Blockchain
TAAL Files Second Patent for Layer 1 Token Technology to Enable Smart Contracts Built on Bitcoin SV and in Direct Competition to Ethereum ERC-20 Tokens
TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ) (OTCQB: OTC: TAALF) (“TAAL” or the “Company“) announces that its operating subsidiary has filed a second patent application (the “Patent Application“) with the United Kingdom patent office with respect to its newly acquired Layer 1 token blockchain technology for the BSV (Bitcoin SV) network.
Layer 1 tokens are validated by computers operating on the blockchain directly, unlike more common Layer 2 token systems which require separate Layer 2 protocol servers. Processing transactions directly on the network is synergistic with TAAL’s vision and roadmap for its core business of blockchain transaction processing as it allows different ways of creating more transactions and thus facilitates an expansion of the fee market available to TAAL. The fee market is an important pillar of TAAL’s revenue strategy.
Bitcoin SV has proven scalability in both transaction volume/capacity and block size that has been demonstrated on the BSV stress test network (1 gigabyte sustained) and BSV main network (360 megabyte peak) that is unequaled by any other blockchain technology. Jerry Chan, TAAL’s CEO, said “We are proud to be involved in delivering this ground-breaking initiative to market and look forward to working with our enterprise clients and development partners to expand the ecosystem for smart contract technology on the Bitcoin SV platform.”
Layer 1 tokens, to this point, has been primarily the domain of Ethereum, whose ecosystem of Layer 1 tokens is currently recognised as the largest in the blockchain industry, and this technology opens the door for the migration of legitimate tokens that require enterprise level scaling to the Bitcoin SV network.
In April 2020, TAAL entered into a US$1m licensing deal with nChain Group Holdings Limited (“nChain”) to secure access to critical IP to support its development of transaction processing capabilities. This patent builds on top of nChain’s extensive intellectual property portfolio and creates an array of opportunities for innovative and disruptive solutions which are at the heart of the blockchain technology delivered by Satoshi Nakamoto when he published his Bitcoin white paper in 2008.
The Patent Application will underpin the launch of associated technologies and platforms and reinforces Bitcoin SV’s position as the leader for enterprise use cases.
In consideration of acquiring the intellectual property underlying the Patent Application, TAAL’s operating subsidiary has entered into a royalty agreement with the inventor.
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Blockchain
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Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
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