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Here’s Why Ethereum’s Github Activity Soared To Levels Unseen Since Feb 2020

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The second most popular blockchain, Ethereum’s development activity on Github has risen to a 7-months high. This was noted by the crypto analytic platform Santiment, which stated that the network continued to make its case as the “most highly innovative network” in the space, including many ERC-20’s under its umbrella.

Santiment

Digital asset values increased considerably following the market crash of Black Thursday in March. Although Bitcoin, along with its peer altcoins, had a very slow recovery, it was Github’s development activity that remained unfaced by the direction of price movements of the underlying assets.

Meanwhile, the recent news comes as Ethereum’s price, swiftly gaining a major rebounce, was currently flirting with the coveted resistance level of $400.

The most awaited launch of Ethereum 2.0

The launch of Ethereum 2.0 is no more a moving target. The community has been anxiously anticipating one of the most crucial events in the space – the 2.0 launch. And it could finally be launched as early as November.

Initially, the launch was slated for July this year. But the operations were not as smooth as it was earlier presumed. In addition, the subsequent upgrades turned out to be more complex. Hence, the recent news of a potential timeline of the launch could be another boosting factor for the surging development activity on Github.

 

Chasing the DeFi dream

The largest altcoin, Ethereum has witnessed its price surge significantly and behind the scenes, it is the DeFi ecosystem which has been one of the most crucial contributing factors in pushing not just the value of the underlying asset but also the development activity on the projects built on top of the ETH network.

More than 3 million Ether is locked in DeFi protocols. The fact that a vast majority of DeFi is housed on the Ethereum blockchain and the development on the front was perhaps responsible for the spike.

Vitalik Buterin Wary of Upcoming Brain Implants as Neuralink Gets Ready for Friday Demo

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The modern age has pulled all stops when it comes to technological advancements with cryptocurrencies just forming the tip of the iceberg. However, as technology moves ahead at a rapid pace, some tech evangelists have asked people to be more mindful of the changes.

As we approach the much-awaited demonstration of Elon Musk’s Neauralik, Ethereum co-founder Vitalik Buterin has put forth his own comments and suggestions on the topic. The 26- year old programming prodigy gave his two cents on why genetic modifications to the brain would be a bad idea in the long run. 

Musk and his Neuralink organization are touted to showcase the first workings of the model on Friday with many claiming how it would revolutionize the way we consume content. The Neuralink device works by embedding a device in a person’s body which in turn will act as the controller when any action is required to be taken. This interlink between a device and the human brain was seen as a disturbing attribute by Buterin, who sided more with genetic enhancements.

The Ethereum co-founder’s tweet read:

“Am I the only one who finds genetic enhancement of humans *much more palatable* than brain implants? Genes are hard to target; there’s no ‘gene for obedience to the communist party.’ But mixing brains and centralized digital tech risks eroding our strongest domain of privacy.”

Buterin’sn discussion also veered into how people can be controlled using devices such as the Neuralink. He also made the connection that there were also some flaws with gene therapy, pointing out some genes that are directly connected to obedience. He claimed that people with such genes are just as vulnerable to becoming obedient to cults that “the government hates’.

Some people even enquired if there existed devices that would make people obey the communist party. To this Buterin replied:

“No but I’m sure the brain implants that people will come up with by default could be easily backdoored to surveil people’s moods even about specific topics and so forth.”

The extent of Neuralink’s abilities is not yet confirmed but sources say that the live demo will show its brain machine interface while providing details about the state of human trials. Fans and critics alike will have to wait and watch how Musk plans to unfold his latest masterpiece and if it will bring positive changes to the world of technology.

 

China Initiates Digital RMB Testing to Educate Citizens

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While the United States has often been at the forefront of technological advances, this has not been the case with regard to the digitalization of its national currency. For the most part, policymakers have failed to see the industry in a promising light that has led to the Western Superpower lagging behind its Eastern counterpart.

As the US and China continued to lock horns, in the digital race, it was the latter that appeared to be way ahead. Its trump card? Digital RMB.

The first mover in the space

China has already begun testing the digital Renminbi [RMB] as well as educating citizens about using it. In addition to running trials of the central bank-issued digital currency, it was also reportedly working towards normalizing it across media.

