The Spanish Parliament encouraged the government to use the blockchain

The ruling party of Spain recommends that the government use the blockchain to increase the efficiency of public administration.

133 MP from people’s party made in the lower house of Parliament — Congress of deputies — the document associated with the application of the blockchain. It offers the Cabinet of Ministers to introduce new technology to improve internal processes and transparency of decision-making.

“The introduction of the blockchain in administrative concessions, contracts or internal processes would promote greater control and transparency in processes. In addition, the use of this technology can also bring extra income to the authority through the promotion of new models of exchange rights in such sectors as logistics, tourism or infrastructure,” the document says.

Lawmakers called on the government to create public and private blockchain model to support secondary markets of goods and services. According to them, this will help to reduce costs, increase productivity and stimulate employment.

The introduction of new technology the government is also recommended to improve the training of developers in the field of blockchain.

Having expressed support for the introduction of new technology and to define the main directions, the Spanish legislature has not indicated any specific plans or time frames for this. In contrast, the MP of the ruling Conservative party of great Britain on the eve invited the government of their country due to the introduction of the blockchain to save up to £8 billion in the current fiscal year.


Border-the customs service of Canada joined blockchain project IBM and Maersk

Agency of Canada border services (CBSA) and the second largest port in the country signed a contract to operate a blockchain-solution designed to streamline transportation.

CBSA and the port of Montreal will hold a test project TradeLens created by American technology Corporation IBM and the Danish shipping giant Moller-Maersk.

The project was launched by IBM and Maersk in the beginning of this year. Its goal is modernization of the shipping industry due to the digitization of paper documents, conversion to electronic processing, and billing and tracking of container shipments with the technology of the distributed registry. It is expected that full commercial operation blockchain platform TradeLens will begin at the end of the year.

While in IBM noted that the duration of the joint pilot testing with CBSA and the port of Montreal is not defined.

The President of the CBSA John Ossowski (John Ossowski) said that the ultimate outcome of the project can become “faster and more reliable national supply chain, which could have a positive impact on the economic performance of Canada.”

In August it was reported that the platform TradeLens was signed by more than 90 participants, among which the ports of Singapore, Halifax, Rotterdam, Bilbao, customs Australia, Peru and the Netherlands.

As noted by the head of the research group on the blockchain in the Center for transportation and logistics Massachusetts Institute of technology Borrell of INMA (Inma Borrella), the key to maximize the benefits of the blockchain-a platform can be global cooperation. However, one of the barriers is that the area of sea freight is very slow in adopting technology, she added.

“I wonder what all these companies are learning technology, but return on investment not yet evident”, — said INMA of Borrell.

Recall that the southern neighbor of Canada — US — border the customs service before the beginning of testing its own blockchain project certificate authentication. Recently completed its first phase and now comes the evaluation of the results.


The Bitcoin network, Cash found block of size 8 MB

16 Aug at 11:54 UTC network Bitcoin Cash was found a block size of 8 megabytes, which contained data on nearly 37 thousands of transactions.

Presumably an hour before this, the network experienced a spam attack with the emergence of a large number of unconfirmed transactions, quickly responding to mempool. 8-megabyte block number 479469 was allegedly produced a pool of BitClub Network. After some time was even mined a few blocks with an average of 4 megabytes, contained information about 20-25 thousands of transactions every.

It is noteworthy that at this time, Bitcoin (BTC) contained about 48 thousand unconfirmed transactions.

Recall that the restriction of block size of 1 megabyte in the mainline Bitcoin was named one of the causes of the incident on 1 August this year, hard forks, in which there was a separate currency of Bitcoin Cash. However, over the past two and a half weeks after that, the network difficulty of Bitcoin Cash is only about 13% of the difficulty of the Bitcoin network and the currency is less interesting for the miners.


Bitcoin Wallet Samourai refused number of functions on demand, Google Play (updated)

The functionality of the new version based on the increased privacy of the users of the bitcoin wallet Samourai Wallet was reduced to meet the requirements of Google.

«Starting with version 0.99.04, we disable a number of functions for a new, extremely strict rules of Google, which the company implemented to better control the experience of the interaction of its users. Otherwise our app would be removed from Google Play», — said in a tweet.

So, from Samourai Wallet was removed «stealth-mode», «protection switching SIM card» and the option «remote implementation teams via SMS».

It should be noted that these functions were present in the Samourai Wallet as additional settings from the first release of the wallet in 2015.

«Stealth-mode» hide the wallet application in the case of physical access of a potential attacker to your mobile device. «Protection against switching SIM cards» allow the user to receive notifications when his phone number was transferred to a new SIM card, and «implementation of remote commands via SMS» helped to erase the data of the bitcoin wallet lost device.

