Over 130M FET tokens have been staked within 48 hours of launching the first program on Mettalex. 

Mettalex, a decentralised crypto and commodities derivatives trading platform powered by Fetch.ai, has announced that more than 130 million FET tokens have been staked through its portal within 48 hours of launching the first program for participants to qualify for the initial issuance of the MTLX governance token.

Upon the completion of this phase of Mettalex’s token genesis program today, FET liquidity providers will begin to receive drips of MTLX tokens over the next 21 days, leading up to the DEX’s anticipated launch in early Q4. 

Discussing the launch CEO of Fetch.ai and Mettalex, Humayun Sheikh, said:

“The issuance of the MTLX governance token to platform stakeholders is a critical step toward launching a decentralized crypto and commodities derivatives platform.

“Through this program, we will be able to ensure the fair distribution of MTLX tokens to participants so they can be empowered to take an active part in helping build the world’s first exchange to bridge digital assets with the traditional commodities market.” 

Mettalex will launch as a decentralised exchange for market participants to gain exposure to traditional commodities such as steel and iron ore, gold and silver, lithium and cobalt, oil, and the stock market index, alongside digital commodities like compute cycle price, gas costs, cloud computing and more. 

Each position taken by a trader will be represented by a token that tracks the reference asset price, which is powered by multiple price feeds over a decentralised oracle network and aggregates commodities data from the major international commodity indices.  

According to management consulting firm, Oliver Wyman, traders have begun relying more on proprietary intelligence to gain an advantage on investments since commodity trading margins have declined by 20 percent in the last five years. 

However, in doing so, it has raised the barrier to entry for market participants who cannot afford sophisticated systems or dedicated teams to perform predictive analytics or draw valuable insight from commonly available data sources. 

Shiekh added:

“A critical byproduct of the Mettalex platform is the transparency it will bring to the pricing data around the world’s most valuable commodities. By making this type of market intelligence and ability to trade more readily accessible, Mettalex aims to bring one of the oldest forms of trade in human history into the present century.”  

Mettalex will be opening for initial beta trials of its derivative products in the next month, and interested parties are suggested to apply for an account via the contact form at mettalex.com

AYO.NEWS says:

Again, we’re seeing blockchain and AI help drag the old world into the future, lowering barriers to entry and democratising global trade. Of course, like with the bond markets – which is also surprisingly reliant on outdated, legacy systems and protocols – despite its clear advantages, we should expect some kickback from those with vested interests in maintaining the status quo. 

‘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

Jack Dorsey has announced that his financial services company Square is putting all its crypto patents into a new non-profit organisation. 

According to Dorsey, the new ‘Cryptocurrency Open Patent Alliance’ (COPA), will strive to democratise access to innovative technologies in the cryptocurrency sector, and fight against patent aggressors and trolls. 

Explaining the need for COPA, Dorsey said “open access to patents covering foundational cryptocurrency technologies is necessary for the community to grow, freely innovate, and build new and better products.”

COPA’s website states: 

“Cryptocurrency technology and its adoption is still at a nascent stage. We believe that cryptocurrency’s success depends on the community coming together to build and develop upon existing technologies to innovate, which is not possible when parties tie up foundational technology in patents and litigation.

While patents may at times be useful for defensive purposes, offensive and misguided use of patents threatens the growth and adoption of emerging technologies such as cryptocurrencies. There is concern that “patent lockup” of foundational cryptocurrency technologies by a select few will stifle innovation and deter mass-adoption.”

Several companies and groups are engaging in what Dorsey and those supporting COPA would call patent trolling. For example, the China-based Alibaba Group holds over 2,300 blockchain patents – filing 470 in 2019 alone. 

Fellow Chinese giant Tencent is also hoarding blockchain patents, filing 718 in 2019. And, of course, let’s not forget self-proclaimed ‘Satoshi’, Craig Wright, whose company nChain is attempting to secure hundreds of blockchain patents. 

