Bitcoin Debate’s Defeated Bear: Digitized Gold ‘Only Type of Crypto That Can Succeed’

American stock broker Peter Schiff “technically lost” to ShapeShift CEO and crypto commentator Erik Voorhees in a ‘Bitcoin Debate’ at the SoHo Forum July 2.

The two financial thought leaders debated about the top cryptocurrency Bitcoin (BTC) and its underlying technology blockchain, questioning the potential for mass adoption, and comparing Bitcoin and other cryptocurrencies with other asset types such as fiat money and gold.

Voorhees, the Bitcoin bull of the debate, claimed that Bitcoin will eventually become a substitute for state-backed money, while government structures would be reorganized using blockchain technology. Voorhees argues that Bitcoin is “supremely good money” praising its provable scarcity, divisibility, durability, fungibility, portability, and decentralized nature, stating:

“Bitcoin will win because there is now competition in money, and Bitcoin is the best money currently available. Because it’s decentralized, it cannot be stopped.”

Voorhees noted that mass adoption will not happen right away or all at once, arguing Bitcoin will “simply, gradually come to be used as an occasional alternative to fiat.”

Defending Bitcoin bear position, gold investor and financial commentator Schiff argued that Bitcoin is not going to succeed in the future and work as substitute for fiat money since it is not backed by anything except the “confidence” of buyers, which is mostly driven by speculation.

Schiff spoke extensively on the value-creating characteristics of precious metal assets, namely gold, arguing that the fact that the U.S. dollar was once backed by gold is what allowed it to accumulate trust over time. Schiff argued that gold does not have to compete with any other asset, including Bitcoin, which is “replicating all of the properties of gold, except the most important one –– the metal itself.” Schiff’s argument for why gold is valuable as an element is based on the fact that it is rate and “has been valued as a commodity for thousands of years.”

Schiff, like many gold advocates on Bitcoin, expressed concern about the fact that it is not possible to find out how much Bitcoin is worth in terms gold or any other physical commodity:

“It has no real value into itself as a commodity, there is no way to relate the price of Bitcoin to the price of anything else.”

Continuing his argument, the investor claimed that the existence of multiple different cryptocurrencies was a weakness, stating “there is only one gold, there will never be another gold. Schiff noted there are, however, alternatives to Bitcoin, which, according to him, have “the exactly same properties [as Bitcoin]”:

“Now there are fifteen hundred or so cryptocurrencies that can do everything Bitcoin can do. Some of them can do it better, faster cheaper. There is no limit to the number of other digital currencies that can be created.”

Schiff concluded:

“If you want to go to the future, you have to go to the past. The future of money is gold.”

The stock broker explained that if a cryptocurrency were to be backed by gold, or “by real money,” then it would be the “only type of cryptocurrency that can succeed.”

Schiff, however, agreed with Voorhees about the weaknesses of the existing fiat monetary system, claiming that it is “not going to work.” However, the investor argued that Bitcoin “is not an improvement,” saying that it is still a “speculative asset” that people buy into in hopes of earning more fiat money.

At another debate in New York in April, U.S. venture capital investor and Bitcoin supporter Tim Draper argued that Bitcoin is “bigger than the internet,” as well as a number of other major developments in human history. During the debate, the investment mogul stated his oft-repeated prediction that five years from now, people buying coffee with fiat will be “laughed at” for not using crypto.

Japan’s Financial Regulator Considers Revising Crypto Exchange Regulation: Report

Financial Services Agency Japan Cryptocurrency
Advertisement

Japan’s financial regulator is reportedly considering a shakeup of its existing framework of regulating cryptocurrency exchanges to bolster customer protection norms and better secure investor assets.

In April 2017, the Financial Services Agency (FSA) – Japan’s financial regulator and watchdog – enacted legislation that recognized bitcoin as a legal method of payment following a revision of the country’s Payment Services Act. The regulation also mandated cryptocurrency exchange operators with a domestic presence to register with the FSA and earn a license from the regulator.

Over a year later, the regulator is now considering a pivot in its foundation of crypto exchange regulation after determining that current customer protection mechanisms afforded by the Payment Services Act is insufficient, according to a report by local publication Sankei.

Specifically, the FSA is reportedly looking at bringing the cryptocurrency exchange sector under the purview of the Financial Instruments and Exchange Act (FIEA), to recognize and effect laws applicable to traditional securities firms and stock brokerages.

