Microsoft has introduced us with a new Blockchain product that basically works as a Service or BaaS, which helps business in various industries to utilize an instance of Ethereum especially made for enterprises.
Ethereum Proof-of-Authority makes possible for enterprises to create and build applications on the Ethereum blockchain that doesn’t use the Proof-of-Work algorithm which means it doesn’t require for mining. This is extremely important because if an algorithm doesn’t require mining it means that is more efficient and better for networks in which there are hundreds of participants that do not trust each other.
PoW is maybe great for open networks that are anonymous but in private ones, this mechanism combined with ether has no real value. This means that all the participants on the blockchain that one enterprise will use, are known, governance would be separated from the network operation. The Proof-of-Authority algorithm has its own unique built-in dApp called the Governance dApp. This dApp enables its members to have authority over the network or to be free to delegate their power to vote on other participants. They can also delegate other nodes to vote if primary nodes go offline just to make sure that the consensus participation will be maintained.
Blockchains that will use this new consensus algorithm can be set up in right under 5 minutes and enterprises will have a single-click DLT solution. Microsoft also gives support for smart contracts that are built with the Parity WebAssembly toolkit, which is great for developers to write contracts in programming languages such as C, C++ that are already Ethereum’s primary programming languages.
Russian State Duma To Review Crypto Regulation: Preparing For Oil-Backed Crypto
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
Fidelity Investments Adopts Lighting Torch
New Privacy Mechanism For ETH Smart Contracts Developed By Stanford Researchers
“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
Two Ohio-Based Companies Officially Paid Taxes With Cryptocurrency
“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Blockchain News2 days ago
Charity Branch Of Binance Launches Pilot Blockchain-Based School Lunch Program
Bitcoin News1 day ago
Brian Armstrong Believes Hot Wallets Are Good Enough To Store Bitcoin
Altcoin News4 days ago
Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation
Altcoin News2 days ago
Crypto Trading Volumes Jump To 300-Day Highs Following The Bullish Market-Wide Run
Blockchain News1 day ago
Educational Certificates In Malta Will Be Stored On A Blockchain
Bitcoin News3 days ago
Samsung’s New Flagship Phone ‘Galaxy S10’ Comes With A Cryptocurrency Key Storage
Analysis4 days ago
Bitcoin Nearing $4,000: The Chances Of A Larger Breakout Are Increasing
Ethereum News4 days ago
Craig Wright Calls Out Ethereum For Being Unable To Scale