Open source blockchain Ontology has announced a partnership with NEAR Protocol. 

Ontology, the high performance, open source blockchain specializing in decentralized identity and data, has joined forces with the NEAR Protocol in an effort to expedite the development and deployment of secure decentralized identity solutions.

The purview of the collaboration will see Ontology provide technical support for NEAR’s Decentralized Identifier (DID) from a regulatory perspective, and to enable smart contract implementation and W3C registration.

NEAR is a decentralized application platform that is secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands. The platform recently announced the completion of a $21.6 million funding round backed by Andreessen Horowitz, Electric Capital, and others, as well as the launch of their MainNet.

Erick Pinos, Ontology Americas Ecosystem Lead, said, 

“Teaming up with NEAR broadens our remit considerably when it comes to delivering state of the art decentralized identity protocols. NEAR has quickly emerged as a leading dApp platform, attracting wide interest from backers and high profile enterprise partners. We share common objectives in terms of broadening the accessibility of enterprise-grade blockchain applications and decentralized identity solutions and look forward to working together.”

With a primary focus on delivering a fast, user-friendly platform with a unique infrastructure that supports robust cross-chain collaboration, Ontology provides businesses with the tools to design their own blockchain solutions securely. Powered by the Ontology Token (ONT), the distributed collaboration platform allows businesses to enjoy the benefits of smart contracts and tokenization while retaining control of their sensitive data. 

Erik Trautman, CEO of NEAR Foundation, said:

“We are tremendously excited to leverage the technical acumen of the Ontology team, particularly in relation to their bespoke ONT ID 2.0, a very robust decentralized identity solution designed for streamlined cross-chain interoperability. Following our successful MainNet launch, we are keen to strengthen our partner network, and look forward to extending the power of Ontology’s solutions to our growing customer base.”

The news follows last month’s launch of a new version of ONTO, Ontology’s self-sovereign data wallet, designed to give users the power to control the value of their data, as well as a new upgraded version of ONT ID.

“At Ontology, we are firmly committed to promoting tangible, real world DID applications, and educating the world on the far-reaching benefits. We look forward to making further  contributions to what will become a thriving DID ecosystem globally, and continue showcasing Ontology’s unique DID capabilities,” concluded Pinos.

AYO.NEWS says:

The Ontology and NEAR protocol teams are demonstrating impressive enthusiasm and energy in building the infrastructure needed to true mainstream decentralisation, and making it easier for businesses everywhere to benefit from blockchain technology – even those with no specialist knowledge.

Ontology has certainly been busy over the last few months too, helping craft IEEE Standards for blockchain and cryptocurrency, and becoming an official Google Cloud Partner in July. While in June Ontology announced a collaboration with Swiss crypto-financial service provider Bitcoin Suisse, adding support for the CryptoFranc (XCHF) stablecoin to the ONTO wallet, and making the ONT token available through the Bitcoin Suisse platform. In April, ONT-33D, a crypto asset pegged to ONT tokens, was also issued on Binance Chain. 

‘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

The Cannabinoid Association of the Netherlands (CAN) has launched a blockchain-based CBD tracker.

Using the free tool, called CanCheck, EU customers will soon be able to trace the entire journey of cannabidiol (CBD) products, from seed-to-sale, conveniently online. 

One of the first companies to offer traceable CAN products will be HempFlax, a founding member of the Association and Europe’s largest independent grower and processor of industrial hemp. 

Around the world, CBD organisations and companies are embracing blockchain technology to offer transparent and reliable real-time tracking of products. 

In the United States, a similar platform, employing DNA-based validation of medical cannabis products, was announced by StrainSecure in January. 

Meanwhile, in Uruguay, the first country to completely legalise cannabis production and sale, a Aeternity blockchain-based tracker has been deployed for some time. 

AYO.NEWS says:

Cannabis products represent a perfect use case for blockchain technology due to the greatly fragmented global regulatory environment, and critical importance of maintaining precise records. 

For example, in the United States, laws governing cannabis products are a complete mess, with products legal in some states (like California, Nevada, Oregon, and Washington), restricted to medical use in others (like Arizona, Florida, and New York), and prohibited for any use in others (like Idaho, South Dakota, and Nebraska). 

