There have been more and more attempts to bring blockchain closer to the banking industry. In the latest news, Capital One, which is a bank holding company that focuses on credit cards and bank loans, has applied for a patent that will help it authenticate the new users in a secure manner – on the blockchain.
The company has recently applied for a patent named “Blockchain Systems and Methods for User Authentication” which was filed in Virginia (USA). The inventors of the authentication system (as listed) are Johnatan Weimer and Ryan Fox.
In the abstract of the patent, the project is explained in more detail. As it says, the computer-implemented methods and systems will focus on blockchain-based user authentication where users will be listed in a special system that will include verification messages and authorization codes for the root system.
As such, the authentication system will comprise of:
“At least one processor; and at least one non-transitory memory containing instructions that, when executed by the at least one processor, cause the authentication system to: publish a root system block for a user to a private blockchain.”
Meanwhile, this patent is a continuation of a patent that Weimer filed in June 2017, which shows that Capital One has been working on the technology for some time now. More importantly, it is another proof that a banking company like this sees blockchain as the best technology for responding to authentication requests associated with different institutions and potentially merging them all into a collaborative authentication system that will handle everything.
As the authors concluded:
“The authentication system would also be constructed in a way that encouraged the participating institutions to trust in the validity of the authentication records. A need therefore exists for an authentication system architecture that addresses these technical problems.”
With this, Capital One is the latest company to file for blockchain patents and integrate the technology into their business model.
Binance Just Burned $24 Million Worth Of BNB Coins
“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.
Another US Company Wants To Offer Bitcoin Derivatives
“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
Crypto Predicting Dapp Veil Shuts Down All Operations
“[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.
Visa And VC Firm Are Investing $40 Million In Crypto Security Systems
“Anchorage applies the best of modern security engineering for a more advanced approach: we generate and store private keys in secure hardware so they are never exposed at any point in their life cycle, and we eliminate human operations that expose assets to risk.”While Visa and VC firm Horowitz are investing in this startup, American Express and other credit cards are seen as pioneers in their own right. Still, it could be possible that Visa is in another world and with different considerations for the crypto industry. Right now, many best cryptocurrency news sites are reporting the advancements in the blockchain space and the big institutions entering it. The longer you have been in it, the more you are able to understand that traditional finance companies will come in and benefit from the technologies as well. What started with patents and investments is beginning to look like bigger investments and bigger advances.
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