Square is putting all of our crypto patents into a new non-profit org we’re calling the Crypto Open Patent Alliance, which will maintain a shared patent library to help the crypto community defend against patent aggressors and trolls. Join us! #bitcoinhttps://t.co/I9VopgtMz9

— jack (@jack) September 10, 2020

AYO.NEWS says:

While IP does need to be protected to a reasonable degree, ss blockchain technology matures, and use-cases multiply, if nothing is done to stop overly-protectionist patent behaviour we could well end up seeing the same kind of constant litigation that now afflicts the music industry, where songwriters, artists, and rights holders seem to be in an ever-escalating battle over fundamental musical and lyrical components. 

Of course, others would argue that patents play a critical role in protecting IP, and those filing patents are simply protecting their investment in research. However, the fact that just a tiny fraction of blockchain patent applications are actually granted, and the vast majority are being filed by massive conglomerates like Alibaba and Tencent, would strongly suggest such giants are simply trying to smother competition. 

‘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

UPDATED: see below article. 

Tech companies are starting to flee Belarus as Europe’s last dictator, Alexander Lukashenko, clings to power in the face of escalating protests.

As we’ve previously reported here at AYO.NEWS, the deteriorating situation in Belarus, where dictator Alexander Lukashenko is trying to cling to power amid escalating protests, is dramatically affecting the lives of many in the country’s tech, blockchain, and gaming sectors. 

The situation is so dire, that Belarusian media is now reporting that Minsk-based crypto trading company Currency.com is planning to open an office in neighboring Lithuania, to give its Belarus-based employees a safe refuge. 

Currency.com CEO, Jonathan Squires, has said the company intends to keep its Minsk office operational, but it will be offering employees the opportunity to voluntarily relocate to the safety of the Lithuanian capital Vilnius. 

Squires also confirmed employees of the company are free to participate in protests, though have been advised not to wear any Currency.com or Capital.com branded clothing in public (Capital.com is the company’s UK and Cyprus-regulated platform). 

Belarus has a strong tech sector, and is home to well-known apps and games like Viber and World of Tanks. However, in an attempt to silence dissenters, the Belarusian government has been threatening internet access – something which will likely have other companies considering similar moves to Currency.com 

Reports also suggest that many Minsk-based employees of Russian internet giant Yandex have also fled the country following police raids on its offices in Belarus.

_____________________________________________

Since publishing the original article, Currency.com CEO, Jonathan Squires, has told AYO.NEWS:

“Currency.com is a privately held global institution with five offices located across the UK, US, Cyprus, Gibraltar and Belarus with more soon to be added. We are authorized to operate our cryptocurrency exchange by the HTP Belarus and DLT Gibraltar. The addition of a Lithuanian office is simply a natural extension of our operations, reflecting our plans to apply for more licences within the EU. Minsk remains our largest office, and we have no intentions of closing our doors here. We’re proud of our Belarusian roots and look forward to helping build businesses and careers in our home country.”

______________________________________________

AYO.NEWS says:

With Europe and the wider world distracted by the ongoing COVID-19 insanity, we urge people to pay attention to what is happening in Belarus. AYO.NEWS has received first-hand reports, which have been backed-up by mainstream media, of arbitrary arrests, imprisonment and even torture. This can’t be allowed to continue in a European country in 2020, and those fighting for freedom urgently need support. 

‘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

Cryptocurrency-friendly digital banking platform Revolut has launched in Japan.

The London-based company already has some 13 million users worldwide, operating across the EEA, plus Australia, Canada, Singapore Switzerland, the United States, and now, Japan. 

According to a report by The Nikkei, Revolut will initially offer only limited services to the Japanese market, including international transfers and “managing money in 23 currencies.” Japanese users will also be eligible for a Revolut Visa debit card. It is unclear if Revolut is currently supporting crypto in Japan – but it seems likely it will, given the clear demand in the market. 

Though Revolut is still pursuing rapid international growth, the company’s losses are mounting – tripling in 2019. Despite this, the company raised a further $80m in July, and it is now valued at $5.5 billion, making it one of Europe’s most valuable startups. 

AYO.NEWS says:

With so many digital payment companies competing for a slice of the pie, and many falling by the wayside and either shutting down or being absorbed by larger players, it’s clear Revolut can’t look back and has to keep powering forward, despite losses racking up. Given the size of the Japanese market, it could well prove crucial. 