To make things even more complex, in some areas where it is illegal it has nevertheless been decriminalised, and even more confusing, at the national level all use and possession of cannabis (including hemp) is illegal under federal law for any purpose, by way of the Controlled Substances Act of 1970. 

This messy situation is repeated in regions all around the world. Hence, any company cultivating, shipping, or selling cannabis products must be able to accurately track and prove the history of their products, to avoid potentially serious ramifications. 

Of course, it’s also important for consumers to be able to ascertain the quality of the product they purchase, and ensure it has been produced sustainably and fairly. 

‘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. 

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The marketplace for NBA Top Shot from Dapper Labs has gone live, giving beta users the opportunity to trade collectible NFTs. 

NBA Top Shot beta players can now use the peer-to-peer (P2P) marketplace to trade their non-fungible token (NFT) collectibles – including those from the sold out first wave of limited editions. 

Best known for its CryptoKitties game, Dapper Labs built NBA Top Shot on its Flow blockchain. The game features significant moments from the history of basketball, with the tokens incorporating multimedia experiences, including videos and statistics. 

Introducing the game, CEO of Dapper Labs, Roham Gharegozlou, said:

“With NBA Top Shot, basketball fans can engage with their favorite players, teams, and each other in entirely new ways. We’re using blockchain technology to create assets and experiences that are guaranteed limited edition and authentic, not to mention portable and permanent, in a way nothing digital has ever been before.”

NBA Top Shot launched in May with 150 different limited collectible NFTs, featuring moments from the 2019-20 NBA season, covering five players from each team. A second wave of NFT’s featuring more from the 2019-20 season has now been released, and a third is planned. Rare packs, featuring 14 unique “With the Strip” moments are being featured across the waves.

2,328 second wave packs will be issued, priced at $26 USD each, with 499 packs featuring rare “With the Strip” moments. According to Dapper Labs, 13,000 NBA fans are now on the waiting list to get early access to NBA Top Shop. 

Given that the NBA is one of the world’s most popular sports leagues, boasting some 1.6 billion likes and followers globally across all league, team, and player platforms, and its games and programming is shown in 50 languages across 215 countries and territories, the opportunity for growth is clearly huge. 

AYO.NEWS says:

Official NFT collectibles present an enormous opportunity for rights holders to develop potentially significant new long-term revenue streams, while at the same time boosting engagement for brands and giving savvy users the opportunity to make investments while having fun. We’d say it’s a win-win all-round, and expect to see all major sports leagues and teams get in on the action at some point.

In February, Dapper Labs teamed up with mixed martial arts promoter Ultimate Fighting Championship (UFC), to develop a new digital experience for fans. 

‘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

Bitcoin pioneer and Blockstream CEO Adam Back has suggested Ethereum and Ripple are akin to Ponzi schemes. 

Ethereum and Ripple are Ponzi schemes?

In a Twitter tirade, Back compared Bitconnect, Ethereum, Onecoin, Cardano, Ripple, Stellar, to Charles Ponzi, Bernie Madoff, and ‘Dan Larmer’. 

Charles Ponzi and Bernie Madoff are infamous for running massive Ponzi-schemes, while Bitconnect and OneCoin were dramatically revealed to be nothing more than Ponzi scams, and ‘Dan Larmer’ was likely a typo, with Back meaning ‘Dan Larimer’ – creator of Bitshares and Steem. 

Back was in a conversation with journalist Layah Heilpern when he took the dramatic swipe at Ethereum and Ripple. When she asked if Ethereum added any value to the ecosystem, or if it was another scam, Back said:

“Well, 70% pre-mined says it all. Which would you say is a bigger scam, Ripple or Ethereum.”

Bitconnect, Charles Ponzi, ethereum, onecoin, Cardano, ripple, Bernie Madoff, stellar, Dan Larmer. All looking very similar grade to me.

— Adam Back (@adam3us) August 5, 2020

Bitcoin vs Ethereum 2.0

A harsh critic of Ethereum for some time, last November Back compared Ethereum to Theranos – a biotech firm which collapsed after overselling its capabilities, and effectively pitching a product that didn’t exist.

