Explain Like I’m Five: Whisper

“IT ALL STARTED WITH A BAD ANALOGY…”

So, you remember how you used to pass around chits during the class to communicate effectively? Yeah well, that’s essentially what Whisper is. It’s a platform where decentralised apps (DApps) can communicate with each other. Moreover, the ink being used in these chits fades away after some time. That means that each message over Whisper is transient in nature. The messages sent have topics associated with them and they’re delivered to DApps which have subscribed to that particular topic over that node. Whisper has an advantage over smart contracts in the sense that they don’t require “gas” (a token of currency) to be sent by the sender in order to get the message delivered. Small messages can be shared using whisper freely and the anonymity it offers is central to its nature. The nodes in-between don’t know about the communication happening between the sender and the receiver.

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Chinese Ponzi Scheme responsible for Bitcoin sell-offs

If you woke up in the morning and started scratching your head because you couldn’t understand the Bitcoin sell-offs the market was witnessing, we bet your first guess wasn’t a 3 Billion USD Chinese Ponzi scheme. Well, now you know better.

On August 14, Dovey Wan — founding partner of blockchain-based investment company Primitive Ventures —  attracted attention towards the ongoing mass sell-offs from the fraudulent Chinese investment scheme, dubbed PlusToken.

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Standard Chartered steps up their blockchain game

London-based bank and financial services firm Standard Chartered came out of the closet in support of Blockchain technology as it completed its first cross-border blockchain letter of credit transaction. This one is a first in the entire oil industry with Thai state-owned oil giant PTT Group.

Standard Chartered completed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited using the Voltron (the coolest name you’ll read in this paragraph) blockchain platform. Oil companies are often reliant on letters of credit as a form of short-term trade finance. Obviously, if you’re using something which sounds cool and is controversial in different parts of the world, it’s normal to pay a small price.

“This process is paperwork-intensive and requires up to five days for the delivery of these documents.”

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Federal Reserve rips off Blockchain

Remember how you finally convinced your grandfather to ditch the Walkman in favour of the iPod, well that’s what the finance sector has done with the US Federal Reserve. The Federal Reserve Board is planning to release a real-time payments and settlements service in order to ease out the entire process in the absence of a better (*coughs* blockchain? *coughs*) system.

A press release published on Aug. 5 reads that the Board of Governors of the Federal Reserve System has requested Federal Reserve Banks to develop a new interbank real-time settlement service to support faster payments in the U.S. The payment system is called FedNow (they totally missed the opportunity to call it FedUp) and will purportedly launch in 2023 or 2024.

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Bitcoin price analysis – Factors that contribute to the rise in price

It was in 2009 that Bitcoin was created by Satoshi Nakamoto, an unknown person/group/organisation. It is a way of carrying out transactions in a decentralised manner where the information for each transaction is recorded in a Blockchain.

Bitcoin price fluctuations are a source of worry to potential investors. After all, it’s not like buying a stock or a bond. There are no balance sheets to check or speculate in this case. And unlike investing in traditional currencies, bitcoin is not issued by a central bank or backed by a government, therefore the monetary policy, inflation rates, and economic growth measurements that typically influence the value of currency do not apply to bitcoin.

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SEC launches portal To Engage With next-gen technology start-ups

The U.S. Securities and Exchange Commission has launched a hub called Fintech hub or FinHub that will engage with start-ups working on upcoming technologies such as Artificial Intelligence, Blockchain and others. The FinHub will act as a single access point that will handle all the SEC’s services providing an easier option for companies to collaborate with the customers. The portal will also help start-ups with a streamlined process to develop a platform that complies with SEC. Read more about SEC launches portal To Engage With next-gen technology start-ups

Swiss start-up raises $103 million for Cryptocurrency bank

SEBA Crypto, a Swiss-based start-up has raised $103 million for setting up a bank that will provide all cryptocurrency services. As per the regulations set by Swiss regulator FINMA, banking and securities license must be obtained to perform crypto trading and other related services. SEBA is planning to obtain the license from FINMA to start crypto trading and investment business with other investors and banks.

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Bank of China Partners with China UnionPay to Explore Blockchain for Payment Systems

State-owned Bank of China and ChinaUnionPay have entered into a partnership as per an announcement according to which the two parties will jointly explore blockchain technology applications for payment system development.

This comes in the wake of their exploring opportunities in cross-border mobile payments together. They will jointly investigate big data and distributed ledger technology deployment in order to improve mobile banking products. CUP aims to build a unified port for mobile integrated financial services, where cardholders can spend, transfer and trade on a cloud flash payment app.

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