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BTC, ETH, DAI Cross-Chain Atomic Swaps Launched By Liquality on Mainnet

Peer-to-peer cryptocurrency solutions project Liquality has launched its interface for cross-chain atomic swaps between bitcoin, ether and stablecoin dai on the mainnet.

Peer-to-peer cryptocurrency solutions project Liquality has launched its interface for cross-chain atomic swaps between bitcoin (BTC), ether (ETH) and stablecoin dai (DAi) on the mainnet. The news was revealed in an official company blog post on June 24.

Atomic swaps are a solution that enables the exchange of one cryptocurrency for another without the need for a trusted third party or centralized exchange infrastructure. 

Liquality is contributor-led, open-source project that focuses on developing trust-minimized and peer-to-peer crypto exchange solutions. Its launch of the Liquality Atomic Swap Interface alpha will now enable users to swap BTC, ETH and DAI directly between their Ledger or Metamask crypto wallets. 

In implementing the solution, Liquality notes that users maintain custody over their own keys, thereby apparently eliminating custodial risk and maximizing their privacy and financial sovereignty. 

To access the interface, users can either run a self-hosted version or use a downloaded app. In addition, Liquality has made its codebase open-source on Github.

In the blog post accompanying the new release, Liquality also provides updates on developments thus far in 2019, which include the publication of educational content on both atomic swaps and hash time locked contracts.

Also new is support for both sending and receiving cryptocurrencies from a single Ledger wallet device, support for DAI, and WebUSB Ledger connection issues, the blog post notes.

In the coming months, the project reportedly aims to roll out several new features as requested from users. Among these are Trezor integration, Segwit support, support for litecoin (LTC) and privacy coins, automated swaps and customizable parameters for lock times and mining fees.

Given the persistence of centralized crypto exchange hacks — including several major incidents thus far in 2019development of non-custodial exchange methods is gaining steam, including decentralized exchange (DEX) services and atomic swap-enabled over-the-counter (OTC) trading.

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Wanxiang and PlatON Join Forces for Blockchain Infrastructure of New Smart City in China

Automotive giant Wanxiang partners with blockchain firm PlatON to handle data for new smart city in China.

Automotive giant China Wanxiang Holding Co., Ltd has partnered with blockchain-based tech firm PlatOn to develop a “smart city” in Hangzhou, according to a report by CryptoNinjas on June 20.

According to the report, the smart city—dubbed “Innova City”—will be built with tech using PlatON’s blockchain infrastructure, for purposes like interfacing with city resident ID cards as well as monitoring driving behavior.

The report includes a statement from Chief Innovation Officer at Wanxiang, Vincent Wang, who goes into more detail on such applications, saying:

“Imagine a smart transit system that tracks and rewards responsible driving behavior, or a renewable power grid that incentivizes energy generation and trading, or even a myriad of urban services that can be validated, built, and offered at ease without the constraints of rigid data silos.”

As per the report, Chief Strategy Officer at PlatON Ada Xiao also commented on how PlatON’s privacy services will be used in the city, saying:

“With our use of Multi-Party Computation (MPC) and other privacy-preserving technologies, we can ensure the privacy of sensitive data including digital identities of residents, smart equipment, and personal devices, as they interact with one another on a shared ledger.”

Innova City is projected to contain 90,000 residents when launched in 2025. The city also plans to include an “International Research and Innovation Park” as well as Wanxiang automotive facilities with electric vehicles. As per the report, Wanxiang has committed $29 billion to support Innova City’s creation.

Wanxiang appears to have deep ties with PlatON.

According to PlatON’s website, PlatON partners with Wanxiang Blockchain on a consortium blockchain for enterprise applications. Additionally, Feng Xiao is listed as co-founder of PlatON, Chairman of Wanxiang Blockchain, and founder of Wanxiang Blockchain Labs.

According to Wanxiang Blockchain’s website, Wanxiang created Wanxiang Blockchain, which contains Wanxiang Blockchain Labs as one of its six groups.

As previously reported by Cointelegraph, the Chinese government announced in April that it would fund the development of a blockchain-based smart city in Malaysia. Project CEO KK Lim commented on the vision for the city, saying that they intended to use blockchain tech to transform Malaysia a “world-class tourist destination.”

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Crypto Custody Firm Ledger Vault to Provide Services to Crypto Broker Voyager Digital

Ledger Vault, the custody arm of French hardware wallet manufacturer Ledger, will provide its services to Canadian cryptocurrency broker Voyager Digital.

Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, will provide its services to Canadian cryptocurrency broker Voyager Digital, according to a press release shared with Cointelegraph on May 21.

Per the release, Voyager Digital will integrate Ledger Vault’s multi-authorization cryptocurrency wallet management system into its trading platform with the aim to increase its overall cybersecurity.

Voyager CEO Steve Ehrlich said that Ledger Value ensures “security of our customer assets on the Voyager platform without compromising the speed and liquidity they’ve come to expect from Voyager. It’s also a crucial step in our efforts to deliver crypto wallet transfers.”

