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The TRON Network is About to Get its First-ever Public Oracle System

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According to the team behind the Bridge oracle, the lack of this infrastructure is currently a pain point as it limits the blockchain’s use case to a tokenization platform.

They believe that the creation of this system is crucial for attracting small businesses who may not have the means, ability or time to create their own dedicated oracles. This could help the Tron (TRX) network progress and expand in the months and years to come.

As the project’s white paper explains, “Creating a public oracle system on Tron network will cause people to be able to implement their local or small business on blockchain, as well as benefit from peer-to-peer payment methods on the Tron network using native coin and tokens.”

The Importance of Smart Contracts

Oracles make blockchains more than just a tool for asset tokenization; they also allow for the creation of a programming ecosystem. Bridge aims to deliver this connectivity, meaning that decentralized apps can finally be created for ordinary users on the Tron blockchain.

Although the Tron network has succeeded in attracting developers, the Bridge team believe that there’s more work to be done. This blockchain currently has the second-highest number of DApps worldwide at 750, a number far behind Ethereum’s 3,000. “There should be a practical solution to fill the gap, based on which Tron is enabled to outpace Ethereum and stand in first place,” the project’s white paper states. The number of active accounts on Tron could surpass that of Ethereum soon, according to Coin Metrics — a vision that Bridge hopes to build and be a part of.

The team draws parallels to the early days of the internet, when many businesses struggled to establish an online presence. This all changed when ready-to-use content managers such as WordPress and Joomla came along, as technical hurdles were dismantled for smaller firms.

When it comes to tokenomics, the oracle has issued a dedicated asset known as the Bridge token (BRG) on the Tron blockchain. This is designed to offer a more affordable option when paying for the oracle’s services, and is set to deliver a “significant” discount in comparison to paying with TRX.

An initial exchange offering event is being held on Sept. 15, 2020, during which 20% of the total supply of BRG will be sold to people around the world. The team says one of the main goals when it comes to releasing tokens is to achieve “maximum dispersion and avoiding centralization.”

Top advisors

The Bridge project says it has attracted some top advisors to help steer the project going forward, including Mate Tokay, the CEO of Bitcoin.com. As well as being a vocal proponent of the Bitcoin (BTC) and Bitcoin Cash (BCH) communities, he has a degree from the International Business School in Budapest. He is joined by Sydney Ifergan, an experienced marketer and crypto expert, as well as Mike McCarthy, who Bridge describes as “one of the most influential and loyal characters of the Tron community.” Bridge’s CEO is Hakan Estavi, who has been an investor in the crypto space since 2016.

Looking ahead, the mainnet is scheduled to launch in late 2020. From there, BRG will be listed on more exchanges. The fully decentralized oracle system is expected to be live in 2022.

This content was originally posted on Cointelegraph at https://cointelegraph.com/news/the-tron-network-is-about-to-get-its-first-ever-public-oracle-system

Source: https://bitcoinprbuzz.com/the-tron-network-is-about-to-get-its-first-ever-public-oracle-system/

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Seoul Police Summons Bithumb Chairman For Interrogation

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The Seoul Metropolitan Police Agency has summoned the chairman of Bithumb for interrogation regarding the alleged fraud. The chairman of the firm, Lee Jung-hoon has been accused of a lot of fraud activities. The fraud is related to the failed listing of the BXA token and defrauding the investors.

As revealed in earlier reports, this token has been promoted as the native token of Bithumb. However, the token has never been launched or listed on any platform. Due to the promotion of a fake token, Lee is now involved in a huge fraud, which includes the damages of around $25 million funds of the investors.

Seoul Police Conducted Initial Investigation at Bithumb Office

It needs to be mentioned that this police raid did not happen all of a sudden as earlier also Seoul police had investigated this case. The initial investigation that police conducted was on September 02, 2020 at the office of Bithumb. Lee has also been accused of using the investors fund purchasing the properties overseas or some other offshore investments.

According to the latest report, Kim Byung-gun who is another chairman of Bithumb, is also accused of getting involved in this BXA fraud along with Lee. However, the Seoul Police did not send any summon for investigation to Kim regarding this case. 

Police Siezed The Shares Related to Lee

Along with this summon, the police has also siezed a lot of shares of the Bithumb Holdings that belonged to Lee. Not only this, the firm is also help responsible for a data breach incident which took place in 2017. Even though the exchange is accused of different allegations, it is still holding quite a firm position in the South Korean market. Not only in South Korea, it is still counted among the top ten largest crypto exchanges across the world. The daily trading volume of the exchange is around $250 million, which might be due to its huge user base.

