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IOHK partners with Ethiopian government to revamp education system

Blockchain technology will be used to enhance the educational experience of five million students and 750,000 teachers across the east African nation.

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Input Output Hong Kong, or IOHK, is helping the government of Ethiopia leverage blockchain technology to overhaul its education system. 

The research and development arm behind Cardano is deploying its expertise to provide Ethiopian authorities with a new system for student and teacher identification, digital grade verification and the remote monitoring of school performance. IOHK’s Atala PRISM ID will allow authorities to create a tamper-proof record of educational performance for five million students across 3,500 schools. It will also enable the Ethiopian government to narrow down locations and causes of educational under-achievement.

John O’Connor, the director of IOHK’s Africa Operations unit, called Ethiopia’s blockchain-based education system a “key milestone” for his organization. He explained:

“After five years of R&D, Cardano is now mature enough to underpin a blockchain solution which can scale to serve an entire national population.”

IOHK believes that the current blockchain-based transformation of Ethiopia’s education system could also be extended to post-secondary institutions, especially in the application of digital verification.

Getahun Mekuria, Ethiopia’s education minister, commented on the initiative:

“We believe blockchain offers a key opportunity to end digital exclusion and widen access to higher education and employment.”

Africa has been one of IOHK’s primary development targets over the years. In 2019, the organization embarked on a new training initiative in Ethiopia and Uganda teaching women how to code in Haskell, the primary programming language behind Cardano. Beyond local initiatives, Africa is a central part of IOHK’s vision of bringing financial services to the world’s “unbanked population,” which is estimated at roughly 1.7 billion.

Cardano founder Charles Hoskinson believes Africa will play an important role in deploying blockchain infrastructure over the next five years. He expects to have several headquarters throughout the continent over that period.

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Source: https://cointelegraph.com/news/iohk-partners-with-ethiopian-government-to-revamp-education-system

Blockchain

Hong Kong in Talks with China to Stretch Cross-Border Testing of Digital Yuan

After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing.

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After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing. This has marked yet another step toward wider adoption of the currency.

Hong Kong to Stretch Testing of Digital Yuan to China

The Monetary Authority of Hong Kong has recently conducted tests with the Digital Currency Institute of the People’s Bank of China.

In addition to this, the Hong Kong Monetary Authority said in an e-mailed response to the questions asked that it involved a bank designated by the mainland authority, as well as the merchants and bank staff.

The e-mailed response said:

“We have tested the use of the related app, system connectivity, and certain use cases such as cross-boundary purchases.” 

Along with this, the statement said:

“We are discussing and collaborating with the PBOC on the next phase of technical testing, including the feasibility of broadening and deepening the use of e-CNY for cross-boundary payments.”

Also, it should be known that the People’s Bank of China is pretty ahead of other major central banks in the development of its own digital currency.

The bank is looking forward to replacing cash and maintaining control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.

Payment Infrastructure Underpinning e-CNY can Address Substantial Portion of Cost Base

As revealed in the report released on Wednesday by Oliver Wyman, the usage of the Digital Yuan in Hong Kong could lead to a much faster and cheaper cross-border payment and clearing process. 

Michael Ho, the Principal of Financial Services at Oliver Wyman and Co-Author of the report said:

“If the payment infrastructure underpinning e-CNY were to roll out for cross-border payments at scale, we believe it can address a substantial portion of this cost base.”

China could promote the overseas use of digital yuan starting with the Greater Bay Area, a massive urban cluster that includes Shenzhen, Macau, and Hong Kong.

READ  Diginex Introduces EQUOS.io In Singapore To Start Derivative Product Trading

#Cross-border transactions #Digital Yuan #Hong Kong

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Source: https://www.cryptoknowmics.com/news/hong-kong-in-talks-with-china-to-stretch-cross-border-testing-of-digital-yuan

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Identity Platform Acuant Partners with Blockchain Analysis Firm Chainalysis

It has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis.

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In a recent announcement, it has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis. The recent partnership between the AML compliance and the blockchain analysis company is meant to assist financial institutions with AML solutions.

Acuant Partners Chainalysis to Provide AML Solutions

The partnership between Chainalysis and Acuant will be helping in assisting the cryptocurrency businesses assess risk, safeguard them against illegal transactions, automate workflows, and protect their reputations with Anti-Money Laundering solutions.

In addition to this, it should be known that the customers of both partners, Acuant and Chainalysis, will now be able to leverage both the platforms via the interface provided by Acuant to manage transactions that are indicative of higher risk.

The customers will be provided with access to Chainalysis Know Your Transactions (KYT) as well as Chainalysis Reactor, their graphical investigative software

Talking further about the investigative software, it can be utilized to follow the flow of funds across the blockchain for investigations.

The amalgamation of the Chainalysis Know Your Transactions and Acuant integrates a data set of thousands of services with the solutions that help to review both the fiat and crypto transactions.

The Integration of Identity Platform and Blockchain Analysis Firm

Well, along with this, the integration will be helping in detecting any kind of suspicious activities, manage the investigations, and moreover, file the suspicious activity reports (SARs).

