Bitcoin News

Ethereum’s Joe Lubin: Blockchain Will Help to Create More Wealth

Posted by Marie Huillet on

Ethereum (ETH) co-founder and ConsenSys CEO Joe Lubin has said that with blockchain, society will move “from a scarcity to an abundance mindset.”

Ethereum (ETH) co-founder and ConsenSys CEO Joe Lubin has said that with blockchain, society will move “from a scarcity to an abundance mindset,” in a New York Times (NYT) interview published Nov. 12.

Lubin made his remarks at the NYT’s International Luxury Conference at the Intercontinental Hotel in Hong Kong, which runs Nov. 12-13 and brings together speakers that include the CEO of fashion brand Balenciaga, the president of Alibaba Group, and the CEO of luxury coat producer Moncler.

During the conference, Lubin spoke about how the advancements heralded by blockchain tech could potentially give control back to society, allowing for more individual “agency”:

“We are going to to be more in control of our identity and our agency on these different decentralized networks and I think that’s going to create more wealth [...] more interest in expressing ourselves, and I think there will be more appetite for luxury than less.”

Lubin’s comments last week on the present development of blockchain ecosystems — which he compared to the growth of the Internet — cast some light on his perspective that the technology’s disintermediation and decentralization can help to spur innovation across all levels of society and the economy by “enabl[ing] a self-determined, sovereign identity.”

This summer, Lubin outlined the processes of wealth generation in the new tokenized economy, noting that he has noticed a “qualitative shift in the nature of money” that has moved society towards a world of “global villages.”

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Swiss Crypto Firm Gets Islamic Finance Certification for Sharia-Compliant Stablecoin

Posted by Marie Huillet on

Switzerland-based fintech firm X8 AG has received a certification from the Shariyah Review Bureau for its ETH-based stablecoin.

Switzerland-based fintech firm X8 AG has received a certification from the Shariyah Review Bureau (SRB) for its Ethereum-based stablecoin, Reuters U.K. reports Nov. 12.

SRB is a leading Sharia consultancy and audit firm licensed by the central bank of Bahrain. It reportedly has a presence in twelve countries, and holds the market share of over 13 percent of Saudi Investment Companies licensed by the country’s Capital Markets Authority (CMA), and over 21 percent of the Cooperative Insurance Firms Listed on the Saudi stock-exchange market.

The debate over whether or not cryptocurrencies are Sharia-compliant has centered on their compatibility with the Islamic prohibition on sheer monetary speculation. Reuters notes that some Islamic scholars have deemed crypto trading to be analogous with the “transfer of rights,” which is legitimate under Sharia law.

According to X8 director and co-founder, Francesca Greco, X8’s ETH-based crypto asset is a “stablecoin,” whose backing by a basket of seven fiat currencies and gold is considered to assuage Islamic advisors’ concerns over excessive volatility and speculation.

As part of its plans to expand its business to the Middle East, X8 reportedly plans to launch a crypto exchange that would include a Sharia-compliant trading platform. To this end, Greco told Reuters that the company has met with local exchanges in Abu Dhabi, Dubai, and Bahrain. “The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” she added.

As reported this July, altcoin Stellar (XLM) received a Sharia compliance certification in the money transfer and asset tokenization field, claiming to be the first blockchain protocol to have done so. Other crypto companies claiming “firsts” in the sector include crypto utility token NOORCOIN, which was certified with a Sharia Certificate from the World Sharia Advisory Committee in March.

Bitcoin (BTC) was was recognized as “generally permissible” under Sharia law this April by an internal Sharia advisor to fintech startup Blossom Finance. Sharia advisor Muhammad Abu Bakar included a warning that while he considers digital currencies to be halal (permissible), in most cases traders should not purchase them for investment purposes.

Blossom Finance CEO and Founder Matthew J. Martin told Cointelegraph this February that as a payment network, Bitcoin may be even more halal than fiat currencies due to it being based on Proof-of-Work (PoW), rather than on debt.

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IBM Targets Scientific Research in Latest Blockchain Patent

Posted by William Suberg on

A new patent from IBM identifies the need for a blockchain-based science research safeguarding tool.

U.S. multinational IT company IBM plans to use blockchain to aid scientific research and provide a record of its results, a new patent application filed with the U.S. Patent and Trademark Office revealed Nov. 8.

IBM, originally filing the concept in December last year, says it foresees “integrating a blockchain and data collection and analysis for open scientific research.”

The application is the latest in a steadily increasing pile of patents sought by the corporation in the blockchain sector, the most recent award coming last week targeted at augmented reality gaming.

Now, an altogether more technical offshoot addresses what it describes as a lack of platforms offering “requisite controls and mechanisms” to safeguard scientific findings.

“Currently, there are limited platforms that allow for sharing information about scientific research and showing transparent data collection and analysis steps,” the patent application reads, adding:

“Platforms that do exist, lack the requisite controls and mechanisms to allow for trustworthy data, as there are few options for ensuring that data will be resistant to modification.”

More broadly, the science sector stands to benefit in multiple ways from the advent of the technology.

Various attempts have already targeted some aspects of the field, Cointelegraph reporting earlier this year on industry-specific blockchain tools for both pharmaceutical and genomics research data.

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South Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

Posted by Kevin Helms on

South Korean cryptocurrency exchange Upbit has reportedly started marketing new crypto exchanges in Thailand and Indonesia as part of its global expansion plans. The company recently launched an exchange in Singapore. Over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges, according to their websites. Also read: Yahoo! Japan […]

The post South Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia appeared first on Bitcoin News.

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IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing

Posted by Zack Seward on

A patent application from Big Blue hints at a blockchain solution for scientific research.

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