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Pirate Weekly Meeting | 2.19.2020

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Swiss central bank plans to test its CBDC by the end of this year.

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Swiss central bank plans to test its CBDC by the end of this year. – Coinnounce




























The Swiss National Bank and the Bank for International Settlements (BIS) plan to test a central bank digital currency by the end of this year.

The Swiss National Bank (SNB) and the Bank for International Settlements (BIS) plan to test a central bank-backed digital currency (CBDC) by the end of this year. According to the Chinese news outlet The Paper, BIS official Benoit Coeure revealed the plan on Sunday at the Bund Summit held in Shanghai. Coeure said the Swiss central bank and the BIS would issue a CBDC “in the proof-of-concept stage” by the end of 2020. This proof-of-concept will pave the way for experimenting with retail CBDC, according to Coeure, who heads the BIS Innovation Hub researching digital currencies.

The BIS also plans to work with more central banks. 

In the future, the Bank for International Settlements also plans to work with more central banks, including the Hong Kong Monetary Authority and the Bank of Thailand, to test cross-border usage of digital currencies, said Coeure. The SNB and the BIS first partnered in October 2019 to explore digital currencies. At the time, the SNB said: “This new form of digital central bank money would be aimed at facilitating the settlement of tokenized assets between financial institutions.”

Central banks across countries experiment with CBDCs. 

Many countries around the world are now showing an increased interest in CBDCs. Earlier, the U.S. Federal Reserve chairman, Jerome Powell, suggested the United States was waiting to get the right proposals in place, rather than becoming the first to launch in regard with a CBDC. Several other major central banks, including the Bank of Japan, the Philippines’ central bank, are working on a CBDC. On the other hand, China has become the first major nation to go ahead with its national digital currency. Chinese consumers spent $8.8 million in digital yuan during the first week of the trial. 

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Jai Pratap

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.


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Source: https://coinnounce.com/swiss-central-bank-plans-to-test-its-cbdc-by-the-end-of-this-year/

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Ledger victim of fresh phishing attack

Users received phishing emails containing software that led to a loss of funds. The hack is linked to a customer data leak from June of 2020. The company has warned its users to stay vigilant and verify incoming requests. Renowned cryptocurrency wallet provider, Ledger, has fallen prey to yet another phishing attack. The attack is […]

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  • Users received phishing emails containing software that led to a loss of funds.
  • The hack is linked to a customer data leak from June of 2020.
  • The company has warned its users to stay vigilant and verify incoming requests.

Renowned cryptocurrency wallet provider, Ledger, has fallen prey to yet another phishing attack. The attack is linked to a leak of the data of the site’s customers in July 2020.

Customers raised the alarm on October 24th, when several users reported a suspicious e-mail bearing the company’s logo. The e-mail claimed that there had been a security breach, placing customer’s money in danger. The e-mail then provided a link for customers to update their Ledger firmware. The link took customers to a fraudulent copy of the company website, containing malware that gave the phishers access to the users’ Ledger wallets.

To its credit, Ledger was quick to act against the phishers, taking the malicious site down. Unfortunately, it may be a case of damage done. The hackers still made off with an unspecified amount of cryptocurrency and still hold the customer data from the July attack. It means that they can continue to recycle that stolen data for a new scheme, placing Ledger’s customers at risk.

Trust But Verify 

This latest breach of the company’s systems is a cautionary tale for other wallet companies and customers. There will now be pressure placed upon it and other Wallet providers to use more secure systems to prevent future breaches. As for customers, this will serve as a careful reminder to remain cautious of and to verify e-mails that they feel are suspicious. There are numerous resources on the Internet to help less-savvy users identify phishing scams, and one would hope that they are used with greater frequency going forward.    

Confidence in Ledger Damaged

As for the company, greater security measures alone will not be enough going forward. This is the second significant cyberattack on the platform in the space of six months. This will not only damage Ledger’s reputation, but it will also undermine customer confidence in their services. An undisclosed amount of Cryptocurrency was lost due to this security fault, but any customer money lost is too much. Ledger now has to work that much harder to prove to its customers that it can be a safe and secure platform in the future. 

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Ethereum 2.0: Good to go, or is there another delay?

The Ethereum Foundation has been actively conducting Ethereum 2.0 testnets; however, they are yet to announce an official launch date or anything of the sort. Most recently, the network launched the Zinken testnet, which operated successfully. So what comes next, a launch date? No. Developers noted that the Medalla testnet, which has been active for […]

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The Ethereum Foundation has been actively conducting Ethereum 2.0 testnets; however, they are yet to announce an official launch date or anything of the sort.

Most recently, the network launched the Zinken testnet, which operated successfully. So what comes next, a launch date? No. Developers noted that the Medalla testnet, which has been active for a while, is very resource heavy, and participation has been dropping recently.

Will Ethereum 2.0 launch Phase 0 in 2020?

Launching Ethereum 2.0 (ETH 2.0) in 2020 has been a long-standing aim of Ethereum developers. However, the transition from a proof-of-work protocol to a proof-of-stake protocol turned out to be more tedious than the team initially thought. Regardless, many developers are still aiming at launching the network’s Phase 0 or the Beacon Chain before January 2021.

Speaking on the Bankless podcast, ETH 2.0 researcher Danny Ryan stated that the network’s deposit contract is not yet ready. The podcast was hosted live on October 22 as an “Ask Me Anything (AMA)” session with Danny Ryan.

He revealed that there’s a “crypto library” called BLST designed by Supranational that was created this year. The library is essential in creating keys, wallet addresses, signing messages, and deposits with signature. He stated that this library is currently under audit, and there are two weeks remaining until the audit ends.

What’s next?

Danny Ryan revealed that there are “some loose ends being tied up” while some clients are under audits. However, these things are happening in parallel. He added that if the audits are clear and the clients are signaled to proceed, the genesis will be launched before January 2021.

On the other hand, developer Ben Edgington stated that the network is “good to go.” He added that the deposit contract would be done in the next few days, while the Beacon chain for Ethereum 2.0 will be launched in 6-8 weeks. However, he noted that these are not official dates and just his estimates.

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