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Problems with data industry…is data privacy dead?

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“Data is a precious thing and will last longer than the systems themselves.” – Tim Berners-Lee, inventor of the World Wide Web.

The Internet is the most popular place in the world. Thanks to the internet, data is becoming more and more digitized and is being created at an astonishing rate. A single firm may have the personal information of thousands and millions of user data that it needs to keep private so that the identities stay as safe and protected. And, when it comes to data privacy, there is a lot at stake. This requires a large part of a data protection strategy to ensure that data can be restored quickly after any corruption or loss this includes protecting data from compromise and ensuring data privacy.

Data privacy is not dead. Not with CyberVein. This is the digital age and turning a blind eye to the increasing use and abuse of data privacy is not wise. CyberVein, as a distributed database system, realizes the value of data and its management and enables easy data interaction and management between businesses.

By leveraging three technologies to provide the solution with respect to the storage, management, and monetization of data: Directed Acyclic Graphs [DAG], blockchain, and Artificial Intelligence [AI], CyberVein solves the issues with scalability, speed, and privacy issues.

CyberVein’s database network can not only be used independently, offering anytime connection, interaction, and but also supports multiple parties to store, query, analyze, mine, and utilize data simultaneously online; data throughput, all that with a much faster and more efficient transaction information confirmation efficiency than the traditional networks. To top that, the stored information is traceable at any time and cannot be tamper-proof.

Management:

CyberVein’s consensus mechanism and encryption enhance information transparency, guaranteeing highly secure information and data sharing. Subsequently, this allows CyberVein’s related firms to quickly establish trust, providing a management platform that can quantify the value of data, linking data demand and data suppliers in terms of data storage as well as data rights management, etc.

Storage:

CyberVein uses the Proof of Contribution (PoC) consensus mechanism with the core value being the contribution of storage space and bandwidth on the nodes provided to the entire network. The nodes in turn are rewarded by the generation of the CyberVein Tokens. CyberVein’s one of the main goals is to offer file storage as well as retrieval services by utilizing “storage space mining”. This enables real applications and more flexible development on the network and maintaining advanced energy-saving features simultaneously.

Security:

For the CyberVein team security has to come first. CyberVein realizes the need for user privacy protection and data security. The data on its network cannot be removed locally. The parameters of the model are not only encrypted when processed by the third party but it also makes sure that any characteristics of the original user cannot be overruled. This helps in achieving the company’s goal of fair encrypted exchange of information and model parameters.

Accessibility:

CyberVein network provides researchers with a secure data storage solution with the ability to easily manage access permissions. The network provides a secure data storage solution. For instance, the findings of a study are stored and made private on CyberVein’s distributed ledger in order so that only the selected parties have the read-only privileges. However, this option can be modified and data can be made accessible to the wider audience if desired. This can be done by altering the permissions of access to the datasets. Only a select few will be able to change or add data in a transparent series of ledgers which has a display of the entire history of edits.

CyberVein can be reached here:

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Disclaimer: This a paid post, and should not be treated as news/advice.

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Source: https://eng.ambcrypto.com/problems-with-data-industry-is-data-privacy-dead

Blockchain

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

A multinational payments firm is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

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Multinational payments firm Sia is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

“When you have one bitcoin, it’s not a big problem, but when you start adding 10, 20 or 100, you have a treasury and you have to decide where to store this,” said Daniele Savarè, SIA’s innovation and business solutions director. “We are discussing digital custody needs with banks in Europe.” 

The firm is also helping banks manage and safekeep security tokens and central bank digital currencies, he added.

Through SIA, Hex Trust plans to offer European banks the software to custody digital assets on behalf of their customers. Hex Trust will also act as a sub-custodian for banks that don’t want to directly offer the service, said Hex Trust CEO Alessio Quaglini. 

Currently, Hex Trust works with three banks – Mason Privatbank Liechtenstein AG and two unnamed Asian banks. Quaglini said Hex Trust has 10 other banks that are exploring the custodian’s products.

Going forward, SIA will be the primary distribution partner for Hex Trust to offer digital-asset services to banks in Europe, Quaglini said. 

Source: https://www.coindesk.com/hex-trust-sia-crypto-custody-eu-banks

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Blockchain

Collider Labs Raises $1M to Invest in Blockchain Startups

The venture builder is seeking to invest in early-stage startups with a focus on transparency, privacy and “fairness.”

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Collider Labs has raised $1 million to be invested in early-stage blockchain and cryptocurrency startups.

