The Central Bank of Sri Lanka has shortlisted three firms to develop proof of concepts (PoC) for a shared blockchain-based Know Your Customer (KYC) platform. 

According to local news outlet Daily Mirror, the Bank launched the project in Autumn 2019, with a view to creating a blockchain-based platform to allow the government and banking sector to securely and efficiently share and update customer information across the country. 

Apparently the Bank invited software firms to develop a KYC PoC for free, as a “national project”, and received 36 responses from both local and international companies. 

The Bank has now shortlisted three, including one unnamed foreign technology firm. Over the next six to nine months, those three firms will develop their concepts, before submitting them for evaluation by the Payments and Settlements Department, the National Payment Council, and the Monetary Board. 

A number of Sri Lankan financial institutions have agreed to participate in the project, which it is hoped will improve financial inclusion in the country – where a significant percentage of the population remains either unbanked, or excluded from many services.

Sri Lanka has been striving to improve its financial system, implementing several Anti-Money Laundering (AML) reforms, to the point where it was recently removed from the Financial Action Task Force’s (FATF) “grey list” – which it had been added to in 2017 for inadequate Anti-Money Laundering and Counter Terrorism Financing safeguards. 

In response to the COVID-19 crisis, the Central Bank has also recently enabled digital on-boarding of customers, using digital KYC, to ensure customers can access their bank accounts and digital payment mechanisms despite closures and travel restrictions. 

AYO.NEWS says:

Maybe Malta could learn a thing or two from Sri Lanka? As we reported last week, it has emerged that the Mediterranean island nation, which ironically is a blockchain and fintech hub, is in very real danger of becoming the first EU nation to be grey listed by the Moneyval (the European division of the Financial Action Task Force). 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

After two years in development, yesterday Public Mint launched its groundbreaking ‘fiat-native’ public blockchain.

Backed by more than 200 banks and supported by Hyperledger and IBM Digital Asset Labs, Public Mint’s blockchain, which is a modified version of Hyperledger Besu, enables the tokenisation of fiat currencies, held by insured and regulated custodians. 

Public Mint allows the frictionless transfer of value, without the need to actually transfer fiat funds by essentially creating a fiat stablecoin. Companies will be able to accept payments through traditional means like credit card, wire transfer, or ACH, but still take full advantage of the ultra-low costs and efficiencies of tokenisation. Initially only US dollars are supported, but the company says more major fiat currencies will be added soon.

Public Mint was co-founded by pioneering tech entrepreneur and investor Halsey Minor, best known for co-founding digital media firm CNET in 1993. More recently he founded decentralised video media platform VideoCoin Network – one of Public Mint’s first customers. 

Announcing the launch of Public Mint, Co-Founder Halsey Minor said:

“The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or “minted”, allowing for the creation of applications and business processes around money without actually moving money between banks. 

“We further realized we could also connect every person, business and application globally in a frictionless network even including participants without bank accounts. Rarely does one technology provide so many benefits.”

While executive director, Hyperledger, Brian Behlendorf, added:

“At Hyperledger, we are excited to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds. By building its solution atop Hyperledger Besu, Public Mint is playing a valuable role in advancing the development and deployment of the newest Hyperledger DLT.”

In January 2020 AYO.NEWS’ Simona Pinterova caught up with Halsey Minor for a chat about VideoCoin Network, the future of cryptocurrencies, the potential of 5G and much more. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Audio avatar company Voicemod has raised $8 million USD in a Series A funding round led by BITKRAFT Ventures. 

Voicemod says its vision is to enable gamers and content creators to find their true voice by providing immersive audio experiences via personalised voice avatars. 

The company intends to use the new capital to launch mobile applications, expand further in Asian markets, and invest in neural network-based (AI) voice and speech conversion technologies to create more unique and realistic voices. 

Voicemod uses a combination of AI and Digital Signal processing technologies, enabling users to change their voice in real-time, enhancing gaming, streaming and social experiences, and allowing people to experiment with alternate personas. 

Sophisticated enough to allow for nuances as fine as creating an echo while driving through a tunnel in Grand Theft Auto, or being out of breath after parachuting onto the island in Fortnite, Voicemod adds depth and engagement to video games. 

Discussing the investment Voicemod CEO & Co-Founder, Jaime Bosch, said:

“We create sound effects that can take gamers and content creators anywhere and allow them to become anyone or anything. We believe that everybody should be able to express themselves creatively through sound so that every experience is amplified.