The country has been working on digital RMB for the last six years. It was the growing popularity of Bitcoin that triggered the development. Expanding the “Blockchain and not Bitcoin” narrative, China is all set to increase convenience, security, and anti-counterfeiting level of retail payment, thus accelerating the development of its digital economy.

However, empowering its country’s economy isn’t the only factor that has bolstered the release of its digital currency. One of the many thoughts that Chinese policymakers have in mind is to increase the influence of RMB.

On the other hand, the US is nowhere near with a Digital Dollar. Even the discussions around it were spurred the call to action because of the coronavirus pandemic and Facebook’s Libra.

President of Chamber of Digital Commerce, Perianne Boring, had earlier stated that if the US does not adopt the ” best technology underpinning the country’s financial system and another country leap-frogs their infrastructure, this could jeopardize US’s standing on the world stage.”

Seeking global dominance

With its CBDC, China is set to become the first country in the world to offer a digital sovereign currency. There are candidates already lined up to roll out the CBDC on a large scale, for example, Didi Chuxing the country’s largest ride-hailing platform, food delivery giant Meituan Dianping to name a few.

On the surface, it looks like China is heading for CBDC utilization for domestic purposes. However, it is no secret that China is not quite satisfied with the US Dollar’s dominance and reach in the global financial system.

Let ‘s look at China’s brief timeline overtaking the US over the last decade. It claimed to have “overtaken” the US as the world’s largest trader of goods in 2014. As stated in the book Renminbi Internationalization, China has reportedly implemented a pilot scheme to expand the use of its national currency for trade settlement with the Southeast Asian nation, which later materialized.

However, the main milestone for RMB was when the IMF added the currency to the Special Drawing Right [SDR] basket, an international reserve in 2016.

World Money and Power Politics

One of the most crucial ways in which China seeks to spread the money and rise up as a strong contender to the US Dollar is through the Belt and Road initiative. According to a paper released by Kiel Institute for the World Economy last year, China reportedly holds more than $5 trillion of debt owed by other developing or low-income nations. This is again just an estimation, nearly half of China’s loans go unreported.

While this may bring in repayment failure concerns by the countries in debt, it is one way for China to “internationalize” RMB.

Speculating on the rise of China’s CBDC along the same line, Lucy Gazamarian, Co-chair of the blockchain committee of the FinTech Association of Hong Kong recently stated,

“If [China] wants its currency to flow more freely outside of its own borders, it has the technological capability to do that. There’s so much trade happening in the Belt and Road [Initiative], 60-plus cities, and there is not a universal currency.”

Gazamarian stated that the USD still needs to be translated and most huge transaction need to flow through the USD and further added,

“So there is a case for the CBDC to become a universal payment instrument in emerging countries as part of the Belt and Road, then [maybe] it could rise up as the world’s reserve currency for emerging countries.”

Bololex Ups Ante as BOLO Token and Airdrop Wheel Continue to Make Waves in Cryptocurrency Market

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The cryptocurrency industry has come a long way from the days of light trading with the ecosystem brimming with investors and opportunities. In the midst of this constant flux of developments, cryptocurrency organizations have been trying to keep things interesting by providing new features and improvements.

One of the companies enjoying their time in the limelight is Bololex, a popular cryptocurrency trading platform. Bololex operates under the tagline of “Instant and unlimited trading for everyone” with its officials striving to engage the market alongside the latest offerings.

Bololex was launched in May 2020 with the aim of providing a safe and seamless cryptocurrency trading environment. The Russia based exchange has targeted users across the globe but a large concentration of its base resides in the United States and Brazil. Bololex prides itself on the intense security procedures it follows, an aspect that has become increasingly important in the digital asset world. 

Users on Bololex may opt for non – mandatory KYC submissions and carryout their trading requirements. According to the company, non-mandatory KYC submissions make it easy for users to conduct instant transactions. Customers can be assured that their capital is safe and sound, as Bololex follows two-factor authentication protocols and reduces the risk of attack. Bololex is also known for its airdrops, which it conducts in interesting formats.