‘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

Payments giant Mastercard has launched a proprietary tool designed to help central banks to test Central Bank Digital Currencies (CBDCs). 

According to Mastercard, 80% of central banks surveyed by the Bank for International Settlements say they are engaging in some form of CBDC work, and 40% have progressed from conceptual research to concept and design experiments. 

Responding to this, Mastercard has launched a new sandbox tool, simulating different transaction environments, and mimicking the issuance, distribution, and exchange of CBDC between banks, financial service providers, and consumers – allowing central banks to easily run tests. 

It also says the new tool can be used to demonstrate “how a CBDC can be used by a consumer to pay for goods and services anywhere Mastercard is accepted around the world.” 

Discussing CBDC’s, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard, Raj Dhamodharan, said:

“Central banks have accelerated their exploration of digital currencies with a variety of objectives, from fostering financial inclusion to modernizing the payments ecosystem.

“Mastercard is driving innovation with the public sector, banks, fintechs, and advisory firms in the exploration of CBDCs, working with partners that are aligned to our core values and principles. This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies.”

WhileHead of Blockchain, Digital Assets and Data Policy at the World Economic Forum, Shiela Warren, added:

“Collaborations between the public and private sectors in the exploration of Central Bank Digital Currencies can help central banks better understand the range of technology possibilities and capabilities available with respect to CBDCs. Central banks can benefit from support in exploring the option set available to them with respect to CBDCs, as well as gaining insight into what opportunities may be forthcoming.”

Mastercard has demonstrated a strong interest in blockchain and distributed ledger technology, having been a member of the Libra consortium for a time last year, before leaving, along with other companies like Visa and Paypal, when Facebook’s stablecoin project started meeting strong resistance from politicians and regulators. 

AYO.NEWS says:

With China now rapidly approaching the launch of the world’s first large scale CBDC, and many parts of the world ditching cash at breakneck speed (a trend catalysed by the ongoing COVID-19 crisis), it seems inevitable that all major central banks will launch their own digital currencies. 

From Mastercard’s perspective, given that CBDCs will enable central banks to largely bypass commercial banks and directly distribute and collect money to and from consumers, it makes sense that the company would want to strengthen its relations with them (and help ensure the CBDCs they are developing are fit for purpose!).  

‘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 first ever DLC smart contract has been deployed on the Bitcoin mainnet, opening up a world of new possibilities.

Crypto enthusiast Nicolas Dorier entered a bet on the 2020 US presidential election, via a discreet log contract (DLC). It was made between himself and Suredbits founder Chris Stuart, and Outcome Observer is acting as third-party oracle. 

When the results of the election are announced, the Outcome Observer will broadcast a signature to settle the bet. If President Trump is re-elected Dorier will receive 1 BTC, and if Biden wins Stuart will receive 1 BTC. 

The DLC, which can be viewed on Github, also takes into account other outcomes, for example, with full refunds for both parties if a third-party candidate was to win, even if the oracle went AWOL. 

Up until now, smart contracts have very much been the domain of Ethereum and EOS, but Suredbits has been working hard on adding the tech to Bitcoin, and according to Stewart, there’s no need for Bitcoiners to “concede that territory to Ethereum”, adding “there are plenty of powerful primitives in Bitcoin that allow you to do advanced applications with Bitcoin.” 

If your wondering how the 1BTC DLC bet between me and @NicolasDorier works take a listen to my colleague @benthecarman ! https://t.co/6Xs4PqRzFj

— Chris Stewart (@Chris_Stewart_5) September 8, 2020

AYO.NEWS says:

This is interesting to say the least – with Bitcoin still widely regarded as the most secure choice, if Stewart is right, and DLCs do find traction, it could change the entire landscape of the blockchain ecosystem. 

While we’re talking about surprising developments in the Proof of Work sphere, last month New York-based blockchain technology company Kadena completed hybrid blockchain scaling to 480K transactions per second on 20 chains, while preserving the security of the Proof of Work consensus utilised by Bitcoin – all without increasing power consumption. 

‘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