A Switzerland State-Run Bank Is About To Introduce Crypto Services

The Basler Kantonalbank, a cantonal bank of Switzerland, has turned out to be the first-ever Swiss bank that made an announcement on its crypto strategies. Here is more to the news.

Tasler Kantonalbank, or more popularly known as the BKB, is a property of the Government of Switzerland that has plans on initiating services of cryptocurrency following the path of its banking division.

On the basis of a report made on the 3rd of August, 2020, by a regional news agency named Finews, a branch of BKB along with a national group of banking named Bank Cler are teaming up to work together on facilities that will give allowances to clients for trading cryptocurrencies besides storing them. Although the division owns its very own license for banking apart from BKB, it possesses a maximum stake in Bank Cler.

Gateway to the Financial Products

From the Basler Kantonalbank, a spokesperson made a confirmation about the news. It also came to notice that the bank is having plans on launching these products responding to a raised nationwide crypto services demand. The aforementioned spokesperson of BKB said in the statement that in the group of Basler Kantonalbank, they were putting their efforts for providing their customers a path to trade and deposit some specific cryptocurrencies.

As BKB is a well established regional bank and Bank Cler being a well known national group of banking, they would like to provide their clients with protected access to the brand new financial products.

However, the spokesperson did not mention what categories of crypto will be obtainable through Basler Kantonalbank. Now, it is quite a premature stage and there’s no tentative time announced for the launch yet.

Leading the Pack

As these plans were made, the Basler Kantonalbank was declared as the very first government bank of Switzerland that is initiating the cryptocurrency industry. Another spokesperson from BKB said that this particular subject was forwarded within the team of BKB by the Bank Cler’s digital competence center.

Also, did you know the fact that Switzerland is called one of the cryptocurrency-friendly authorities on a global basis? Hence, the country is also termed as a “crypto valley”. A bank to fall under the top five Swiss banks known as Julius Baer found its total gain surge more than 30% after recording other cryptocurrencies along with Bitcoins in the first 6 months of 2020, on the basis of a report made on the 20th July.

New Standard to Avoid Ethereum Contract Size Limitation Developed

With the Ethereum looking to hit its maximum contract size limit, a new standard has been designed to help combat the potential problem. The size limit of contract of Ethereum is currently 24KB, at which it contains a lot of functions and code. It can create a real issue for a number of contracts. For example, an ERC1400 Security Token Standard needs 27 functions in addition to 13 events. Another contract standard called ERC-998 Composable Non-Fungible Token Standard needs 31 functions. These, in addition to the application-based code contracts, need to implement them, can cross the 24KB maximum value easily. Even if the developers do not want to implement large standards, they will still want large contracts, so that related codes are kept together underneath the Ethereum address. Keeping all the state and functions together also makes it much easier to amend contract storage as required. Initially, there were talks about increasing or removing the contract size altogether. But, the developers opposed it, citing that it would create unnecessary technical problems.   

On July 10th, programmer Nick Mudge announced that the ‘proxy contracts’ developed by Vitalik Buterin might be the answer to the developing problem, the new standard proxy called Diamond Standard would make it even better. Proxy contracts are those contracts that are stored in a concise manner by taking functions from other contracts. Mudge further added that the standard contracts like ERC1400 Security Token Standards need functions and events that make them hit the limit quickly. The new standard created by Mudge called the Diamond Standard would allow programmers to make small contract by borrowing functions from multiple contracts. The contract that has Diamond Standard will be called Diamond to differential it from other regular and proxy contracts. The Diamond Contracts will have several sides and functions along with a transparent and flexible method to be able to create diamonds that can easily be upgraded. Just like a real diamond, the Diamond on Ethereum will have facets. Every contract that such a diamond will borrow will have a different facet on it.

In addition, the Diamond Standard will also offer 4 functions known ad Loupe that stores all the information about the different facets and the functions that exist in it. The name comes from the word ’Loupe’ which is a magnifying glass which is greatly used in the jewelry industry to inspect the diamonds. Ronan Sanford, the author of ERC-1155 Standard, is also looking to add diamonds to builder-deploy that would make it easy for them to cut the diamonds to allow deploying contracts to any of the other networks. 

According to Mudge, the community has been highly supportive of the new standard developed by him. Many individuals and companies have already started testing the Diamond Standard’s and are hopeful of its potential. Recently, ConsenSys Diligence had carried out a public security audit of the different Codefi contracts and, in the end, suggested them to use Diamond Standard in order to overcome the contract size issue faced by them. Another company VolleyFIre, a liquidity provider for decentralized exchange, is also using Diamond Contracts. 

