Bank of Thailand: Using Digital Currency Takes Time in Thailand 2214

A plan to use digital currency, instead of cash, will not happen in Thailand within the next 3-5 years, said Veerathai Santiprabhob, Governor of Bank of Thailand (BoT).

Mr Veerathai admitted that the use of digital currency, although success in some developed countries, is not easy and takes time because of complication, a readiness of people and an efficiency of technology.

New states and developing countries will take a long time to switch to using digital currency and it will not happen within the next three to five years, he said.

His comments were made after Christine Lagarde, Managing Director of International Monetary Fund, asked central banks worldwide to consider using digital currency in future, instead of cash.

Sweden, for example, is now using an e-Payment system almost entirely, still finds that using digital currency is certainly a difficult task and people in the country must be well prepared first, said Mr Veerathai.

The BoT has not yet launched a Central Bank Digital Currency with the public and it is now testing the use of digital currency for settling payment among financial institutions, he said. The BoT hopes that full implementation of using digital currency among financial institutions would take place during the first quarter of 2019, he added.

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Mechanical Technology Incorporated Announces Closing of Previously Announced GigaWatt Acquisition 5761

Mechanical Technology, Incorporated (“MTI”), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announced today that EcoChain, Inc. (“EcoChain”), a wholly-owned subsidiary of MTI, has closed its acquisition of the intellectual property of Giga Watt, Inc. (“GigaWatt”) and certain other property and rights of GigaWatt associated with GigaWatt’s operation of a crypto-mining operation located in Washington State.

The acquisition was approved by the United States Bankruptcy Court for the Eastern District of Washington and was consummated by EcoChain on May 20, 2020. As previously announced by MTI, EcoChain purchased the subject GigaWatt assets for cash consideration of $200,000 and will be assuming certain contractual obligations of GigaWatt related to existing leases and utility power supply. EcoChain intends to sell certain acquired equipment that is determined to be excess in nature so as to reduce EcoChain’s overall transaction costs. EcoChain expects that the newly acquired assets will form the cornerstone of EcoChain’s new pilot cryptocurrency mining operation.

About EcoChain
EcoChain, Inc., a wholly-owned subsidiary of MTI, is developing a pilot cryptocurrency mining facility powered by renewable energy to integrate with the bitcoin blockchain network.

About MTI
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument’s products use a comprehensive array of technologies to solve complex, real world applications in numerous industries including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage.

Harmony Launches Staking, Becomes the First Sharded Proof-of-Stake Blockchain to go Live 6984

Harmony upgraded its mainnet to support staking, becoming the first blockchain to successfully combine sharding and proof-of-stake. Launch partners include Binance, Huobi and BitMax as well as professional validators such as Blockdaemon, Stake.fish and Figment Networks. Stakers on Harmony can expect to earn annual yields ranging from 45% to 15% in the first year.

Background

In 2018, the combination of proof-of-stake and sharding emerged as a leading solution for blockchain scaling. Projects like Ethereum 2.0, Near Protocol and Harmony adopted this approach for its promise to increase transaction throughput and reduce cost, while preserving decentralization.

Theoretical promise quickly gave way to the daunting technical complexity of building such a system. Fast forward to 2020 and no project has yet been able to crack the nut of sharding and proof-of-stake. That is until Harmony announced it had successfully upgraded its 4-shard network to support staking.

Impact

Being first is one thing, but the real question is does this blockchain architecture deliver on promises? And here Harmony’s making remarkable progress. Transactions on Harmony settle in 8 seconds, a welcome change for those accustomed to waiting minutes for Ethereum transactions to finalize. Costs are significantly cheaper as well. A transaction on Harmony will set you back only $0.000·001.

Sharding allows Harmony to achieve these results without sacrificing decentralization. Harmony’s network consists of over 320 public nodes and Harmony plans to increase that number to 1000 and beyond by the end of the year. By contrast chains like EOS and Libra scale at the cost of decentralization by limiting their networks to 21 and 27 nodes respectively.

Proof-of-stake blockchains have been criticized for “rich get richer” economics, in which the largest stakers earn the most. Harmony’s novel staking mechanism called “Effective Proof of Stake” counters this problem by capping the rewards of large stakers and boosting the rewards of smaller ones.

Future

Now that the core protocol work is complete, Harmony will shift focus to solving a potentially harder challenge: adoption. Harmony’s EVM compatibility makes it easy for developers in the Ethereum ecosystem to test out the new network. In addition to the protocol’s features, a comprehensive set of developer grants are planned to encourage developers to take the leap.

