Fun facts if your bank operates an Innovation Center (based on a Capgemini report):
– Silicon Valley is no longer the default choice
– Electronics and IT sector have added the highest number of innovation centers, taking over the top spot from manufacturing
– 1 out of every 2 newly added innovation centers are focused on arti cial intelligence
– But, are innovation centers making organizations more innovative?
A German central bank official said that the only way to effectively regulate bitcoin and other cryptocurrencies is to pursue a global framework with “the greatest possible international cooperation.”
Speaking an event in Frankfurt, Deutsche Bundesbank director Joachim Wuermeling said that “effective regulation” is only possible at the international level, according to a Reuters report.
“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited,” Wuermeling said.
To date, cryptocurrency regulation has largely been a piecemeal effort at the national level, reflecting the differing stances that governments have taken toward this new technology.
Many nations, such as the US and Japan, have thus far sought regulatory frameworks that protect retail investors without stifling innovation.
Others, though, have adopted hostile stances. China — once the world leader in both cryptocurrency trading and mining — forced the closure of all domestic bitcoin exchanges last September, and the People’s Bank of China (PBoC) is currently working to make the country less hospitable to miners, forcing them to move to other regions.
While naysayers predicted China’s hostile regulatory framework would spell doom for bitcoin, what actually happened served to confirm Wuermeling’s thesis. The void left by the closure of China’s cryptocurrency exchanges was quickly filled by other markets, allowing countries such as South Korea to emerge as a major market in the global crypto-economy.
South Korea’s domestic cryptocurrency trading market has become so heated that the government has recently implemented restrictions in a bid to curb speculative purchases made by retail investors and minors.
However, as in the case of China’s earlier regulations, it is likely that if South Korea’s new rules do make a serious dent in cryptocurrency trading, the decline in volume will lead to a corresponding increase in another nearby market, most likely Japan.
Wuermeling is only the latest financial regulator from a G20 nation to express the need for an international framework for cryptocurrency regulations.
Just last week, US Treasury Secretary Steven Mnuchin made similar comments, stating that while US regulators were equipped to combat the use of cryptocurrency in money laundering schemes, other G20 members are not so well-prepared.
Price List as of Sept 27, 2017:
Price List as of Sept 27, 2017
Company Reports Software – for Mid & Small Size Companies, Specifically for Vietnam Mid & Small size companies.
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While Bitcoin has long been dominant in the cryptocurrency scene, it is certainly not alone. Ethereum is another cryptocurrency related project that has attracted a lot of hype because of its additional features and applications.
Ethereum: More Than Just Money
The first thing about Ethereum is that it is not just a digital currency. It is a blockchain-based platform with many aspects. It features smart contracts, the Ethereum Virtual Machine (EVM) and it uses its currency called ether for peer-to-peer contracts.
Ethereum’s smart contracts use blockchain stored applications for contract negotiation and facilitation. The benefit of these contracts is that the blockchain provides a decentralized way to verify and enforce them. The decentralized aspect makes it incredibly difficult for fraud or censorship. Ethereum’s smart contracts aim to provide greater security than traditional contracts and bring down the associated costs.
The smart contract applications are powered by ether, Ethereum’s blockchain based cryptocurrency. Ether, as well as other crypto-assets, are held in the Ethereum Wallet, which allows you to create and use smart contracts. The system has been described by the New York Times as..
“a single shared computer that is run by the network of users and on which resources are parceled out and paid for by ether.”
Implement Smart Contracts With Your Own Cryptocurrency
Ethereum allows you to create digital tokens that can be used to represent virtual shares, assets, proof of membership and more. These smart contracts are compatible with any wallet, as well as exchanges that use a standard coin API. You can copy thecode from Ethereum’s website and then use your tokens for many purposes, including the representation of shares, forms of voting and also fundraising. You can either have a fixed amount of tokens in circulation or have a fluctuating amount based on predetermined rules.
You Don’t Need Kickstarter When You Have Ethereum
One great feature of Ethereum is that it gives developers a means to raise funds for various applications. For your new project, you can set up a contract and seek pledges from the community. The money that is raised will be held until the goal is reached or until an agreed upon date. The funds will be released back to the contributors if the goal is not met, or go on to the project if it is successful. Kicking out Kickstarter means that the third party is taken out, along with their rules, and also the fees they charge (when you include processing fees, Kickstarter can take up to 10% of a project’s budget).
Skip the Traditional Management Structure With Democratic Autonomous Organizations
Not only can Ethereum help you source funding, but it can also help to provide the organizational structure to get your idea off the ground. You can collect proposals from the people who backed your project and then hold votes on how you should proceed. This means that you can skip the expense of a traditional structure, such as hiring managers and doing paperwork. Ethereum also protects your project from outside influences, while its decentralized network means that you won’t face downtime.
The Finer Details: Differences Between Ethereum and Bitcoin
There are also many smaller aspects that differ between the two blockchain-based projects. Bitcoin’s average block time is about 10 minutes, while Ethereum’s aims to be 12 seconds. This quick time is enabled by Ethereum’s GHOST protocol. A faster block time means that confirmations are quicker. However, there are also more orphaned blocks.
Another key difference between them is their monetary supply. More than two-thirds of all available bitcoin have already been mined, with the majority going to early miners. Ethereum raised its launch capital with a presale and only about half of its coins will have been mined by its fifth year of existence.
The reward for mining Bitcoin halves about every four years and it is currently valued at 12.5 bitcoins. Ethereum rewards miners based on its proof-of-work algorithm called Ethash, with 5 ether given for each block. Ethash is a memory hard hashing algorithm, which encourages decentralized mining by individuals, rather than the use of more centralized ASICs as with Bitcoin.
Bitcoin and Ethereum also cost their transactions in different ways. In Ethereum, it is called Gas, and the costing of transactions depends on their storage needs, complexity and bandwidth usage. In Bitcoin, the transactions are limited by the block size and they compete equally with each other.
Ethereum features its own Turing complete internal code, which means that anything can be calculated with enough computing power and enough time. Bitcoin does not have this capability. While there are certainly advantages to the Turing-complete, its complexity also brings security complications, which contributed to the DAO attack in June.
Ethereum and Bitcoin: Two Very Different Beasts
While many will compare the cryptocurrency aspect of both Ethereum and Bitcoin, the reality is that they are vastly different projects and have different intentions. Bitcoin has emerged as a relatively stable digital currency, while Ethereum aims to encompass more, with ether just a component of its smart contract applications.
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