The real-time alerts on the highest-risk activity will be allowing the compliance teams to target the most urgent activity and following that, fulfill the regulatory obligations to report the transactions that are suspicious.

Jose Caldera, the Chief Product Officer at Acuant said:

“Our partnership with Chainalysis will further augment our support to the cryptocurrency industry. This partnership is bringing together and integrating the top Anti-Money Laundering solutions in the marketplace today. We look forward to working with Chainalysis to strengthen our platform and to continue to be a leading solutions provider in the crypto space.” 

READ  Bitcoin PARABOLIC!! | $9,500 Next Stop?? | Bitcoin Maximalism Vs. Altcoin Hype | BTC On Excel

#Acuant #Blockchain #Chainalysis

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Source: https://www.cryptoknowmics.com/news/identity-platform-acuant-partners-with-blockchain-analysis-firm-chainalysis

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Aave Testing Out Permissioned Pool for Institutional Investors

DeFi lending protocol, Aave protocol has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem.

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DeFi lending protocol, Aave protocol, has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem. The permissioned test pool is designed to be compliant with AML regulations with mandatory Know Your Customer (KYC) verification process from relevant partners. The pool would be coming to mainnet sooner rather than later.

Aave Permissioned Pool for Institutional Investors

Earlier on May 12, a Twitter user posted a tweet tagging Aave’s official Twitter account expressing concern that an anti-money laundering warning had appeared on Aave’s homepage.

Responding to this, the founder of AAVE, Stani Kulechov tweeted back saying that there had been a mistake and that “The text is actually incorrect and relates to another pool we’re testing out” explaining that Aave is still fully decentralized, and the text had appeared in the wrong place before later revealing that Aave is testing out a private pool for institutional investors.

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Another user replied asking whether the specified pool was for testing out compliance features. Kulechov then confirmed the private pool was built for institutions to practice “before aping into DeFi.”

Even though Aave was launched at the beginning of 2020, it has experienced significant growth in total deposits and daily deposits since the summer of 2020.

Aave’s recent launch on Polygon and the introduction of its liquidity program was followed by its total value locked rising from $5.4 billion on April 25 to roughly $11.4 billion on May 12.

Aave Deposits and Permissioned Pool for Institutional Investors

Aave’s head of institutional business development, Ajit Tripathi, confirmed that the protocol had indeed designed a permissioned pool.

However, the “private pool” description in Kulechov’s Tweet was not entirely accurate as the pool will be on public chains but will have permissioned access for institutions, describing that the purpose of the pool was educational.

READ  DASH Falling and Testing Below $191.22 – Technical Analysis

Aave has totaled over $45 billion in deposits, with 2021 seeing the protocol average $231 million in deposits per day. Over 46,000 unique Ethereum users have become lenders on Aave, with the average all-time deposit reaching $173,000. AAVE is currently trading at $566 at the time of writing.

#AAVE #DeFi #Permissioned Pool

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Source: https://www.cryptoknowmics.com/news/aave-testing-out-permissioned-pool-for-institutional-investors

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Binance Announced Suspension of Withdrawals for ETH and ERC-20

Top cryptocurrency exchange Binance has recently announced the suspension of withdrawals for Ether (ETH) and tokens (ERC-20) based on Ethereum.

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Top cryptocurrency exchange Binance has recently announced the suspension of withdrawals for Ether (ETH) and tokens (ERC-20) based on Ethereum. Binance has recently tweeted that the withdrawals of Ethereum and all the tokens based on its ERC-20 standard are going to be suspended during the temporary maintenance of the wallet.

Binance Announced Suspension of Withdrawals for ETH and ERC-20

The suspension is going to happen from 8:00 am UTC and extend until 9:00 am UTC.

In addition to this, the exchange assures the users that the trading and deposits will be continuing their operations during this period.

Noticing further, the incident is for the third time that Binance has shut down the withdrawals of cryptocurrencies temporarily.

Earlier this week, the users of the exchange were temporarily unable to withdraw their XLM and ETH. 

Following that, the leading exchange suspended all the withdrawals completely, however, they were later restored.

As reported, high gas fees have resulted in Binance suspending the withdrawals of ETH and ERC-20 tokens before the users demanded the exchange reverse its decisions.

This decision by the leading exchange was fueled by the unpredicted volatility in the prices of assets recorded in the entire crypto space, which eventually led to a rise in the gas prices of Ethereum.

Ethereum Expandability Issues Behind the Suspension

At present, the second-largest cryptocurrency stands as one of the most popular blockchains in the world. 

Despite many of its benefits, the network currently faces great issues with expandability and has reportedly driven gas prices to heights that were never seen before.

The Etheruem chain is suffering from network congestion, and it was followed by the decision to suspend ERC-20 and ETH transactions increased by over 1,200 gas alongside over 151,000 pending transactions.

The current inflow of the crypto investors may not be able to be supported due to the expandability issues of Ethereum and subsequent network congestion and high gas fees to a large extent.

READ  HDBank Links With Countour’s Network To Streamline LoC Services

#Binance #ERC 20 #ETH #Gas Fees

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Source: https://www.cryptoknowmics.com/news/binance-announced-suspension-of-withdrawals-for-eth-and-erc-20

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