While the coming altcoin news show that there is no action as Bitcoin suffers with a 6% decline, the other news show that blockchain advancements are continuing all around the world. As the latest series of events unfold, we can see that the oldest bank in South Korea, Shinhan Bank, has partnered with two other companies in order to develop a blockchain based security solution.
The news came from a report published on August 14 and later reshared on many best cryptocurrency news sites. The report originally came from the local news outlet TheKoreaTimes, featuring Shinhan Bank and its signing of a memorandum of understanding with the financial technology startup Ground X and its blockchain developer Hexlant in order to develop a blockchain security system.
Per the report, we can see that the deal will see the oldest bank in Korea and its developing of a Private Key Management System for its banking services. Ground X is the blockchain unit of South Korean messaging giant Kakao. As described in the latest cryptocurrency news, it is expected to provide a blockchain based platform.
The user friendly user experience (UX) will help the blockchain adoption, as the oldest bank in Korea noted. Currently, the first tests are prepared and are expected to take place in October this year. According to one official and his statement:
“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system. […] Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”
This shows that the blockchain development is on the way for the oldest bank in Korea. Hexlant is the company that develops the infrastructure and one that will feature an anti-cracking program for the platform.
“Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant,” the official also said.
The oldest bank in Korea and its credit card affiliate, Shinhan Card, also obtained a related patent for a blockchain based credit transaction process – which will allegedly better serve its customers through a more secure and transparent system.
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Kraken Pro Trader Believes Crypto Trading Is The New Wall Street
"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
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‘’It’s a language for writing (a subset of) Bitcoin Scripts in a structured way, enabling analysis, composition, generic signing and more.’’Wuille added that Miniscript was ‘’ designed for Bitcoin as it exists today’’ with no consensus changes were necessary to use it and the developers even stated that they even planned to ‘’support future script changes Bitcoin may include’’ as to evolve with the blockchain technology. Wuille later pointed out on Twitter that the new language could eventually be implemented into the Bitcoin Core repository if the Bitcoin community agreed to do it:
“I’ll work on incorporating parts of this in Bitcoin Core if that’s desired (I believe it could be very useful), but ideally it gets included in many pieces of wallet technology.’’The developers created a policy compiler for Miniscript and among other things tool will let the users get an idea for when the conditional bitcoin transactions will be spent. Pieter Wuille and Andrew Poelstra that worked on the new bitcoin programming language is now the rockstar developers in the Bitcoin community because they already built the new language but also because the technology they’re still working on something that could shape the future of bitcoin for the next few years. Some of the tech includes other developments such as Schnorr Signatures and Taproot which are an efficient algorithm for cryptographic signatures and the other one will make bitcoin smart contract transactions private by making them look like normal transactions. As noted in the latest cryptocurrency news, Wuille noted that the project wasn’t directly related to Taproot but did provide the participating developers with new insights on how to improve the script language itself:
“It’s also mostly unrelated to our work on Taproot, as Miniscript works with Bitcoin as it exists today. Of course, working on Miniscript did teach us a bunch of things about script that inform designs for future improvements to Script, and Miniscript can be extended as needed.”
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