In an announcement Thursday, the venture builder said the raise had brought on board several notable limited partners including Efficient Frontier CTO Alon Elmaliah and Follow [the] Seed Founding Partner Andrey Shirben.

Collider provides funding and liquidity and actively participates in building up startups alongside their communities and founders, according to the firm’s founding partner, Avishay Ovadia.

The company is actively seeking to invest in early-stage blockchain and crypto startups globally, with a focus transparency, privacy and “fairness.”

Collider “is a venture builder that somewhat resembles an accelerator” Ovadia said. With some “key characteristics” that differentiate it from a typical accelerator.

Venture builders, also known as startup studios, pair with early-stage startups and utilize their own ideas and resources to, if all goes according to plan, construct viable enterprises.

According to Ovadia, Collider forms partnerships with founders, invests in teams and works alongside them as what he calls “Investors in Residence.”

Source: https://www.coindesk.com/collider-labs-raises-1m-to-invest-in-blockchain-startups

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Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

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Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Voyager Digital, a publicly traded digital asset brokerage with offices in New York, has agreed to buy LGO, a French crypto exchange primarily serving institutional investors, as the company expands to Europe.

The transaction requires regulatory approval, which the parties said they expect to receive by the end of this year, along with the token swap. The value of the deal will depend on the value of Voyager’s shares, and the firms’ tokens, at closing; at current prices, it would be in the low seven figures.

As such, this deal is dwarfed by this year’s blockbuster crypto M&A deals such as Binance’s acquisition of CoinMarketCap, estimated to be worth $400 million, and FTX’s $150 million deal to acquire Blockfolio.

Read More: ‘They Have the Users’: Binance CEO Explains Why He Bought CoinMarketCap

What makes this deal unusual is that the two companies’ utility tokens, VGX and LGO, will be swapped into newly minted tokens featuring decentralized finance (DeFi) functions such as community governance and staking at an initial interest rate of 7%.

“We think this is really taking the old-school mergers and acquisitions to the token world, which hasn’t been done before,” Steve Enrlich, Voyager’s co-founder and chief executive officer, told CoinDesk.

Upon completion, Voyager, which is publicly listed on the Canadian Securities Exchange, will issue one million shares for the acquisition and operate in the European retail market with LGO’s Virtual Asset Service Provider registration with the French Financial Markets regulator (AMF). All activities will be conducted under the Voyager brand and LGO will discontinue its institutional services on Oct. 31. Shares of Voyager closed at C$0.67 ($0.51) on Wednesday. 

Read More: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients

Hugo Renaudin, co-founder and chief executive officer of LGO, told CoinDesk that the French company made the deal after it decided to shift its focus from institutional clients to increasing value for its token holders.

“The key decision-maker is what will bring the most value to our tokens,” Renaudin said. “So we have this token. We have token holders and they’re mostly retail [clients].”

LGO launched an initial coin offering (ICO) in February 2018, according to its website, which raised 3,600 bitcoin (worth about $36 million at the time). The company’s white paper shows that 60% of the tokens were distributed through a pre-sale process, while 20% of the supply went to LGO’s founders and advisors.

At its peak in April 2018, the LGO token’s market cap was nearly $40 million, according to data from CoinMarketCap. On Wednesday, that value was calculated to be $1.5 million. 

Renaudin told CoinDesk that the company’s other option would have been focusing on better serving its institutional clients, which means its spot exchange would have to provide new and exotic derivatives products. After consideration, he said that the team had decided to change its focus to retail customers instead.

The merger comes during a time of regulatory crackdown on crypto derivatives trading around the globe. Popular crypto derivatives exchange BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) with facilitating unregistered trading activities, while in the UK, the Financial Conduct Authority (FCA) has banned crypto derivatives for retail consumers.

This is not the first acquisition by Voyager, which went public in early 2019 in a reverse merger with the shell of a Canadian mineral exploration company. Previously, it acquired wallet startup Ethos.io for about $4 million.

Read More: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

Voyage’s revenue in the most-recent fiscal quarter, which ended Sept. 30, surged to about $2 million, compared with $1.1 million during the fiscal year ending in June.

“We are becoming the financial service firm of the future, which means I will look at acquisitions that can add products, customer assets to the platform, or tokens and other communities that can be accretive to what we are trying to do,” Enrlich said. “And adding these pieces together we are going to either do it organically or through more acquisitions.”

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Source: https://www.coindesk.com/voyager-acquires-lgo-token-merger

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