The developers Samourai Wallet has issued a request for exclusive rights to retain these features, but Google rejected it.

«The Corporation is not interested in what the removal of these features will make users less protected and more vulnerable to attack. In this regard, the full application Samourai Wallet is what will be distributed through third-party sources,» they added.

Also, the developers suggest to get out of stealth-mode before downloading the latest version of the wallet from Google Play.

UPDATE 16:00

The developers Samourai Wallet posted a link to download the full version of the wallet from GitHub.

We will remind, in December Samourai Wallet updated user interface and introduced its own full bitcoin node.


Bitcoin exchange Bitfinex has resumed after upgrade infrastructure

Cryptocurrency exchange Bitfinex and Ethfinex resumed operations after a planned transition with cloud AWS for their infrastructure.

In the blog, the company noted that the transition to the new servers have increased the speed of operations on the platform twice. In addition, the increased level of security, since the exchanges now do not have to rely on third-party infrastructure.

Soon, however, Bitfinex said that while the platform is not as smooth and will need some time to achieve the desired level of performance.

We will remind, from-for transition to the new servers trades on Bitfinex and its subsidiaries platforms Ethfinex for some time was suspended.

The company has decided to go on its own infrastructure hosted in the data center in the Swiss Cryptocoryne. IFinex technical support was provided by the company Market Synergy.


An alternative valuation model of bitcoin indicates that it is undervalued

Investment company Capital Bitblock has published an alternative model for the valuation of bitcoin. In the report, which examines data for the period from July 2016 to December 2018, «explains the relationship between bitcoin price and its intrinsic value» using proprietary valuation models of the company.

Bitblock Capital claims that in 2017 «the real value of bitcoin was the center of a lively debate on the market» and notes that the behavior of the price of BTC «is similar to the price trend of highly speculative securities,» however, cryptocurrency asset «is similar to gold.»

The document says that currently there are three popular theories evaluation: monetary model, the model of supply and demand, as well as model extraction.

Bitblock argues that there are several problems associated with the exchange model. The report highlights the characteristics of the securities that demonstrate the price behaviour of bitcoin, and concluded that the monetary model «has very limited effect» on the value of BTC.

As noted in the report, «without additional price model» demand and supply «is able to analyze the equilibrium price of bitcoin». In addition, the company found that the model of supply and demand has a number of disadvantages. The report says that «it is difficult to accurately measure the position and elasticity of the demand curve and supply», and that the model «has a very limited practical use», particularly in respect of predictions of the price movement.

The model of evaluating mining Bitblock

Evaluation of model extraction offered Bitblock, described as «model-based noarbitrage pricing or pricing models risk-financial Economics». The company claims that «any risk-free arbitrage opportunity is quickly used by market players with sufficient capital», keeping prices on the level of «no arbitrage».

The study used «model in operating income from the point of view of the miners,» for the valuation of bitcoin. This model is based on the assumption of «market equilibrium in mining industry.» In addition, Bitblock suggests that «the value of bitcoin depends solely on considerations relating to mining power and electricity costs,» and ignores the «irrational volatility and speculation» in the markets.

The report also draws attention to the labor theory of value, describing a key property of bitcoin as a «store of value». According to the equilibrium price generated by a valuation model Bitblock, price and the equilibrium value was balanced in the period from July 2016 until the end of 2017, with prices gradually grew, along with a steadily growing hasraton.

The report asserts that, beginning in November 2017, «bitcoin price deviates significantly from the equilibrium value» and is growing rapidly, despite the steadily increasing hash rate. After a brief correction in November, when the price changed from the equilibrium value in accordance with the model Bitblock, on the last leg of the rally of the bulls in 2017, the value is rejected.

After the price drop beginning in the 2018 model Bitblock, konsolidiruyutsya close to its equilibrium value within several months before to drop sharply, below the value of the equilibrium price. Regarding current market action, the report argues that for the cost of the «irrational» to stay at a level significantly below the equilibrium value for an extended period of time.

Recently an independent Agency Weiss Ratings reported that in 2019, the price of bitcoin will reach a record high, and at the end of last year, the research firm A. T. Kearney said that bitcoin will gradually increase market share of cryptocurrencies and this year the index of dominance BTC will reach 66%.


The stress test passed: during the day, the Cash Bitcoin network has processed 2 million transactions

On 1 September the Bitcoin network, Cash conducted a stress-test, during which for 24 hours the miners have processed over 2 million transactions.

