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FinTech Connects… with Gilbert Verdian, CEO and Founder, Quant Network

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FinTech Connect chats with Gilbert Verdian CEO and Founder of blockchain technology company Quant Network. Tasked with connecting the world’s networks to blockchain, Gilbert is building the Internet of Trust by converging blockchain, AI and cybersecurity. Having a keen interest in disruptive technology, Gilbert is the author behind the Blockchain ISO Standard TC307 initiative and is the Chair of the UK’s national committee on Blockchain and Distributed Ledger technologies (DLT/1) as well as the Interoperability working group for ISO. He also sits on committees in the Federal Reserve, the EU’s Blockchain Observatory, PayUK’s Cybersecurity board and UK Government’s DLT committees. 

He’s actively working to advance technology in the areas of AI, Cybersecurity, Blockchain, Fintech & Health.

Gilbert will be delivering a keynote at Blockchain Connect on December 3rd as part of this year’s FinTech Connect.

For those who are not aware, what does Quant do?

Quant solves one of the biggest pain points in FS, that is the ability to work with different technologies in blockchain. The industry loves blockchain and this technology is able to create new types of products and service offerings and it allows you to do that safely with trust.

However, the problem that everyone has is the dilemma of which blockchain technology to use. Then they have limitations so, they will be locked into a particular blockchain technology, vendor or simply don’t have the right skills to implement blockchain. Subsequently, we’ve simplified the adoption and implementation of any blockchain, allowing any Financial Services Institution and enterprise to use different types of blockchain with just three lines of code and benefit from the combined features of different technologies. Furthermore, we are working across financial infrastructure with payments and settlement, Capital Markets to move digital assets and tokenised securities in the US and starting work with Central Banks across digital assets. We’re in the middle of shaping the financial system of future.

What can you tell us about the Overledger OS?

The concept of Overledger was to solve the problem of disparate enterprise data across different systems and jurisdictions. The challenge, as an industry was that we were making the same mistakes of the past, creating technologies in isolation. We set out to solve this early on, initially tackling the problem by creating Standards, by establishing the Blockchain ISO Standard TC307 in 2015 then building our technology in 2017.

We have built the world’s first blockchain operating system which interconnects blockchains and existing enterprise platforms, solving interoperability at scale. We removed the barriers for enterprise adoption of blockchain, by giving clients the choice to use any supported blockchain without the challenges of vendor and tech lock-in, lack of interoperability and the freedom to use the best features of different chains in combination.

There has been an incredible amount of hype around blockchain over the past 5 years, where do you think the FS industry currently stands?

The industry has matured hugely in the last 2 years. We’ve moved on from the pilot and experimentation stage to actual implementation within financial systems.

We’ve seen the mass adoption of Digital Assets and the benefits of tokenization and fractionalization as well as created new opportunities and liquidity in asset classes. This is all of course, supported by regulation which has now caught up and is allowing for an environment of innovation. 

Do you think the Financial Services are at a point where it is overcoming challenges and hesitation to implement blockchain at scale?

I think in 2019 we had an inflection point in financial services. So much technology was built and implemented, passing the tests of pilots and prototypes. We’re seeing implementations of blockchain technologies within products and services, being used by customers and not having to know anything about blockchains or digital assets.

Can you tell me more on Overledger Network and its key applications you see for blockchain in financial services?

Public (Permissionless)Blockchains and the underlying nodes have been challenging to implement within enterprise networks. The core of the technology is a peer-2-peer network which anyone can connect and access all participants of the network. These were the very same challenges that plagued corporate security teams during the early 2000’s when the protocols of Napster and Bittorrent invaded their networks,

We can transform industries by creating a secure layer between them – at scale.  We want organisations to have choice and openness. Therefore, we have to focus on interoperability so that different industries can transact securely. It’s the mandatory step for technology innovation where close networks are open up and innovation happens. It was only when close proprietary internet networks and walled gardens from the likes of Compuserve and AOL were opened, resulted in the internet of today which created the Google’s and Amazons of the world. Society operates in open networks to communicate, transact and trade, this should be the same for blockchains.

The Overledger Network is the Network of Networks which allows for enterprises to safely host their own gateways to access all blockchains while complying to security and regulatory requirements and having access to new markets through the hyper-connected network.

What role does interoperability have in financial services of the future?

One of the biggest barriers for financial services has been the uncertainty of which blockchain to use and if you pick one, how do you avoid lock-in and migrate to other technologies when you need to.

Universal Interoperability is the key requirement to enable mass implementation of the technology and provide financial institutions the ability to freely trade and send financial transactions across borders and networks. This opens up the financial system, providing market access globally to gain new customers and expand products to new marketplaces.

The walled gardens of old cannot accommodate the decentralized world we are heading towards, where every stakeholder and participant can have friction access to each other to create value.

What examples of blockchain implementation are you impressed with?

We’ve seen a lot of impressive use cases in the last year. The convergence of IoT/5G, AI and Blockchain has created a world of possibilities. We’re seeing early glimpses of what is done when autonomous decisions are made by machines, transacting with value and money to better serve people. I’m impressed by the use of Blockchain for AI to securely access big data sets to authenticate and authorize plus rewarding participation. The European Space Agency have taken this approach to use blockchain to access large images datasets using blockchain.

What can we hear from your keynote?

We’re revealing real world use cases and solutions that Financial Services has been missing. We’re excited to show cross-chain atomic swaps and delivery vs payment which powers capital markets and financial infrastructure globally.

Quant Network is a technology provider enabling trusted digital interaction, helping create a secure digital future to the benefit of enterprises, regulators, governments, and individuals. Recognised for having solved interoperability through the creation of the world’s first blockchain operating system Overledger, Quant Network is leading the way for innovation and blockchain adoption across enterprise. Headquartered in London, UK, Quant Network is committed to building an internet people can trust. www.quant.network

Register for FinTech Connect on 3–4 December at ExCeL, London.

Source: https://www.fintechconnect.com/blockchain/articles/fintech-connects-with-gilbert-verdian-ceo-and-founder-quant-network

Blockchain

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

Financial journalist Edward Chancellor predicted that launching central bank digital currencies can be catastrophic for Bitcoin.

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Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


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In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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Blockchain

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

Financial journalist Edward Chancellor predicted that launching central bank digital currencies can be catastrophic for Bitcoin.

Avatar

Published

on

Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


ADVERTISEMENT

In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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Blockchain

Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

Bitcoin prices have fallen to their lowest levels since the end of February as momentum wanes and the bears start rousing from their six-month hibernation.

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In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


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The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

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You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

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Blockchain

Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

Bitcoin prices have fallen to their lowest levels since the end of February as momentum wanes and the bears start rousing from their six-month hibernation.

Avatar

Published

on

In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


ADVERTISEMENT

The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

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