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Halt the Libra Project else risk a new Swiss-based Financial System that is too big to fail, Congress tells Facebook

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Congress has written to Facebook in a letter addressed to top officials of the social media giant including the CEO Mr. Mark Zuckerberg directing it to halt its proposed new digital currency Libra and its Wallet the Calibra. This move was dutifully made following the security, trading, privacy and monetary concerns which congress considers the Libra Project could have on the US economy and the global financial system which by extension will impact every lives on the planet.

Considering the huge user base which the social media giant has, it calls for grave concerns as it has been in the news for its lacklustre approach to user privacy and security which the Cambridge Analytical saga is clearly evident to.

Over the past year, Facebook has been working secretly on its cryptocurrency project dubbed the Globalcoin to the world at that time but it was until the Mid of June, 2019, Facebook formerly announced its new global financial cryptocurrency Libra which will run on its own blockchain. Haven recruited some corporate giants cutting across several sectors of the US economy such as Uber, Spotify, MasterCard, Paypal, Ebay, etc, Facebook appeared to be on the rise to actualize its global payment system which will see billions of people getting financial services in places around the world yet unbanked.


The announcement of the Libra project and the documentations created great reverberation across the global media space with many voicing their concerns over the new digital currency while others praising the initiative of the Facebook Libra. As these were going on, the price of cryptocurrencies notably Bitcoin saw an increase upto $13,000.


The concerns of the US congress over the Facebook Libra project points to the limited and/or obscure regulatory oversight which the government has over the digital currency space and this may just be the pin that pops the balloon thus creating legislative pieces which are focused on the blockchain and digital currency industry. This the US Congress made explicit in their letter

“if products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S and global financial stability


The issue with the Libra Project also has to do with the need to protect investors and every day users of the Facebook platforms. Insurance forms a significant part of the financial system and as such, without adequate financial productive measures against account hacks and theft, if another Cambridge Analytical issue arises in the future, billions of dollars would be lost and this would spell an inescapable doom for millions of people in the US and world over.

If Facebook complies as it should, Congress will go on examining the various aspects of cryptocurrency. Once again, excitement will brew again for those against everything cryptocurrency and those in support of it as Congress congregate and we can only expect some interesting price actions.

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Waves to Launch Blockchain-Based Games Marketplace with The Abyss

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Image: Waves Platform

Blockchain Platform Waves and blockchain distribution platform – The Abyss will jointly launch blockchain-based marketplace of digital goods and in-game items.

The co-operation will see the building of a universal marketplace of all tradable goods and in-game items offered by Abyss partner game developers through their games.

The marketplace will enable users to purchase items with Abyss Tokens and sell to other users no matter what supported game it was purchased from. This, according to Waves will open another way for game developers to monetize their games on The Abyss.

Waves revealed the Abyss tokens will be integrated with the Waves Blockchain thereby enabling developers to connect The Abyss Token operations directly into their Waves-based games.

This will be made possible and easier by the release of an SDK and provision of technical assistance by Abyss.

Founder, The Abyss Konstantin Boyko-Romamovsky is quoted saying “The Abyss development team has already started preparation for the integration of Waves solution. The respective API methods and libraries will be added to the platform SDK and offered to game studios and developers.

As a mutual benefiting arrangement, games built on the Waves blockchain will be able to utilize the distribution network of The Abyss therefore getting exposure to a wide audience of gamers.

Speaking on the arrangement between both firms, CEO, Waves Platform, Sasha Ivanov said, “The integration of Waves technology will enable The Abyss to create one of the best and the most advanced digital marketplaces in the video game industry. Apart from boosting up blockchain adoption, it is also supposed to increase the speed of processing trading transactions”.

Based on the Ethereum blockchain, The Abyss is a digital distribution platform for online video games with a unique revenue sharing system. The Abyss offers browser, client and blockchain games and provides game studios with additional customer benefits, from community features to marketing tools. Part of the income generated by sales of games & services is distributed between users in the form of rewards for various activities available on the platform.

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A Proposal Has Been Made To Move ZCash from POW to POS

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A ZCash Improvement Proposal ZIP was submitted to the ZCash community to migrate the privacy focused blockchain from the Proof of Work protocol to Proof of Stake.

 

The proposal was made by a user rebekah93. According to the community member, “Zcash was launched using Proof of Work. This meant that as well as removing the risk of POS being in some way faulty, the developers could focus on snark development rather than proof of stake development. Now the situation is a little different, as POS is a little mature and shielded transactions in zcash have come leaps and bounds.

This means that we should be able to switch from POW to POS without diverting developers too heavily away from other protocol improving works.”

 

The motivation according to rebekah93 for the improvement proposal was “by not wanting to have ‘destroying the planet’ as one of zcash’s most prominent achievements.

This is related to the amount of power needed to maintain the proof of work blockchains with Bitcoin being the highest consumer as the largest pow blockchain.

In order to achieve consensus, the community will have to answer some questions such as:

what properties does it want from POW? BFT or not?, Which are the best POS protocols that satisfy the needed properties, who gets to have the loudest/definitive say, when will it be implemented, who will implement it, will there be a transition period, when will the transition go live?

The ZIP which is currently in draft stage has attracted comments from the zcash community with one member Faddat defending POW by saying it doesn’t harm the environment and that it is one of the most efficient uses of stranded energy. According to him, POS chains have more favourable performance characteristic, but POW is more secure.

 

Another member of the Zcash community by the name OliverNChalk is  of the opinion that the migration to POS should be put on hold and wait to see how the Ethereum imminent migration to POS goes as this would give an idea of how POS looks in the ‘wild’.

 

A member of the Zcash foundation by the name Sonya said concerning the ZIP “I like proof-of-work because the economics are straightforward and the model is battle-tested. I don’t think proof-of-stake has been around long enough that we should jump on it — maybe another couple of years.”

 

The proposal was created over 40 hours ago, it has received 1500 views and 12 replies. At current it is still a draft.

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Blockchain-based ID System to Be Instituted In The Argentine Capital.

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On August 26, Buenos Aireshad announced that it would be partnering with three tech-based companies to facilitate the creation of Blockchain-based digital identity platform for the capital city of Argentina. This announcement was made by NEC’s website given that they will be partnering with DECODES (NGO Bitcoin Argentina) and IDB Lab to help develop the platform.

This new platform will achieve a number of purposes. One of these purposes would be helping to improve the access to quality goods and services for residents of the city, this is in line with the concerns about the fast increase in the level of poverty in Buenos Aires. According to a recent study carried out by the city government (GCBA), it indicated that 16.2% of the inhabitants dwelling within the region were currently living below the poverty line of the country.

The study also reflected an increase in the level of vulnerability for its inhabitants, this is because they aren’t just limited to access to certain goods and services, they are exploited as well. It is hoped that having more detailed information that is easily and securely stored will better enable government officials to create a more effective and efficient system that would assist those in the city suffering from extreme poverty within the region.

Erika Molina, the Project Team Leader from IDB in a statement, had explained that:

“The project aims to increase access to goods and services for the residents of vulnerable neighborhoods, thus allowing them to improve their opportunities for socioeconomic inclusion in the fourth industrial revolution.”

This new platform will go a long way in helping to alleviate the “poverty penalty” that many of the poorest in Argentina have been enduring for a while now. The penalty in this context refers to the fact that most of the people who are below the poverty line lack the proper paperwork and identification needed to acquire housing, employment or any form of assistance necessary.

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Telegram Open Network TON To Be Compartible With Ethereum, Public Testing on September 1st

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Privacy focused messaging firm Telegram’s blockchain project the Telegram Open Network TON has been revealed to be compatible with the Ethereum blockchain according to a Tech startup developing tools for TON.

The startup TON Labs which is financed by TON investors is building several tools for developers to use in order to build new projects on Telegram Network.

Of the several tools, a Solidity Compiler is one of them which will allow decentralized applications developed for Ethereum to also run on the TON.

According to the firm, the compiler has been in testing since July.

TON is expected to launch by in two months from now at the end of October however, public testing is expected to begin on the 1st of September, 2019.

The Telegram Open Network TON is a decentralized application and messenging platform built by Telegram after it had raised over a billion dollars in a token sale in 2018.

The blockchain is set to feature the native token GRAM which will be launched by 3rd quarter of 2019

Telegram announced in February that TON is almost complete and that TON will launch in Q3.

Earlier in May, Telegram released a test client for the Telegram Open Network. The release of the test client allowed users to create simple wallet smart contracts in TON.

Button wallet had earlier announced support for TON where it allows users trade and hold digital currencies on the Telegram platform with its TON testnet service

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