“Image and video filters have increased in popularity and Voicemod is bringing the missing piece – a voice filter that enhances gameplay with fully immersive audio experiences. Thanks to the backing from BITKRAFT Ventures, we will be able to advance our mission to create more entertaining and engaging interactive audiovisual communication.”

While BITKRAFT Founding General Partner, Malte Barth, added:

“Voice is a fundamental signature of human identity. Being able to alter your voice in digital platforms/games is an important tool to elevate human expression and create greater entertainment experiences. 

“Voicemod is changing the way we interact both socially on digital platforms and while playing online and the wide customer adoption of the Voicemod’s service proves that the product is driving the future for real-time voice creation and customization.”

Voicemod has already racked up over 10 million downloads on PC, and has doubled the size of its team since January, now employing 55 people. 

In addition to being compatible with popular games including Players Unknown Battleground, Apex Legends, League of Legends, VALORANT, CoD Warzone, Minecraft, Roblox, GTA V, and Fortnite, Voicemod also works with social, chat and video tools, including Discord, Skype, and Zoom. 

AYO.NEWS says:

With companies across the video gaming, esports, iGaming and social media industries always looking to drive engagement, audio has been a relatively neglected area, but the technology Voicemod is developing could be changing that very quickly. 

Yesterday Japanese Esports content provider PlayBrain announced it had secured $6M USD in a Series A funding round involving BITKRAFT Ventures. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Beijing has announced ambitious plans to turn the city into a global hub for private blockchain innovation and public DLT adoption. 

With the publishing of the Beijing Blockchain Innovation Development Action Plan 2020–2022, a 20-point plan to encourage the development and deployment of distributed ledger technologies (DLT), the city’s municipal government is aiming to promote technological innovation and adoption across both the private and public sectors. 

Catalysing private blockchain innovation

Critically, the Beijing government is pledging to provide financial support for the plan, which it hopes will lead to the growth of a number of “unicorn enterprises” with “global influence” in the city. 

The plan calls for the establishment of a “blockchain industry development base”, and common standards of practice within the sector, and outlines support for research in related areas including cryptography, high-performance computing, chip technology, and “wisdom science”. 

To this end, a new “world-class” Beijing Blockchain Research Institute will be formed and, in close collaboration with other Chinese institutions and universities, set to work researching the “performance, security, privacy protection, scalability, and data authenticity” of DLT platforms, along with “network models, consensus mechanisms, distributed storage, zero-knowledge proofs, secure multi-party computing, cross-chain protocols, smart contracts, chains On-chain collaboration, and regulatory technology.”

By combining new DLT technologies with the Beijing government’s cloud, big data platform, and other “information facilities”, it is planned to gradually create an information infrastructure to support the development of a digital economy and digital society. 

Public DLT infrastructure

The plan doesn’t just call for private blockchain and DLT development either. The government itself also wants a new “independent and controllable underlying open-source technology platform” to be created for public administration uses. 

Public use cases envisioned by the city authorities include cross-chain interaction capable directory systems, data-sharing platforms, unified social credit applications, and a digital identity platform. Traceability systems relating to waste, food, emergency equipment, medical records, law enforcement, and rescue funds are also planned. 

Additionally, the plan calls for the empowerment of city management with “trusted interconnection and fine governance”, allowing it to explore the application of blockchain technology relating to urban transport, power, water, and other infrastructure. 

A “blockchain talent training system” is planned too. This will “encourage blockchain enterprises to establish corporate universities”, and accelerate training of professional and technical personnel. Blockchain training is also to be incorporated into the “cadre education and training system.”

AYO.NEWS says:

With the world distracted by the COVID-19 crisis and lockdown-induced economic collapse, and relations between China and much of the international community rapidly deteriorating, it’s unlikely we’ll see many foreign companies invest much in Beijing for a while. 

But, this plan is clearly a massive boost for the domestic blockchain and DLT sector, and could mark a new stage in the emerging international blockchain arms race. Western countries really need to launch their own serious, properly funded initiatives if they don’t want to be left in the dust.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Max Keiser has predicted a Bitcoin hash rate war, pitting the United States against Iran and Venezuela, could drive prices to $500K (USD). 

A new “arms race?”

