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Private Payment System for Central Bank Digital Currency Possible, Says ECB

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Private Payment System for Central Bank Digital Currency Possible, Says ECB

Recent research by the European Central Bank (ECB) claims that it is possible to develop a central bank digital currency (CBDC) payment system that protects user privacy.

Per the report dubbed “Exploring anonymity in central bank digital currencies,” the European System of Central Banks (ESCB) established a proof-of-concept (PoC) for anonymity in CBDCs, which came as part of its ongoing research of CBDCs and their potential benefits to the public. The dedicated PoC was developed in collaboration with tech companies R3 and Accenture.

Corda-based PoC

The ESCB used R3’s open-source blockchain platform Corda to develop a PoC featuring four parties such as two intermediaries, a central bank and an Anti-Money Laundering (AML) authority. Each party was represented in the network by a node that operated a CorDapp, which enables assets to be transferred between the entities.

Within the PoC, the bank built a solution for AML/combating the financing of terrorism (CFT) compliance procedures, which kept user identities and transaction histories anonymous i.e. neither the central bank nor intermediaries other than those chosen by the user could see the data.

“To protect users’ privacy, the notary has no access to data such as transaction values, users’ addresses or states’ histories,” the report read, adding:

“The proof of concept shows that it is possible, using the Corda platform, to build a simplified CBDC payment system that safeguards users’ privacy for lower-value transactions, while still ensuring that higher-value transactions are subject to mandatory AML/CFT checks.”

Issues to be improved

However, the bank noted an array of issues that purportedly needed to be improved including reducing the amount of information visible to parties that are not involved in the transactions, and users’ ability to access or spend CBDC balances when the intermediary is unavailable.

The ECB stated that privacy could be further improved by applying mechanisms such as rotating public keys, zero-knowledge proofs and enclave computing.

The bank further noted that issues of scalability were not addressed or tested in the PoC and that interoperability with a real-time gross settlement system must also be researched.

Regulator concerns abound regarding CBDCs

The ECB’s research seems to nominally address concerns previously expressed by world regulators regarding digital currencies. Earlier in December, European Union authorities outlined multiple risks and issues associated with the adoption of stablecoins, arguing that if adopted on a global scale, stablecoins pose a threat to monetary sovereignty, privacy and cybersecurity.

Just recently, the president of the ECB, Christine Lagarde, said that the financial institution should be ahead of the curve regarding the demand for stablecoins. In late August, the ECB released a paper in which is stated that stablecoins with a clear governance framework may be hampered by uncertainty coming from a lack of regulation.

Published at Tue, 17 Dec 2019 14:33:00 +0000

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The Nebulas blockchain project releases plans for a massive DeFi ecosystem!

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Recently, the Nebulas blockchain project released it’s revised roadmap detailing the immediate future of the project and its current direction. 

Even though the tough times, Nebulas persevered, endured and developed their own blockchain ecosystem with a custom consensus mechanism entitled Proof of Devotion (PoD),  which gave way to the development of a completely decentralized network as well as governance for all and even a unique decentralized staking (dStaking) method that eliminates security risks for the user.

With a strong foundation in place – both technologically and with the support of community governance, Nebulas can now continue to focus on its ecosystem by using its advantages over other blockchains.

DeFi to rule the economy

The features in development are designed to tap into the fast-paced market of Decentralized Finance (DeFi) with Nebulas offering many asset lending options via an on-demand trading platform similar to Uniswap but for Nebulas based NRC-20 token assets. The platform will also support instant asset swaps via its application layer resulting in faster, easier, cheaper, and more secure services.

A cross-chain bridge to ensure sustainability

Nebulas will be developing a cross-chain bridge where native Ethereum assets can be utilized on the Nebulas blockchain. In addition, Nebulas’ native asset NAS will be available on the Ethereum blockchain giving access to this unique asset to all. 

By developing cross-chain bridges, users on both networks have new tools and features to utilize. This includes Nebulas’ future decentralized exchange(DEX) which will offer transactions at a fraction of the cost when compared to the over-crowded Ethereum network.

Securing collateral

Based on Nebulas’ decentralized staking (dStaking) technology, users looking to collateralize their assets on Nebulas will be pleasantly surprised to learn that their loaned assets remain in the original, controlled wallet thereby reducing the potential attack on pools of assets which has been an issue for other platforms. Nebulas believes the security of assets is of utmost importance.

Bringing Nebulas Rank to life

When Nebulas began development in 2017, one of its defining features was Nebulas Rank (NR) which essentially creates an advanced trust mechanism based on blockchain transactions. Combined with a multitude of DeFi applications and additional features coming soon to Nebulas, this idea will soon be a reality with all who participate in blockchain benefiting from this unique feature.

Conclusion

The Nebulas ecosystem has come a long way and all the new features being developed will give Nebulas the power and flexibility to create its own path in the blockchain ecosystem following the vision of letting everyone benefit fairly from decentralized collaboration. 

To learn more about Nebulas’ current roadmap, please visit the link.

