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IBM to Issue Token On Stellar (XLM) Blockchain To Offset Climate Change

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Stellar
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This week has been a beehive of activity in the crypto-verse beginning with the Consensus Summit currently ongoing in New York and is accompanied by news that popular South Korean exchange, Upbit, has conducted an internal audit exonerating the exchange from any wrongdoing. Also to note is that today’s markets are not too pretty in terms of gains. Everything is in the red, including Stellar (XLM) that should be basking in the news that IBM will issue a token on its blockchain to help offset climate change.

The current market analysis puts XLM at the value of $0.323 and down 12.24% in 24 hours. The rest of the market is also in the red. Bitcoin (BTC) is at the low $8,000 levels and currently trading at $8,248. Ethereum (ETH) is down below $700 and currently trading at $690. Ripple (XRP) is down 8% in 24 hours and currently trading at $0.68.

It is with this market background that Stellar might be moving to better days with the earlier mentioned announcement by IBM which has been known to being a Stellar partner for quite some time. The partnership was confirmed back in October when IBM and KlickEX chose Stellar to power the future of cross-border payments. IBM is currently running 9 stellar nodes for this purpose.

IBM will then use the Stellar blockchain, in partnership with an environmental fintech startup called Veridium labs, to tokenize carbon credits in a bid to track the pollution emitted from big companies and to attempt at offsetting these damages to the environment. Proceeds from the token sale will be used to reforest a 250 square mile piece of rain-forest on the island of Borneo in Indonesia. The new token can be redeemed and traded on the Stellar blockchain simplifying the carbon-credit process. Companies and institutional investors can buy the same carbon credits using the tokens on the Stellar blockchain, allowing for easier tracking and redemption on the blockchain.

A carbon credit is defined as a  permit which allows a country or organization to produce a certain amount of carbon emissions and which can be traded if the full allowance is not used. If a set amount of carbon is not emitted, the owner of the carbon credit can redeem it using the token.

With this news and the current ongoing Consensus Summit in New York, blockchain technology and cryptocurrencies will assist in mitigating the progression and finally the end of global warming. The pioneer crypto for reducing global warming will be Stellar (XLM). This mission is in line with the vision of the Stellar foundation in that it brings together two companies, IBM and Veridium, to help solve a real-life issue threatening our existence on this earth.

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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.

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Blogs

How is the Crypto Market Changing?

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crypto market
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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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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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