We May Expect a Bitcoin Rally If Coronavirus Breaks Into a Second Wave

This pandemic has a significant impact on the economy and society. Regardless of being a conscious time, we as a society are facing many uncertainties in our lives. As a Bitcoin investor, this is the most unprecedented time.

Bitcoin investors have to consider many things during this period. Our reaction and precautions are highly based on how the coronavirus spread emerges out in the future. It has taken many lives until now in the first break. If the second part of the virus break will occur in the coming months, we are not ready for that.

It has affected businesses and customers more than anything. Some of the revolutionary changes are work from home, closure of some businesses, laying off a huge number of employees from the companies and so on.

It seems daunting to recover out of the economic losses due to this virus. A huge rate of unemployment has affected many countries and the United States is also one of them. The businesses may need funds to sustain in the game in future.

Because coronavirus has created a situation of high inflation in some countries, young individuals from these countries are trying their luck in the cryptocurrency market. Some of these are professionals while others are middle-class business professionals.

The price of some digital coins is based on the interest of consumers. Dogecoin, for instance, spiked when some young adults spread the word through TikTok. Retail investors, on the other hand, do not invest in Bitcoin. They look out for other means of investments like real estate, shares and more.

Statistics show these individuals are the ones who can die of coronavirus. The death rate, however, shows that people who don’t have access to high-quality healthcare can die due to the pandemic. It is unlikely that individuals who have a significant role in the economy will die due the coronavirus.

Institutions use blockchain to balance their investment portfolio. After the recent halving of Bitcoin, the price has dramatically increased. The main cause of this increment is the limited supply of the BTC cryptocurrency.

The ICO bubble in 2017 is proof of how startups related to crypto have been increasing. At the beginning of the coronavirus pandemic, there was a huge drop in the Bitcoin investment. After a few months, the price graph recovered in the V-shape.

If the second wave occurs, it will be in favor of crypto. The financial systems are changing, crypto startups are increasing, investors are trying their hands on crypto, and much more. This can happen in the second wave too. The crypto industry has flourished during this period and hopefully, it will progress further.

Can Self-Healing Blockchains be the Cure for Scalability Troubles?

The crypto circle, until now, has witnessed:

  • Traditional blockchains or peer-to-peer blockchain systems like Bitcoin and Ethereum that validate transactions, provide computation, and storage using all peers involved. 
  • Sharding blockchains such as Ethereum 2.0 and Zilliqa that share transactions, storage, and computation.

Now, the community is eagerly awaiting a high-performance, next-gen, permissionless blockchain that can scale decentralized applications. 

While sharding technologies allow for unlimited and sustainable scalability of blockchains, many crypto enthusiasts and developers believe that sharding has reached its breaking point. But is that the truth? We must first understand the significance of sharding in blockchain systems.

Today, people use the Internet for many purposes, such as payments, web searches, streaming videos, etc. The enormous work gets split harmoniously among peers involved in a P2P system. This partitioning of work is called sharding. 

An unpredictable P2P network gets compensated for its uncertainty as multiple blockchain communications, based on assumptions, allow only a constant number of validations and storage copies. This restricts blockchain’s ability to scale, as the system can either undercompensate and be vulnerable to external attacks, or overcompensate and restrict scaling. 

Now, developers are looking at the possibility of P2P systems to be flexible and predictable. This means that in an ideal situation, a P2P network needs one storage copy and validation. However, if the peers involved drift from ideal behavior, then the number of storage copies and validations can increase accordingly. 

Internet connection issues, data loss, electricity cuts, free entry, and exit from the network, data inconsistencies and malicious are some of the problems shards face in a P2P system. The unpredictable nature of the P2P network is the culprit here as it decreases computation, storage, and validation performance.

Due to these inconsistencies in a P2P system, a self-healing network has been developed. 

Case I: Conventional blockchains in which all N nodes in the system compute/store/validate transactions in the system.

Case II: An ideal P2P network that consists only of good peers that don’t deviate from ideal nature. Every transaction arriving at the system gets validated, stored, and computed by one peer. 

Case III: Sharded P2P networks that aren’t ideal and, therefore, based on certain assumptions and maximum possible deviations from an ideal network, a mathematical formula is derived. It fixes the number of validations/storage/computations possible to a constant, depending on the protocol of the blockchain.

