MIT is helping the Boston Fed build a CBDC that can be scaled for consumer use

4BBECDA4-DE78-47A6-AE30-E43DC36E6AEC

MIT is helping the Boston Fed build a CBDC that can be scaled for consumer use

Can MIT help the U.S. catch up to China in the CBDC race?

The MIT Digital Currency Initiative, or DCI, is helping the federal reserve bank of Boston build a digital currency with the goal of scaling for consumer use. The DCI’s director Neha Narula told Cointelegraph:

“We’re trying to build a high throughput, low latency transaction system that could be used by consumers and could handle the security and resilience required for a national currency.”

The multi-year collaboration between the two organizations is still in very early stages and not much information is being released to the public. Yet the focus is not on building a newer version of interbank digital ledger, but rather something that the consumers would be able to use. It is hard to estimate the required transactional throughput of such technology, but considering that the U.S. population is around 330 million and the fact that the dollar is the most widely used currency in the world (some nations have even officially adopted it), this number would have to be rather high.

Continue reading… “MIT is helping the Boston Fed build a CBDC that can be scaled for consumer use”

0

Boom or bust? Welcome to the freewheeling world of crypto lending

7B8C1BC1-A40A-40E4-A514-9146E5D474A6

LONDON (Reuters) – It sounds like a surefire bet. You lend money to a borrower who puts up collateral that exceeds the size of the loan, and then you earn interest of about 20%.

What could possibly go wrong?

That’s the proposition presented by “DeFi”, or decentralised finance, peer-to-peer cryptocurrency platforms that allow lenders and borrowers to transact without the traditional gatekeepers of loans: banks.

And it has exploded during the COVID-19 crisis.

Loans on such platforms have risen more than seven-fold since March to $3.7 billion, according to industry site DeFi Pulse, as investors hunt returns at a time when central banks across the world have slashed interest rates to prop up economies battered by the pandemic.

Proponents say DeFi sites, which run on open-source code with algorithms that set rates in real-time based on supply and demand, represent the future of financial services, providing a cheaper, more efficient and accessible way for people and companies to access and offer credit.

But with the promise of high rewards comes high risk.

Continue reading… “Boom or bust? Welcome to the freewheeling world of crypto lending”

0

The Future of Money: How cryptocurrency and the blockchain will change society

D3159642-E682-426F-8849-7677F2A934A7

 

Anarchy reigns supreme in the future of finance, decentralizing the power of banks and, in some cases, the state. But will cryptocurrencies and the blockchains that underlie them solve our financial woes, or only worsen existing inequalities?

Continue reading… “The Future of Money: How cryptocurrency and the blockchain will change society”

0

9 predictions for 2020–2029

F15DCFBE-0163-49A5-9A7C-320609302AFD

The world as we know it is about to change fast.

I like to think about the future a lot, so this year I decided to make some predictions.

My predictions for this decade

  • Federated Learning will unlock value from previously inaccessible sensitive data.
  • Deepfakes will impact democracy and bring about a need for publisher certified content.
  • Nationalism will rise around the world, the internet will splinter.
  • eSports will take a huge chunk of attention and advertising dollars from sports.
  • Blockchain will get adoption in enterprise. Mainstream adoption will struggle until there are key custody solutions that everyone can use.
  • Self-driving cars will open up new business models. Regulations will be the main barrier to adoption.
  • Welfare systems will get strained.
  • Digital currencies and negative interest rates will open Pandoras box.
  • Search will get reimagined.

Continue reading… “9 predictions for 2020–2029”

0

Bitcoin’s guardian angel : Inside Coinable billionaire Brian Armstrong’s plan to make crypto safe for all

B5458DB8-28FE-4864-A25E-86EDAFB89FCC

Near the foot of San Francisco’s California Street stand the august stone pillars of a bank dating to the 19th century. A few paces away sit the offices of Coinbase, the largest American exchange for cryptocurrencies like bitcoin. It’s a beehive of software engineers and young marketing executives. There, the worlds of by-the-books banking and crypto-anarchism collide.

In style and philosophy, Brian Armstrong, the 37-year-old billionaire cofounder and CEO of Coinbase, is in the camp of the financial anarchists. He sits, jammed alongside lieutenants, in a row of tiny desks resembling library carrels. He wears a black T-shirt, black pants and shiny white sneakers. He talks about a brave new world in which we are liberated from the shackles of giant banks and government-controlled money supplies. During an expansive interview, this usually reserved and press-shy entrepreneur declares why he got into this business: “I wanted the world to have a global, open financial system that drove innovation and freedom.”

Continue reading… “Bitcoin’s guardian angel : Inside Coinable billionaire Brian Armstrong’s plan to make crypto safe for all”

0

How Blockchain could disrupt the education industry

798489F1-9A71-42EC-AF28-582224F2F663

Blockchain is undisputedly an ingenious invention. It’s a technology that began as underpinning for virtual currencies but it is quickly becoming obvious that blockchain is more than just bitcoin.

The encrypted ledger technology that powers bitcoin is primed to reshape the future of many industries. Be it healthcare, finance, media, or the government, the blockchain technology will bring about a revolutionary change across many industries.

The technology is sure to disrupt every industry, including education. There is no denying the fact that the education system is far from where it needs to be. Using this technology, a lot of improvements can be made in the education sector.

