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Mastercard Investing in Smart Contract Tech to Build on State-Backed Digital Currencies

It’s still early days, but Mastercard is examining how smart contracts can help central banks develop digital cash.

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In brief

  • Mastercard is continuing to help banks around the world develop central bank digital currencies.
  • They are now exploring smart contract technology, the company’s CEO has said.
  • But it’s still “early days.”

Mastercard today announced in its Q1 earnings call that it is stepping up its game in the crypto world and with central bank digital currency (CBDCs) development. 

CEO Michael Miebach told investors that the company had established a number of new partnerships and was helping banks around the world develop digital assets—in particular, examining how smart contract technology can pair with CBDCs.

CBDCs are a hot topic right now. Governments around the world are in various stages of research and development of the assets, which are digital versions of a fiat currency (like the euro, US dollar or Japanese yen), backed by a central bank. 

They’re different to digital currencies like Bitcoin because they are centralized. Central banks around the world think they can be beneficial as they can possibly be a more secure and quick way of making payments and provide greater flexibility in executing monetary policy. 

“On central bank digital currencies, we continue to engage with central banks around the world,” he said, adding that the company’s virtual testing platform was being used by a number of central banks to test their products.

“There’s this last mile issue but there’s also the question of what other applications can ride on this infrastructure,” he went on to say. 

“As you heard us talking about, in the context of real-time payments, our go-to-market is always underlying infrastructure, application services. And we intend to do the same thing here. And that is, what is an application that could ride on top of this, it could be a smart trade contract.” 

 “So smart contract technology is what we’re investing in.” 

Smart contracts are basically contracts expressed as a piece of computer code that are designed to carry out a set of instructions. Those behind Ethereum, the second biggest cryptocurrency by market cap, believe smart contracts are the “future of finance” and will play an increasingly important role in the payments infrastructure of the digital economy.

But Miebach added that it was still “relatively early days” in the development of CBDCs. 

CBDCs are split into two types: retail and interbank. A retail CBDC can be directly held by citizens and is used as a digital form of cash as a complement to paper money. While an interbank CBDC is restricted to use by financial institutions for interbank payments and financial settlement processes.

A report this month by PricewaterhouseCoopers said that the Bahamas, with its Sand Dollar, was the most advanced country in terms of CBDC development. 

The US, on the other hand, is still trailing behind other countries (like China, which is way ahead of the game) with its research. Just today, Federal Reserve Chairman Jerome Powell said that it is “important to do it right rather than to do it fast.” 

Miebach also highlighted that the company had several new crypto partnerships approved this quarter, including with New York-based crypto exchange Gemini.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/69507/mastercard-smart-contract-applications-digital-currency

Blockchain

Elon Musk On Why Dogecoin is Superior to Bitcoin

Elon Musk On Why Dogecoin is Superior to Bitcoin

The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire […]

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Elon Musk On Why Dogecoin is Superior to Bitcoin

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The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire is coming from.

What his beliefs are, and what Cryptocurrency he finds promising and worthy of his support in the long term.

For Elon Musk, Doge has already won the battle

There have been questions poking at Musk’s decision to prioritize DOGE over Bitcoin. Top Bitcoin proponents are surprised by the fact that Musk is willing to dump the most valued cryptocurrency, with a fixed supply, for an altcoin like DOGE. We can see Anthony Pompliano mirroring the sentiments of other Bitcoiners in the trending tweet which reads:

“The richest guy in the world bought billions of dollars in the best performing asset in the world for the last decade but is now spending time trying to make an internet joke become more technically efficient. Unreal.”

However, Musk is not swayed by the unending criticism from the Bitcoin community. The unconventional Billionaire has stuck with his decision to build upon Dogecoin and transform it into what he believes the asset should be.

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However, beyond what Musk is preparing Dogecoin to become in the future, the Billionaire seems to be clear on the fact that Bitcoin is not a DOGE competitor, as far as network efficiency is concerned. Musk has just set the records straight on why he believes Bitcoin doesn’t come close to Doge at all, in terms of performance.

When one Twitter user wrote:

“Elon is choosing DOGE because Dogecoin is better than Bitcoin in many fundamental ways. Dogecoin has faster transaction speeds, lower fees, and less environmental impact than BTC. DOGE is affordable for regular folks because of its high supply.” 

Elon Musk responded in affirmation to the above claims that he chooses Doge for being a superior asset saying “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

It is clear that for Musk, Bitcoin’s structure is more important than the asset’s price value and adoption rate. Meanwhile, the free PR Doge continues to get from Musk has continued to pump the price of Doge as the asset, at press time, is one out of the few that has accumulated gains, to now hit a price of $0.512.