“Now that we’re equipped with a battle-tested base layer, we will shift gears to pursue adoption with the same nonstop execution that enabled us to launch the first sharded PoS blockchain,” said Harmony CEO, Stephen Tse. “Our scalability, speed and cost will enable use cases and user experiences that no other blockchain before us could.”

Harmony’s roadmap for 2020 includes reducing settlement times below 8 seconds, transitioning to community governance, and pursuing several promising application areas including cross-border finance and branded digital collectables.

Partners

Among Harmony’s launch supporters are numerous professional validators and exchanges. Blockdaemon, Stake.fish, Staked.us, Wetez, Sesame Seed, Everstake and InfStones are among 16 staking partners who are also top validators on Tezos, Cosmos, EOS and TRON. Binance, BitMax and Kucoin will support Harmony staking on their platforms.

About Harmony

Harmony is a fast and open blockchain for decentralized applications. Its protocol has achieved secure and random state sharding. Harmony’s Mainnet supports thousands of nodes in multiple shards, producing blocks in a few seconds with instant finality. The network’s staking mechanism reduces centralization while supporting stake delegation, reward compounding and double-sign slashing. Harmony aims to build an open network of nodes operated and governed by a large community.

The Power of Blockchain and Cloud Storage for Documents 6823

Cloud Storage

MJC & Associates, Inc. of Sugar Land, Texas, introduces a digital service company and the launch of its new technology platform, SAFEBOX-IMMUTABLE BLOCKCHAIN DOCUMENT PROTECTION℠, that uses the Ethereum blockchain network and cloud storage for managing and securing your valuable documents.

SAFEBOX℠ provides a solution for signing agents, escrow companies, legal, medical professionals, and other professionals that need to store confidential documents in perpetuity! All this can be done with just a few clicks.

“We have been working on this project for so long and we are very excited for its final launch,” said Robert Coleman-Foster, CEO of MJC & Associates, Inc., parent company of SAFEBOX℠. “Our product is easy to use and is particularly designed for individuals and organizations dealing with critically important and valuable documents requiring safeguarding, even forever.”

To get the best value out of using this service, SAFEBOX℠ is offering three different membership plans perfect for all levels of users:

  • Free – allows users to view their documents on the network. The users can only access the network so they can see materials that are shared with them.
  • Basic – designed for users who want to experience the security of blockchain and cloud computing for managing their documents. This plan allows you to upload, view as well as share a limited number of documents on the system.
  • Premium–built for professionals who deal with a high volume of paperwork and want the security of a reliable scalable global system that can assure their documents will remain immutable.

About – MJC & Associates, Inc. is based in Sugar Land, Texas and comprised of many brands like SAFEBOX, Integrity Signers, Assured Auto Signers and Integrity Litigation Support Services, Home Security and Personal Health Services. They believe in giving back to the society and have proved so with their nonprofit entities, the MJCA CARES Foundation and Mighty Men of Valor Ministries.

MJC & Associates, Inc’s constant effort in creating products for the betterment of the society has lead it to develop SAFEBOX.  SAFEBOX is newly founded technology platform of MJC & Associates, Inc. that makes use of the cloud storage and blockchain technology to expedite the work related to documents and record keeping. SAFEBOX’s client base consists of signing agents, attorneys, medical professionals, title companies, automobile dealers.

AXA Ventures Leads $5 Million Investment in Next-generation Cybersecurity Startup Hub Security 10747

Hub Security, a startup that offers military-grade cybersecurity solutions for fintech, cloud, blockchain and data storage, announced today it has closed a $5 million Series A funding round led by AXA Ventures, with participation from Jerusalem-based OurCrowd.

The company said the investment will be used to strengthen Hub Security’s team, expand their technology and offer enhanced products to fintech companies, focusing on enabling access to credit, corporate banking solutions, cross-border payments and providing ultra-secure banking solutions.

Hub Security offers a solution to growing security concerns related to cloud and enterprise organizations that are raising alarm bells across industries struggling to combat rising levels of cyberthreats and attacks. There is consensus among security experts of the need for military-grade security solutions that can address the threat of data theft and exploitation –– especially in the era of COVID-19.

“We believe this round of funding is crucial to helping us continue our mission of providing military-grade level cybersecurity solutions to top cloud, finance, and digital asset management providers,” said Eyal Moshe, Hub Security’s CEO.

