Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Blockchain News

Bank Of America Will Tap Blockchain To Develop A Crypto Storage System

Published

on

bank of america

The second largest bank within the US, Bank of America (BofA) has recently applied for another blockchain patent that will allow it to develop a secure crypto storage system. The news came from a patent document that was published by the US Patent and Trademarks Office (USPTO) on August 23rd.

Named “Block Chain Encryption Tags”, the patent describes a system of recording and storing crypto transactions that are handled by enterprises. In a nutshell, the invention is based on a system of data security for blockchain networks by implementing proper encryption and linking data units to the blocks of a certain blockchain.

The North Carolina-based bank has enriched the patent with a system that includes a device with a processor that first receives a set of data elements – to later acquire an encryption key before encrypting the elements within the first block on a blockchain.

The encryption key is then combined with the encrypted element map – allowing the creation and encryption of the “creator tag” which is embedded and published within the first block of the blockchain.

So far, the Bank of America has filed more than 50 blockchain-based patents, putting its name among the largest holders of blockchain-related patents and becoming the leader in this category, even beating the popular tech giant and ‘patent-hunter’ IBM.

However, the bank is still skeptical when it comes to cryptocurrencies, despite acquiring patents on the development of a digital currency exchange system in December 2017. Earlier this year, however, the bank admitted to the regulators that it may not be able to compete with the growing use of cryptocurrency and that this inability may harm their business.

Share This With Your Friends

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

Continue Reading
Comments

Blockchain News

Bitpoint Update Shows Another $2.3 Million Of Crypto Is Missing

Published

on

By

bitpoint update
Bitpoint update on the hack that occurred shows that another $2.3 million of cryptocurrency is missing. The company made the new announcement earlier today so we read more about it in the latest cryptocurrency news below. After the high profile hacking of the Japanese exchange, the company announced the news that more money is missing. As it wasn’t bad enough to have more than $32 million of crypto stolen by the hackers, Bitpoint update shows that the exchange lost an additional $2.3 million which is still unclear how. The funds were discovered missing from exchanges that are based outside of Japan but that still use Bitpoint’s trading system. The Japanese exchange reported that the hackers stole more than $22.7 million of the clients' funds whilst the rest was from the exchange’s reserves. The operator suspended all transactions and services and has still yet to resume operations. In what could be considered as a positive thing, Bitpoint announced yesterday that the value of the hack was now estimated at a total of 3.05 billion yen but it still unclear whether this is because of the reassessment of the funds missing or simply because of the overall drop in prices during the weekend. The hot wallet of the exchange which was targeted by the hack attack holds bitcoin, Ethereum, Litecoin and Bitcoin cash and all of these cryptocurrencies dropped in price since the attack. As mentioned previously in the altcoin news, third of the crypto frauds and hacks occurred in Japan. These account up to a massive $920 million of the total $2.7 billion stolen around the world over the past eight years without taking the latest Bitpoint attack into account. The Japanese Financial Services Authority has an inspection from the Financial Action Task Force in the upcoming days and they are desperately trying to impress them. After the CoinCheck attack in 2018, the regulator increased the guidelines but stated they are not willing to regulate excessively. However, it will be very interesting to see how the things will turn around with the upcoming FSA inspections which hopefully will improve the situation and bring some calm on the Japanese market.
`
Continue Reading

Blockchain News

Binance Just Burned $24 Million Worth Of BNB Coins

Published

on

By

binance just burned
The leadership of Binance is apparently pushing towards bringing value to their users. This week, the cryptocurrency exchange based in Malta completed its eighth quarterly token burn where more than 809,000 BNB tokens were burned. The sum that Binance just burned was worth approximately $24 million USD at the time of the bum. The company is all over the altcoin news for the latest token burn - which was the first towards its new goal of burning 100 million BNB tokens. As they revealed in an official post:
“Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB. The Binance team tokens equate to 40% of the total BNB supply (80,000,000 BNB, currently worth about US$2,400,000,000).”
The idea, as the exchange noted, is to use deflationary pressure to make BNB tokens worth more in the long run. The fact that Binance just burned BNB coins is very familiar in the crypto space. In fact, many best cryptocurrency news sites reported that this large token burn comes after the exchange had the best two-month stretch in its fledgling history. From May to June 2019. Binance managed to facilitate around $125 billion which is the largest reported transaction volume that the platform has had in any period to date. Whether the company can maintain such prolific volume as it phases out the American users from Binance.com remains to be seen. However, Binance US is coming and the fact that Binance just burned BNB coins shows that the exchange has various ways its fighting to maintain its dominance in the crypto economy. Aside from the fact that Binance just burned $24 million worth of BNB coins, it also unveiled its new margin trading service. Unfurled alongside the platform’s main exchange service, the margin trading is backed by a new advanced trading engine that is designed for “better order matching and press indexes for margin level calculations to enable lower liquidations,” as the company revealed in a July 11th press release.
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades,” the co-founder of Binance Changpeng Zhao said in the coming altcoin news.
`
Continue Reading

