Crypto payments pilot test between the Bank of Canada and the Monetary Authority of Singapore was successfully conducted of the central bank-backed crypto assets. The cross-border payments are great news that we are reading more about in the latest cryptocurrency news.
The statement of the MAS released earlier today explained the potential of ‘’central bank digital currencies’’ in boosting the efficiency of international transactions but also reducing risks while processing the crypto payments. According to the official statement:
“The Bank of Canada and the Monetary Authority of Singapore (MAS) have conducted a successful experiment on cross-border and cross-currency payments using central bank digital currencies. This is the first such trial between two central banks, and has great potential to increase efficiencies and reduce risks for cross-border payments.’’
The pilot test for the crypto payments relied on the Distributed Ledger Technology (DLT) which is basically a private blockchain network that is largely centralized. The centralized blockchain network is a protocol controlled by a group of node operators that are able to process data. The benefit of the DLT is the large transaction capacity and scalability.
However, it remains unclear whether the DLT-based network can be described as blockchain networks since they lack a decentralized structure. The successful crypto payments pilot by the two major central banks shows the rise in interest in blockchain technology and cryptocurrencies in order to process payments on a global scale.
The collaboration between the banks comes after many large institutions as reported in the altcoin news such as JPMorgan decided to release their own digital assets. The head of JPMorgan Asia Pacific Naveen Mallela explained the advantages of crypto payments conducted on the blockchain:
‘’We are encouraged that Quorum has contributed to further progress in enabling cross-border payments. We look forward to continued collaboration with MAS and the financial community towards exploring a future where transactions can be executed at scale, safely, and more efficiently. J.P. Morgan is at the forefront of blockchain innovation and we will continue to invest in relevant technologies to improve the payment experience for our clients.’’
The MAS is expected to work with other banks as well to develop a central bank blockchain project in order to better scale the crypto payments for banks and retail clients of the banks.
Beacon Chain Contracts: The New Way To Deploy ETH-Based dApps
“The idea here is that basically on the beacon chain, you’re going to be able to deploy these little worlds that summarize how a blockchain works, how a state transition works, [and] how a smart contract works."This puts beacon chain contracts in the focus of the latest cryptocurrency news. According to Jordan (who is part of one of the leading teams building software that supports scalable and energy-efficient version of the second largest blockchain in the world), the proposed beacon chain design by Buterin “makes it a lot easier for application developers, people building on [ethereum],” and thus helps in leveraging the new network without having to re-learn the parameters of an entirely new blockchain platform. A lot of application developers praise the news for the beacon chain contracts because of the amazing features. However, many aspects are still highly subject to change and further research. However, Buterin's latest proposal suggest interesting new dynamics to simplify how decentralized applications (dApps) are deployed on the estimated $26 billion network. As many other altcoin news sites report, the beacon chain is a central blockchain that coordinates with hundreds of other Ethereum blockchains called "shards" in the envisioned Ethereum 2.0 network.
“Instead of having one giant machine run transactions one at a time…we can split it up across tons of machines across the world and run them in parallel,” Jordan explained.Even though originally the beacon chain was to act strictly as the coordinator, Buterin has proposed that the beacon chain could serve an additional function - and store specialized smart contracts called beacon chain contracts. The titles were everywhere, reported by many best cryptocurrency news sites.
“These contracts are not analogous to regular smart contracts you would deploy for your application on ethereum 1.0,” writes Will Villanueva, a researcher for the Ethereum venture capital studio Consensys. “Those would live within the shard chains. In contrast, beacon chain contracts will represent execution environments or transaction frameworks as a whole.”
NFL Players Demand To Get Paid In Bitcoin
“How dope would it be to see an ESPN headline with an athlete being paid in $BTC?”The crypto community answered right away and told Okung all the information and tools that he needs to continue on the crypto journey together. The player was happy to answer the community and even asked:
“How could something so wrong make me feel so right? I’m part of the revolution. Long $BTC, short the bankers.’’In the meantime, Anthony Pompliano also posted that the NFL Quarterback Matt Barkley was among the NFL players that also wanted to get paid in bitcoin but he didn’t succeed to get his dream come true. Again, the crypto community on Twitter praised him and offered him advice on how to fight for what he really wants. Trezor, the popular crypto wallet producer even offered to get him and his team-mates free hardware wallets to which Barkley replied he was ‘’all about @Ledger.’’ The most surprising thing was that he replied to the suggestion that he already has some ‘’skin in the game’’ and that he started mining bitcoin some time ago. Okung on the other hand, as reported in the latest cryptocurrency news tweeted that many of the NFL players are asking him about bitcoin. however, the thing goes past the dream of the player to get his paycheck in Bitcoin. He is the vice president of the NFL Players Association which ‘’assures proper recognition and representation of players’ interests.’’ It is expected from him as a person with a say in the organization to fight for the players who want to get paid in Bitcoin. With services like Bitwage available, the dream could become a reality for those who want another option in their career.
Robinhood Mobile Trading App Valued At $7 Billion: Report
‘’Crypto has certainly added to our growth. In the next couple of years I think you’ll see Robinhood looking like a full-service consumer finance company.’’
Blockchain For Timepieces: World’s Oldest Watch Manufacturer Gets Involved
“Blockchain certification serves to avoid paper authentication, which can easily be forged,” the company said in a press release.As the latest cryptocurrency news show, Vacheron Constantin will use blockchain tech to integrate additional information in the certificate - as well as a complete history of the product and manufacturer. The blockchain for timepieces initiative will apparently help and fight counterfeiters while guaranteeing authenticity of the watches as well as protecting the customers from purchasing fake ones.
“[Blockchain] makes it possible to create a forgery-proof digital certificate of authenticity, which follows the watch throughout its life, even if that involves several changes of owner. A unique number is thus assigned to a unique object, making the two inseparable and securing data relating to the property, value, nature and authenticity of the timepiece," the company said in an official statement.Vacheron Constantin is however not the first big manufacturer interested in blockchain for as a technology and featured in the coming altcoin news. Earlier this year, the major global fiber producer Lenzing announced that it will implement blockchain and bring more transparency to its fiber supply chain, launching a traceabilit platform in 2020 as the company reports showed.
"Founded in 1755, Vacheron Constantin will begin using Blockchain immediately with timepieces in its Les Collectionneurs program. Now each of the vintage watches, which have been patiently tracked down by the maison’s heritage specialists and restored to perfect working order before being sold at special events at their boutiques, will be sold with a paper certificate of authenticity along with an incorruptible digital certificate," the news concluded
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