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Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency

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Wells Fargo Tokenizes

Wells Fargo tokenizes cash by using its own blockchain platform but avoids calling it a stabelcoin or a cryptocurrency project. As we already read in the latest cryptocurrency news, the world’s fourth-largest bank announced it was piloting the internal settlement service by using the distributed ledger technology.

The Wells Fargo Digital Cash which is a new system that has been devised to reduce friction in the bank’s ‘’internal book transfers of cross-border payments within the global network.’’ The service that Wells Fargo tested already in the transfer trials between the locations in Canada and the US is set to become a ‘’reusable enterprise utility for Wells Fargo to build’’ blockchain applications in the future. The official pilot of the system will take place next year and if all goes well it will be expanded to the ‘’ multicurrency transfers and the entire global branch network. In order to start, the bank’s tokens will be backed 1:1 with US dollars. The head of the bank’s innovation group Lisa Frazier stated:

 “We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo tokenizes by using the possibility of transitioning to a new internal database. One of the former senior blockchain and crypto strategists at EY previously commented:

 “I’m genuinely curious as to the definitional difference, and then the supposed improvements. How many people can explain how this solution is technically different than what banks have always done? […] They’ve just changed their database.”

This is not the first rodeo for the ecosystem and this year since many stakeholders in the space including the non-profit groups explained the characteristics of JPMorgan’s JPM Coin which was a project permissioned and closed-source. JPMorgan is also looking as Wells Fargo to innovate in the blockchain arena as reported in the altcoin news previously. The central banks are getting in on the action as well since the Bank of Russia is also working on a blockchain-powered digital currency while the People’s Bank of China aims to launch its own cryptocurrency as well.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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LocalBitcoins Users Remain Without Access To Their Tokens

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Most of the LocalBitcoin users remain without access to their tokens, two weeks after the exchange suspended their accounts without a word. The account-holders said that they have been frustrated by the move which has brought their trading operations to a stop, as per the latest cryptocurrency news. LocalBitcoins is based in Finland and is a platform where buyers and sellers can trade Bitcoin directly. It incorporates escrow for security and is also licensed by the Finnish regulator or the Finnish Financial Supervisory Authority. The platform is available in more than 248 countries and generates revenues per year of 31 million USD. The company has more than 67 employees. Back in 2019, the exchange tightened its compliance requirements thus removing the ‘’in-cash’’ person option. despite that, however, the exchange suspended the accounts of many of the LocalBitcoins users without prior warning. Customers in Africa have also been affected mainly those in Uganda and Nigeria. The account holders in Asia have also been affected including people from Pakistan, Afghanistan and other countries in the Middle East. There were many users in the United Kingdom that were affected as well. The localbitcoins users have been asked to withdraw their bitcoin holdings and erase their accounts if they don’t want to wait for activation. Many say that they have been unable to take any action since their accounts have already been suspended with thousands of dollars worth of Bitcoin locked. Rizwan Ali was one trader from Pakistan who was affected, he said:
 “It’s devastating. The exchange suddenly blocked our funds and suspended accounts without any warning. My 0.5 BTC is blocked, and I am waiting for it to be released. It’s been 14 days today since I made my account deletion request. There was no notice. They violated their own terms of service. I am sure what they are doing is illegal.”
Another localbitcoins user in Nigeria said that he was unable to access the account even after he received notifications about customers that want to sell him bitcoins:
 “One of my customers was due to travel out of the country and had to sell some of his bitcoin to be able to go – only to notice on his way to the airport that he could not even access his funds.”
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Namecoin NMC Started Trading Low By 15.4% Over Past Week

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Namecoin NMC cryptocurrency started trading 14.2 percent lower against the US dollar during the 1-day period and over the past week, Namecoin has traded 15.4 percent lower against the US dollar. Namecoin has a market cap of $7.23 million and about $7,305.00 worth of coins traded on exchanges in the past day as we are reading more in the Namecoin news today. One Namecoin NMC coin can be purchased now for about $0.49 or 0.0000498 BTC on crypto exchanges including Altcoin Trader, Cryptopia, YoBit, and C-Patex. Namecoin NMC is a proof-of-work coin that uses the SHA-256 hashing algorithm and its genesis date was April 13t, 2011. The total supply of the coin is 14,736,400 coins and the official Twitter account is @namecoin and the Facebook page is extremely accessible. Namecoin NMC is based on the code of Bitcoin and uses the same proof of work algorithm and is limited to 21 million coins and Each namecoin record consists of a key and value which can be up to 520 bytes in size. Each key can be considered as a path with the namespace which precedes the name of the record. The example shows a record stored in the DNS namespace with the name example and corresponds to the record for the example. The content is expected to conform to the DNS namespace specification. Now, a fee for a record is 0.01 NMC and records expire after 36000 blocks or about 200 days unless updated or renewed. Namecoin is used to purchase records that are marked as used and destroyed as giving the fee to miners which would enable larger miners to register names at a bigger discount. Namecoin can be bought or sold on these crypto exchanges: Livecoin, Bleutrade, YoBit, Tux Exchange, Poloniex and Cryptopia. It is not possible to purchase alternative cryptocurrencies such as Namecoin directly using US dollars so the investors are looking to acquire Namecoin through bitcoin first. As per the other altcoin news, The most dominant cryptocurrency Bitcoin hits $10,000 today and 9 February is suddenly a day worth remembering in the 2020 calendar. For those of you who don’t follow our cryptonews regularly, today we finally see Bitcoin hitting the five-digit mark and reaching its highest level since October last year.
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DigixDAO DGD Trading Increased By 13.9% In A Week

