Universal cryptocurrency blockchain protocol and a payment system from IBM. Week’s news in the decentralized realm

Universal cryptocurrency blockchain protocol and a payment system from IBM. Week’s news in the decentralized realm

RACIB (Russian Association of Cryptocurrency and Blockchain) comes up with a list of requirements towards professional crypto traders. Meanwhile, JavaScript founder finds out the solution to the problem of compatibility of various blockchains. Read our weekly digest about these and other current events in the cryptocurrency space.

IBM develops a new blockchain-powered payment system

The US-based tech giant started creating a cross-border payment system based on the Stellar protocol. The new product will be called Blockchain World Wire and allow banks to conduct cashless transfers as well as international transactions within a couple of seconds.

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As reported by IBM representatives, Blockchain World Wire will be advantageous due to not only speed but also low commission. In case the product is a success, it will be the main rival of the payment system SWIFT as well as xRapid by Ripple. The ready product is to be demonstrated at the Sibos conference scheduled for October 2018 in Sydney. According to the system developers, the method of cashless transfers Blockchain World Wire will be based on fiat conversion to digital currency and vice versa.

Russian crypto traders to undergo certification

Russian Association of Cryptocurrency and Blockchain (RACIB) has officially adopted the criteria of crypto traders’ expertise assessment. The certification for all the engaged in digital assets trading will be carried out on a voluntary basis. Both individual traders and funds can take part in the program.

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RACIB is going to assess the expertise by the level of knowledge in such areas as technical and fundamental analysis, risk management, ability to generate a trading strategy, and plan a trading campaign. If underwent certification, the organization intends to launch the program within a month. Traders and funds will receive an official document with a serial number. Those who show satisfactory results will have an opportunity to attend special courses in order to upgrade own skills.

JavaScript founder creates a universal blockchain-based protocol

The developer of JavaScript Brendan Eich found out how to solve the problem of compatibility between various types of cryptocurrencies. He created Universal Protocol Platform to make different blockchain-powered networks connected to each other.

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The compatibility will be attained due to the principle of intermediary coins creation. According to Brendan Eich, such tokens would correlate with any cryptocurrency, they can be quickly exchanged within various blockchains. Universal Protocol Platform would as well make the listing of new digital assets easier. The expert is sure that the new universal platform would boost the technology development.

Samsung comes out with a blockchain-fueled solution for banking certification

Samsung united with the Korea Federation of Banks in order to develop the system BankSign aimed at the simplification of banking certification. The platform would give clients a three-year permit instead of the current one-year system.

What is more, if a person has a certification of one bank, BankSign will provide an access to various systems. It will work on blockchain and identify users via a password or a fingerprint. Due to the DLT, BankSign is highly secure. The system uses double data encryption and is reliably protected from fakes.

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