Elon Musk On Why Dogecoin is Superior to Bitcoin
DOGEUSD Chart By TradingView

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/elon-musk-on-why-dogecoin-is-superior-to-bitcoin/

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Blockchain

Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms

Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment. In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the […]

The post Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms appeared first on The Daily Hodl.

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Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment.

In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the environment.

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Musk’s changed stance on Bitcoin renews long-time concerns that the cryptocurrency is an energy hog. According to a report from the Cambridge Center for Alternative Finance, Bitcoin mining consumes more energy than small countries like Sweden.

Amid a wave of criticisms surging toward Bitcoin, Dorsey unveils his stance on the leading crypto asset by replying to a tweet by Square CFO Amrita Ahuja, which addresses concerns that the payment platform no longer plans to buy more BTC for its Bitcoin holdings currently worth over $400 million.

Dorsey says his firm will continue to help improve the Bitcoin network.

“Bitcoin changes *everything*…for the better.

And we will forever work to make bitcoin better.”

Square already committed $10 million for the Bitcoin Clean Energy Initiative to support companies that help drive the use of clean energy sources. In April, the firm released the paper “Bitcoin Is Key To An Abundant, Clean Energy Future,” which discusses how Bitcoin can encourage the transition to renewables.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/gyn9037

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/05/16/tech-mogul-jack-dorsey-doubles-down-on-bitcoin-as-btc-faces-wave-of-criticisms/

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Blockchain

Solana, Theta, MATIC Price Analysis: 16 May

Solana’s rise above its sloping trendline fueled strong buying behavior and a breakout above $49.6 could trigger an extended rally. THETA remained between $12.4 and 8.4 while its technicals indicated

The post Solana, Theta, MATIC Price Analysis: 16 May appeared first on AMBCrypto.

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Solana’s rise above its sloping trendline fueled strong buying behavior and a breakout above $49.6 could trigger an extended rally. THETA remained between $12.4 and 8.4 while its technicals indicated the lack of a strong trend. Lastly, a correction seemed likely for MATIC before resuming its northbound trajectory.

Solana [SOL]

Source: SOL/USD, TradingView

A breakout above the upper sloping trendline showed gains of 14% as Solana was quite bullish at the time of writing. Since the breakout occurred on strong volumes, SOL made a strong case for trending in the upward direction but there lay some resistance around $49.6. A jump above this upper ceiling could result in an extended buy scenario.

RSI traded in the bullish territory around 60, while MACD line closed in on the Signal line. A successful crossover could result in another bull run moving forward. If a move above $49.6-resistance is denied, consolidation would be likely.

THETA

Source: THETA/USD, TradingView

Since the start of May, THETA has largely traded between the channel $12.4-8.4. Meanwhile, ADX has gradually made lower highs as the market has become less directional. At press time, ADX floated around 17 and highlighted a weak trend. Since trading volumes were also muted across exchanges since mid-April, sharp movements have been rare.

MACD floated below half-line as THETA slipped below its 20-SMA (blue) and 50-SMA (yellow) on the daily timeframe. Support levels rested at $6.4 and $4.8 in case of another breakdown. A dip towards the latter level could present buy opportunities for long-term traders.

MATIC

Source: MATIC/USD, TradingView

The 4-hour chart noted some selling volume as MATIC traded above the 161.8% Fibonacci Extension level. However, targets mentioned in a previous analysis were yet to be realized and a 14% dip in trading volumes suggested weakening.

RSI showed a bit of a bearish divergence with the price as it formed two lower peaks and moved south from the overbought territory. Pullbacks can be countered at $1.54 or $1.3, but a stronger buy zone lay around $1.0  and close to the 50-SMA (yellow). MACD closed in on a bearish crossover, suggesting that MATIC’s impressive bull run was coming to an end.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/solana-theta-matic-price-analysis-16-may

