Electroneum Major Upgrade Makes ETN the World’s Most Secure Decentralised and Eco-friendly …

LONDON–(BUSINESS WIRE)–Jul 8, 2019–

Electroneum has focused on progress and standing out in the crypto space and beyond through technologically disruptive developments since launch of its highly successful ICO in September of 2017. As a result of the relentless creativity of the talented tech team, the time has come for another transformational software update. And because the update places Electroneum’s new Moderated Blockchain (a type of permissioned blockchain) at the same level as IBM’s Hyperledger and Facebook’s announced Libra network, it makes their cryptocurrency, ETN, one of the most secure and eco-friendly in the world.

The update means Electroneum has made a significant shift to their existing blockchain to introduce two new concepts. Electroneum’s new blockchain is known as a Moderated Blockchain powered by its unique Proof-of-Responsibility (PoR) system, which enables a wide array of benefits, including virtually becoming invulnerable to 51% attacks, increased scalability and unlocking significant corporate partnerships.

This is especially important because Electroneum is increasingly becoming appealing to major companies as well as governments as it was the first to make their cryptocurrency AML and KYC compliant, paving the way to major corporate deals and partnerships with influential NGOs that will spur mass adoption and help improve the lives of many around the globe whom are currently financially excluded.

Electroneum also prioritises sustainability and significantly reducing its carbon footprint. The Moderated Blockchain helps do just that as it allows for hash rates to be reduced by millions of times from various giga hashes to under a kilo hash, making their ETN token, as of today, one of the world’s most eco-friendly cryptos.

Electroneum CEO Richard Ells says the unprecedented software update helps unlock a fantastic second half to 2019. “It makes our cryptocurrency virtually insusceptible to 51% attacks, whilst reducing the emission of ETN to miners by a massive 75%.

“The move to what we have coined as Proof of Responsibility (PoR) allows us to educate NGOs in our target regions about the benefits of cryptocurrency.” Ells adds. “Furthering the understanding of cryptocurrency by allowing the NGOs to directly benefit from the block reward has never been done – and it opens the doors to the NGOs using ETN on the ground directly with the unbanked and underbanked. Now that we are no longer susceptible to double-spend or 51% attack we can increase the speed of transfer on our blockchain, benefitting those who matter most: our users.”

The upgrade and 75% block reward reduction do not affect users nor their mobile cloud mining rewards in any way. They will all continue to receive up to US$3 worth of ETN every month.

However, the reduction in block rewards does affect those validating blocks on the blockchain with purpose-built mining equipment. Prior to the move, the large mining pools were receiving their block rewards and selling them directly on the exchanges. This will no longer take place.

When explaining the new Moderated Blockchain, Electroneum’s Head of Blockchain, Chris Harrison, says “we have created a clever and absolutely unique way to shield the validator’s private key00s from an attack or double-spend in the event hackers were to gain access to the miners’ servers.”

Harrison adds that Electroneum will “have minimal interference, controlling only those who can mine on the network. This level of safety on the blockchain makes Electroneum more secure than all other decentralised cryptos by moderating the network and enabling early detection of hack attempts to prevent an attack from escalating.”

For those interested in the technical makeup of Electroneum’s PoR blockchain, the network still remains decentralised. Also, by hand selecting a limited number of trusted miners, Electroneum is able to authenticate each miner using unique authentication keys, which can be switched off at any time, thus alleviating the risk of a 51% attack.

“In the unlikely case both a miner’s equipment and authentication code are hacked, Electroneum’s system will notify them of a potential risk, enabling them to shut down the miner almost instantaneously.,” Harrison says.

Electroneum’s announcement includes disruptive changes regarding validators as the new trusted ETN miners are NGOs, some of which will be disclosed in the coming days. They are aligned with Electroneum’s vision and goals to empower people in the poorest regions around the globe as well as improving their lives.

“Prior to our move to PoR, we consulted carefully with influential NGOs to gauge their interest in mining ETN and were astounded by the response received,” says Electroneum Chief Marketing Officer Conor Doyle. “Whilst these organisations will remain anonymous for now, they will go public with their mining activities soon, showcasing the amazing initiatives that have been made possible with ETN mining.”

The On 13 May 2019, IBM wrote that “though anonymous public blockchains afford a number of powerful capabilities, they are not suitable for most enterprises, particularly those in regulated industries.”

IBM’s Hyperledger, which runs on a permissioned blockchain as well, has received tremendous support from global titans, including Walmart, Amazon, JPMorgan, Cargill and many others.

Electroneum stands out for many reasons, such as being the only cryptocurrency firm to launch an affordable US$80 smartphone with enhanced ETN mining as well as helping financially-marginated people to live their lives on their own terms.

Therefore, as of today, Electroneum is one of the very few blockchain projects to join the likes of IBM and Facebook to develop their original and very unique mainnet, utilising authenticated miners in place of anonymous ones to guarantee their users, miners, and exchanges a 100% secure network.

WATCH OUR ANNOUNCEMENT VIDEO

https://www.youtube.com/watch?v=OuhHKFRiuzw&t=5s

About Electroneum

Having attracted nearly 3.1 million users in just under two years, Electroneum is making tremendous strides towards its vision of mass adoption in developing regions:

  • First truly mobile cryptocurrency, offering a “mobile cloud miner” that enables users to earn up to US$3 in ETN every single month.
  • Word’s first KYC/AML cryptocurrency, ensuring Electroneum is positively received by governments and financial institutions worldwide.
  • First cryptocurrency to launch in-app, allowing users to top up their airtime and data using ETN.
  • Only cryptocurrency to have launched an on/the/ground activation campaign in South Africa, educating an on boarding new users every single day.
  • Only cryptocurrency to have launched an affordable US$80 smartphone, allowing people in developing regions to own a new phone for the price of a reconditioned phone.
  • First cryptocurrency to have exhibited at the world’s largest exhibition for the mobile industry; Mobile World Congress (Electroneum have exhibited two years running).