The FIEA mandates that companies regulated under the law are required to manage customer funds separately from corporate assets. Broadly speaking, the FIEA has far more robust investor protection norms, the report suggests, with strict rules to check activity like insider trading.

The report points to January’s infamous $530 million theft of NEM tokens from Tokyo-based cryptocurrency exchange Coincheck as the primary reason for the reported change in regulation.

The ramifications of the biggest cryptocurrency theft of all time has already seen the FSA ramp up its scrutiny into the sector with ‘spot checks’ of exchanges, business suspension orders, outright rejection of a crypto exchange registration application and, most recently, business improvement orders to six licensed cryptocurrency exchanges in the country.

If the proposed shift to regulate cryptocurrency exchanges under the scope of the FEIA occurs, cryptocurrencies will be classified as a ‘financial product’. This, in turn, could lead to cryptocurrencies gaining exposure to mainstream financial markets. Late last year, the Tokyo Financial Exchange – a major Japanese futures exchange – revealed plans to support bitcoin as a financial product by listing the cryptocurrency through a derivatives futures product.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.

Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement

Korean Authorities to Probe Crypto Exchanges’ Handling of Personal Data

Two Korean watchdogs have announced a joint probe into crypto exchange operators’ handling of personal data, local news outlet Chosun reports Monday, July 2. The agencies in question are the Korea Communications Commission (KCC) and the Korea Internet & Security Agency (KISA).

The KCC and KISA will investigate potential infringements of data privacy rights by crypto exchange operators in conjunction with third party service providers – for example, smartphone apps designed for services such as real estate, shopping and travel.

The probe will reportedly check the status of technical and administrative protection measures related to users’ personal data – covering data access control measures, anti-tampering measures, personal data encryption, and malware protection.

After reviewing the collection, use, provision and destruction of personal data by both crypto exchange operators and third parties, the authorities have said they will enforce administrative penalties should they discover violations of the country’s data protection laws.

Chosun reports further that the KCC will probe eight crypto money handling firms who have received corrective orders after violating Korea’s Personal Information Protection Act in 2017.

Chosun cites a local source who says that recent hacks of domestic crypto exchanges have been a strong impetus for the new probe.

These include last month’s high-profile $17 million hack of major Korean exchange Bithumb, whose causes KISA has been investigating in partnership with other agencies. Notably, just prior to the incident, Bithumb had been given the all-clear following a three month long investigation into its operations by South Korean authorities.

Throughout spring, Korean exchanges have faced increasing scrutiny from regulators for their compliance with anti money laundering (AML) standards and other fraud prevention measures.

Just this week, Korea’s Financial Services Commission (FSC) released a set of revised AML guidelines for virtual currencies.

High Throughput Blockchain Lists on Kucoin, Opens up Bounty Program to Developers Using the DAG Testnet

Advertisement

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

Constellation Labs, which is building its horizontally-scalable DAG protocol (directed-acyclic-graph) for consumer-grade applications, announced that its DAG token will be listed on … exchange on July 3, 2018. Previously, Constellation raised $35.2 million during its private pre-sale, which ended in January 2018. The project also announced the launch of its flagship product, Orion, to create an incentivizing portal for a developer community to contribute for DAG bounties. The testnet launch is expected to begin on August 1, 2018 and the Constellation is currently recruiting its first testnet nodes to participate.

The blockchain development community has been looking a long while for new implementations of distributed ledger technology to solve the scalability issue. The new Constellation project seems to have an answer. Its net’s throughput is about 4000-4800 transactions per second (tps) with a 1200 node cluster, compared to Bitcoin having 3-5 tps and Ethereum’s 15 tps. This scales up significantly when more nodes join and contribute bandwidth having a theoretically limitless transaction throughput.

The partitioned architecture of Constellation is built upon Extended Trust Chain (ETC) and uses reputation based consensus that allows for such a scalability. There are multiple node types in ETC, each having its own responsibility and role in the network to asynchronously govern different aspects of the protocol. A high transaction throughput enables consumer grade distributed applications to be built on the system.

In addition, Constellation uses a protocol called Proof-of-Meme (PoM) to achieve consensus. This method incorporates a node’s historical participation into delegate selection, rewarding benevolent behavior. PoM is designed to let individuals directly contribute to the improvement and monitoring of the blockchain by utilizing computing power from their own mobile phones, laptops, tablets, and other smart devices. PoM rewards behavior that improves a node’s overall reputation within the system.

