- Atomic Clock and Blockchain allow time stamps in nanoseconds!
- Ethereum's upgrade to Metropolis has not yet been achieved!
- Vietnam prepares legalization of Bitcoin!
- Bitcoin Exchange BTC-e promises daily updates!
- US Government Encourages Blockchain-based Participation!
A group of scientists from the National Physical Laboratory, the Toronto Stock Exchange (TMX), and the UK's Z / Yen company have jointly set up a blockchain database, which is capable of producing time stamps in nanoseconds by connecting to the atomic clock.
As a result, the securities trading business will be able to be documented even more precisely due to a high-precision time stamp. The Atomic Ledger Project has already recorded over 20 million transactions in the universal time (UTC) of atomic clocks. The basis for this was a 3-hour trading via the ChainZy Distributed Ledger System.
In this 3-hour trading, the data on TMX's purchase and sales orders were stamped with a time stamp and entered on the Distributed Ledger of ChainZY. The results of the Strathclydes Centure of Financial Regulation and Innovation are to be evaluated.
Triggers for the research project are new EU directives, which place higher demands on time stamps in high-frequency trading. The EU directives are to enter into force on 3 January 2018 and require a more precise synchronization between the market participants and their servers. Especially in the high-frequency trade, milliseconds can already decide over billions, correspondingly important here is a precise time recording.
In contrast to the latest rumors, the developers of Ethereum have not yet announced an exact release date for the forthcoming Metropolis Hard Fork.
The Ethereum developers work on it as well as on a precise announcement. However, a deadline for the last test phases was announced in a public meeting of the core team. Originally the release date for August or September was adopted, but the schedule had to be pushed back due to further developments.
Metropolis is the third of four planned upgrade versions of the Ethereum team. As previously reported, Metropolis can be seen as a major step towards improving the overall user-friendliness of the platform. The hard fork (when new software is introduced that is incompatible with previous versions of the network) appears in two phases, Byzantium and Constantinople.
In the latest session, the team successfully established complete specifications for Ethereum's improved protocols (EIPs). The developers are now ready to go to the next level, which provides further testing of the Fork in a test network. Depending on how this process develops, a release date can be confirmed. The tests are scheduled to start between the end of August and the beginning of September. A test phase of three to four weeks is expected, which means that the fork can be expected between the end of September and the beginning of October. This assumes that everything is going according to plan by then.
The Prime Minister of Vietnam, Nguyen Xuan Phuc, announced a plan to provide Bitcoin with official recognition as a currency in 2018.
This is apparent from the Vietnamese newspaper VNA, which mentions that the Prime Minister has commissioned the Central Bank and the Ministry of Finance to develop a legal framework around crypto currencies. If everything goes according to plan, crypto currencies could be fully regulated by the end of 2018.
How the taxation could look in concrete terms, however, will probably be finalized in June 2019. Even if there should be delays, the signal is very positive. After all, Vietnam was anything but a proponent of crypto currencies.
The example of Japan has shown what can lead to a complete regulation of crypto currencies. Since then, the bitcoin adaptation has grown rapidly and many companies are trying to integrate crypto currencies into their business model. The knowledge or the legal certainty that the use of Bitcoin and Co. does not go into a gray zone is a prerequisite for the commercialization of crypto currencies.
Especially Vietnam and its more rural regions, with a less well developed banking infrastructure than Japan or Europe, could profit disproportionately from a strong crypto economy. The effects for the bitcoin course would be correspondingly positive.
It is known that the Bitcoin trading platform BTC-e last July by the US law enforcement authority closed. Background of the closure was the capture of the Russian citizen and operator of the platform Alexander Vinnik in Greece. Vinnik is accused of having "washed" several billion US dollars through the platform.
Only a few days after closing, BTC-e employees reported through an account that the platform had already communicated with their users prior to confiscation, and announced that they would reimburse all their users' digital currencies.
According to recent updates, the process should include With the help of debt tokens (BTCT tokens) - a large part of the deposits should be repaid in the original currencies. The remaining part is to be compensated by first BTCT token.
According to an update of August 25, BTC-e is now working on transferring all remaining digital currencies to an investment company to allow a relaunch of the trading place. After that, the users should be given access to 55% of their deposits. The remaining 45% are to be reimbursed in BTCT tokens.
In addition, the operators point out that the platform is endeavoring to inform its users better about the future. From August 31st there should be daily status updates. The next update is expected on August 30th.
The US government is taking a step toward the future. Many other countries have already recognized the benefits of digitized and blockchain based management, including Estonia. Now the US also seems to want to follow this development.
The overarching promise of the blockchain is its decentralization, the division of a database for more security and transparency. To benefit from this, the centralized US federal government would now like to invite experts and visionaries to a technology workshop in Washington to share their ideas and to refer to the IT system of the government.
The invitation was sent via DigitalGov blog, which is intended to share government updates on IT systems.
The post said:
Specialists from the field of blockchain have been called upon to get in touch with the government and share their ideas and concepts. They should help the government to become more open and understandable. All interested parties were instructed to elaborate proposals which could help to achieve this goal.
The workshop can be seen as part of a higher level Open Government Partnership, which is designed to provide greater transparency and accountability for the government as a whole. This partnership aims to attract talent and stimulus from the private sector as well.
For blockchain technology, this is a further step towards being globally recognized and sustained.
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@danyelk
Nice job on this one. A good breakdown of crypto news. These all appear to be positive for the crypto market. Keep up the good work.
Thank you! I am glad you like it and if you want check out my blog there is more crypto news posts with good information. Have a nice day and steem on :)
Thanks for the very useful information. I imagine that the government wants block-chain based participation to help business, which is a good thing; however, I would guess that it does not want competition on its so-easy-to-inflate fiat currency. The exciting part of cryptos is that they should continue to increase in value rather than decreasing in value as is the case of the U.S. Dollar and all other fiat currencies.
Thank you! Yes you are totally right I see it the same way :)
great news new country means new investors
yes that's right
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