Blockchain
cheqd launches mainnet network
cheqd, a technology company enabling individuals and organisations to take full control of their data, has launched its highly anticipated mainnet network.
cheqd’s mainnet network is built for self-sovereign identity (SSI) vendors to disrupt established identity paradigms and create new authentic data marketplaces. SSI is an emerging user-centric concept for exchanging authentic and trusted data, including people and organisations, in a more secure manner.
With over 20 market-leading SSI vendors already joined, including cheqd’s first three partners DIDx, Spherity and DanubeTech, each SSI vendor will utilise cheqd’s network and native token, $CHEQ, for its payment rails and decentralised governance to build never-seen-before commercial models.
Working to become the de-facto payment mechanism for authentic and trusted data regardless of country, industry or underlying technology, the start-up aims to give people and organisations back their privacy and control of their data. This is achieved by turbocharging the adoption of SSI through the implementation of sustainable payment systems and other economic incentives.
As stated in a research by Juniper, the SSI market is set to reach annual revenues of $1.1 billion by 2024, up from $100 million by the end of 2020. This demonstrates the appeal to institutions that value secure and verifiable identities.
The current identity model is built and controlled by third-party providers. This means that individuals often have to pay to access their own data. In addition, the user experience can be tiresome as, on average, people have to manage over 100 different accounts tied to their email addresses. In many ways, this makes a paradise for threat actors, as they can target organisations’ data silos and use phishing and social engineering techniques to trick individuals into giving away their passwords.
According to IBM’s Data Breach Report 2021, the average total cost of data breach has increased by 10% year on year, from $3.86 million to $4.24 million – the largest single year cost increase in the last seven years. Naturally, companies with more robust security measures have been less impacted, and organisations that lagged in areas such as security, AI and automation have been hit the hardest.
Fraser Edwards, CEO and co-founder, said: “The concerns around data privacy have been around for some time, and as we continue to transition to a digital economy, it has become apparent that we must take it more seriously. Trust, in both the physical and digital worlds is too important to leave it in the hands of big-tech, that is why at cheqd we believe that introducing our mainnet network and the subsequent payments and commercial incentives for self-sovereign identity ramps up the adoption of the technology and puts users truly at the centre with full ownership. There are a number of industries adopting the use of SSI tech, such as finance, travel, and healthcare – these sectors are ahead of the game when it comes to understanding the relevance of decentralised data storage and the importance of effective credential verification to increase transactional security and prevent fraud.”
Ankur Banerjee, CTO and co-founder, added: “cheqd’s mainnet release marks a new milestone in how personal and organisational data can be shared privately and securely. Fundamentally, we believe no single company – including cheqd itself – should control how critical Web infrastructure works, and we’ve spent significant effort to ensure our technology can be controlled by the people it’s meant to serve. Our network is public for anyone to join, and unlike proof-of-work blockchains like Bitcoin, it is designed to be orders of magnitude more energy-efficient. We are excited to be building this on the Cosmos blockchain framework ecosystem, which is used by some of the largest blockchain networks.”
cheqd’s mainnet is a public permissionless network built on interoperable and open standards anyone can start utilising the network to develop solutions, either individually or with one of cheqd’s partners, to issue and receive data from their customers.
Backed by significant investors such as CMCC Global, Outlier Ventures and Tendermint Ventures – a core contributor to the Cosmos network, cheqd is guided by a unique governance framework, enabling staking and voting among owners of its dedicated token $CHEQ.
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
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Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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