“Additionally, JPMorgan has made an undisclosed strategic investment in ConsenSys, the companies said in a statement. Neither ConsenSys nor JPMorgan would confirm the size of the investment made by the bank.
All enterprise work being done at ConsenSys will now fall under the new “ConsenSys Quorum” brand.
As more projects began building on Quorum, a privacy-centric fork of Ethereum, it became obvious to many in the blockchain world that a bank isn’t the right place to maintain a large scale open-source software project.
Other high-profile initiatives within the bank include the Interbank Information Network, which has over 200 other banks as members, and Dromaius, a debt issuance platform on Quorum.
We’ll be able to leverage a lot of the work that JPMorgan has done that’s been internal for a long time, and support the ecosystem as other people want to use that technology.
Anyone building on Quorum will get a proper software vendor behind their technology.
Another important factor for ConsenSys is locking down interoperability between Quorum and Hyperlegder Besu. The latter is an enterprise Ethereum client built by ConsenSys engineers from the ground up to be compatible with the Ethereum public mainnet.
When we sell an enterprise Ethereum stack, we’re going to be calling it ConsenSys Quorum, and it will have two options: the Go Quorum–based version, or the Hyperledger Besu–based version.
The acquisition should make it easy for enterprises that prefer Java, or prefer the Apache 2.0 license, or even prefer to work with other Besu-based vendors, to join the various Quorum-based networks that have emerged.
This is textbook open-source ‘co-opetition’ at its finest, where competitors can realize they’re actually stronger working together than trying to divide a market.”
“Non-custodial lending and borrowing protocol Aave has been given the green light in the United Kingdom to offer services such as issuing ‘electronic money (e-money) and [providing] payment services.’
The objective was to help Aave Ecosystem to access payment accounts and on-board users into DeFi. Electronic Money Institution is the same authorization that Coinbase and Revolut has in Europe.
Data from Santiment reveals that alongside prices, on-chain and social volume also spiked. Taken together, these are positive signs.”
See Also: Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited
See Also: Despite a $13K+ price tag, YFI is one of the cheapest DeFi tokens by price-to-sales
See Also: Gnosis Safe now stores more than $1 billion in ETH and ERC20s
“U.S. Federal Reserve Chair Jerome Powell is expected to bolster expectations of inflation during his keynote speech at the Jackson Hole Economic Policy Symposium on Thursday.
The Fed chief is expected to signal tolerance for higher inflation during the speech.
Powell has previously stated that he doesn’t think inflation is a significant risk and is prepared to see it overshoot to meet his objectives.
The major impact for crypto out of this symposium would be a change in monetary policy and further depreciation of the U.S. dollar, which could propel bitcoin higher.”
“Global banks have suffered a $2 trillion drop in equity valuations this year. The drop came as the coronavirus pandemic led to a weakened outlook among investors. US banks were hit the worst, followed by Chinese players.
Among all global banks, US-based JP Morgan Chase saw the most significant decrease in value. Bank of America, another influential US bank and the second-largest financial institution in the world, came next on the list. However, in terms of percentage, US bank Wells Fargo took the largest hit. Statistics showed its market cap value suffered a 55% fall since January this year.”
“Last month, Bitcoin Lightning startup Strike announced it would be working with the world payment giant Visa. Now, another startup in the same vein, LastBit, which just launched its app in beta, will be going through the same Visa Fast Track program.
This partnership will eventually make it possible for users to pay for items priced in U.S. dollars – but using bitcoin (BTC).
The user pulls up the LastBit app, loads bitcoin into it, then has instant access to a digital debit card for sending bitcoin payments. When the user sends a bitcoin payment, the vendor gets euros or dollars on the other side.”
“Buterin explained that, while what Chinese entities were doing would help them grow the use of blockchain within China, the technology’s best use cases are meant to be implemented on an international level. And for that purpose, it would be difficult for them to gain the trust of other countries to use their private blockchains.
In an international context, you cannot assume that there is even a single government that everyone trusts, whereas public blockchains are more easily perceived as being neutral.“
“Food industry – The decentralized ledger system will provide easy access to vital information about the food product you are buying, from when it was grown to when it reached the market and how long it has been stored.
Voting – With elliptical curve cryptography, voters can create two keys — private and public — to cast their votes. The public key is revealed to a verifier that certifies it, while the private key is registered anonymously and used to pass ballots and sign off during elections. Once this is done, anyone can determine if the signature is right or wrong using the public key.
Data Sharing – Blockchain boasts of a tightly secure peer-to-peer exchange of information that is independent of a third party. For example, Ideaology, an open-source blockchain project on Ethereum, is a platform for entrepreneurs, engineers, artists and scientists to exchange, review and monetize ideas freely.
Medicine – Up to $200 billion is lost annually due to fake drugs and other misdoings in the pharmaceutical industry. Blockchain technology can potentially revolutionize pharmacies the world over by taking over supply chains.
Cybersecurity – A blockchain system can help prevent these attacks using cryptography — a sophisticated security network that uses a set of algorithms to encrypt and decrypt data.”
“An REC is a market-based instrument designed to provide organizations with an economic incentive for electricity generation and consumption from green energy sources.
The International REC Standard provides a global standard for energy attribute tracking: each REC issued represents proof that 1 megawatt of renewable energy has been produced. Crucial to the buying and selling of RECs is confidence about the certificates’ circulation and transaction history.
Organizations want to ensure any REC purchased hasn’t already been used.”
“The FCA said under the expanded scope of its financial crime reporting obligation it would require crypto exchanges and wallet providers to provide detailed information annually on systems and controls put in place to tackle crimes such as money laundering.
Aside from crypto firms, the extended measure would include entities such as all companies regulated by the Financial Services and Markets Authority, payment providers, electric money institutions and multilateral and organized trading facilities.”