Tokens for active community members

Orion, the flagship product of Constellation, is an extension of this approach, providing tools for the community to build and earn rewards by adding value to Constellation protocol. It is a membership portal dedicated to serve as a platform where the project’s team, developers, and community members can communicate, share resources, and contribute to the network. Users can apply to run Constellation testnet node on the official website.

Orion will allow developers and community members to earn tokens for contributing to the network across a range of activities. A point-based system, awarded on productive activity is dedicated to “create an organic hierarchy and encourage positive community behavior”.

Constellation token holders will be able to stake tokens to gain access to the incentivized community or developer tier of membership, with a free tier available to view the portal’s various channels and message boards. The portal became fully active on June 18th, 2018 when DAG tokens were first e distributed.

The Constellation testnet launch is scheduled for release on the 1st of August, 2018, and token holders will need to stake DAG tokens to run a testnet node and validate test transactions. Nodes will earn validator rewards (ERC-20 DAG) on the testnet based on their transaction throughput and reputation score.

“We are eager to create a way to digitally capture and quantify trust that exists between people in the world, and use it to secure the network. It’s our hope that by opening up this incentivized portal and encouraging the staking of our token, we will mobilize the Constellation community at large to address the obstacles to scaling the network”, Constellation CEO Brendan Playford stated. Constellation CTO Wyatt Meldman-Floch added: “The Constellation testnet will ultimately be launched through Orion, providing a safe testing environment for core and future development on the network”.

Over the next 6 months Constellation will be running monthly Airdrops giving away two tiers of DAG amounts that are locked for 6 months and give membership to the Orion portal.

Listing after successful pre-sale

In January 2018, Constellation raised $35.2 million in its private pre-sale of DAG tokens, which was open to accredited investors, funds, and institutional investors.

A total of more than 730 mln tokens were sold, of which roughly 14 percent will be liquid at the Constellation DAG token distribution on June 18. The first airdrop will open on July 7, five more will be held until the end of the year.

KuCoin crypto exchange has announced the listing of DAG tokens making them available to a wider base of users around the world.

Horizontally Scalable Blockchain System Launches ‘Flagship’ Membership Portal

A horizontally scalable Directed Acyclic Graph (DAG) blockchain system that aims to cater to consumer-grade applications has launched the Orion membership portal where members of its ecosystem can communicate and contribute to the network, with the company announcing its DAG token has listed on KuCoin.

Constellation Labs says the capacity of its network is proportional to user adoption – with a partitioned consensus allowing the network to scale the number of transactions per second on an infinite  basis. Reputation-based incentives are going to be used to eliminate transaction fees for the blockchain’s users.

Its membership portal, Orion, is described as Constellation’s “flagship product.” A free tier of membership is available for those who want to view the portal’s message boards and various channels, and developers can stake DAG tokens in order to access Orion’s premium features.

Constellation is currently preparing to launch its permissioned testnet at the beginning of August – and the start-up is accepting applications to run testnet nodes. Participants have the potential to earn DAG tokens based on how many transactions they validate during the testing period.

The company says there are other ways for developers and community members to earn tokens, too. For example, rewards are going to be offered to those who report bugs in the ecosystem – as well as those who correct mistranslations in its white paper.

Brendan Playford, the chief executive of Constellation, told Cointelegraph: “We want to empower our community to help shape, build, and grow the ecosystem efficiently, while encouraging our developers and community members to stake their tokens.”

A different kind of protocol

Constellation says it stands out from the crowd thanks to its unique “Proof-of-Meme” protocol, which is used to achieve consensus.

It ensures members of the ecosystem can help improve and monitor the platform by harnessing the computing power of their laptops, smartphones and tablets – rewarding behavior that improves a node’s reputation in the system.

“The Constellation protocol aims to solve the primary challenge of scalability in blockchain, providing a solution that is highly resource-efficient and exponentially scalable, added Wyatt Meldman-Floch, the company’s chief technology officer.

Constellation says it successfully raised $35.2 million during its private presale back in January. In total, the company sold more than 730 million tokens to accredited investors, funds and institutional investors. Now, the start-up is preparing to perform six token airdrops this year – the first of which will open on July 7.