The edtech sector is huge. It is estimated that it will reach $93.76 billion by 2020. Technologies like Artificial Intelligence and Virtual Reality are already making their way into the education sector. It’s only a matter of time before the blockchain technology becomes mainstream too.

Let’s see how this disruptive technology can revolutionize the education sector.

Continue reading… “How Blockchain could disrupt the education industry”

0

Gartner’s top 10 strategic predictions for 2020

A4954634-9542-40BC-91E8-B0C27347ECDD

Mobile-accessible cryptocurrency, AI and ML oversight, blockchain to counter deepfake technology and an Internet of Behavior are all among the predictions for the near future.

Technology is creating ever-changing expectations for people, and Gartner’s top predictions for 2020 reflect these new challenges.

The predictions were revealed at the Gartner IT Symposium/Xpo 2019 in Orlando, which runs through October 24. More than 9,000 IT leaders and CIO’s are in attendance at the conference.

“Technology is changing the notion of what it means to be human,” said Daryl Plummer, distinguished vice president and Gartner Fellow. “As workers and citizens see technology as an enhancement of their abilities, the human condition changes as well. CIOs in end-user organizations must understand the effects of the change and reset expectations for what technology means.”

Continue reading… “Gartner’s top 10 strategic predictions for 2020”

0

China plans to kill most of the world’s bitcoin mining operations

 BDBDC107-6BA3-4E8C-939D-6AD22B70B6EC

The price could spike again.

The Chinese government will end bitcoin mining operations in the coming months, Bloomberg reported over this January, a move that could have a massive impact on the price of the world’s biggest digital currency.

China has been a central player in the development of bitcoin in recent years, but Beijing has spent the last six months cracking down on the cryptocurrency industry — shutting down local exchanges and banning initial coin offerings.

Leaked documents suggest the Chinese government plans an “orderly exit” for bitcoin mining operations in the coming weeks and months.

Continue reading… “China plans to kill most of the world’s bitcoin mining operations”

0

How Crypto could bring tax evasion to the masses

C5C3934C-1646-4B91-8F0F-1FC8DEDCA159

Loopholes in lending laws are allowing cryptocurrency users to escape taxes — and the government can’t keep up

WWealthy families and merchants first conjured up the idea of offshore banking in 19th century Europe, seeking a place to store funds away from tax-hungry governments in the aftermath of the Napoleonic wars. Since then, it’s been a race to the bottom. Over the course of the last two centuries, deregulation and lenient financial laws have allowed the rich to tread the fine line between legal tax avoidance and illegal tax evasion.

But blockchain, which first emerged as a concept in 2008, is now offering ordinary people the same possibilities. Using cryptocurrency, anyone with a little technical know-how can open what is effectively the equivalent of an offshore bank account — albeit offshore in cyberspace.

Continue reading… “How Crypto could bring tax evasion to the masses”

0

Blockchains’s impact on food and farming, explained

97702F91-8264-4CA3-9FF5-1F72B9740F69

1. Is it possible to track where food comes from?

Several companies have launched services allowing shoppers to see a product’s journey from farm to fork, but they often depend on retailers agreeing to be transparent.

When you pop into a store to buy fresh fruit, vegetables or meat, it’s common for the packaging to reveal which country it is from. Some upmarket brands go further by offering stories about the farm and the conditions where the food was cultivated.

Tracking an item step-by-step through the manufacturing process can be hard — and, sometimes, even manufacturers and retailers themselves aren’t sure about a product’s journey.

Continue reading… “Blockchains’s impact on food and farming, explained”

0

New ECB boss Christine Lagarde issued a serious bitcoin warning

 

E6AF7CC4-290B-4D20-B4C1-70B9CA6A0D3E

Bitcoin and other crypto-assets have long divided traditional economists and bankers with some warning over their instability and others praising their ingenuity.

The bitcoin price rebound so far this year has caused some to change sides, though many continue to warn bitcoin and other cryptocurrencies will be a mere flash in the pan.

Earlier this year, Christine Lagarde, who has just been nominated to replace Mario Draghi as president of the European Central Bank (ECB), warned that cryptocurrencies are “shaking the system”—something that could signal a change in the ECB’s approach to bitcoin and crypto and potentially spur adoption.

Continue reading… “New ECB boss Christine Lagarde issued a serious bitcoin warning”

0

3 powerful ways crypto is completely going to transform our lives

A05A64B3-D23B-4C72-BBA6-88AB1B708B53

You won’t believe it till you transact it

Its time to cut the crap. Humanity is on its way to decentralization. The choice is yours to become antiquity in the museum of fiat corruption, or a fast crypto Lamborghini fueled by blockchain on its way to peer to peer financial empowerment.

Lets no longer deny the future of money. It will be digital, it will be apps, it will be borderless and neutral. And it will be humanities biggest escape from the capitalist abyss of pyramidal driven greed destruction. Nakamoto will be proven to be the 21 century Houdini showing the escape route from the financial chains of banks and middlemen slavery. He introduced the technological way that will eventually free most of humanity from the parasitical power of cartels. And if you don’t grasp it yet fully, its OK.

Buckle up for these 3 biggest transformational changes crypto, bitcoin and cryptocurrencies will bring us on the long run.

Continue reading… “3 powerful ways crypto is completely going to transform our lives”

0