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IOTA Price Surges as Big Names Step In – Bosch Investment

RBVC or The Robert Bosch Venture Capital has put down its first investment [and a major one] in distributed ledge technology – more precise in IOTA, according to bosch-presse and other sources close to both of them.

The movement by RBVC has been called a very wise choice as IOTA is on of the largest cryptocurrencies in the global-scale market being positioned as the 6th behind Litecoin and it is the first distributed ledger technology that goes one step further the blockchain-ecosystem: enabling machine to securely transact data and money with each other. This is the stepping stone to new innovative Internet of Things based applications and business models for mobility, energy, Industry 4.0 and more.

The news have been announced even by The IOTA Foundation that is based in Germany, declaring that RBVC purchased the tokens and Dr. Hongquan Jiang – Partner at RBVC will going the IOTA Foundation’s advisory board. This follows the successful launch of IOTA’s data marketplace, with more than 30 leading companies worldwide participating.

With the step, RBVC is hoping to hoist the maturity of the distributed ledger technology higher up and branch it wider on the global-Bosch Ecosystem.

“We have been working with the IOTA team for more than one year. I’m very excited about IOTA’s innovative tangle technology, which could potentially become the standard underlying technology for  trustless machine to machine communication, security and payment in the IoT space,” said Dr. Hongquan Jiang. “There will be much synergy between Bosch and the IOTA Foundation, and I’m looking forward to seeing more industrial adoptions of this technology in the near future.”

Co-founder of IOTA Dominik Schiener added on the matter saying this is a strong confidence boost by the RBVC firm while helping to expand our collaboration with IoT companies:

”Distributed ledgers are the future when it comes to truly unleashing the Internet of Things, and with IOTA we see the potential of becoming the backbone of this emerging Machine Economy. We will continue to intensify our collaboration with leading IoT companies and hope to have the first go-to-market solutions ready by the end of 2018.”

Schiener continued on explaining how Bosch and IOTA have been in contact for more than two years now while working together on various mediums and the decision of having its share in the technology by RBVC cements the integration of a similar vision:

“Bosch and IOTA have been in contact since 2015 and are working together on multiple fronts, including the Trusted IoT Alliance (TIOTA) and other projects,” said David Sønstebø, Co-Founder of IOTA. “The decision by RBVC to acquire a significant amount of iota tokens solidifies the idea of the Machine Economy and how significant leaders in this space share our vision.”

According to Coinmarketcap, IOTA token price has just rocketed up against the US Dollar topping another record price of $5.49 with almost 30 percent of gain in the last 24-hours. The news could be a very important effecting factor as in a couple of hours the declining path has been transformed into a spiking chart.

iota record

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Blockchain Technology Finding Government Adaptation – Identity System

In a global scale, many Governments are trying to establish a plan to find use of Blockchain or distributed ledger to form a national identity system. Starting of from early October 2017, the projects are planned to be secure and safe while giving the possibility to be used in both public and private transactions.

The open approach and need to create an above-mentioned system is that the already existing system are penetrable from various risks for example identity theft as it happened to the reporting agency Equifax which experienced a data breach and lost around 140 million personal information of individuals.

Several countries are piloting the use of Distributed Ledger Technology (DLT) to create their own national identity systems that span the private and government sector. Among these countries is Singapore, which is eyeing a system that would expand beyond the functions of its existing citizen account for e-government services called the SingPass. The initiative is part of the Singaporean government’s smart nation program.

Estonia, meanwhile, is another country which successfully utilized DLT to create its identity system called ID-kaarts. Among the benefits of the system are an all-digital government experience enjoyed by all citizens, substantial reduction of bureaucracy, and high citizen satisfaction with their government transactions.

On the other hand, Illinois has initiated a trial project based on Block-tech for birth registry/ID system with the target to secure and individualize identities. There are several expected benefits of using DLT in creating identity systems. Among these are the shift of power and profit from data management to individual owners from major companies and the right of the owner to “sell” his/her own data.

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ICO to be Supervised: SEC forming “Cyber Unit”

On Sep 25, 2017 –  a press release was announced by SEC (US Securities and Exchange Commission) related to the formation of a “Cyber Unit”. Including many services and functions, the mentioned unit will deliver oversight over virtual currencies and Initial Coin Offering.

The Commission did state that:

The Cyber Unit will focus the Enforcement Division’s substantial cyber-related expertise on targeting cyber-related misconduct, such as:

  • Market manipulation schemes involving false information spread through electronic and social media
  • Hacking to obtain material nonpublic information
  • Violations involving distributed ledger technology and initial coin offerings
  • Misconduct perpetrated using the dark web
  • Intrusions into retail brokerage accounts
  • Cyber-related threats to trading platforms and other critical market infrastructure

Major authority will be on the Unit positioned to be used if all the above mentioned are below its purview. As it has been dedicating its time most is on the third bullet in the market. From now it the commission will have the official role of overseeing ICOs and Distributed ledger Technology.

Simply giving oneself enforcement power over “distributed ledger technology” seems overly broad. Depending on how the SEC (and perhaps the courts) define this term, the SEC could have wide latitude to investigate users of digital currencies.

The declaration for this approach by SEC is quite welcoming on the community and market. With ICO gold-rush raising up to $1.5 bln only in the last 10 months is a branch that needs oversight. Many are turning out to be scams, money stealing or ideas that just at the heads of want-to-be entrepreneurs.

Comment from a crypto enthusiast and could be very well how the community feels in general for the Cyber Unit formation (user amygdala9):

“I dislike any regulatory oversight. Period. Though I’m pleasantly surprised at the SEC’s chosen course of action here. They might even manage to deter a blatant exit scammer/fraudster or two from preying on idiots.”

As a result of dedication, the SEC seems to be taking a balanced approach to digital currencies. Given that many ICOs promise “tokens” that sound a great deal like “shares,” it’s unsurprising that the SEC would be interested in potential securities’ violations from that area.

Careful enforcement could prevent retail investors from being fleeced while not destroying the fledgeling ICO market entirely. Likewise, oversight over “distributed ledger technology” violations could give the SEC more power to track down and prosecute alleged scammers like Josh Garza.

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