In August, users on the platform were in for a pleasant surprise when it announced the launch of the Bololex Airdrop Wheel. The feature has its eyes set on gamifying a common feature so that the company can attract new users to its fold. The airdrop wheel works in a very simple way: a registered user spins the wheel on the screen and whatever gift lies on the fallen sector of the wheel goes to the user. Its popularity was complemented by Bololex’s co-founder who said:

“Airdrop wheel is a unique feature,it redefines the concept of free airdrops. It is both fun and engaging experience.”

Bololex’s surge in popularity can also be owed to the BOLO token, which has been making waves in the cryptocurrency industry. The BOLO token is based on the Stellar Lumens blockchain with a total supply of 10 billion tokens. With a focus on the gamified voting system, the BOLO token serves as a utility token on the Bolonex exchange and ecosystem. Reports also suggest that the BOLO token will also play an important role in a proposed Bololex loyalty program. Sources close to the company have said that the token launch as well as the airdrops will act as important stepping stones towards large scale adoption. 

New Monero Mining Malware is Targeting Government Agencies and Education

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According to a new study conducted by cybersecurity and intelligence firm, Guardicore Labs, a monero mining malware by the name XMRig, has been send to tens of millions of IP addresses. The malware has mainly attacked healthcare centers, the education sector, government agencies, banks, telecommunication firms, and many others.

The malware’s success rate has been abundant so far: the study by Guardicore shows that the monero mining malware has inflicted more than 500 SSH servers, including servers owned by major educational institutions across Europe, the United States, and a railway firm.

Furthermore, the report claims that a botnet triggers the XMRig monero mining malware by the name FritzFrog, which uses a kind of brute-force to attack millions of servers across the world to gain access. Once FritFrog penetrates the servers, it triggers a different procedure called “libexec,” which launches the monero mining malware, XMRig.

Highly effective monero mining malware

Although crypto-jacking incidents are nothing new, the cybersecurity firm reports that FritzFrog is a special type of malware. First of all, the botnet’s network was masked in a P2P system, making it very tough to trace. Guardicore also discovered that the botnet’s P2P execution was coded from the ground up, signaling that it was developed by “highly professional software developers.”

The botnet’s protocol is coded in a language referred to as Golang. The style is extremely volatile and does not leave any tracks on the disk. Furthermore, Golang forms an SSH public key that operates as a rear way that permits access to the infringed computer systems.

Cryptojacking malware targeting learning institutions

Earlier this year, a different crypto-jacking malware was targeting supercomputers owned by significant educational institutions. FritzFrog also seems to be targeting large supercomputers similar to those reported earlier. The cryptojacking malware at the time forced most of the supercomputers used for COVID-19 research to be shut down, obstructing the progress.

Singapore Worksite Trialing BluePass Contact Tracing and Check-in System to Curb COVID-19

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Worksite in Tampines, Singapore, managed by Surbana Jurong, is testing the application of a new BluePass contact tracking gadget and a check-in system to curb coronavirus spread. According to a report by The Straits Times on July 17, more than 400 workers were issued a BluePass wrist-mounted gadget and used Bluetooth technology to interact with other users in the vicinity every 5-10 minutes.

The new contact tracing and control system gives the managing company, Surbana Jurong, greater awareness and control of the social engagement of coronavirus patients to reduce the spread of the virus within the worksite. Notably, this new step is essential to circumvent another epidemic and shut down the economy.

COVID-19 spread management system

Moreover, the technology and gadget being tested were created by Temasek-backed cryptographic firm D’Crypt.The BluePass contact tracking and check-in system could even potentially enhance the national contact tracing gadget, TraceTogether Token, and the compulsory blockchain-based check-in system dubbed SafeEntry.

According to the Chief Executive Officer of Surbana Jurong, Mr. Wong Heang Fine, data retention and control over contact tracing is very important for firms. Recording the data of people who were close to the coronavirus patient and tracing the areas the victim had taken so that possibly infected personnel could be detached from the rest of the patient. In addition, the affected regions can be closed for fumigation without having a major effect on worksite operations.