“We are a meritocratic system which means that so long as you’re providing value to the network, validating true transactions, not causing Byzantine behavior, you will improve your reputation school and therefore increase your likelihood of being selected for consensus and then getting a reward,” the CEO said.

Another way the company’s ecosystem takes a different approach is through smart contracts, which are deployed as “microservices.” Constellation describes them as off-chain applications executing smart contract logic – processes that can run concurrently. It estimates that its hylochain is capable of processing 4,000 to 4,800 transactions per second for every 1,200 nodes – and says that, for a million people, this would equate to almost 4.5 million transactions per second.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Interview: CEO of imToken, the World’s Largest Ethereum Wallet, Talks EOS Adoption in China

EOS
Advertisement

Chinese cryptocurrency wallet startup imToken may not have much name recognition in the West, but the firm, which raised $10 million during its recently-concluded Series A funding round, claims to operate the world’s largest ethereum wallet, which boasts more than 4 million active users.

ImToken recently added support for EOS to its multi-currency wallet, which previously supported BTC in addition to ETH. CCN recently interviewed imToken founder and CEO Ben He to discuss the announcement, as well as Chinese interest in EOS.

CCN: What motivated you to launch a wallet for EOS ahead of other, more-established cryptocurrencies?

Earlier we supported ETH20 tokens, which generated immense traction on imToken, and ultimately we feel that the obligation to build our EOS DPOS wallet was based on our users’ feedback and what they’re looking for in a wallet right now. As a result, when EOS launch its mainnet, we wanted to provide support for these users since with imToken being the largest Ethereum wallet, there’s been a natural cross over with the growing interest in EOS. At the same time, the second largest market for imToken is now South Korea, where currently 24% of EOS trading volume comes from.

CCN: From your perspective, how has EOS been received by average Chinese cryptocurrency users and investors?

Much of China’s interest in cryptocurrency is fueled by the financial incentives that come from the acquisition and ownership of EOS tokens. At the same time, for those that are in tune with the underlying blockchain technology do believe that EOS is a technical breakthrough that will help to progress blockchain technology with issues such as scalability, through-put and on-chain performance.

CCN: Do you view EOS as a competitor to Ethereum, or does it fill another niche in the crypto-ecosystem? What do you make of the variety of controversies that have surrounded EOS since its launch, perhaps most notably the proposal to scrap the constitution and replace it with a new one?

EOS is a new technology, and although there are issues and drawbacks that have arisen as a result of its introduction and launch of its mainnet, it can be expected for new technology. At least in China, there are people who do see the potential in the technology and concept that EOS has introduced, so we are naturally observing the process and the outcome.

CCN: What other currencies or features are you planning to add to the imToken wallet in the near future?

For now, we plan to first support EOS tokens and plan to integrate only the currencies we believe are in demand by our users, innovative, or have solid technology. With that said, our plan is to offer on-chain governance tools, and other ecosystem tool kits that will support our users who are invested into the EOS ecosystem.

CCN: Is there anything else you would like to share with our readers?

We have open sourced our stake voting system code, which you can find here. We hope that this will encourage developers to build their own DAPPs that can be designed or developed around tools that will encourage more EOS users to vote or participate in its governance.

Some answers have been slightly edited for clarity.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.

Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement

Report: 2.3 Million Bitcoin Addresses Targeted by Malware That ‘Hijacks’ Windows Clipboard

A new attack on Bitcoin users which gains control of Windows clipboard to swap out addresses is already monitoring 2.3 million targets, sources reported June 30.

The malware, part of a family of threats known as “clipboard hijackers,” secretly gains control of memory, running in the background to ensure users do not notice its presence. It then replaces the Bitcoin address that the user has copied into the clipboard with the address of the attacker, which the user later unknowingly pastes and sends their coins to.

“Unless a user double-checks the pasted address, they will have no idea that this swap took place,” Bleeping Computer notes, adding an explanatory video about how the malware works.

Bitcoin users face a variety of vulnerabilities when using hardware to transact, regardless whether this is an Android smartphone, Windows PC or other device.

As Cointelegraph has frequently reported, the list of threats continues to grow, even incorporating emails, while other malicious entities swap out destination addresses in different ways.

“Attackers recognize that users are copying and pasting the addresses and have created malware to take advantage of this,” Bleeping Computer adds.

Keeping up-to-date antivirus software running constitutes users’ main defence against the problem, along with double-checking the destination Bitcoin address of a transaction if this has been entered using a copy-paste function.

