Despite the bear trend in the cryptocurrency market, the world has been paying more attention to Blockchain technology with more acceptance of this revolutionary technology set to come to fruition in the near future. After all, the fact that it’s an open source technology has whetted the appetites of industry-leading entities that are looking for a technological solution to better their service delivery. In fact, there is a growing concern that with more adoption of Blockchain technology and cryptocurrencies from banks and governments, the original principle of decentralization will be a thing of the past as more of these institutions dominate the Blockchain space.
Introducing accountability in Carbon credits through Blockchain
Among the world leading entities that are looking to adopt Blockchain technology and cryptocurrencies is IBM. Reportedly, IBM has plans underway to issue its first ever cryptocurrency token on a public Blockchain.
The project to launch the new token is in partnership with Veridium Labs Ltd (a carbon credit startup) and will lead to the creation of the “Verde” token which will be hosted on Stellar’s Blockchain. The purpose of the token will be to give companies that cause pollutions an opportunity to offset their pollution effects by attaching carbon credits to the token such that companies can gain by supporting environmental conservation efforts on a patch of Indonesian rainforest.
IBM’s new solution to an old problem
Granted, there is nothing new about carbon credits, however, the token will provide a means of tracking every detail that will reveal the full extent of the pollution caused by each company. By this virtue, there will be a means of accountability with the funds used to replenish the environment.
According to Jared Klee (the newly appointed IBM token initiative manager), IBM is,
creating a fungible digital asset, a token which part of the goal is to create a market where people can buy, sell, trade and then redeem it for the underlying credits. By having a liquid market you open up a world of possibilities.
He also added that a vibrant market could be the eventual result of the project and a much larger audience would be involved. Thanks to a series of smart contracts on Stellar’s Blockchain the Verde Carbon credit token will be able to account for the entire process of a company’s carbon emissions, therefore, allowing for a convenient and efficient way of offsetting pollution.
This new move by IBM will be the first ever public involvement by IBM in the token issuance space on a public network.
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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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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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