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During a 24-hour period that ended at 15:00 PM ET on February 15th, DigixDAO (DGD) was traded down 3.2% against the USD. Throughout the last seven days, DigixDAO was traded with a growth of 13.9% against the USD as we are reading more in the DigixDao news today. One DigixDAO token can at this time be bought for $46.89 or 0.00472714 Bitcoin (BTC) on major exchanges including Bancor Network, Binance, Liqui, and Cobinhood. DigixDAO has a total market capitalization of $93.79 million and $4.25 million worth DigixDAO was traded on exchanges the previous day. DigixDAO utilizes the hashing algorithm. Its genesis date was April 28th of 2016. The total supply of DIgixDAO is 2,000,000 tokens. The Reddit community for DigixDAO is /r/digix and the currency’s Github account can be viewed here. The official website of DigixDAO is digix.global. The official Twitter account of DigixDao is @DigixGlobal. The official message board of DigixDAO is medium.com/@digix. According to CryptoCompare, “The DAO token is built on ethereum.  The ICO – or initial coin offering – raised $5.5million to acquire 85% of the DGD tokens.  “ You can buy DigixDAO DGD on these crypto exchanges: IDEX, Cobinhood, Gate.io, BigONE, OKEx, AirSwap, Bitbns, Liqui, HitBTC, Bancor Network, Livecoin, Radar Relay, Binance, and Huobi. Usually, you cannot buy alternative crypto-like DigixDAO directly with US dollars. Investors that are looking to purchase DigixDAO should at first purchase Bitcoin (BTC) and Ethereum (ETH) and then utilize them through the exchange that works with US dollars like GDAX, Coinbase or Gemini. Investors can afterward use their newly purchased Bitcoin (BTC) or Ethereum (ETH) to buy DigixDAO using one of the mentioned exchanges. In order to facilitate greater ease of use, new users on the Digix platform can now register for an account as well as buy up to 10 DGX daily with a lifetime limit set at 110 DGX before KYC is required. In addition to this, the users accessing the official Digix marketplace can expect a consolidated administrative dashboard which will streamline the process of purchasing, tracking as well as managing DGX holdings, as DigixDAO unveils. As DigixDAO unveils the novelties, its main mission is to simplify purchasing and managing Digix’s native DGX token. Also, the team behind the altcoin wants to meet the growing demand for access to tokenized assets from retail investors all over the world.
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Algorand: Building The First Open & Permissionless Blockchain Protocol

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The Algorand project is not only a hot new altcoin - it is an entire system created to improve a lot of things. In the blockchain news, Algorand is described as a company that is building the first open, permissionless and Proof of Stake (PoS) blockchain protocol. Basically, Algorand is a decentralized and permissionless public blockchain - and the main aim of the project is enabling a borderless economy by creating an advanced blockchain platform. The development philosophy is based on building a blockchain which provides a sustainable and boundless opportunity for everyone. The core principles of the development, on the other hand, are the performance, direct usage and adoption, as well as the instant verifiability and simplicity. To put it simply, Algorand is a coin that has an ecosystem designed to solve many blockchain challenges. Namely, the coin can help build fast and scalable cryptocurrency without trading off decentralization. In this aspect, the importance of scalability is very high considering the further adoption of blockchain technology. Aside from the scalability which is linked to the cost of decentralization and security, Algorand minimizes the computational cost of blockchain participation and means low transaction fees. In other words, it is a scalable, secure and decentralized blockchain with low transaction fees. The team at Algorand is very strong in the blockchain space. Founded by the MIT professor Silvio Micali, the team is full of scientists and researchers based out of Boston, Massachusetts. With a native token ALGO, Algorand is trading on multiple exchanges including Binance, KuCoin and CoinEX. Recently, the source-code for ALGO was made available, allowing everyone to see the code of Algorand. Other than this, the consensus protocol for ALGO is unique and called Pure Proof-of-Stake (PPoS), praised because it can achieve consensus without a central authority and tolerate all malicious actors as long as major part of the stake is not that malicious. The advantages of PPoS are decentralization, low energy consumption and speed. From another perspective, the advanced PPoS protocol is aimed to turn Algorand into the medium of exchange (like Bitcoin) but with more scalability in mind. Currently, the latest altcoin news show that ALGO is trading at $0.3319 with a market cap of $186 million.
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