“Hub Security’s end-to-end approach to the development and delivery of its hardware and software components ensures the highest level of security throughout the entire product lifecycle –– something that’s critical now more than ever in the era of COVID-19. We don’t take for granted the trust we’ve seen from investors, especially in the current financial climate.”

As a growing number of industries turn to cloud and data storage solutions, there is an increasing demand for cybersecurity solutions that can combat emerging threats.

Hub Security boasts an expanding portfolio of fintech, cloud, and insurance clientele. In February 2020, the company announced its strategic partnership with Seagate® Technology as part of its new LyveTM Labs. The initiative was launched in order to provide methods for safe and secure data management solutions, both on and off the cloud.

“Hub Security’s miniHSM is the first of its kind to offer a pocket-sized HSM solution, which provides an ultra-secure HSM-to-HSM communication layer built uniquely for cloud, banking, healthcare, and government enterprises with scalable, air-tight security that can support any cloud-based or digital asset,” said Eyal Moshe, Hub Security’s CEO.

HUB Security utilizes military-grade cybersecurity tactics for its HSM architecture that is designed for FIPS140-2 Level 4 protection (In advanced stage process) –– the highest protection level available for mobile cryptographic security solutions on the market to date.

HUB Security’s combination of hardware and software solutions include ultra-secure internal signing and authorization flows with a multi-signature vault, hardware firewall and an AI-learning system designed to anticipate unique cyberattacks.

“On our FPGA-based HSM, we have an innovative approach,” CEO Eyal Moshe said. “This is in sharp contrast to HSMs relying on legacy architecture , where you have to connect your source via PCIe — and depend on the operating system to deliver the data to your application. HUB Security approach gives very high bandwidth, as well as low latency.”

“I was actively looking for a ‘software-defined HSM’ platform company in Israel for the past 12 months and I was very pleased when I met Hub Security and learned about their unique offering. We agreed very quickly to partner and invest,” said Moshe Raines, Partner at OurCrowd and Labs/02 managing partner.

Core Scientific introduces The Cloud for Data Scientists at Equinix – Powered by NVIDIA and NetApp 12656

Core Scientific today announced the availability of The Cloud for Data Scientists AI platform-as-a-service solution pilot at an Equinix International Business Exchange™ (IBX®) data center. Built on the verified architecture ONTAP® AI, the solution combines NVIDIA DGX™ systems for accelerated compute and NetApp AFF A800 Cloud connected All Flash Storage. The Cloud for Data Scientists provides accelerated GPU compute tuned to the demands of AI and deep learning.

Core Scientific is a leader in artificial intelligence and blockchain technologies, delivering best-in-class infrastructure and software solutions. In an increasingly distributed and connected world, Core Scientific believes that AI and blockchain are changing the way information is processed, shared and stored across a range of industries.

Announced earlier this year, The Cloud for Data Scientists brings the ease of the public cloud with the myriad of benefits of co-locating at Equinix. “We are thrilled to pilot our AI platform-as-a-service in a software as-a-platform solution,” said Kevin Turner, CEO of Core Scientific. “A significant number of Fortune 500 companies are deployed in Equinix facilities and are in need of high-end AI computing services under the same roof as their data.” This will be achieved via Equinix Cloud Exchange Fabric™ (ECX Fabric™), an on-demand, SDN-enabled interconnection service that allows any business to connect between its own distributed infrastructure and any other company’s distributed infrastructure, including the world’s largest network service and cloud providers, on Platform Equinix®.

“Equinix is well positioned to be the global platform on which AI platform-as-a-service thrives. Working together with Core Scientific, NVIDIA, and NetApp, we are launching a testbed environment for data scientists at the Metro Edge,” said Steve Steinhilber, Vice President, Business Development, Equinix. “By leveraging our connectivity offerings such as ECX Fabric, participants will test their ability to move relevant data from multiple public clouds, private data lakes and from edge devices into a powerful AI solution and satisfy their low cost, low latency and compliance requirements.”

“More than ever, organizations need to find creative ways to reduce capex costs and pay as-they-go for Infrastructure services,” said Santosh Rao, Senior Technical Director, AI & Data Engineering, NetApp. “Colo based consumption models for AI infrastructure enable customers to perform rapid AI model experimentation and fast track from data science POCs to production. NetApp and NVIDIA power this Core Scientific AI platform and Equinix delivers it.”

“Enterprises everywhere want to infuse their business with AI, but many lack the infrastructure to support rapid iteration and development demanded by data science teams,” said Tony Paikeday, Director of DGX Systems, NVIDIA. “The Core Scientific AI platform combined with NVIDIA and NetApp technology, delivered through Equinix, lets businesses quickly access the AI computing power they need, in an affordable opex model with cloud-like simplicity.”