BluePass contact tracing and check-in system for effective workforce management

g On the other hand, the company that developed a national contact tracing gadget, GovTech, does not provide companies with access to the data collected due to privacy issues. According to reports, Singapore’s Ministry of Health takes about 24 hours to notify the company of a potentially infected worker. As a safety measure, most companies quarantine the entire facility waiting for further instructions.

Like the TraceTogether Token, the BluePass Gadget uses Bluetooth signal exchanges to log in to nearby users every five to ten minutes. In addition, each BluePass token is connected to a contact number and the last four NRIC, FIN, or passport numbers of the holder are encoded on the gadget.

Disrupt Ride-Sharing Through the Blockchain

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Decentralized Ride-sharing applications will disrupt both Uber and Lyft. If the two leading on-demand services fail to adapt, there is indeed fear of replacement.

Uber and Lyft are currently not at their best and both decentralized ride-sharing services are plagued with complaints because of their lack of control over users and drivers. Last year, following 6,000 cases of sexual assault in their cars, Uber’s stock fell by 2 percent over the previous two years.

These, in addition to many other criticisms currently faced by Uber and Lyft, are all based on the inconvenience of centralized ride-sharing services. Consequently, they provide some huge potential market penetration for a decentralized ride-sharing service.

Blockchains became the hype of the day with crypto personality and billionaire Mike Novogratz contemplating the idea of a decentralized ride-sharing service. Crypto experts believe there is a massive potential for blockchain ride-sharing applications that will lead the industry to significantly improve.

Centralized, lack of trust, data privacy is a major concern for Ride-Sharing Services

Existing ride-sharing applications need to be fixed in the following areas: Centrality leading to lack of transparency, lack of customer identification, the security of payments, and data piracy. Blockchain in ride-sharing holds the potential to disrupt the industry and provide a means of improvement.

For instance, the processing of large amounts of user data calls for a specific driver and driver verification. The identity of the service provider will remain evident to service clients, and vice versa. This will strengthen transparency and trust.

Storage will be on the blockchain after processing of this data. In addition, the blockchain will protect the ride-sharing database from identity theft. In particular, it granted strong cryptographic keys to the blockchain. Decentralized ride-sharing services will, therefore, reduce the chances of attacks and data manipulation.

The ability of the blockchain to sign digital contracts and make direct payments will be handy in securing ride-sharing payments. These direct payments will not require a gateway for third parties, such as Visa or Mastercard. Therefore, reduce transaction fees and rely on the benefits of cryptocurrency transactions.

Meanwhile, leading industry experts conclude that blockchain will disrupt the space for ride-sharing. Decentralized ride-sharing services will give riders and drivers a great deal of user control.

IBM TradeLens Set to Digitize India’s Largest private Port Operator

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The largest private port operator in India has joined forces with IBM TradeLens, a blockchain-based logistics platform, in an effort to digitize its supply chain. Adani Ports and Special Economic Zone Ltd. (APSEZ) joined the blockchain-based logistics platform to automate its process in the coronavirus economy.

International supply chains are in dire need of automation in an economy devastated by the vast effects of COVID-19. IBM TradeLens is the ideal logistics platform for most global shipping and supply chain organisations.

IBM TradeLens was developed back in 2018 in partnership with Maersk. In particular, the blockchain-based platform will integrate cargo handling facilities run by APSEZ across India into the blockchain-based platform. These will include ports such as Gujarat, Odisha, Chennai, Andhra Pradesh, Goa, and incomplete Kerala.

IBM TradeLens to Revolutionize India’s supply chain

The supply chain industry is known to heavily involve a lot of paperwork, manual entries, and manual clearance of goods that can easily be manipulated. As such, lack of personnel has been a huge problem due to the spread of the coronavirus. 

According to an anonymous logistics industry official:

“During the pandemic, we realized the price of not digitizing the industry. There will be a mindset change now and more firms will adopt technology.”

Nevertheless, the new partnership with IBM TradeLens will substitute all the difficult, time-consuming labour and managerial procedures with efficient and digitized processes backed by blockchain technology.

