Going the Extra Mile (September 2019)
Welcome to the CyberMiles Foundation’s monthly newsletter #21
Sept. 4, 2019
Greetings, CyberMilers! For you this month we have community (and Community Vote) updates, a new CyberMiles validator/strategic partner, and app enhancements. Read on for more, along with blockchain and cryptocurrency news.
Announcements
CyberMiles focuses on e-commerce “DApp” development in Q3 2019
Those who follow CyberMiles’ development progress on GitHub may notice that the peer-to-peer marketplace code repository is active, with code updated frequently. In fact, decentralized e-commerce software has been tested on CyberMiles’ TestNet for over a month. Keep tabs on our roadmap via cybermiles.io/en-us/about-us/roadmap.
Validator program update: TISS becomes latest validator, CyberMiles’ strategic partner
TokenInsight Staking Service (TISS) is entering a strategic partnership with CyberMiles, focused on data collaboration, community governance, and ecosystem development.
Building on this collaboration, TISS also is slated to run validator nodes for multiple Proof-of-Stake blockchains, joining in the effort to secure and grow the PoS ecosystem. For more information, visit blog.cybermiles.io.
What is the purpose of our validators? Well, validators are responsible for maintaining crucial network infrastructure, and for making rule changes and governance decisions on behalf of delegators. Learn more about the program at cybermiles.io/validator.
CyberMiles introduces version 3.2 of the app, now enhanced with additional features
After weeks of testing, CyberMiles has released a new version of the app, close on the heels of last month’s version update. With version 3.2, smart contracts:
- cost 0 gas and 0 CMT
- can be executed without requiring a password
Download the CyberMiles app today via app.cybermiles.io.
Community Vote results in a fixed block reward of each new block on CyberMiles
CMT holders, the CyberMiles Foundation initiated a recent Community Vote. The purpose? Whether to change CyberMiles’ DPoS blockchain inflation mechanism to a fixed amount per block. The result? The block reward of each new block on CyberMiles will be fixed at 25.36783 CMT, replacing the 8% annual inflation rate. The implication? This will reduce inflation and pressure from the supply side so that long-term inflation therefore will be controlled. Thanks to all who participated and take part in our blockchain governance.
In the News
How Will Brexit Impact the Pound and Demand for Bitcoin?
For the price of crypto, what are the (likely) pros and cons of the U.K.’s leaving the European Union?
The geopolitical turmoil around the globe, with its backdrop of economic uncertainty, certainly has been key in driving the price of Bitcoin higher (and higher, and higher). Is it time to add Brexit now to the list of Bitcoin price boosters? The CyberMiles Foundation’s co-founder suggests:
The weaker national governments (like the U.K.) are, the better Bitcoin looks in contrast. For instance, the price of Bitcoin in recent days definitely is correlated with the U.S.-China trade war.
The passing of — and fallout from — Brexit in 2016 very well may have influenced the extraordinary run-up of Bitcoin (and other cryptocurrencies) in the year that followed.
What we’re witnessing now is a burgeoning “arms race” to become the electronic cash of tomorrow.
Read more of Dr. Yuan’s (and other experts’) insights on the Brexit effect, visit insidebitcoins.com.
Bitcoin Failed as a Payment Method — Do Banks Really Need to Be Afraid of It?
More than a decade has passed since the world’s leading cryptocurrency, Bitcoin, came to the global financial scene, offering the world an alternate payment system, free of bank interference.
But while Bitcoin came forward as a revolutionary financial framework to tackle various problems (such as inflation) associated with centuries-old, debt-based banking system, it has yet to pan out as anything other than a “store of value.” According to CyberMiles’ co-founder and chief scientist:
[Bitcoin] has not succeeded as a payment system. For banks, however, an e-payment system in step with Bitcoin’s decentralization philosophy represents an opportunity to reduce online payment costs.
If [crypto] is to rival banking in its full glory, the need for it is to integrate itself into the financial system at the deepest level. Per Dr. Yuan:
The key measure of success is whether Bitcoin or other cryptocurrency can help the poor and unbanked integrate into the world’s financial system.
Read more about which major banks are integrating blockchain already at blockpublisher.com.
What Are the Challenges to Blockchain Adoption in the Banking Industry?
While banks have invested millions, if not billions, into their operational infrastructure, it’s larger institutions that can afford to explore blockchain technology. (Small- and mid-sized banks, by contrast, often don’t have that luxury). When will regulation catch up to decentralization? CyberMiles’ co-founder, Dr. Michael Yuan, posits:
Regulatory environments, which vary from country to country, represent perhaps the strongest headwind. There still is a fair amount of confusion and fundamental misunderstanding about how blockchain technology can facilitate and improve banking globally — case in point: a fear of money-laundering.
The mass adoption of blockchain, which can eliminate “middlemen” — code, rather than humans, will handle many processes — also may encounter resistance, despite the more transparent, efficient and cost-effective benefits.
Read more at disruptordaily.com.
How Banks Can Become More Effective with Implementation of Blockchain
Speaking of banking, banks and other financial services already have seen significant blockchain adoption (or at least investment), partly due to an ever-growing need for enhanced security and availability of mobile and online banking in emerging markets.
How is blockchain technology being applied in potentially transformative ways?
- To manage customer identity and data privately and safely, while enabling smoother transactions and financial settlements
- To store important financial records in a decentralized network, bringing added privacy and security to banking
- To support a large library of smart contracts that power decentralization of processes, such as dispute resolutions
Read more at coinratecap.com.
The Crypto Countdown
- Andreessen Horowitz Is Leaving Venture Capital, and Cryptocurrency Could Be a Core Motivator (Source: AngelList)
- Barclays Is No Longer Banking Coinbase (Source: CoinDesk)
- China to Launch Government-Backed Cryptocurrency in November (Source: Crypto Potato)
- Coinbase Expands Cryptocurrency Visa Debit Cards Across Europe (Source: Coingape)
- Ethereum Classic Labs Announces Studio (Source: Blockchain Wire)
- French Police Shut Down 850,000 Computer Botnet Used for Cryptojacking (Source: CoinTelegraph)
- IRS Says It’s Sending Warning Letters to U.S. Cryptocurrency Owners (Source: CoinDesk)
- Japanese E-Commerce Giant Launches Trading Service for BTC, ETH, and BCH (Source: CryptoGlobe)
- NBA and ‘CryptoKitties’ Creator Team Up to Launch Game Collectables (Source: CoinDesk)
- Portugal Tax Authority: Bitcoin Trading and Payments Are Tax-Free (Source: CoinTelegraph)
- SEC Is Planning to Run Cryptocurrency Nodes (Source: The Block)
- Secret U.N. Report Suggests North Korea Stole $2 Billion via Crypto (Source: Modern Consensus)
- Texas Securities Watchdog Shuts Down Craigslist Crypto Scammer (Source: CoinTelegraph)
- U.S. Lawmakers Are Realizing They Can’t Ban Bitcoin (Source: Forbes)
- Will South Korea Launch Their Own Cryptocurrency Soon? (Source: BTCWires)
- You Now Can Earn Bitcoin Rewards for Postmates Purchases (Source: CoinDesk)
Thanks for your support, CyberMilers! Help us spread the word, won’t you? — Mark Brinkerhoff, Community Manager
Mark Brinkerhoff, a CyberMiles advisor and VP of Communications at 5miles, writes about the mainstreaming of emerging technology in business.
Have questions? Anything that you want to see included in our next newsletter? Email mark@cybermiles.io.
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