Case IV: The above cases are extreme scenarios. In self-healing P2P networks, the level of deviation from ideal behavior determines the number of computations/storage/transactions. It’s denoted by the formula, N/x(c), where ‘c’ signifies the chaoticity of the system. 

Chaoticity is a function of electricity, data availability, internet bandwidth, etc. of the network. So, in the event of any deviation, whether negative or positive, the network can self-heal by pursuing countermeasures. 

Unlike traditional, sharded, and ideal blockchains, self-healing blockchains can last for a long time. These networks maintain true decentralization while achieving scalability close to centralized networks. Since there exists high scalability, peers can build any centralized application on them.

The application of artificial intelligence to the process of creating self-healing blockchain can improve their performance, its ability to predict a deviation before its occurrence, and make it faster. Self-healing P2P networks are the only way to proceed to create a truly decentralized world. 

Trump’s Former Sanctions Chief Joins Major Crypto Chainanalysis

The former treasury undersecretary for financial analysis and terrorism under Trump’s regime Sigal Mandelker has decided to join the major cryptocurrency brand called Chainanalysis. Chainanalysis is a bitcoin analytics company, and Sigal Mandelker has also decided to work for the board of advisors for the newly emerged crypto brand.

This step by Mendelker is called the first major public work by her after she left the Treasury Department under President Trump’s regime. The chainanalysis is a company that works with major cryptocurrencies. Some of the major cryptocurrency analysis used by them includes bitcoins, etherium, XRP nad 96 others.

About Chainanalysis

Chainanalysis is a company that provides analytics and reports about cryptocurrencies and blockchain data to government agencies, exchanges, and financial institutions in more than 40 nations. The comprehensive knowledge and insights provided by the company help customers to get a better idea about the cryptocurrencies and bitcoins they can invest in.

The Buzzword

Joining Sigak Mandelkar is also seen as a changing trend as people who were regulating and overseeing these works earlier are joining it as a part of management. Mendelkar has joined the company as part of an as-needed basis, and she will help the company with insights and knowledge that she gained as undersecretary in Trump’s regime.

As per the sources, Mendelker opined that Chainanalysis is working towards building better relationships with both the private sector and government sector, and it will certainly change the future of the cryptocurrency industry.

When Mendelker was working in the Trump regime, she oversaw the US Financial Crimes Enforcement Network (FinCEN). You will be surprised to know that Medndelker has got her big success by using digital currencies to illicit activities in 2008. She was involved in the conviction of the director of a pre-blockchain digital currency company. The case was in buzz because the company launders funds to buy child pornography.

Joining Mandeleker to Chainanalysis is seen as a significant step towards the boost of digital currencies in the near future. However, Chainanalysis has not revealed its recent revenue. But, in 2018, it had generated almost $8 million of revenue.

The company pays full attention to ensure that cryptocurrency firms comply with anti-money laundering activities.

The company has the mission to focus on the best interest of the customers, and they are looking forward to landing on the Forbes list of Next Billion-Dollar companies. With the joining of Mandelker, this dream of the company will be fulfilled soon.

Chainanalysis is also expanding its series B to $49million. The company had already raised $36 million last year. The major venture capital firm Ribbit has also invested $13 million inChainanalysis. It is also being reported that Mendelker was already a part of the Ribbit firm, and she joined as a general partner in 2020.

Looking at all these recent news and buzz, it can be said that Chainanalysis is moving towards big gains in the upcoming future. Mendelkar’s addition to Chainanalysis will also improve the cryptocurrency environment and loopholes surrounding it.

HotForex Won Two New Forex Awards

If you don’t know what HotForex is, it is basically a forex and commodities broker. HotForex has been furnishing trading facilities and supplies to retail and institutional clients at the same time. It is well known for putting forward several account types, trading software, and tools in order to ease customers to deal with Forex online. It recently bagged two broker awards through its excellence.

HotForex – A Triumphant Forex Broker

HotForex is already known to be one of the multi-awarded CFD and Forex brokers in the world. Each and every time the team of HotFore has proven that they deserve a position that high up. But you might wonder why it is so. Well, there are various reasons.