Digitizing supply chain worldwide

IBM TradeLens has made congruous advancements in collaborating with key industry players in a bid to digitize their supply chain. Tradelens declared its collaboration with Cái Mép International Terminal.an extensive Asian shipping terminal  in December 2019. Furthermore, in January 2020, in order to digitize its supply chain, Port of Salalah, which is Oman’s port, also collaborated with the firm. 

Customer administrators in India would get a real-time update on shipments and paperwork by employing IBM tradelens,, therefore fast-tracking the whole process of assessments and approvals for everyone. 

Japan’s JCB to develop blockchain based payments system after partnership with TECHFUND

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According to a recent announcement, JCB, one of the largest credit card companies in Japan entered a strategic partnership with Venture Capital firm TECHFUND with a goal to develop a payment system with the help of blockchain technology.

The press release released by JCB global indicated that the aim is to construct a sustainable payment system that will also include other technological factors such as machine learning embedded through business analytics. The press release stated,

“Currently, we are focusing on supporting blockchain and STO projects, and are also developing and providing “ACCEL BaaS (Blockchain as a Service)” that “accelerates” development of startup and enterprise blockchain applications. Supporters include staking business EtherSecurity.”

However, it is not the first time JCB has been making moves towards the inclusion of blockchain in their organization. The financial enterprise, which is Japan’s premier business to business payments firms, had entered a partnership with Singapore blockchain technology provider Keychain in December 2019. The use of blockchain was a key aspect of that partnership as well.

JCB has been taking measured steps over the years, as its collaboration with commercial payments platform PayStand got the ball rolling in the first place.

As mentioned earlier, JCB is one of the leading credit card issuing companies in Japan and had annual revenues of over $2.7 billion dollars in 2018. As of today, JCB Credit Cards can be used in 23 countries around the world at the moment.

Japan and its venture in Blockchain and Crypto

Several financial institutions in the Asian country have been vocally raising their support for blockchain and crypto-assets over the past few years, with crypto-friendly SBI holdings leading the rally in the country. In January 2020, it was also announced that SBI Holdings will give shareholders the option to receive the XRP cryptocurrency as a benefit.

Over the next decade, the country may possibly become a global force in terms of improving financial remittances and payments in the global financial sector.

Digital Technology Crucial in Fight Against Coronavirus Pandemic, Says G-20

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During a video conference held on April 30, members from the Group of Twenty (G-20) member nations, emphasized that digital technology and policies are playing a crucial role in retaliation to the widespread COVID-19.

At the Extraordinary G-20 Digital Economy Ministers Meeting, Mr. S. Iswaran, Minister of Communications, who also represented Singapore, stated that coronavirus had critically deranged economies, international trade, and global supply chains.

According to Iswaran, digital technology and policies are doing extra work to improve response to the coronavirus pandemic and recovery from the epidemic. The Communications Minister pointed out three areas where digital tech and policies can reap near-and long-term benefits: intensifying public health, equipping citizens with knowledge, and reinforcing the economy.

Digital technology and policies in health sector 

In addition, he added that the COVID-19 crisis has lad to the need for digital health solutions including telemedicine, and earmarked interventions such as automated temperature screening and the pursuing of contacts.

Moreover, digital technology has made it possible for administrations to engage with the citizens; to enhance widespread trust and togetherness in order to ease effective retaliation against COVID-19.

Furthermore, Iswaran stated that it is significant for business ventures to employ digital tech and policies to enhance the durability of their entities. Adoption of digital technologies such as digital payment methods and online selling would ramp up sales especially during this period clouded with pandemic uncertainties.

Moving forward, while speaking at Saudi Arabia’s invitation, Iswaran added that the coronavirus epidemic has highlighted the significance of making substantial investments in digital connectivity networks and cybersecurity. Adding to that, he claimed that 5G is the spine of the digital economy.

Ministers to revamp business durability by promoting digitization projects

During the virtual meeting, the ministers present concurred to focus on six areas of work. These areas of work include ensuring the security and affordability of communication systems; and network security while transmitting data; and inspiring research and adoption of digital health technologies.

The ministers also concurred in the bid to reinforce business pliability by promoting digitization and offering support. Saudi Arabia’s Minister for Communication and IT,  Abdullah Amer Al-Swaha chaired the virtual meeting.