Market Updates: Ethereum, Solana, Chainlink, VeChain
Flipsider:
Governmental news: The U.S. Air Force, Cuba, South Korea
The United States Air Force (USAF) has made a deal with the Constellation Network. The collaboration allows the development of a secure data exchange system that could be used to securely share data throughout the U.S. Defence infrastructure. Constellation says it’s “a massive shift in the utility of blockchain technology for something as prolific and complicated as data.”
Cuba will start to regulate cryptocurrencies for payments made in the country. The rules will be set out at a later date by the country’s Central Bank. Crypto usage grew notably in Cuba following the economic sanctions imposed by former President Trump.
South Korea’s financial intelligence unit (KFIU) has set up a separate division to monitor suspicious crypto transactions, strengthen the supervision of operators, and detect possible money laundering cases. The bureau comes into force in September. Crypto exchanges that fail to register with KFIU, and do not require real-name registration, will not receive permissions to operate.
Flipsider:
Cardano Updates: The Ethereum Converter and Bug Bounty Program
Some time ago, Cardano was referred to as a project with a “slow and steady wins the race” approach by DailyCoin. Impressively enough, it seems the team is progressing from this strategy. Cardano is no longer humble, so we receive more news, such as the following, about the project almost every day.
The announcements were delivered at the annual Cardano360 online conference. First of all, the highly anticipated Ethereum converter will be launched on the network’s testnet during the next week. This bridge will allow ERC-20 tokens to be natively issued on the Cardano network. Moreover, this means that proof-of-work tokens can easily be swapped to the proof-of-stake blockchain.
Cardano also announced a bug bounty program on their official blog. As the ecosystem continues to grow exponentially, protocol security has become an increasingly important question. Thus, the Cardano Foundation has partnered with HackerOne, one of the biggest hacker powered security platforms, for a bounty hunt. For those looking to measure their abilities, and those who want a shot at the bounty, check the program out here.
Flipsider:
Microsoft and New Services to Create Crypto Tokens
Microsoft has been awarded a U.S. patent for software.
Software that is the ledger for, and will function as, a blockchain, but will not actually be a blockchain.
Overall, the ledger will help users to develop blockchain applications and create crypto tokens for different distributed ledgers, making the whole process easier and more efficient.
Currently, creating and managing tokens is complex due to the lack of standardization across different blockchains.
Microsoft’s patent, and a ledger-independent system, allows users to create tokens and manage them across different networks.
After a user’s request is received, the system offers templates with various features and control functions.
The system also provides a common interface for managing the tokens, which means developers won’t have to stress about knowing token-specific code to interact with them.
Flipsider:
Royal, an NFT Music Marketplace Backed by Paradigm
Founders Fund and Paradigm backed Royal, is a music marketplace planning to sell song rights as NFTs.
3LAU announced the launch of the Royal Music Investment Platform with $16 million seed funding led by Peter Thiel’s Founders Fund, and Paradigm, a crypto-focused investment.
The companies are leading investment in the platform which seeks to connect music rights with NFTs.
This would allow users to buy shares of songs through the company’s marketplace and earn royalties as the music they’ve invested in becomes more popular.
Flipsider:
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Source: Cryptocurrency - investing.com
