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Ethereum Joining Hands with Amazon Web Services and Enigma (ENG)

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The launch of AWS Blockchain Templates for Hyperledger Fabric and Ethereum by Amazon Web Services recently has been phenomenal. This will hasten the process of building new blockchain networks. About the launch, Jeff Barr, the Chief Evangelist for AWS posted on the AWS blog on 19th April, “We are launching AWS Blockchain Templates today. These templates will let you launch an Ethereum (either public or private) or Hyperledger Fabric (private) network in a matter of minutes and with just a few clicks. The templates create and configure all of the AWS resources needed to get you going in a robust and scalable fashion.”

Prior to this new relationship, Amazon Web Services had joined hands with Corda R3, Sawtooth, PokitDok, and Quorum. Corda lets the users create dApps on the AWS platform. However, with the help of the latest AWS Blockchain Templates, the users can develop fully fledged Ethereum network within a few minutes. The same goes for Hyperledger network. The difference is that the Hyperledger network launched will be completely private while the Ethereum ones can be private or public.

When developing Ethereum templates, the Amazon Web Services users have the option to choose from two different launch options. The blockchain framework chosen as containers by the user will be deployed by AWS Blockchain Templates directly on an EC2 instance fuelling Docker or on the Amazon Elastic Container Service cluster (ECS). Ethereum networks launched with the help of Amazon Web Services will most probably support Ethereum mining. The EthStats page will keep an eye on the network metrics. Amazon will also give an EthExplorer toolkit to the clients such that they can reconnoiter the transactions and the smart contracts that are stored in the ledger. As the networks will be developed directly into the user’s Amazon VPC, it will allow the user to access the subnets of VPC and Access Control Lists. The user also has the option to reduce the use of resources by utilizing granular permissions allocated with AWS IAM.

This venture will be beneficial for many industries as they can launch both private and public Ethereum networks through AWS for analysis of critical financial data and audit and risk assessment tasks and so on.

Ethereum Alliance and Enigma (ENG) and Decentralized Identity Foundation

Enterprise Ethereum Alliance (EEA) and the Decentralized Identity Foundation (DIF) have incorporated Enigma (ENG) as a member recently. The cryptocurrency, Enigma (ENG) focuses on privacy, security, and scalability. The platform, Enigma Data Marketplace, launched three weeks prior to this announcement acts as a bridge between data providers and apposite data consumers. The objective of Enigma (ENG) is to assimilate crypto world and financial datasets.

Enigma is also looking forward to improvising decentralization for blockchains by conforming smart contracts like Ethereum’s into “secret contracts”. This technology will hide entered data from the code-executing nodes on the network of Enigma. It is a step that will ensure the safety of sensitive data and is believed to be capable of bringing out hitherto unknown areas for development. These were mainly hindered by privacy concerns. It is expected that this type of platform will enable merging of datasets across several industries by eradicating the barriers that prevent corporate collaborations. This is one of the major reasons for acceptance of Enigma by Enterprise Ethereum Alliance and Decentralized Identity Foundation.

Apart from this new entrance, EEA boasts of notable members like Intel, Accenture, J.P. Morgan, Santander, BP, Bancor, CME Group and many others. The objective is to “evolve Ethereum into an enterprise-grade technology”. Enigma plans to launch Catalyst, its first protocol along with its mainnet in Q3 of this year. The format will be compatible Ethereum such as to make it accessible to all the members of EEA. The Digital Identity Foundation, on the other hand, focuses on keeping one’s data and proof of identity private. As explained in the blog of Enigma, “Enigma enables individuals to share claims without over-sharing sensitive data, i.e. proving you are over 21 without revealing your birthday.”

A Little about Enterprise Ethereum Alliance (EEA)

Enterprise Ethereum Alliance (EEA) is a not-for-profit and is supported by the industry to basically develop and promote Ethereum based technology open-source reference architectures. This way Ethereum is evolving as an enterprise-grade technology whose main areas of interest are scalability, security, privacy, and confidentiality.

Price Analysis

After the scare of the first quarter in 2018, it seems Ethereum (ETH) is back on its feet. Currently, according to coinmarketcap.com the price of Ethereum is $639.60 USD (3.88%) approximately. (As of 23rd April 2018). As the second quarter progresses, it is expected that the price will increase and will soon break the $648 mark. Currently, it seems that the charts are depicting a bullish trendline. This may be the result of the new partnerships of Ethereum and the efforts of EEA.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of ali asaria via Flickr

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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