Centralized Companies Into Decentralized Ecosystem

Bitcoin, and the idea of digital cash, has taken hold of the banking sector as banks and financial institutions start to experiment internally with blockchains and cryptocurrencies in order to be at the forefront of these technologies. This, coupled with the fact that government organisations and even global leadership bodies such as the G20 are looking to regulate cryptocurrencies, again give more legitimacy and longevity to the industry. The latest wave of adoption is now coming from corporations who, traditionally have come to be successful thanks to their centralized domination…

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U.S. Mutual Fund VP Says Blockchain Will Help ‘Drive This Next Industrial Revolution’

Steve Chiavarone, a VP at financial services company Federated Investors, made bullish comments on blockchain technology as an “economic growth driver” in an interview on CNBC Friday, May 11. Responding to whether blockchain will be a driver of economic growth, Chiavarone noted the potential for automatization and increased efficiency blockchain offers, saying: “When you think about it from an enterprise perspective, it has the ability to replace reconciliation, which is expensive and requires back-office and time and paperwork with more instantaneous verification […] that will allow cost to be cut…

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ERC-20 Tokens, Explained

2. Ethereum is a decentralized network of computers with two basic functions. They are: blockchain that can record transactions, and a virtual machine that can produce smart contracts. Because of these two functions, Ethereum is able to support decentralized applications (DApps). These DApps are built on the existing Ethereum blockchain, piggybacking off of its underlying technology. In return, Ethereum charges developers for the computing power in their network, which can only be paid in Ether, the only inter-platform currency. Depending on its purpose, DAPPs might create ERC-20 tokens to function…

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Zimbabwe’s Central Bank Bans Financial Institutions From All Crypto Dealings

Zimbabwe’s central bank has recently banned dometic financial institutions from dealing with cryptocurrencies, local media outlet NewsDay reports today, May 12. According to the report, the Reserve Bank of Zimbabwe’s (RBZ)  director and registrar of banking institutions Norman Mataruka issued a circular Friday ordering all financial institutions to terminate servicing cryptocurrency exchanges within 60 days and begin to liquidate existing crypto-related accounts. Financial institutions have been ordered to “ensure that they do not use, trade, hold and/or transact in any way in virtual currencies,” a move which applies to both…

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Cryptocurrency Market Loses $100 Billion in the Past 7 Days, Factors and Trends

Join our community of 10 000 traders on Hacked.com for just $39 per month. The cryptocurrency market has continued to fall over the past 24 hours, after seeing a decline of more than $40 billion on May 11. The bitcoin price fell to $8,250 while the majority of tokens recorded losses in the 20 percent range. UPbit + Mt. Gox On May 11, CCN reported that UPbit, South Korea’s biggest cryptocurrency exchange, was raided and investigated by local police, the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC).…

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