Some hardware wallets such as TREZOR additionally force users to double-check addresses for manipulations whenever one is generated.

Brazilian Football Teams Ink Partnerships with Crypto Startup Inoovi

brazil
Advertisement

Two Brazilian football teams, Atlético-PR and Corinthians, have reportedly recently signed partnerships with Hong Kong-based crypto startup Inoovi, which recently launched its “IVI” token specifically for the sport.

According to local news outlet Portal do Bitcoin, the president of Atlético-PR’s Deliberative Council, Mario Celso Petraglia, revealed the partnership this week, announcing it as an “innovation in Brazil’s sports market.”

Per the news outlet, the partnership gives Atlético-PR a 12-month grace period to start using the IVI token and promote Inoovit by adding its name to the team’s uniforms and website, while encouraging the team behind it to use the token.

After the 12-month grace period, the club and the company behind it are set to start using the cryptocurrency in negotiations, to pay for salaries, and on other expenses. Petraglia revealed the club is getting paid for the partnership but claimed it was only enough to launch a promotional campaign.

He warned, however, that the cryptocurrency ecosystem is still in its infancy, and asked those present at a press conference to be patient, as not everyone easily understands how cryptocurrencies work. He added:

“Cryptocurrencies have been gaining value and we have no doubt about that. I, in particular, will be part of [those who] purchase this currency as an investment for my personal savings and recommend it to everyone.”

inoovi

Notably, when asked about the potential profits the deal will bring in, Petraglia stated he intends to transform the club using them. Inoovi’s chief executive officer and president Loic Lacam, who was present at the press conference, added the company will support the club while it is starting to use cryptocurrencies.

It’s worth pointing out that Atlético-PR’s lawyer, Marcelo Amoretty, revealed that Corinthians, another Brazilian football club, has already signed a deal with the cryptocurrency startup. He added that a few European clubs, including Besiktas, Fenerbahce, Galatasaray, and Shakhtar Donetsk are negotiating with Inoovi but have not yet signed agreements.

The startup’s IVI token has reportedly surged from $0.10 to $1.00 following the announcement, although it isn’t possible to find it on common cryptocurrency data aggregators like CoinMarketCap and CryptoCompare. Token holders will be able to use IVI to access VIP rooms during matches, meet with players, purchase autographed gear, and purchase tickets at a discount.

Inoovi’s development comes as the FIFA World Cup is being held in Russia, where there aren’t a lot of real opportunities to pay with cryptocurrencies.

While the crypto startup’s development is notable, football influencers have been moving into the cryptocurrency space, as it was earlier this year revealed that legendary player Luis Figo is brand ambassador for crypto startup Stryking Entertainment. In an exclusive interview with CCN, Figo revealed that he doesn’t yet own any cryptocurrencies, after acknowledging the crypto industry and businesses within it are “very new.”

Images from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.

Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement

Crypto Markets Hold Recent Gains, Bitcoin Gaining Momentum Over $6,500 Price Point

Crypto markets are consolidating their recent gains, today, July 3, as data from Coin360 shows, with Bitcoin (BTC) trading above $6,500. Markets took an upswing starting June 30, and have since stabilized their growth, with most of the top coins seeing small gains and losses on the day to pres time.

Chart

Market visualization from Coin360

Bitcoin is trading currently around $6,560 at press time, down just 1.5 percent over the 24-hour period. The leading cryptocurrency has seen an intraday high of $6,687, holding comfortably above the $6,300 resistance level, which Fundstrat’s Robert Slyumer earlier this week said would be crucial for gaining momentum to reverse its recent downtrend.

 

Bitcoin Price

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Top altcoin Ethereum (ETH) is trading around $464 to press time, down 2.4 percent over the past 24 hours. The coin say an intraday high of $484.5, and is up about 4 percent on the week.

 

Ethereum Price

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

On CoinMarketCap’s listings, the top ten coins by market cap are seeing mixed reds and greens, most are showing only minor percentage gains and losses.

Ripple (XRP) is significantly out-performing other major altcoins, seeing a solid 3 percent gain over the 24 hours to press time, trading at $0.49.

Ripple’s relatively strong growth comes despite increasing competition in blockchain-powered platforms that target interbank solutions. Earlier today, European blockchain trading platform we.trade confirmed it had completed its first live operations today between five major banks and twenty firms, using IBM’s Blockchain Platform, underpinned by Hyperledger Fabric.

