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Stellar Lumens Set to Host the First Token by IBM on the XLM Blockchain Network

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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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Blogs

How is the Crypto Market Changing?

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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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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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