BSN: China is pushing ahead with the BSN blockchain initiative

With the BSN initiative, China wants to take the lead in the digital transformation of the global economy. Now new partners have been won again.

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The advantages of this new compatibility are many. Polkadot’s blockchain protocol was developed to connect several specialized blockchains into a unified network. Crypto Engine also enables numerous transactions to be processed on multiple parallel chains. The bottom line is that this leads to higher network capacity. With Chinese regulators scrutinizing decentralized public blockchains, this new integration is the opportunity for Polkadot developers to join BSN’s Open Permissioned Blockchain Initiative.

Oasishas made a name for itself with its financial tools specializing in private and scalable solutions. At Bityuanis a provider of blockchain solutions for Chinese companies. At the beginning of the year, BSN had already realized a significant expansion of its network portfolio. Since then, Ethereum, Tezos, Neo, EOSIO and IrisNet have also been part of the BSN ecosystem. BSN’s goal is to provide a centralized blockchain framework. This would mean that the leading networks would act together under one roof.

Thanks to BSN, China wants to take on a pioneering role

The Blockchain Service Network (BSN) is China’s most ambitious blockchain project. The country is planning to take the lead in the digital transformation of the global economy. BSN was originally launched in 2019. The international version of the network, on the other hand, was launched in July this year. The international publication wanted to give blockchain developers the opportunity to create and operate decentralized applications and thus contribute to the spread of BSN. However, in order to use and manage their own approved projects on BSN International, the developers should have an account on the official website set up.

This website also introduces a number of large global technology and blockchain companies as BSN partners. Google and Amazon Web Services (AWS) are listed there as providers of cloud services. Hyperledger is noted as an approved blockchain provider.

We have good support from several of the major cloud service providers because they really like the idea and vision of BSN

Bitcoin mining is getting more and more centralized day by day

In the last year, almost half of Bitcoin’s hash rate has been produced by only three mining pools: the sector is less and less democratized.

Following the May 11 halving, Bitcoin Mining (BTC) continues to expand, but the growing concentration of the industry could jeopardize the „democratization of the hash rate,“ according to a presentation discussion at this year’s Mining and Investment Summit.

Organized by Matrixport and sponsored by Bitmain, the 2020 Mining and Investment Summit took place virtually Tuesday morning, bringing together „leading companies in the cryptocurrency mining and financial services sectors with digital assets.

In a presentation entitled „Bringing Bitcoin Mining to a Broader Market,“ Thomas Heller of HASHR8 provided an update on the mining industry, also discussing the strong demand for ASIC products.

Heller pointed out that the market is currently experiencing a „contraction in ASIC supply,“ with a „large group of miners ready to buy. Continuing on, he explained that hardware suppliers Bitmain, MicroBT and Canaan are already taking orders for March-July 2021.

Commenting on the contraction in Bitcoin’s offering, Heller’s presentation indicated:

„North American public and private companies continue to accumulate Bitcoin, as well as expanding their mining operations. Leading to a contraction in BTC’s own offering.“

The rush to Bitcoin by institutions and companies has contributed to the increase in mining revenues, which in turn has caused an increase in demand for new and second-hand ASIC miners. Large miners are expanding their operations during the Bitcoin supply contraction, trying to bring as many hash rates as possible within their borders.

These trends could push the sector’s hash rate further away from democratization, while China continues to dominate. As Heller pointed out, two-thirds of Bitcoin’s hash rate is concentrated in Chinese mining farms.

China is seen as the country with one of the lowest break-even rates for miners in the world. In June, the cost to mine 1 BTC in China was between $5,000 and $6,000, with electricity at $0.04 per kilowatt per hour. Globally, the break-even rate for Bitcoin mining can reach as much as $8,500 in some jurisdictions.

Bitcoin mining is generally considered less accessible to individual miners due to the costs and resources involved. Over the years, pools have consolidated their dominance of the industry. These entities are groups of crypto currency miners that pool their computational resources. Although the distribution is less concentrated than in the past, 45.3% of the hash rate in the last 12 months is attributable to three pools.

Mining pool distribution in Bitcoin

The position and individual ownership of the hash rate are important considerations with regard to decentralization, commented Heller.

