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Blockchain News

CFTC Chairman: ‘Distributed Ledger Tech (DLT) Can Automate Regulation’

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One chairman at the US Commodity Futures Trading Commission (CFTC) named J. Christopher Giancarlo recently discussed the cryptocurrency news centered around regulation, highlighting the importance of distributed ledger technology (DLT) and its power of automating regulations for derivative markets.

Giancarlo spoke at the DC Fintech Week Conference at Georgetown University this Wednesday and proved that fintech is a rising industry with many new business models for finance. This high-profile financial regulator believes that DLT-powered Quantitiative Regulation, could help regulators to oversee markets in a more efficient way all while saving costs.

As he said, combined with machine learning algorithms, the blockchain-related technology can be employed to identify the segments of markets where high risks of unrecognized counterparty vulnerabilities are rising.

Giancarlo said:

“We can also envision the day where rulebooks are digitized, compliance is increasingly automated or built into business operations through smart contracts, and regulatory reporting is satisfied through real-time DLT networks,. The machines here at the CFTC would have the ability to communicate regulatory requirements and consume and analyze the data that comes in through such systems.”

As he also put, CFTC is looking into an active form of regulation which can respond to real-time challenges that are posed by new technologies. In this manner, he mentioned decentralized markets and disintermediated traditional actors while referring to the challenges.

He also confirmed that the CFTC has “the ability to keep pace with those who attempt to defraud, distort, or manipulate,” and with that hinted that it may have already started building systems that will automate derivative market regulations.

According to Giancarlo, the machine learning and DLT systems could for one digitize rules and regulations and for two – consume, process and analyze data in real time.

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Blockchain News

Telecom Giant AT&T Interested In A Blockchain-Based Social Media ‘Mapping’ System

The American telecom giant AT&T is in today's digital currency news - in fact the section related to blockchain - for its recent interest in a project that would build a social media history "map" based on blockchain. As the telecom giant announced in its published application by the US Patent and Trademark Office (USPTO), the patent application is seeking a patent for a blockchain-based social media history "map" and a system that may include a transaction history controller to store subscribers' data which may be used for various purposes. In a way, this system could let users purportedly track "micro-culture transactions" such as trends at a particular time or place, or behaviour of their trends. As the patent document reads:
“The social media history map platforms described herein may take advantage of the immutable and permanent nature of blockchain records to store, and provide access to, data representing online transactions that occur on multiple social media applications.”
According to the filing, content creators would keep the ownership of their data on the "mapping" platform:
“However, instead of passing ownership of blocks or data between users, a social media account owner maintains primary ownership of his or her online transaction data. What passes from the social media account owner to other users of the social media history map service, such as followers of the social media account owner, is a notion of elevated visibility rights.”
This is just one more patent application in the series that were submitted by companies such as Xerox, American Express, IBM and others - and a new milestone for AT&T overlooking its expansion in the field of blockchain.
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Blockchain News

Binance Labs Introduces Us To The ‘First Batch’ Of (Final) Blockchain Projects

The popular blockchain incubator Binance Labs, which is a venture wing of the largest cryptocurrency exchange Binance, has recently released its first "batch" of blockchain projects that were part of its Incubation Program, as a crypto press release submitted by its team noted. As an initiative that is in the focus of today's crypto news, Binance Labs is a project that seeks to help early-stage blockchain and digital assets projects as well as entrepreneurs through direct investments as well as technical assistance. The Binance Labs Incubation Program is an onsite program launched back in August 2018 with $1 billion in funding. After initiating a tour that had over 500 applicants, Binance Labs selected only eight projects, each of which received $500,000 in seed funding and an access to necessary resources and mentors. As the 10-week program finalized, seven projects were chosen and signed on users while three of them managed to get paying customers. The eight projects selected by Binance Labs include the hardware wallet SafePal, fictionless logins for decentralized apps (DApps) Torus, Internet security project Nym, and market prediction startup Deaux. As Ella Zhang who is the Head of Binance Labs explained in an "Ask Me Anything" (AMA) session on Reddit in June, decentralization is “the core value of Bitcoin and blockchain,” adding that the incubator had launched a number of initiatives in this direction.  
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Altcoin News

TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week

The TRON Foundation recently launched the TRC20 exchange, which was in the crypto news recently, as a place for people to exchange tokens issued on the TRON platform. Located at TRX.market, this exchange is still on Tronscam which is the primary block explorer and information service for the TRON ecosystem that supports the altcoin. Both TRC20 and TRC10 tokens can be understood as Tron-native analogues to ERC-20 tokens. While the TRC10 token is a user-issued one that does not require the writing of a smart contract, TRC20 provides all the functionality and power of a smart contract-based token system. Currently, TRON has a number of decentralized applications running on it. Despite the overall market downturn, the usage was up and according to some metrics, rose by over 48% over the last week. The usage of these dApps also crossed the 1 million transaction threshold in a single 24-hour period. Tron published a blog on the subject in which the organization stated:
“This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”
One of the most interesting projects built on Tron is Seedit which is a decentralized platform that lets users contribute funds to the content creators that they most appreciate. Project Atlas is also a well-known project which incentivizes people to seed content on the BitTorrent protocol, which was acquired by Tron back in July this year.
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Blockchain News

LinkedIn’s Largest Growing Job Sector Is Blockchain Development

The popular Microsoft-owned company LinkedIn, issued a report for the fastest emerging jobs in 2018 and what comes as a great information for today’s blockchain news is that blockchain developers are the ones that are among the 5 emerging careers. According to the LinkedIn’s report, there are plenty of jobs for engineers who can develop distributed ledgers using the P2P technology and the number for these jobs has increased up to 30 times this year only. On the second place comes the Machine Learning Engineer role which is a position that increased about 12 times this year. Other careers that are in the top five groups are Machine Learning Specialists, Professional Medical Representative, and Application Sales Executive. Some of the cities that have one of the highest demands for blockchain developers are New York City, Atlanta, and San Francisco. The skills that you need to have a job like this are Node.js knowledge, blockchain, solidity and Ethereum. The Chief Economist at LinkedIn explained why this is the case:
 “It’s no surprise that we’re seeing an explosion of machine learning roles and continuing growth of data science roles. In fact, we started to see glimmers of this in last year’s report; however, both fields are starting to see more specialized roles emerge. It also may not shock you that Blockchain Developer is topping the list following this year’s surge in interest around blockchain and cryptocurrency.”
The great news for all of the people interested in a career in this sector is that there are plenty of universities now that adopt blockchain-related courses which help to boost the blockchain expertise in the following years.
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