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Blockchain

Samsung Galaxy Smartphones To Support Crypto Hardware Storage Device, Ledger

ETF is the ‘Rocket Fuel’ for Bitcoin, Says Global Marco CEO There are a number of milestones that bitcoin lovers anticipate happening in the next decade. These include bitcoin being accepted by more merchants for payment for goods and services, bitcoin being added to the balance sheets of prominent companies, and of course, the bitcoin exchange-traded fund. The bitcoin ETF has been, thus far, one of the most elusive milestones for the crypto industry. Giant firms like Robinhood and Gemini have applied to the Securities and Exchange Commission in the United States for approval for an ETF but all have been denied. With the current rush of institutional support that bitcoin has seen in the last few months from companies like JP Morgan and Goldman Sachs, there is talk of more pressure being put on the SEC to approve a bitcoin ETF at some point. Incoming Rocket Fuel? Now, according to Global Marco CEO Raoul Pal, the ETF is the next rocket fuel for the market. An ETF, he said in a recent Twitter exchange, will lead to a brand new level of support for bitcoin as well as an increase in price. This was in response to a tweet that claims that bitcoin is consolidating in price ahead of an ETF approval. “This is my view.. The ETF is the next rocket fuel for this market. The Wall of Money keeps coming but it takes time for everyone to get internal approvals. I have so many conversations helping hedge funds, Family Offices and Asset Managers each week. All happening and more…” he said. Bitcoin, in the last few months, saw a significant bull run and a new all-time price high of over $65,000 per token. Now, the price hovers around $50,000 and has remained steadily in that price range for the last few weeks. Some believe that the market is prepping for another bull run but needs something to trigger it and Pal feels that the ETF is what is needed. Regardless of what the price effect will be of an ETF approval, it cannot be denied that it will make it easier for investors to put money into bitcoin and other cryptos and will also lead to even more mainstream acceptance for bitcoin.

Cryptocurrency is becoming bigger than ever before and the last few months, in particular, have seen more and more people enter the crypto market, whether to invest or to use tokens as a form of day-to-day payment. In response to this, more products and services are being created to accommodate the rise in crypto users, […]

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ETF is the ‘Rocket Fuel’ for Bitcoin, Says Global Marco CEO There are a number of milestones that bitcoin lovers anticipate happening in the next decade. These include bitcoin being accepted by more merchants for payment for goods and services, bitcoin being added to the balance sheets of prominent companies, and of course, the bitcoin exchange-traded fund. The bitcoin ETF has been, thus far, one of the most elusive milestones for the crypto industry. Giant firms like Robinhood and Gemini have applied to the Securities and Exchange Commission in the United States for approval for an ETF but all have been denied. With the current rush of institutional support that bitcoin has seen in the last few months from companies like JP Morgan and Goldman Sachs, there is talk of more pressure being put on the SEC to approve a bitcoin ETF at some point. Incoming Rocket Fuel? Now, according to Global Marco CEO Raoul Pal, the ETF is the next rocket fuel for the market. An ETF, he said in a recent Twitter exchange, will lead to a brand new level of support for bitcoin as well as an increase in price. This was in response to a tweet that claims that bitcoin is consolidating in price ahead of an ETF approval. “This is my view.. The ETF is the next rocket fuel for this market. The Wall of Money keeps coming but it takes time for everyone to get internal approvals. I have so many conversations helping hedge funds, Family Offices and Asset Managers each week. All happening and more…” he said. Bitcoin, in the last few months, saw a significant bull run and a new all-time price high of over $65,000 per token. Now, the price hovers around $50,000 and has remained steadily in that price range for the last few weeks. Some believe that the market is prepping for another bull run but needs something to trigger it and Pal feels that the ETF is what is needed. Regardless of what the price effect will be of an ETF approval, it cannot be denied that it will make it easier for investors to put money into bitcoin and other cryptos and will also lead to even more mainstream acceptance for bitcoin.

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Cryptocurrency is becoming bigger than ever before and the last few months, in particular, have seen more and more people enter the crypto market, whether to invest or to use tokens as a form of day-to-day payment. In response to this, more products and services are being created to accommodate the rise in crypto users, and the industry as a whole stands to benefit.

One of the latest of these developments comes from Samsung which announced that its Galaxy devices will now support third-party wallets that are used to store and manage cryptocurrency.

Samsung Stores Assets

As per the press release, Samsung Galaxy smartphones will now be able to transfer and store assets on crypto cold wallets onto the Samsung blockchain wallet which is available on the devices. There is also the Samsung blockchain key store and a new connection that can be made to hardware wallets such as the Ledger Nano S and the Ledger Nano X. 

Some of the digital assets that can be stored on the Samsung blockchain wallet include Bitcoin, Ethereum, Tron, and ERC tokens.

This move on Samsung‘s part is very beneficial in that crypto holders can easily access and store their tokens from the comfort of their phones while also receiving information via a helpful app. Samsung has made moves in the past to support the crypto industry such as adding the official bitcoin emoji to its keyboard and also creating its official in-built crypto wallet. 

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Now, users of wallets like the Ledger Nano S and the Ledger Nano X do not have to choose between making use of their traditional crypto wallets or their Samsung devices but instead, can integrate the two.

We can expect more smartphone manufacturers to follow suit to keep up with the competition and this only means more options for crypto users around the world. It also means more opportunities for crypto-related firms like Ledger to partner with more mainstream institutions for the benefit of the industry.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/samsung-galaxy-smartphones-to-support-crypto-hardware-storage-device-ledger/

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