READ  Tokenomica Begins OTC Desk Including BTC-EUR Pair

#Bithum Holdings #Bithumb #BXA token #Investigation at Bithumb Office #Kim Byung-gun #Lee Jung Hoon #Seoul Police

Source: https://www.cryptoknowmics.com/news/seoul-police-summons-bithumb-chairman-for-interrogation

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Binance US Joins Chicago Defi Alliance For Defi Industry Development

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Binance US, the United States arm of the largest exchange Binance, has recently joined the Chicago Defi Alliance (CDA). This has been revealed by the firm on September 17 via blog post. This Defi Alliance is backed by different firms, including Volt Capital, TD Ameritrade, CMT Digital, Compound Finance and many others. 

Binance US Will Help Mature Defi Space

It is revealed that by joining this alliance, Binance US is aiming to contribute towards the development of the Defi industry across the US. Catherine Coley, the CEO of the firm, has said that by working with CDA, the firm will help in the development of the Defi space. Along with this, it will also support startups as now it will be able to unlock many Defi offers. 

CDA was launched a few months back in this year only and is aimed to provide support and guidance to the startups and entrepreneurs that are focused on Defi. It aims to fulfill all the requirements which are related to the trading regulations. 

CDA Formed When Defi Industry Collapsed in April

Back in April, there were reports that the DeFi industry had collapsed to $360 million and that was the time when CDA was formed. In a few months, the industry is able to get back on track as now there is more than $9 billion which is locked in the Defi applications. Binance US has also joined Blockchain Association last month i.e. August 2020. 

It has been seen that Binance is involved in many blockchain related alliances and now CDA has added another one to its network. During the start of this month, Binance has also sided with Blockchain for Europe which is a huge association in Europe related to blockchain technology. Binance’s partnership with so many blockchain-driven organizations demonstrates the significance that it places on this technology.

READ  Binance.US Partners With Crypto Brokerage Tagomi To Offer Institutional Liquidity

#Binance.US #Catherine Coley #Chicago DeFi Alliance #Defi Industry Collapsed #Defi Industry Development #Mature Defi Space

Source: https://www.cryptoknowmics.com/news/binance-us-joins-chicago-defi-alliance-for-defi-industry-development

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Nvidia Signs Definitive Agreement With SoftbankGroup Corp. To Acquire ARM

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California-based multinational technology company, Nvidia, has recently inked a deal of $40 billion with Softbank Group Corp. to buy the computer chip maker Arm Holdings.

A public statement released by Nvidia indicated that the company processed its payment in a combination of cash and shares. 

In the year 2016, the Japanese multinational conglomerate, Softbank Group Corp. purchased ARM for $32 billion.

Nvidia To Build Original Computing Company

Recently, the chief executive officer of Nvidia, Jensen Huang, said that now they will develop an original computing company for the age of artificial intelligence (AI).

Although Nvidia has purchased ARM, its headquarter will still be in Cambridge, England. 

Huang has further stated, “We will expand on this great site and build a world-class AI research facility, supporting developments in healthcare, life sciences, robotics, self-driving cars and other fields.”

Nvidia develops the graphics processing units (GPUs) which basically are used in video games. But apart from that, the company has deployed these units among mining fields in order to mine cryptos like Ethereum (ETH), Monero (XMR) and Zcash (ZEC). 

In the present time, mining bitcoin (BTC) with the help of GPU will be completely useless because now the world’s largest digital currency has been using an application-specific integrated circuit (ASIC).

Smartphone Technologies Based On Arm

As per the report, currently, most of the smartphone technologies are based on Arm Holding’s technology. 

Arm Holding develops designs for companies like Apple, Samsung and Huawei. Later, these companies use Arm’s design to build a customized chip. 

In the present scenario, the cloud data centers have also started using Arm’s technology. 

It is to be noted that to date, the companies have created 180 billion chips which are based on the design of Arm.

The CEO of Arm, Simon Segars, has recently stated that Arm Holdings along with Nvidia will be developing new solutions for the global ecosystem fo innovators.

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#application-specific integrated circuit (ASIC) #Arm Holdings #Artificial Intelligence (AI) #Bitcoin (BTC) #California #Cambridge #chief executive officer of Nvidia #England #Ethereum (ETH) #graphics processing units (GPUs) #Jensen Huang #Monero (XMR) #NVidia #Softbank Group Corp. #Zcash (ZEC)

Source: https://www.cryptoknowmics.com/news/nvidia-signs-definitive-agreement-with-softbankgroup-corp-to-acquire-arm

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