Disclaimer: This is a paid post and should not be considered as news/advice.

Source: https://eng.ambcrypto.com/the-nebulas-blockchain-project-releases-plans-for-a-massive-defi-ecosystem

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Bitcoin, Ethereum lose August’s first round to small-caps

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Two of the market’s top cryptocurrencies, Bitcoin [BTC] and Ethereum [ETH], have been witnessing a strong surge in their values over the past few weeks. This week, however, the BTC and ETH markets appeared to be taking a break as the overall percentage change in the value of the top two crypto-assets was just 5% each, while small-cap assets were once again making a comeback.

According to data provided by Arcane Research, small-cap assets were already up by 18% within the first ten days of August, outperforming their July value of 12%. On the contrary, the mid-cap assets that led the market in July were back to the second position after reporting 11% in growth on the charts for the month.

Source: Arcane Research

In fact, large-cap assets, in general, maintained their strong performance on the charts and recorded more than 10% in returns for the month, while Bitcoin lagged behind with just 7%.

The reasons for the same can be largely attributed to the DeFi rally, one that diverted traders’ attention to altcoins once again, following which, Bitcoin’s market noted a prominent downtrend. This was evidenced by the CMBI Bitcoin Index as it was reporting just 3.9% in returns over the last week, followed by the CMBI Ethereum Index with 2.5%.

On the contrary, altcoins, especially the Bletchley-40 [small-cap assets], were reporting great returns of 20.7% for the week. Such exponential market growth was led by the likes of Synthetix and Ampleforth, both of which registered double-digit hikes recently on the hourly charts.

Source: CoinMetrics

Further, even the Bletchley-20 [mid-cap assets] and Bletchley-10 [Large-cap assets] were reporting better returns of 9% and 7.4% respectively, compared to single asset indexes, namely, Bitcoin and Ethereum.

Finally, with small-cap assets once again exhibiting their inverse proportionality to Bitcoin’s price, the greed in the market was observed to be climbing.

Source: Arcane Research

The Fear and Greed Index was noted to be around 84, pushing above 80 in over a year. With the crypto-market going through a period of positive volatility, it is important for the traders to be careful. Historically, periods of extreme greed period have been short-lived and a similar trend could be expected now as well.

Source: https://eng.ambcrypto.com/bitcoin-ethereum-lose-augusts-first-round-to-small-caps

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Bitcoin Cash, Tron, Synthetix Price Analysis: 13 August

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Bitcoin’s price, at the time of writing, was facing strong resistance around the $12k mark. Bitcoin’s inability to brush past this resistance also seemed to stunt the growth of many of the market’s altcoins, with fork coin Bitcoin Cash losing close to 12 percent of its trading value in the past week, along with a Tron. However, in the case of smaller altcoins like Synthetix, the price action has been very different.

Bitcoin Cash [BCH] 

Source: BCH/USD, Trading View

Since the last week of July, Bitcoin Cash’s price had been on a steady uptick. However, over the past 7 days, the coin has stumbled on yet another strong resistance, one that saw its price fall by 11.9 percent. At press time, Bitcoin Cash had a trading value of $283.30 with a market cap of $5.3 billion and a 24-hour trading volume of $1.8 billion.

The resistance at $321 continued to hold strong and if the coin were to dip to its early-July price levels, then there were three key supports that it will have to breach at $279, $258, and $244, respectively.

The Stochastic indicator for the coin had dipped significantly into the oversold zone. The MACD indicator echoed a similar sentiment after it underwent a bearish crossover. To add to the coin’s recent woes, Bitcoin Cash lost its 5th spot on CoinMarketCap’s list to a surging Chainlink after the latter rose by over 28 percent in 24 hours.

Tron [TRX]

Source: TRX/USD, Trading View

Like Bitcoin Cash, Tron’s price has found itself stuck between $0.019 and $0.021. At press time, Tron was being traded at $0.020 with a market cap of $1.4 billion. The resistance at $0.021 had been unbreached, despite the best efforts of Tron over the past few days. Further, there were two strong supports at $0.019 and $0.017.

The Bollinger Bands had, at press time, contracted relatively and may see slightly lower levels of volatility. The Stochastic indicator, after having spent time in the overbought zone, was heading towards the neutral zone.

Earlier in the month, it had been reported that Tron hit yet another milestone and was very close to having $1 billion smart contract triggers.

Synthetix [SNX]

Source: SNX/USD, Trading View

Unlike the previous two cryptos, Synthetix’s fortunes have not been held back. In the past week, the coin has surged by close to 50 percent. At press time, SNX was priced at $5.95 and noted a market cap of $555 million. If the coin were to see a reversal with regard to its price action, there were two strong supports at $3.7 and $2.8, both levels that can help stabilize SNX’s price.

Further, the EMA ribbons had settled below the press time trading price and were likely to offer support. The MACD indicator, after having undergone a bullish crossover, signaled that the price hike may continue on the charts.

Source: https://eng.ambcrypto.com/bitcoin-cash-tron-synthetix-price-analysis-13-august

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