Cryptocurrency News Roundup | September 10 — September 16
Welcome to the PlayChip blog cryptocurrency news roundup, where you can keep up to date on all of the weeks important cryptocurrency and blockchain related news.
The Winklevoss Twins Gemini Exchange Launches Stablecoin, Backed by US Dollars
Cameron Winklevoss posted an update to the Gemini Exchange blog this week announcing the ‘Gemini Dollar’, an ERC20 token billed as ‘the world’s first regulated stablecoin’.
Stablecoins like Tether (CRYPTO:USDT) and the upcoming Stronghold USD serve as islands of stability in the rough seas of the cryptocurrency landscape. So-called stablecoins reduce volatility by pegging their value to physical assets or traditional fiat currencies. Price volatility is mitigated by producing additional supply when demand increases and by purchasing surplus tokens back from the open market when demand wanes.
“the U.S dollar deposit balance will be examined monthly by an independent registered public accounting firm to verify the 1:1 peg” -Cameron Winklevoss
The Gemini Dollar is also the first of the stablecoins to boast that it has regulatory compliance. The Winklevoss twins Gemini Exchange has gone to great lengths to build strong relationships with New York’s financial regulators.
Back in April, the exchange announced they would be deploying Nasdaq’s SMARTS Market Surveillance technology, the market-leading solution for combating exchange manipulation and malicious behaviour. Gemini also hired former New York Stock Exchange executive, Rob Cornish, as the companies CTO to assist with compliance.
You can learn more about the Gemini Dollar in the official whitepaper, available here.
NSW Driver Licenses Moving to the Blockchain
The NSW government will begin trialling a blockchain solution for verifying digital driver licenses. License holders in Sydney’s Eastern suburbs will join existing trial participants in Dubbo, for a full list of supported regions please refer to the Service NSW portal.
The trial is being run by Sydney based Secure Logic and will operate on their ‘TrustGrid’ blockchain. TrustGrid uses a distributed ledger and smart contracts to provide users with an unprecedented level of transparency over how their government records are viewed and utilised.
Under the TrustGrid protocol any government agency that accesses a citizens data would require permission and regulatory authority to access those records, which would be governed by the rules of the relevant smart contract.
Private sector institutions could also access this citizen data under a ‘consented disclosure’ model whereby users would have the ability to approve or deny any disclosures of personal data.
When data is shared via the network the details of the transaction will be logged to an open audit ledger, giving network participants confidence that their data is being used and shared only according to their preferences.
You can read more about the TrustGrid network in the Secure Logic whitepaper.
Waves Blockchain Breaks Into New Markets
Two big announcements for the Waves blockchain platform this week with Russian manufacturing giant Rostec and the Maltese government both planning to implement the blockchain solution.
Russian state-owned manufacturing firm Rostec will implement the Waves blockchain platform through a partnership with Vostok, a startup founded by the Waves team.
The Waves platform will be used to provide additional security and governance to Rostec’s data collection and analysis process, Rostec currently supports over 700 industrial entities, including military contractors. The company was founded as part of Russia’s ‘Digital Economy’ development program and is chaired by one of President Vladimir Putin’s closest political allies, Sergey Chemezov.
Another wave, this time in the Mediterranean, sees the government of Malta evaluating it’s future on the blockchain. Cryptocurrency news portal CCN is reporting on a meeting between the island nations Prime Minister Joseph Muscat and Waves CEO Sasha Ivanov.
The meeting covered potential blockchain solutions ranging from land registration, voting and healthcare to more frontier applications like tokenised financial instruments.
To learn more about the Waves platform and the team behind it click here.
For more information regarding the PlayChip ICO click here.
Images courtesy of Wikimedia Commons.