As Cointelegraph previously reported, Voyager Digital acquired crypto wallet startup Ethos in February. This acquisition builds on a strategic partnership between Ethos and Voyager, which was first announced in September last year.

According to the announcement, the Ethos Universal Wallet software, first released in July 2018, will be integrated into Voyager’s retail and institutional businesses enabling self-custody integrated with a brokerage solution. The announcement also specifies that this wallet solution is powered by Ledger’s cryptocurrency custody solution. Demetrios Skalkotos, global head of Ledger Vault stated:

“Ledger Vault is fluid, providing Voyager cold level security with the ability to become hot in a matter of seconds all through one secure interface.”

Ledger has also provided its crypto infrastructure to another Canadian crypto exchange, the National Digital Asset Exchange (NDAX).

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Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform ‘Forcefield’

Dutch bank ABN AMRO announced that it is launching a blockchain inventory tracking platform dubbed Forcefield.

Dutch bank ABN AMRO announced that it is launching a blockchain inventory tracking platform dubbed Forcefield in a press release published on May 17.

Per the announcement, the platform is an Internet of Things solution that allows the monitoring of physical trade inventories with sensors and near-field communication chips.

Forcefield was developed over the past year as a stand-alone product and became an independent company following a successful proof-of-concept that was conducted with consulting firm Accenture.

The bank claims that the system can lead to more secure physical handling processes and a reduction of costs in the management of commodities that are used as collateral for loans.

ABN AMRO Managing Director of Trade and Commodity Finance Karin Kersten said that the platform will strengthen the commodity trading supply chain:

“Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.”

Lastly, the announcement notes that — besides ABN AMRO — Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank have signed a Memorandum of Understanding to launch Forcefield.

As Cointelegraph reported earlier today, ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns. An ABN AMRO press officer said that the bank “concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.”

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UK-Based Global Funds Network Calastone Switches Entire System to Blockchain

Calastone announced that it switched its entire system for fund trade clearing services to its blockchain infrastructure.

London-based global funds network Calastone announced that it switched its entire system for fund trade clearing services to its blockchain Distributed Market Infrastructure (DMI) in a press release published on May 20.

Per the release, the migration of the company’s over 1,800 customers over 41 markets “represents the largest community of global financial services organisations connecting and transacting via distributed ledger technology.” In the announcement, the institution also forecasts that the resulting savings for the mutual funds market will amount to over £3.4 billion per year ($4.33 billion). The release reads:

“Financial services organisations around the world — whichever size and scale — can, through the DMI, now access a fully mutualised global funds marketplace whereby the trading, settlement and servicing of funds is conducted in real-time.”

The bank claims that the system also brings a new service — dubbed the Sub-Register — “which creates a shared, real-time view and history of the registers between trading partners at any point in the distribution chain.”

As Cointelegraph reported at the time, Calastone stated in December of last year that it planned to launch its blockchain-based solution in May 2019.

Earlier today, Cointelegraph also reported that the South Korean city of Seoul will implement blockchain technology in the system underpinning its citizen cards.

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Ledger CEO: “The Day Binance Got Hacked, Our Sales Doubled”

The recent Binance hack had repercussions on the entire ecosystem. Not only was there a brief dump in prices but also there was serious interest among crypto users to increase their security as much as possible.

According to The Block, Pascal Gauthier, CEO of Ledger explained in a a symposium that after this unfortunate news, the sales of the company’s hardware wallets doubled:

“Binance got hacked, and the day Binance got hacked, our sales doubled,”

This information was shared by Éric Larchevêque’s successor at the Atomic Swap 2019 conference held in New York.

Ledger: Helping to Build a More Secure Ecosystem

Ledger is a French company responsible for manufacturing hardware wallets.
Since its birth, it has conquered a significant market share becoming Trezor’s
main competitor (Trezor is the first company to develop this type
of devices).

The new Ledger Nano X
The new Ledger Nano X

Gauthier’s words come a few days after the announcement of the launch of the Ledger Nano X, a Bluetooth hardware wallet, considered as an evolution of the Nano S model.

Ledger’s CEO explained that while cryptocurrencies have proven to be
successful, there are still certain weaknesses that hinder their global
adoption. Security is one of them:

“We at Ledger believe that there is not enough security to protect those cryptos … We think that it’s a great technology, there’s probably one weakness which is the [securing] of the endpoint and the private keys.

Security is a Key Issue For Anyone Who Wants to Bet on Global Adoption

The new Samsung Galaxy S10 has a built-in crypto wallet
The new Samsung Galaxy S10 has a built-in crypto wallet

It is important to note that thanks to the growth of the ecosystem, more and more companies are willing to contribute to this type of technology. A few weeks ago, Ledger received an investment of 2.9 million dollars from Samsung.

Samsung’s flagship smartphone has a built-in crypto wallet. It seems that the Korean firm is not only focused on the functionality but also on the security of this new feature.