Positives of using the Forex Broker, HotForex that has Led to its Success

  • It has always been coming up to the traders with amazing trading conditions. These include tight spreads, very elastic leverage up to 1:1000, allowance of EAs, scalping, and hedging, and so on.
  • It allows smart trading with the provision of 100% trading bonus, 100% supercharged bonus, free account funding, award-winning partner program along with ongoing promotions, and various competitions on the basis of performance.
  • HotForex has superior trading tools like one-click trading, free VPS hosting, free educational material, HotForex SMS service, and so on.
  • It offers different account types like:
  1. Micro Account starting from only 5 USD
  2. Premium Account starting from just 100 USD
  3. PAMM Account for fund managers, PAMM Account
  4. The HotForex ZERO Spread Account
  5. Demo Account, unlimited and free of risk
  • Trading with HotForex has been proven to be the safest and the most secure.

Two Recent Eye-Catching Awards Won by HotForex

HotFOrex, as already mentioned above, has earned one of the topmost positions on a global basis for the amazing characteristics it carries within itself. And, now, the FCA-regulated company, HotForex, became successful in winning two awards this time making its glory reach even higher than before.

  • It won amazing recognition with the award of Capital Finance International’s Best Client Services Global on an international basis.
  • The second award achieved by HotForex aiding to make it an even more triumphant name is the Most Transparent Broker Award. HotForex was given this outstanding recognition by The European’s Global Banking & Finance Awards.

More Info on HotForex

This top-class Forex broker, HotForex, has remained consistent in availing the best trading facilities along with various jaw-dropping products to a client based moving through various continents.

The company, to be very specific, is way more popular in the south Asian regions. However, at present, it is gradually grabbing a prominent position in the MENA region as well. For your information, HotForex also got the award for the Fastest Growing Forex Broker MENA by the International Business Magazine in 2019.

HotForex has once again proved that it deserves to remain at the top with the achievement of the two finest awards. Hopefully, you got all the information regarding what you were looking for.

Seasia to Incorporate Blockchain for Enterprise Clients

Seasia, emerging as a helping hand, takes a step ahead to deliver services related to “unparalleled software development” for Canadians. This effort is raised to the speed-up entrance of special technology, including Blockchain technology, into action. It also works as a technology option available for enterprise clients. It is also claimed that it can help all the clients to fulfill the needs and demands of customers. As a result, it can be a beneficial step in heading more aspects of growth in the revenue.  

At present, the branch located in Canada is working to supports users for transaction recording, asset tracking, and other things. With the advancement of time, an effort will be made to supply all such services over to the blockchain technology.

The emergence of certain technologies working on disruptive nature, such as blockchain technology, shows an upending outcome over the traditional models deployed for outsourcing purposes. In the conventional models, several engineers are deployed to specific locations for availing the perfect outcome. With the leverage of blockchain technology, it will enable Seasia Canada and other related companies to help add more customers by lowering client expenses and giving superior support to productivity. As of now, Seasia Canada is also engaged in some other projects with the integration of disruptive blockchain technology to support the enterprise clients. This technology can serve as a helping hand to the global SWIFT network for money transfer.  

An expert line from the one belonging to Seasia Canada over the matter reads: “An eagle eye attention is a must to be given over Blockchain learning about the high potential associated with the technology is compared to traditional models. Blockchain is among the most potential technology which can serve ample of businesses. The present areas which demand utmost attention include the management of assets, management of identity, and SWIFT. 

Seasia Canada is among those hands which are helping to dig deeper into the world of technology and support enterprise clients. This helping hand focuses on opening the digital doors for several businesses. It is also in the limelight due to the unparalleled services related to software management delivered for Canadians. Seasia also came up with the announcement that the unit is paying the utmost attention to the evangelization and development of digital solutions to maintain a record of transactions and other things. When Seasia gave a push upon the application development with Blockchain’s usage, then the proposal came into practice.

In simple words, Blockchain can be categorized as a ledger which holds a record of all the reports and supports transaction management using a database with public access. It eliminates the requirement to deploy any authority for deal validation. All such transactions get easily handled with the usage of cryptography. Hacking is also not easily possible due to the transaction approval consensus system. This becomes a great thing to ensure system protection from hackers or unauthorized access.

Though blockchain technologies do not fit into the category of “high revenue making technologies.” But it also considered a great option for investment, and Blockchain is also one such recommended solution by the professionals at Seasia Canada. Also, it is said that technology integration might change when the demand and usage of blockchain technology rise high. When several businesses start using the technology, the Blockchain can come in the list of good revenue-making technologies.  Blockchain emergence is also denoted as a smart alternative to switch from the traditional methods, including centralized banking systems and other transaction models. In brief, one can consider Blockchain to maintain the list of all transactions made across different networks. It emerges as a smart way to change the model of transactions managed at conventional banking models.