The average daily volume of the BCH transactions exceeded the record values achieved in networks with Ripple (1.7 million) and Ethereum (1.2 million).

According to the data, the day the network BCH processed 2 060 041 transaction is 85 835 transactions per hour and 23.8 per second. For comparison, BTC network processed an average of 3 transactions per second.

Furthermore, on 1 September the size of the mined by the miners of the blocks of the BCH for the first time exceeded 8 MB. During the stress test produced a plurality of blocks of 4-8 MB, and 9, 10, 13,5, 14, and even 15,2 MB. Mining pools such as Viabtc, Coingeek, BMG Pool, Waterhole, and other treated blocks, the size of which was much larger than 8 MB.

Recall that in may, the Bitcoin network Cash held hardwork, in which the maximum block size was increased from 8 MB to 32 MB.

That in the network of the BCH will be held in a stress test designed to check its capacity, it became known in July.


The Singapore Central Bank: cryptocurrency ICO’s a lot to learn

The head of the Department of financial strategy of the Monetary authority of Singapore (MAS) Ng Yao Loong (Yao Loong Ng) believes that regulators can draw a number of lessons from the events surrounding the initial proposals of the coins (ICO) and cryptocurrency.

The official said during a panel discussion at the conference ASEAN Capital Markets in Kuala Lumpur on Wednesday, reports The Edge Markets.

The Executive Director of the Department’s de facto Central Bank of the country noted that the ICO and digital currency many are skeptical, believing them to be fraud or Scam. However, the controller has the fiduciary responsibility to remain vigilant against the potential outcome, he added.

Yao Loong Ng believes that there are certain moments in these new technologies from which regulators can draw lessons. The result will be solutions that improve the performance of both public and private market. As an example, he drew attention to the time to market:

“If the process of writing a document for the ICO and the subsequent listing on the stock exchange can take a few days, then obviously that’s something we can learn.”

A typical initial public offering process (IPO) could take up to nine months, said the official. Perhaps, he said, need to pay attention to this aspect of ICO, which he compares favorably with the IPO, to search for appropriate solutions.

Earlier, the head of MAS , Ravi Menon (Ravi Menon), said that the regulator has no plans to regulate cryptocurrencies. MAS and the Minister Tharman Shanmugaratnam (Tharman Shanmugaratnam) said that the regulator does not develop new rules specifically for ICO. At the same time, blockchain-companies choose the venue of the ICO that is Singapore because of the favorable tax legislation and transparent rules of doing business.


Western Union has no plans to support cryptocurrency transfers

CEO of Western Union , Hikmet Ersek (Ersek Hikmet) said the international money transfer service in the near future intends to implement solutions to transfer cryptocurrencies.

The head of the world’s largest company for remittances, explained that customers prefer digital currencies paper money because of better opportunities in the use of cash.

“Consumers tell us they want. People don’t pay their hospital bills with cryptocurrency,” said Hikmet of Ersek.

He added that the skeptical stance of Central banks is another reason not to expand services for digital assets. Central Bank will not abandon their own controlled currency in favor of digital or decentralized alternatives, considers Ersek. “The country is built on the flags, constitutions, borders and currencies,” and no Central Bank, which is a reserve currency, will not give up such control, said the head of Western Union.

It was reported that since the end of last year, Western Union has ceased to carry out transactions associated with accounts of cryptocurrency exchanges, citing internal rules.

In February, the company confirmed that tested the blockchain-a platform for international transactions, the company Ripple . A month earlier, only rumors of a collaboration with a startup from San Francisco shares of Western Union has increased by almost 8%.


Spain have successfully tested the check listing of the shares on the blockchain

The Spanish national Commission for the securities market (CNMV) announced the successful completion of the pilot project for the transfer of registration of listing on the blockchain — Fast Track Listing (FTL).

In conjunction with the regulator in its implementation, participated in the Madrid stock exchange (BME) and a number of large banking and financial institutions, including Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale.

“The goal was to simplify the processes and reduce the time necessary for the registration of the securities issue. It has been proven that the use of blockchain technology can increase efficiency in terms of time and resources, and to enhance the safety and traceability of processes,” — said in a statement CNMV.

The regulator noted that the use of blockchain technology has reduced a process that usually takes over a week to 48 hours. The project also provided the necessary automatic validation of requirements and transparency of the process.

Given the success of this proof of concept FTL, the Commission announced its intention to explore other possibilities of application of new technologies and to further develop the project. BME and banks involved in the process of issuing securities, also expressed support for further work on this project.

We will remind that on the eve of the Spanish Parliament encouraged the government to implement blockchain technology to improve the efficiency and transparency of public administration processes.