Although CZ, CEO of Binance, stressed that the hack only affected a minor part of the funds stored by the Exchange without actually risking users’ funds, Gauthier remarked that this type of complication is a clear example of the risks associated with a nascent technology. Risks Ledger hopes to combat:

“We believe the security needs to happen, and we are very excited about building the security layer for the industry,”

The post Ledger CEO: “The Day Binance Got Hacked, Our Sales Doubled” appeared first on Ethereum World News.

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Luxury Fashion Brand Alyx to Use Iota’s DLT for Supply Chain Tracking

Luxury fashion brand Alyx intends to use Iota’s distributed ledger technology for supply chain tracking.

Luxury fashion brand Alyx intends to use Iota’s distributed ledger technology (DLT) for supply chain tracking, cryptocurrency news outlet The Block reports on May 15.

Per the report, Iota’s system will be implemented in partnership with global manufacturing company Avery Dennison to allow Alyx’s customers to have full insight into their supply chain. By scanning QR codes with an app, it will reportedly be possible to track the course traveled by the item from its creation to the point of sale.

The Block claims that data concerning the apparel’s production location, date and raw materials will be stored on Iota’s DLT, allowing users to consult it. Debbie Shakespeare, senior director of sustainability and compliance at Avery Dennison, reportedly commented:

“Brands and consumers can know that the information they are being shown about the garment’s creation process is 100% accurate and can be trusted implicitly.”

According to fashion news outlet GQ, Alyx creative director Matthew Williams explained that the brand puts a strong emphasis on sustainability by using recycled materials and, for instance, a leather dying process which consumes CO2. Lastly, he announced:

“We’re taking it a step further: we’re going to be the first brand to introduce blockchain technology this month in Copenhagen.”

As Cointelegraph reported in March, luxury scotch whiskey brand Ailsa Bay is reportedly about to release what it believes to be the world’s first scotch whiskey tracked with a blockchain-based system.

In February, Russia’s Ministry of Education and Science also introduced a blockchain-enabled platform for tracking diamonds.

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Payments Startup Uphold to Use Ledger Vault

American payments startup Uphold has announced that it will use Ledger Vault to add more security to its platform.

French crypto hardware firm Ledger will provide its technology to American payments startup Uphold to improve security, according to a press release shared with Cointelegraph on May 13.

Formerly known as Bitreserve, Uphold will reportedly incorporate Ledger’s institutional custody platform Ledger Vault to boost its anti-hack protection by adding an additional layer of security.

J. P. Thieriot, co-founder and CEO of Uphold, said that Ledger Vault integration was mainly driven by customer demand for thorough security measures.

According to the press release, the integration of Ledger’s tech will enable a number of key benefits for Uphold, including a multi-authorization governance model, support of new ERC-20 stablecoins and other proxy assets such as the Universal Protocol-based tokens, among the others.

Ledger Vault first rolled out in May 2018 as a digital asset security tool targeting institutional investors. The firm subsequently announced that it was expanding its business to New York in November 2018, also appointing a former Intercontinental Exchange (ICE) executive as head of global operations.

Recently, Ledger announced that Canadian crypto exchange National Digital Asset Exchange (NDAX) would use Ledger Vault to secure its assets.

Yesterday, major crypto exchange Binance announced that the platform was planning to fully resume deposits and withdrawals, following a major hack that resulted in the loss of $40 million worth of bitcoin (BTC).

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Over 50 Banks Simulate Letter of Credit Transactions on R3’s Blockchain in 27 Countries

Over 50 banks participated in the simulation of letter of credit transactions on R3’s blockchain platform in 27 countries on six continents.

Over 50 banks participated in the simulation of letter of credit transactions on R3’s blockchain platform in 27 countries on six continents. The company announced the development in a press release published on May 8.

Per the release, 96% of the participants said that the system — dubbed Voltron — will accelerate and reduce the cost of their letters of credits procedure. Furthermore, 86% of them reportedly believe the inefficiencies of the traditional system are becoming intolerable.

The company claims that Voltron cuts the execution time of the procedure from 5-10 days to under 24 hours. R3 states that, as a result of the adoption of the new system, 61% said that they are likely to move trade flows to “open account,” an option which is reportedly riskier for exporters.

The participants of the six-weeks-long trial reportedly include CIB, MUFG, National Bank of Egypt, RBI, Standard Bank and Societe Generale. The system was delivered through a partnership of Bain, CryptoBLK and R3 on Microsoft’s Azure cloud platform. Voltron is designed to be compatible with both Corda and Corda Enterprise, aiming to replace the traditional finance links and networks with a shared ledger.

As Cointelegraph reported in March, United Kingdom-based banking giant HSBC is seeking banking partners in South Korea to deploy Voltron in the country.

Kuala Lumpur-based Bursa Malaysia, the country’s stock exchange, is also working on a blockchain-enabled security borrowing and lending proof-of-concept in partnership with Hong Kong-based Forms Syntron Information, the stock exchange’s technology partner.