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UK Parliament Blockchain Hearing: Ripple on the Receiving End

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Ripple doesn’t seem to be having it easy if the recent events at the UK parliament are anything to go by. On Tuesday, skepticism took over the hearing about blockchain and cryptocurrencies at the UK parliament.

Interestingly, it was not the usual debate, and the members of parliament were not involved in setting the negative tone. This time, it was Ripple’s XRP and blockchain platforms that were under scrutiny as the director of the non-profit Center of Evidence-Based management, Martin Walker intimated that he did not see any likelihood of the technologies solving inefficiencies that have hitherto been experienced in the financial sector.

On this, he specifically singled out the current products from Ripple in his criticism, saying he did not see much hope in them. Notably, Mr. Walker also happens to be a former product developer at R3 a blockchain consortium.

On The Defense of Ripple’s Record

However, there was a fierce defense of Ripple’s record from Dr. Grammateia Kotsialou the regulatory relations, Ryan Zagone, and Chris Yatlor the COO at Everledger, an asset tracking blockchain startup. They filled out the panel and this helped answer inquiries from the Treasury select committee of the British Parliament.

Zagone was quick to point out one unique aspect of the company’s technology that has revolutionized the industry; the ability to track the transfer of money.

On the other hand, Walker argues that the company does little more than the current SWIFT messaging system. He notes that as much as tracking money can be applauded, the most significant challenge, in this case, has to be the fact that it may not be possible to get people who are involved in the payment to update the status of the transaction. As such, he reckons that just because there is a blockchain involved doesn’t mean that people will update the status of the payment’s location.

He further goes ahead to criticize the pilot projects from Ripple that propose to utilize XRP as a bridge between two currencies in a transaction on an international level. This is a role currently held by the U.S dollar. He remarks further:

You need someone to provide the liquidity to be able to change into and out of Ripple. And holding Ripple, a currency which has seen its price drop 80 percent and then back up 100 percent in the course of the last two months is just not credible. So, putting cryptocurrencies into the financial sector is a huge source of risk.

Queer Relationship Between XRP And Ripple Labs

Notably, the ministers present at the hearing were keen to turn their attention to Ripple. They were specifically registering their confusion regarding the relationship between XRP and Ripple Labs. According to MP Stewart Hosie for instance, there is no point n buying XRP since this doesn’t entitle them to an ownership stake since it is not possible to convert it back into conventional currencies.

What do you think about the current controversies surrounding Ripple and its products? How would this hurt its expansion plans? Let us know of your views in the comments section below.

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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 Luis DeathAngell via Flickr

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How Cryptocurrencies Will Change Online Gambling in the Future

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Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.

An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.

A Post-Legality Era

Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.

In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…

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VOLUM (VLM) Announces Commencement of Token Generation Event

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ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.

Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.

The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.

“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…

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How to Secure Yourself in Relation to Bitcoin: Top VPN Services

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Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.

Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.

What is a VPN?

Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.

Security

While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.

Anonymity

Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…

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