Blockchain News

Another US Company Wants To Offer Bitcoin Derivatives

Published

on

By

Another US Company
The institutional interest in crypto is increasing as we speak - but the situation is the same among the Bitcoin derivatives market. As the latest cryptocurrency news show, another US company has plans to offer Bitcoin for US investors. As they said in a press release published on Friday, trueDigital Holdings wants to offer BTC for US investors. The company noted that they already “reached an agreement in principle” to acquire designated contract market (DCM) and swaps execution facility (SEF) registration with the US Commodity Futures Trading Commission (CFTC) from a firm called trueEX. The deal is pending approval from the CFTC as the firm noted. If the bid is successful, the main aim will be launching a “fully regulated” cryptocurrency derivatives product. As a reminder, trueDigital is another US company with plans for Bitcoin swaps. The firm said that these “have been self-certified with the CFTC.” Moving forward, the company plans to add additional crypto derivatives. As CEO Thomas Kim noted:
“A trueDigital owned and operated regulated exchange is the natural step in our evolution toward achieving our goals. Adding the exchange to our ecosystem delivers a complete end-to-end offering, currently unavailable today, that encompasses tokenization, payments, market data and settlement for the benefit of our clients and partners.”
With this move, trueDigital would become one of the very few entities and another US company offering regulated crypto derivatives in the US. If this deal goes through, the main rival they would face would be LedgerFX, which launched a Bitcoin derivatives product in October 2017. TrueDigital has previously launched an OTC reference rate for Bitcoin and Ether - something that went viral on many best cryptocurrency news sites. Aside from this, the company has also teamed up with Signature Bank to launch a blockchain based digital payments platform. That effort received approval from the New York State Department of Financial Services to offer services within the state last December. Bitcoin derivatives are very popular on the market - and their popularity will likely increase if the price of the dominant cryptocurrency goes up. Seeing that BTC was part of Trump’s latest tweetstorm, the free publicity is now here - and the price of Bitcoin is apparently setting a positive traction
`
Continue Reading

Blockchain News

Crypto Predicting Dapp Veil Shuts Down All Operations

Published

on

By

Crypto Predicting Dapp
Crypto predicting Dapp Veil, a decentralized application that interacts with Augur and lets the users participate in prediction markets is shutting down. We can find out about the reasons in the latest cryptocurrency news below. The company behind the dapp will still continue to develop new products and will even make possible for those who are interested to still create smart contracts on the Augur platform via a creation tool. The company noted:
 “[W]hile we’re sunsetting the Veil product, the Veil team and company will continue as is. We’re lucky enough to have great partners, and we have a number of projects we’ve been working on internally that we can’t wait to share with the community.”
The tool for creating smart contracts will be open source along with other feature that will be moving forward with the company. The crypto startup is also opening new projects with new goals. The prediction markets as previously seen can have a hugely positive effect on the blockchain but also on the market as well. In a prediction market, the participants take their shot and take winnings based on the outcome of the external event. Each event including controversial bets is taken and can bring you great benefits. The blockchain technology enabled these controversial markets to stay open since the Augur system uses the ‘’orcales’’ users who earn the reputation tokens by participating and making sure that the correct result gets the correct reward. The crypto predicting dapp Veil urges everyone to shut down their expired veil markets and not to open any new ones. It is still possible to interact with the smart contracts once the interface goes away but the team advises that everyone should handle their business before that:
 “Since Veil is non-custodial, all of these steps can technically be taken anytime by interacting with the Veil smart contracts. However, we recommend taking these steps while the Veil UI is still available. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started.”
As noted in the altcoin news previously, on-chain gambling is much easier than predicting dapp. In on-chain gambling, you have to commit your funds and not send them anywhere. Here, you assign your money to smart contracts and either you win, or you lose.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

august

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X