The Core Scientific AI platform-as-a-service solution is not just managed infrastructure but includes a full software stack called Plexus™. “Our software stack gives The Cloud for Data Scientist the same walk-up tooling as they may find in the public cloud,” said Ferreira, CPO. “The ability to combine this solution with the leading-edge computing of NVIDIA DGX systems and Equinix’s customer data lakes is a game changer.”

Bitcoin Association Becomes Switzerland Non-profit Association, Expands Global Work to Advance Bitcoin SV 12994

Bitcoin Association, the global industry organization that advances Bitcoin SV, announces it has become a non-profit association (Verein) in Switzerland. The Association supports Bitcoin Satoshi Vision (BSV) because it is the only project adhering to Bitcoin creator Satoshi Nakamoto’s original protocol, design and vision for Bitcoin to become a peer-to-peer electronic cash system and global data ledger for enterprise.

The initial Voting Members of the new Association are: CoinGeek (entrepreneur Calvin Ayre’s multi-faceted Bitcoin mining, media and investment business); nChain (the leading global blockchain technology company where Bitcoin creator Dr. Craig S. Wright is Chief Scientist); TAAL Distributed Information Technologies, Inc., a publicly-traded Canadian company involved in blockchain transaction processing (mining) and infrastructure; and Jimmy Nguyen, global advocate for Bitcoin SV and the Association’s Founding President.

The Association’s Executive Committee consists of: President Jimmy Nguyen; Vice President Steve Shadders, CTO of nChain; Calvin Ayre, Founder of CoinGeek; Stefan Matthews, Chairman of TAAL; and Jodok Wicki, a partner at the CMS von Erlach Poncet Ltd. law firm in Zurich, Switzerland and counsel to the Association.

Under its previous structure, the Bitcoin Association grew to approximately 1500 members from over 65 countries – including enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners) and others in the Bitcoin SV ecosystem. The new Association will transition to a new membership structure, with Voting Members, Non-Voting members and Affiliates, in order to better serve the differing interests across its broad range of constituents. Information about participation options for 2020, which will serve as a transitional year, as well as details about future years will be communicated to all members of the previous organization structure.

Bitcoin Association’s Founding President Jimmy Nguyen commented on the move, saying: “As I have said before, it is time for Bitcoin to grow up. That means that the industry, especially its technology development, business infrastructure, and regulatory oversight, need to mature. This also means that our own organization needs to take steps forward in its maturity. Switzerland is a renowned global capital for finance, technology and digital currency. It is an ideal base for our global association, as we lead the maturation of the entire Bitcoin industry and significantly increase our international activities to advance Bitcoin SV. We also expect more exciting BSV developments to happen in Switzerland as a result of this move.”

Interest in Bitcoin Association has rapidly grown as Bitcoin SV has captured the digital currency spotlight. The BSV blockchain has seen application development explode globally as developers and businesses make use of BSV’s superior scaling, data and micropayments capacities. Growing usage has led BSV’s daily network transactions and average block size counts to regularly surpass BTC and even surpass the Ethereum network on some days.

To further accelerate BSV’s growth, the Bitcoin Association has an ambitious agenda for 2020 and beyond. This includes work to support the underlying BSV technical infrastructure; standards setting with a new Technical Standards Committee; host and sponsor Bitcoin SV business conferences, programs and events around the world; launch a developer training curriculum, Developer Conferences (“BSV DevCons”) and workshops; conduct global media work in multiple languages; and policy work with government bodies to encourage responsible usage of Bitcoin and blockchain technology.

Bitcoin Association’s efforts are truly global. To carry out its work, the organization has built an international team, including staff in Australia, China, Japan, Singapore, Switzerland, United States, and United Kingdom. They are supported by Bitcoin Association Global Ambassadors in Argentina, Australia, Brazil, China, Germany, Israel, Japan, Netherlands, Panama, Russia and CIS region, the Scandinavia region, Slovenia, South Africa, South Korea, Spain, and the United States.

If you are a business or developer interested in Bitcoin SV, join the new Bitcoin Association for BSV and participate in building the future of Bitcoin and blockchain. We welcome participation by anyone interested in Bitcoin SV, even if you also support or work on other blockchain or digital currency projects. Visit our website at new.bitcoinassociation.net/swiss-membership/ to learn more about the new Bitcoin Association’s membership structure.