The host of RT’s Keiser Report, proclaimed that the “Mona Lisa of the 21st century” will come of age when notoriously anti-crypto Trump is finally forced to take on Iran and Venezuela in a new Cold War-style “arms race” focused on BTC hash rate. 

Keiser argued that Iran already controls as much as 3% of the Bitcoin hash rate, and Venezuela, its anti-US ally in South America, could also join in the effort, acquiring as much as 3-5% “pretty quickly.” 

This will, Keiser reasons, force the US to engage in a new “arms race” in which it will try to secure 20% of the BTC hash rate, pushing security up dramatically, and driving the price as high as $500K. 

Bitcoin the key to fixing a broken system?

As he’s argued on previous occasions, Keiser sees BTC as representing the “reformation of free speech”, and offering a chance to fix the broken system of government, stock markets and central banking – a system he says is responsible for the suffering of so many Americans, and has stoked the current Black Lives Matter protests and disorder.

As an example of just how dysfunctional the US system has become, Keiser has pointed to the fact that although the US dollar continues to dilute, the stock markets have just witnessed their best quarter since 2011 – made possible by the Federal Reserve itself heavily buying into equity markets. 

In fact, Keiser has urged protestors to ditch their current form of direct action, and simply buy Bitcoin instead, saying:

“The truth is if you want individual sovereignty, if you want justice, if you want uncensorable, unconfiscatable, indestructible wealth, there’s only one way to go — and that’s Bitcoin.”

AYO.NEWS says:

Anything Max Keiser says should be taken with a pinch of salt, given the fact that his show is broadcast on RT, which is widely known as a state-controlled Kremlin mouthpiece masquerading as an impartial global news network. He’s also previously anchored ‘On the Edge,’ which was broadcast on Iran’s Press TV – again, hardly a bastion of impartiality. 

Mind you, saying all of that, these days it’s impossible to consider any of the main western media outlets, from CNN and Fox, to the BBC and Sky News, as any more credible than either RT or Press TV! 

And, Keiser isn’t alone in predicting Bitcoin to rocket in value in the near future either. Earlier this week on-chain analyst and Co-founder of Hypersheet, Willy Woo, published a new BTC price model predicting an imminent “exponential bull run”, while last week Ryan Watkins, from crypto research company Messari, claimed that if institutions allocated just a tiny 1% percent of their portfolios to BTC it could drive prices to $50K. 

Of course, Woo and Watkins aren’t factoring in Keiser’s predicted US vs Iran & Venezuela hash rate war either. Interestingly, earlier this month we revealed that the Pentagon has been preparing for a Generation Z-instigated nationwide rebellion, fuelled by Bitcoin. 

Ever get the feeling we’re living in a dystopian science fiction movie?

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

A massive Chinese gold scandal has given the crypto community something to smile about. 

Gold has long been touted as the safest asset, and gold-backed loans and assets seen as the sensible choice for those looking to protect their wealth, especially by those who have been highly critical of crypto assets as “scam ridden” and “unsafe.”

However, it has now emerged that 83 tons of “pure gold” stored in creditors’ vaults by Kingold of Wuhan, backing 16 billion yuan of loans, is likely just gilded copper. To put it in perspective, according to The Economic Times, that is the equivalent of 22% of China’s annual gold production, and 4.2% of the state gold reserve (2019). 

According to Nikkei Asian Review, the bogus gold bars mean lenders are at least 16 billion yuan out of pocket (approx. $2.26 billion), and this scandal, which is just the latest involving fake gold, raises the question of whether there are other Chinese companies involved in similar scams? 

Indeed, some are even questioning the integrity of central bank gold reserves.

AYO.NEWS says:

The whole sorry saga shows just how ridiculous the position of the anti-Bitcoin brigade, typified by outspoken gold lover Peter Schiff, really is. Though all cryptos still have their issues, Bitcoin (BTC) can’t be faked. Period. Gold, however, clearly can. 

And, that’s not even mentioning Bitcoin’s other advantages over gold, like the fact you don’t need vast vaults with full-time armed guards, there’s no need for massively expensive and vulnerable transport in armoured vans and chartered planes, it’s more divisible, more recognisable/verifiable, and it has a truly fixed supply making it more scarce. 

Staying with Bitcoin, yesterday we reported that on-chain analyst and Co-founder of Hypersheet, Willy Woo, had published a new BTC price model predicting an “exponential bull run” will likely start within 30 days.  

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020