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New Consensus Algorithm From Matrix

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A Hong Kong-based Matrix AI Network is currently creating a new prototype of a hybrid PoS/PoW consensus algorithm.

New Algorithm

Algorithm

According to Owen Tao, the company’s CEO:

“Designed to be the new generation blockchain, MATRIX leverages the latest AI techniques to revolutionize the landscape of cryptocurrency. MATRIX differentiates itself from previous blockchains by offering breakthrough technologies in building AI-enabled autonomous and self-optimizing blockchain networks, which feature multi-chain collaboration and decoupling of data and control blocks”.

This new project will be one of a kind according to Tao. The idea is based on a random clustering algorithm, which is then made in a distributed manner.  Tao states that the algorithm will bring fairness to the table, the probability to be selected as a delegate will be proportional to its PoS.

“Our design combines both PoS and PoW for both efficiency and fairness”

“With the PoS-based random clustering, a small number of nodes will be chosen as delegates. The transactions are broadcast only among these delegates. In previous blockchains, transactions have to transferred to every node in a P2P network and the latency increases as  the number of nodes grows. With our algorithm, the small number of nodes enables a significantly lower latency because of the reduced overhead of broadcasting transaction”.

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Bank Bans Credit Card Crypto Purchases

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The Lloyds Banking Group in Britain is one of the giants in the whole world and the largest in the UK, and it has recently become the first major credit card provider in the country to ban its customers from using credit cards to purchase digital currencies.

Credit Card Ban: Cryptocurrencies

The ban comes after the case of J.P. Morgan Chase, Bank of America, and Citigroup’s similar choice yesterday to ban credit cards purchases of cryptocurrencies for all their customers.

Lloyds, has in itself Halifax, Bank of Scotland, and MBNA, and it will block its 9 million credit card users from buying cryptocurrencies.

However, Lloyd’s customers will still be free to buy cryptos with debit cards.

The credit card crypto ban came into place after Bitcoin saw a huge price drop in the market this week, falling below $8000 for several days which is not very good for the mainstream crowd.

Lloyds stated that the ban will “protect customers” that could store big amounts of credit debt if the market price keeps going crazy, which it may, if cryptos stay true to their rule of volatility

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Airline in Japan to Support BTC

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Japanese airline, Peach Aviation has announced that it plans to accept Bitcoin (BTC) as a payment method.

Airline BTC Payment

The idea had been delayed, however it has been confirmed that they will in fact go through with it.

Japanese broadcasting corporation NHK World had previously posted an article about Peach Aviation doubting cryptocurrencies after the Coincheck hack for $534 mln. The article was removed not long after.

According to the airline, the rumors that Peach Aviation would not follow through with their BTC payment option after the NHK article, are false.

They said:

“There have been some reports today on our company retracting its plan to enable airline tickets to be purchased with Bitcoins; however, this is not something that was announced by our company and is not a fact. We are currently considering our start period in aiming to introduce such a service.”

Although it is still a new thing to include cryptocurrencies as a form of payment in airlines, Peach Aviation is not the first to accept them.

Back in July 2017, AirBaltic introduced to their customers the option to purchase flights with Bitcoin. On the Blockchain court, Singapore Airlines have just today, announced a Blockchain-based frequent flyer app which will be releasing in August this year.

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Blockchain and the Digital Revolution

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Cryptocurrencies and new technologies such as Blockchain are bringing a new idea for the future of finance.

Many people however have been saying that even if the uncertainty towards Bitcoin ends in failure, the Blockchain technology is the real protagonist in this digital revolution.

In an interview with Francesco Abbate and Luigi Matrone, they give some light about the potential of digital currencies and Blockchain.

Interview: Abbate, Matrone

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Francesco Abbate – Finance Director at Procter & Gamble, co-founder of decrypto.biz, CEO at Swiss Crypto Advisors. With 15 years of high level Finance experience in a multinational environment, coupled with many years of study and interest first in Bitcoin and then in crypto-currencies he is not only an investor & trader but also an orator, public speaker in the world of crypto.

Luigi Matrone – Former global brand manager at Procter & Gamble, co-founder and CEO at E-Business Institute, a consulting firm that provide digital and e-business solution for companies. Investing in the crypto world since few years, also co-founder and CEO of Smarter-chains, a digital platform helping manufacturers drive margin improvement and customer centricity by leveraging new technological capabilities.

I tried to get out some tips. But I got much better than only tips.

How is the weather in Davos? Blockchain must have been a dominant part of the narrative at the recent WEF?

It is quite cold and it snowed a lot here, but the super-hot topic was undeniably blockchain, there were so many discussion panels on this, it is clearly one of the most debated area, with people interested in this from all industries. It shows that this is getting traction, although we are still at a very early stage.

Let’s begin with the value. Because in the end it is the ‘value’ that is going to determine the usage, prevalence and future of cryptos. What is the intrinsic value of Bitcoin/crypto? They are not backed up by gold like $ dollar or guaranteed by the government?

That is a very good point. Actually since 1973 Nixon abandoned the gold coverage of $ dollar so we entered into the fiat money era. We are personally the opposite of an anarchist and I like and value order and governments, although to be fair people in Argentina or Zimbabwe might have a different idea of what trust in the government means.

When it comes to intrinsic value it all depends on circumstances and what people are willing to use to transfer value. We started with barter deals, we went through gold, fiat money, credit cards…and credit card was a big revolution decades ago as people could not see the real money. In prisons often cigarettes are used as a mean of value transfer, so it is all relative and what matters is what people are willing to attribute value to, not always this might be what is guaranteed by a government.

So ultimately value is a matter of trust. But how can we believe in Bitcoin if it is not regulated? We often read of hacks and theft. I wouldn’t leave my money on the mercy of these cyber-crooks.

Very important point indeed. We get this question every day. Bitcoin in itself as a protocol and as a software is fully regulated, there are rules for everything, the code is open source and everyone can read it. You can see how new Bitcoin are created roughly every 10 minutes as rewards for mining, how transactions are signed and broadcasted, how the ledger is validated and maintained. You can’t change the rules without consensus; it is a “distributed democracy system”. And in itself the system is completely secure, not because we say so but because that is how it mathematically works, the block-chain itself practically immutable thanks to the amount of computational power necessary to add every block to the block-chain, it is just mathematically impossible to go back and change the content or orders of transaction, you can’t lose your Bitcoin or get stolen this way. What indeed happened and will continue to happen is hacks to personal accounts which are not protected, or to exchanges which are centralized. This has nothing to do with Bitcoin itself, it is either a personal fault (you are responsible for your security, like you would not give your credit card pin to strangers), or the result of a centralized player exchanging money for Bitcoin. If you leave your Bitcoin on exchanges and their central server gets hacked, then you can lose. Again, the point here is not to leave Bitcoin on exchanges and use basic security and safety procedures to be protected, we also take care of education and consultancy about this in www.decrypto.biz. As always, the users are the weakest point of the chain, but this can be minimized with specific knowledge, tools, and good practice.

Source: http://moderndiplomacy.eu/category/business/economy/

 

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