“Blockchain” has become overused to the point where it is almost meaningless. This was a statement made by Chris Bates- the CSO at Bitland.world. In his speech, he went on to mention the constituencts of the blockchain, adding that Bitland registry will be the first of its kind in the Real estate industry.
There is a very specific set of things that constitute a blockchain: distributed ledger, decentralized access control points, and information arranged into “blocks” in which the processing is distributed across a network of different processors. The nuances of “types of blockchains” beyond this description gets to be too much to add to the discussion, but it is always important to note that the term “blockchain” does not describe every type of technology that exists within the distributed ledger technology space.
I originally heard about bitcoin when the silk road stories emerged. I was put off by the general nature of use of bitcoin, and was more interested by the dogecoin community. After getting into the industry, I realized that it was very early in the stages of this technology’s progression and was interested in getting ahead of the curve.
I am most passionate about projects that make social impact.
Bitland is a land title registration protocol. It addresses the major issue of land title fraud that is rampant around the globe. Blockchain is just a tool to help bring transparency to institutions, but problems can only be solved with human intervention at the end of the day.
I want to get an african country to launch their own national blockchain. I am honestly tired of seeing african countries chasing non-african blockchains
We help governments learn the difference between the hype and the reality of the technology.
The team came together over time from people who were devoted to the project plan and also had useful skills. Since everyone is passionate about the project, it is not difficult to keep people inspired to do their best. You can never have money as the motivating factor in a large scope project like this.
Do you think the blockchain has a role to place in real estate in Nigeria? Drop your comments in the comment section below.
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Tether to Issue Chinese Yuan Pegged Stablecoin CNHT Soon
Tether has disclosed its plan to one day issue a stablecoin CNHT which will be pegged to the Chinese Yuan fiat currency.
According to Zhao Dong, a shareholder of Bitfinex, who made this revelation on an interview he had with a Chinese media. He further revealed that Renrenbit his digital asset management will invest in the new stablecoin.
He added that “Personally, I think the offshore yuan stablecoin could boost the circulation of offshore renminbi and internationalize it. Regulators may be happy to see it proceed and succeed.”
Recently China has reveal its national digital currency will soon be ready. The reveal could be as a result of the ongoing trade tension between the PBoC and United States with the Facebook Libra as the major catalyst.
Speaking on this, the Chairman of UnionPay Shao Fujun said that the national digital currency “will have lots of positive impacts, incluidng tracking the money flow in economic activities and supporting making monetary policy”.
Tether was launched over 4 years ago and has surprisingly withstood several scandals. By its affiliation with Bitfinex, the largest stablecoin with about billions of dollars market capitalization has met some serious criticism however, it has continue to rage on and has been able to launch on some blockchain networks in time past, for example the Tron Blockchain.
Disclosing the relationship between Bitfinex and Tether, Zhao Dong said that Tether and Bitfinex are two companies with a side-by-side relationship and they have same management team.
In July, 2019, Tether announced it had launched support for its stablecoin on the Blockstream’s Liquid Network.
Revealing the time of launch of the yuan backed stablecoin, Zhao Dong said that the stablecoin will be launched in the near future and the stablecoin reserves is expected to be held in a Belgium bank.
Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson
We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.
Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.
Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.
We are shipping the 1.6 Cardano update over the next few days. Send me some screenshots of the new Daedalus and let me know if you like it. A lot of great work went into this release and I'm extremely proud of the team
— Charles Hoskinson (@IOHK_Charles) August 13, 2019
Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.
Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.
Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.
It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.
Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.
Ripple Hit With Law Suit From Aggrieved Investor For Selling Unregistered Securities
A class action suit has been amended by an investor in XRP of Ripple. In the suit, Bradley Sostack an investor in XRP alleged that Ripple misled investors and raised money from them by selling XRP token, an unregistered security. A clear violation of Federal laws.
The filing was made on the 5th of August, 2019 and in a Coindesk’s report dated August 13th, the initial class action law suit was filed in 2017 and with this amendment, Ripple has until mid of September to make a response to this action.
Citing a SEC’s newly released “Framework for Investment Contract Analysis of Digital Assets, the plaintiff is seeking to defined XRP as an unlawful unregistered assets under the framework.
“The SEC Framework makes clear that ‘[w]hether a particular digital asset at the time of its offer or sale satisfies the Howey test depends on the specific facts and circumstances.’ The specific facts and circumstances relating to XRP support the conclusion that XRP is a security under the Howey test.”
The contention of Ripple as a security or not has been an ongoing debate amongst individuals in the industry. Some see XRP as a centralized digital asset which should not be touched since the founders hold huge percentage of the total while others do not share this opinion.
Since the XRP Token is at current not mandatory to utilize any of Ripple’s products, this has raised concerns on the use cases of the token. Since it cannot be used in any of Ripple’s products, it begs the question of what really is XRP.
Ripple is a US based technology company founded by Chris Larsen in 2012. It is currently led by Brad Garlinghouse. It provides frictionless experience to send money globally using the power of blockchain. According to the company, by joining its growing, global network (RippleNet), financial institutions can process their customers’ payment anywhere in the world instantly, reliably and cost effectively.
Ripple is expected to respond to the class action not later than September.
CertiK Announces The Completion of Binance British Pound Backed Stablecoin BGBP Official Audit
In a post on micro-blogging site, CertiK announced the completion of audit on Binance British Pound backed Stablecoin, the BGBP.
Binance had some weeks ago through its CFO, Wei Zhou in an interview with Bloomberg hinted of the top exchange’s plans to issue own stablecoins. According to the Binance rep, the token will be called Binance GBP and will be fully backed by reserves of the British Pounds. He further continued that more fiat currency pegged stablecoins will also be launched on the Binance Chain.
The Binance British backed stablecoin was verified by CertiK. According to a blog post by CertiK, the auditors utilized their Formal Verification Technology and were able to identify undetected vulnerabilities in the stablecoin providing a more thorough security sweep and offering suggestions.
Always an honor to work with the leaders in the space.https://t.co/wqPugl0vO1
— CertiK (@certikorg) August 8, 2019
Commenting on the Audit and why the exchange sorted the services of CertiK, CZ, CEO of Binance said “CertiK’s Formal Verification bypasses the limits of manual detection, offering one of the most thorough audits in the industry”.
According to CertiK, the audit was done to ensure the source code of BGBP’s smart contracts were free from issues and vulnerabilities. By utilizing its Formal Verification Platform, Static Analysis and Manual Review, the team at CertiK applied a comprehensive examination during which they ensured that the codebase meets best practice and industry standards, that contract logic meets specifications etc.
The results of the audit carried out on the Binance GBP code showed that best practices was followed, the contract is not vulnerable to known securities challenges and that the BGBP is “a more secure, safe, and protected asset”.
CertiK is a blockchain and smart contract verification platform founded by experts from Yale and Columbia University. Incubated by Binance Labs, CertiK has been able to secure strategic partnerships with world’s leading exchanges such as OKEx, Binance etc and has been able to carry out audit on projects such as the LEO, TUSD etc.
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