Of course, many will argue that, given Back’s undoubted loyalty to Bitcoin (BTC), his attack on Ethereum is a response to the rapid rise in its price this month, fuelled by excitement over the long-awaited first phase of ETH 2.0, and its shift to proof-of-stake consensus – which will, if successful, enable Ethereum to leave Bitcoin in the dust when it comes to transaction processing capabilities. 

And, inevitably, Ethereum co-founder Vitalik Buterin returned a broadside to Back, dismissing his comments as “tired old propaganda.”

Reciting tired old propaganda is becoming less and less effective every day. Ethereum is rising, proof of stake and sharding are rising, and rollups are here, all through a large distributed ecosystem working in parallel. The tides of history will not be favorable to maximalism. https://t.co/PZ11XR2Pre

— vitalik.eth (@VitalikButerin) August 6, 2020

As previously reported, in June Back joined other crypto heavyweights in predicting Bitcoin was set for a major bull run, arguing that the unlimited money printing we are now seeing, as governments respond to the COVID-19 lockdown-triggered economic crisis, will push retail investors to the original cryptocurrency. 

AYO.NEWS says:

Perhaps at this point it’s good to remember that Bitcoin (BTC) and Ethereum (ETH) are perfectly able to co-exist and have distinctly different strengths and weaknesses. It seems a given that, if ETH 2.0 is successful, much of the DeFi ecosystem will end up depending on it. However, many would argue, for a long-term gold alternative, BTC is still unrivaled. 

‘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

Coinbase has partnered with domain provider Unstoppable Domains to support ‘.crypto’ domains. 

Sending crypto payments just got easier

Coinbase Wallet users can send payments by typing a simple .crypto domain, rather than having to use a traditional long-form cryptographic address. 

The United States’ biggest crypto exchange isn’t the first to introduce the service, with competitors Huobi and Binance also supporting .crypto domains, though it is said to be the first platform to offer an all-in-one solution, covering all the cryptocurrencies supported by the wallet. 

To enable the service, Coinbase users will first need to pradd their Coinbase wallets to Unstoppable Domains within the DApp browser. 

Commenting on the news Unstoppable Domains Co-founder, Brad Kam, said:

“By supporting blockchain domains, Coinbase is single-handedly moving this market into the crypto mainstream. Blockchain domains will be a standard that all crypto wallets use in the near future.”

.crypto domain custody and management

In addition to making payments, Coinbase wallet will also offer .crypto domain custody support, via the collectibles section of its app – joining Gemini exchange, which introduced .crypto custody in late July. Domain registration and management can also be carried out via the Coinbase decentralised application (DApp) browser. 

According to Unstoppable Domains, since launching Ethereum-based .crypto domains in late 2019, it has registered more than 250,000. The San Francisco-based company is backed by Draper Associates and Boost VC, and has received grants from the Ethereum Foundation and the Zilliqa Foundation. 

AYO.NEWS says:

Lets face it, traditional crypto addresses aren’t exactly memorable, so this should make things much more convenient. Also, because .crypto addresses are much more concise and recognisable, it could also make clipboard hijacking (when hackers install malware than changes a crypto address pasted into a clipboard) less effective, improving the security of transactions. 

‘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

Just months after the Supreme Court of India overturned the country’s de-facto cryptocurrency ban, it seems the government may be preparing to implement a new ban. 

According to a 4 August report on Indian news website Moneycontrol, a government official has said two government ministries, and the Reserve Bank of India, are engaged in drafting new legislation to outlaw cryptocurrencies in the country. 

Specifically, the source told Moneycontrol that the Ministry of Electronics and Information Technology, Ministry of Law and Justice, and Reserve Bank of India (RBI), are working with each other to draw up a law banning crypto trading.

Apparently, the parties are confident that the new law will get ratified during the next parliamentary session, which should begin in late August or early September. 

AYO.NEWS says:

The news of a possible crypto ban will be a hammer blow for the Indian cryptocurrency sector, which had successfully challenged the RBI’s blanket ban on banks servicing crypto businesses in the courts. 

However, there are signs that the COVID-19 crisis has increased the profile, and acceptance, of cryptocurrencies among both the public and business in India, so any attempt to pass a crypto ban may run into more opposition than its proponents expect. 

‘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