramatic sways in its profitability. The current hash rate of the BTC network has left people wondering, “is Bitcoin mining profitable in 2018?”

While the price of BTC is one of the major factors to be examined when considering entering the mining sector, you will also need to evaluate the effectiveness of the BTC mining hardware you use. Let’s take a moment to examine how Antminer is making Bitcoin mining profitable again.
The Mining Sector Continues to Grow

In the early days of BTC, anyone could mine for the crypto straight from their home PC. There was no need for special hardware, and a miner was awarded 50 BTC for their efforts. Early miners could receive 100s of BTC in less than a week. Today, this is not the case. The mining sector has seen increasing difficulty due to increased hashing power and, thanks to the development of specially designed mining chips, you will now need to make a sizable investment into hardware if you want to mine BTC with success.



Read more here: https://coincentral.com/how-antminer-is-making-bitcoin-mining-profitable-again/
Posted: July 07, 2018
By: David Hamilton

What is Plasma for Ethereum?

Plasma is a framework to scale Ethereum blockchain’s processing power, and the brainchild of Vitalik Buterin, co-founder of Ethereum, and Joseph Poon. Prior to this project, Joseph Poon collaborated with Thaddeus Dryja to develop Plasma’s Bitcoin equivalent of Lightning. Both frameworks are trustless and multilayered networks.  Trustless means users do not need to know or trust counterparties to make a transaction. Poon and Buterin developed Plasma to facilitate a decentralized market for the general public to purchase not only tokens and cryptocurrencies but real goods and services.

Currently, Ethereum can process approximately 15 transactions per second, in comparison to Bitcoin’s 7 transactions per second. Both platform’s processing capacities pale in comparison to Visa’s ability to manage 45,000 transactions per second. Plasma promises to enable Ethereum to scale up its processing capacity to thousands or potentially billions of transactions per second.


Read more here: https://coincentral.com/plasma-an-innovative-framework-to-scale-ethereum/

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Cryptocurrency 101: Beginner Blockchain eLearning Course

Read More Here: https://www.ccn.com/cryptocurrency-101-beginner-blockchain-elearning-course/
Posted: July 12, 2018

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