XRP

XRP seven day chart from CoinMarketCap

Total market capitalization of all cryptocurrencies is at around $268.3 billion at press time, up a significant 15 percent from an intra-weekly low of $232.6 billion June 29.

Chart

Total market capitalization of all cryptocurrencies from CoinMarketCap

Positive news has been forthcoming this week from The European Parliament, whose new report advised lawmakers not to “ban” or “ignore” cryptocurrencies, forecasting that they “will remain with us for a while.” The report praised crypto global transaction networks as being “relatively safe, transparent, and fast,” and characterized cryptocurrencies” as “a contemporary form of private money.”

With the markets’ vigorous rebound in late June and current consolidation, many will be eyeing the response of institutional investors.

Just yesterday, major U.S. crypto exchange and wallet provider Coinbase announced that its digital assets custodian solution for institutional investors had launched, secured through an SEC-compliant and FINRA-member independent broker-dealer.

Coinbase had previously said it believes the right services and investment instruments for the crypto space could “unlock $10 billion of institutional investor money sitting on the sideline.”

Microsoft Launches Enterprise Blockchain Partnership in Taiwan

microsoft
Advertisement

Microsoft Taiwan has entered a partnership with Digital China and Hot Cool in the hope that the three companies can use blockchain technology to improve the financial, e-commerce, entertainment, and other industries.

The three-party blockchain alliance unveiled the initiative at a conference on June 28 at the Le Méridien Hotel in Taipei City. Sun Jikang, the general manager of Microsoft Taiwan, explained that he believes Microsoft Azure can improve the computing speed and security of Digital China’s digital blockchain services. For those unaware, Azure is a cloud computing service offered by Microsoft, which allows users to build, test, deploy, and manage applications and services using the firm’s global network of data centers.

Jikang stated, according to a rough translation:

“Taiwan has first-class engineering and technical talents, and their innovative thinking cannot be underestimated. At the same time, it carries a solid manufacturing and R&D foundation, plus Excellent geographical location, with the superior conditions for the development of blockchain application, I believe that Microsoft’s tooling in the strategic layout of the blockchain, and citing the global partner resources, is bound to be the vision of the industrial application of the blockchain.”

Digital China was Indirectly Born from Lenovo

taiwanTaipei, Taiwan

Sun Yutao, the founder of Digital China, has been nicknamed as the “creator of the Goldman Sachs in the blockchain domain.” However, the company was actually born from the Legend Group, which in 2001 became Lenovo. Yutao has been actively researching blockchain since 2014. He believes blockchain needs to be combined with the Internet of Things (IoT), biometrics and artificial intelligence (AI) in order to thrive. He sees this cooperation as a chance for blockchain business opportunities to increase in the Taiwanese market.

Wu Jiefu, Hot Cool’s General Manager, also joined the conference, suggesting this partnership is the best model for future blockchain technology solutions. His company is a cloud management service provider (MSP), acting as a technical intermediary for corporate and public cloud providers. Hot Cool has been committed to helping users access computing services as easily as water or electricity. With Digital China’s blockchain technology, Microsoft Azure’s cloud services, and Hot Cool’s MSP, Jiefu believes a blueprint has been born.

The collaboration will combine Digital China’s Digital DADA, Microsoft Azure Blockchain Workbench, a blockchain cloud technology platform, and Hot Cool’s MSP. Azure Blockchain Workbench gives blockchain developers a pre-built network and infrastructure, which supports Azure’s blockchain network with Azure Active Directory, Key Vault, and SQL Database. Yutao believes the Workbench can minimize the development time of the blockchain infrastructure in China.

Taiwanese Venture Capital Talks of the ‘New Internet’

Hu Day, the executive director of a blockchain venture capital company named Kyber Capital in Taiwan, thinks the blockchain revolution needs to start with the financial services. He wants to create a sustainable business value, address the return to investors, and solve practical problems first, before creating a new internet.

Not many details have been released regarding the specifics of this partnership yet. This was the second partnership Microsoft announced in June, the first being with Ernst & Young — together they will launch a blockchain content rights platform. Although Bill Gates has accused Bitcoin back in March of causing a few “deaths” along the way, his corporation seems to be diving straight into the technology behind it.

Images from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.

Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement