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Mastercard Invites National Banks to Test-Run A Protocol That Will Enable Their Digital Currencies

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FinTech Payments giant Mastercard has great visions for National Banks seeing that they have kickstarted a new project for the traditional Central bank system. This time, Mastercard introduced a platform for central banks to run the projected Central Bank Digital Currencies CBDCs and how these digital coins will operate live. They revealed that they had released a virtual testing platform that will incite the issuing, disseminating and exchange of Central Bank Digital Currencies from banks and financial service outlets and vice versa. They also explained how the private individual will come in when trading commodities.

The essence of this protocol is to enable financial organizations come to terms with scaling the CBDCs so that they can maximize this new development and create new possibilities even regionally, within the municipality. 

Mastercard also analysed how CBDCs will be well-matched with obtainable payment systems and cards. They included an infrastructure that will evaluate distinct tech stacks for CBDCs. 

According to Raj Dhamodharan, Mastercard’s executive VP, it appears Mastercard is already working with some central banks and other traditional banks that have been urged to test the protocol. 

Quite expectedly, the U.S. and China have made sure to debate about the issue of CBDCs

One Crypto Proponent explained that 

“ a digital renminbi (e-RMB) is a way that China’s central bank, the People’s Bank of China (PBoC), can exercise some control over the country’s sprawling fintech ecosystem.“

He continued that:

“There’s so much going on at the Alipay, Tencent level…deposits are being made by those fintechs, they are extending credit, so it doesn’t really matter what PBoC does with respect to interest rates. It’s like a whole parallel universe.”

Again, an e-RMB is a good strategy for intelligent nations to dodge  the U.S. dollar settlement mechanism. In essence they are “somehow answerable to the Southern District [Court] in New York” or the Securities and Exchange Commission.” 

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I Didn’t Own Any Cryptocurrency Before Beam, Not Even Bitcoin – Beam CTO, Alex Romanov 

I did not have any relation or experience with any other cryptocurrency or blockchain.

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The Chief Technical Officer of Beam Alex Romanov has revealed the first cryptocurrency he ever owned. He said in the CryptoTvplus AMA Series on the 25th of November that Beam was the first cryptocurrency he owned. Not even bitcoin, he emphasized. 

He said the Beam project was the first blockchain related project he undertook. Before I started, he explained, “I did not have any relation or experience with any other cryptocurrency or blockchain. In fact, I didn’t even own any other cryptocurrency before Beam. Beam was the first cryptocurrency I actually first owned.”

This is like true for most of the team I think. We were new to this space and had to learn everything from scratch very quickly, which we did and eventually we produce Beam, Alex added. 

In the AMA session which was focused on the Beam Confidential DeFi Ecosystem, Alex also revealed the project did a hard fork in July and added a feature amongst others called Confidential Assets. 

This feature allows anyone to create a confidential token easily without special development skills. 

He also expressed his opinion on the future of the industry with emphasis on regulations as it affects privacy coins.

He said “we’ll see regulations moving forward to adapt to the new reality and understanding privacy is not something bad but something good that people need to be able to trade on blockchain”

You can watch the full session here. 

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Beam is building Decentralized Bridges Between Chains to allow Interoperability- Beam CTO, Alex Romanov 

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

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The CTO of Beam and Tech Lead has been revealed Beam is building decentralized bridges between blockchains. The bridge is designed to allow interoperability between blockchain networks such that values can be easily transferred between chains. 

This was made known on the CryptoTvplus AMA Series which aired on Wednesday, the 25th of November, 2020.

According to Alex Romanov, there’s a current strong trend in the industry in terms of interoperability. Beam is building  decentralized bridges between Beam, Polkadot and Ethereum. These bridges will enable anyone to move value between either of these networks and Beam in a completely decentralized way. 

The Beam CTO went on saying Beam definitely will lead the direction of building blockchain connecting tools. In his words 

Alex Romanov, CTO & Tech Lead, Beam
Alex Romanov, CTO & Team Lead, Beam.

Interoperability is happening, there will be more projects that connect to each other in the future and Beam will definitely lead this direction by building completely decentralized bridges that will allow to freely move value across chains and trade confidentially.”

Considering the development in the industry as regards to regulatory impact on privacy coins which Beam is one such, Alex Romanov said, in few years, we’ll see regulations moving forward to adapt to the new reality and understanding that privacy is not something bad but something good that people need to be able to trade on blockchain. 

He also said the industry will see much more serious trading on blockchain because it’s convenient and has lots of advantages. 

You can watch the AMA Session here below:

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Cypherpunk Ditches its Investment in Monero and Ether to Purchase BTC 

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A Canada-based investment outfit dubbed Cypherpunk Holdings recently ditched its store of value in two different Altcoins, Monero and Ether and stashed its gains from both into Bitcoin BTC.  

Cypherpunk Holdings revealed on Thursday the 26th of November,  2020 that its store of BTC is now worth 276.479 BTC. Its Bitcoin holdings rose from  72.979 BTC to its current 276.479 BTC estimated to be the remainder for the second quarter of 2020. This stands as a whopping 279% increase.

The holding company liquidated their investments in the privacy coin dubbed Monero, and Ether, one of the most valuable cryptos. They in turn used the money they got to buy more and more BTC. 

Cypherpunk also used monies obtained from the private placement of CA$505,000 which is approximately USD 400,000, a deal closed on the 27th of August to buy BTC. 

Cypherpunk is not the only company that took the BTC route, publicly quoted companies like MicroStrategy and Square have diversified their investments into BTC in 2020.

These trends suggest that BTC is a worthy store of value and an alternative hedge for inflation. 

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