HASHR8 recently announced the launch of Compass, a platform that connects Bitcoin miners with verified hosting facilities. The goal of Compass is to democratize mining profitability and introduce more small miners to the industry.

Il principale regolatore bancario spiega i vantaggi di Bitcoin e criptovaluta al Senato degli Stati Uniti

Un alto regolatore sta spiegando al Senato degli Stati Uniti l’importanza della criptovaluta nell’attuale clima economico e nel futuro del settore bancario.

Come parte della sua testimonianza durante un’audizione tenuta dalla commissione del Senato per le banche, l’edilizia abitativa e gli affari urbani, il capo dell’ufficio del controllore della valuta (OCC) Brian Brooks ha fornito dettagli sugli sforzi che l’OCC sta compiendo per garantire Il sistema bancario continua a essere una fonte di forza e sollievo per i consumatori, le imprese e le comunità svantaggiate durante la pandemia.

Brooks sottolinea l’importanza delle innovazioni nella criptovaluta di cui hanno beneficiato milioni di consumatori e aziende americani

“Oggi, circa 60 milioni di americani possiedono un qualche tipo di criptovaluta, con una capitalizzazione di mercato totale di quasi $ 430 miliardi. Queste cifre illustrano chiaramente che questo meccanismo di pagamento è ora saldamente radicato nella corrente principale finanziaria.

La criptovaluta è diventata un meccanismo popolare per inviare e ricevere pagamenti per beni e servizi perché le transazioni vengono pubblicate in tempo reale e forniscono comodità e sicurezza. La Bitcoin Loophole criptovaluta descrive anche categorie di valute di valore specifiche e l’aumento dell’uso di stablecoin dimostra il comfort dei consumatori con il suo utilizzo „.

Mentre gli americani continuano ad abbracciare l’innovazione e nuovi modi di accedere ai servizi finanziari, Brooks afferma che l’OCC ha l’obbligo di fornire indicazioni normative, promuovere l’innovazione responsabile e supportare lo sviluppo di infrastrutture finanziarie sicure, prudenti ed eque.

A tal fine, Brooks descrive in dettaglio i passi importanti intrapresi dall’OCC nel 2020 per fornire chiarezza normativa all’interno dell’industria crittografica

“Il 22 luglio 2020, l’OCC ha pubblicato una lettera interpretativa che chiarisce l’autorità delle banche nazionali e delle associazioni di risparmio federali di fornire servizi di custodia di criptovaluta per i clienti. Le banche nazionali e statali e le società economiche hanno a lungo fornito servizi di custodia e custodia, inclusi oggetti fisici e beni elettronici. L’OCC ha riconosciuto in modo specifico l’importanza delle risorse digitali e l’autorità per le banche di provvedere alla custodia di tali risorse dal 1998 „.

Ripple opens regional office in Dubai after inconsistent Q3 for XRP

Ripple has set up a regional office at the Dubai International Financial Center (DIFC), according to an announcement made on November 7th .

The blockchain-based payment company is said to have chosen the location for its „innovative regulations“. The DIFC website states that the Special Economic Zone serves more than 2,500 companies from the Middle East, Africa and South Asia as an „independent regulator“ with a „proven legal system“.

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Navin Gupta, a managing director at Ripple explained the move as follows:

Ripple already has a significant customer base in the MENA [Middle East and North Africa] region and the ability to co-locate with our customers made the DIFC a natural choice. Our regional office will serve as a stepping stone to introduce our blockchain-based solutions and deepen our relationships with even more financial institutions in the region.

CEO Brad Garlinghouse and co-founder Chris Larsen talked about moving the company’s headquarters in San Francisco to a country with greater regulatory clarity than the United States.

The United Arab Emirates-based DIFC allegedly won’t offer blockchain firms like Bitcoin Rejoin any taxes on corporate income and profits for at least 50 years. In addition to the financial center, Dubai Multi Commodities Center (the largest free trade zone in the UAE) announced in January that it was planning to launch a new type of Crypto Valley.

Ripple’s XRP suffers from increased volatility

Ripple’s move comes amid increased volatility in the XRP token compared to Bitcoin (BTC) and Ether (ETH) in 2020.

According to the XRP market report for the third quarter of 2020 published on November 5, the volatility of XRP was higher than that of BTC and ETH in the third quarter, representing an increase in volatility over the second and first quarters.