View source version on businesswire.com:https://www.businesswire.com/news/home/20190708005349/en/

CONTACT: Olivier Acuna

PR Manager

olivier.acuna@electroneum.com

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: SOFTWARE NETWORKS FINANCE TECHNOLOGY PROFESSIONAL SERVICES SECURITY

SOURCE: Electroneum

Copyright Business Wire 2019.

PUB: 07/08/2019 06:53 AM/DISC: 07/08/2019 06:53 AM

http://www.businesswire.com/news/home/20190708005349/en

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Hyperledger Transact programming project now co-sponsored by Intel

Intel has co-sponsored a new blockchain project by Hyperledger, according to a report from Forbes, on July 3.

The co-sponsored project, known as Hyperledger Transact, is a new tool that will create a standard interface for blockchain networks in an effort to boost compatibility.

This programming project was released late June 27 and according to Intel’s blockchain program director, Michael Reed, the main purpose of Intel’s efforts in blockchain is to make sure that distributed ledger technology will run well on Intel’s CPUs/ processors known as Intel Silicon.

As quoted by Reed:

“Our main objective in our work with [the] blockchain sector is to ensure that this new workload, that is blockchain and the leading solutions in the blockchain sector, run well on Intel silicon. We’re trying to embrace the industry overall.”

Hyperledger Transact makes up of several companies of different industries, including IBM, Intel, the tech service firm Bitwise IO and the global food supplier Cargill.

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Alectra Utilities and Interac reward their customers for using renewable energy with a blockchain …

Alectra Utilities and Interac reward their customers for using renewable energy with a blockchain-based program

A partnership between Alectra Utilities and Interaca financial service based firm will lead to Canadian residents who use renewable energy getting rewards. To ensure they succeed in their endeavour, the two firms will leverage blockchain technology to reward Canadian residents with near instant incentives.

Although many would think that the two firms are going to carve out a blockchain platform from existing firms, both Interac and Alectra will rely on already made platforms. For payments, Interac will use its existing payments network, which currently serves more than 1 million customers. On the other hand, Alectra, which is the second largest municipally owned energy firm in North America, will use its existing networks to ensure all renewable customers on the grid get rewards.

IBM Hyperledger Framework Will Take Center Stage

To handle all the day to day operations, Interact has been shopping around for blockchain principled initiatives which fall in line with its agenda. For that, IBM Hyperledger Framework has proved to be the best platform to host its renewable rewards program. Through IBM Hyperledger Framework, Interac has already set plans in motion and sends sparks, which quickly reward users. Furthermore, distributed ledger technology in place also helps them in decision making between Interac and its partners together with assisting it in federating data.

 renewable rewards program renewable rewards program

Apart from just getting incentives for using renewable energy, the latter will come in handy at helping reduce surge demand during peak hours. The demand during peak hours is usually higher and can overload a grid. However, through the incentive program, users can make renewable energy as their default power line during peak hours and help reduce surge demand. As the energy consumers, together with other utility firms, learn of this noble initiative, more will join the bandwagon.

Furthermore, setting up the systems needed is not cumbersome since federated models and micropayments are not new business models. Moreover, Interac won’t be creating something out but just incorporating blockchain technology into its systems to ensure service delivery is sufficient. As the platform takes shape and marks its entry into the energy sector in Canada, Interac is position itself at the centre of it all. Furthermore, it’s taking on blockchain to harness its power and create a new business model.

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The Fourth Industrial Revolution is here. Think of this as the data era; a time of deep connectivity driven by technology and powered by unprecedented amounts of data.  We are at a pivotal point in human history where the possibilities are endless, and the implications are huge. The first three industrial revolutions were also pivotal points in human history. Each unique, but all common in their impact on life as we knew it at the time. Each period introduced new ways to harness energy to drive improvements. These improvements fundamentally changed and created new industries and … READ MORE

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Private Blockchain’s Biggest Startups Integrate in Unprecedented Tie-Up

A historic change in strategy is taking place at R3 and Digital Asset (DA), who are now collaborating to maximize their respective blockchain ecosystems.

Announced Tuesday, DA will be bringing its smart contract language DAML (Digital Asset Modelling Language) to R3’s Corda platform, as well as Hyperledger Fabric, following on from its Hyperledger Sawtooth tie-up last month.

DA co-founder Yuval Rooz had a tough act to follow, taking over as CEO from Wall Street legend Blythe Masters, who suddenly departed the company in December of last year.

He told CoinDesk:

“Since I’ve taken over, we have had integration announcements with Sawtooth and VMWare, and what you are seeing now is a continuation of that strategy. Ledger providers see an opportunity to bring more business to their ledger because DAML allows developers to build applications much faster.”

Another rather interesting partnership DA is kicking off is with Amazon Aurora, a non-blockchain traditional cloud database – driven by strong customer demand, said DA.

This echoes the AWS Quantum Ledger Database, which is also centralized and makes no pretensions towards being a bonafide blockchain. Rooz said he predicts more tie-ups between DAML and centralized database providers.

“We could actually capture a big piece of distributed applications today,” he said.

Stepping back

Stepping back to circa 2014-2015, firms like DA and R3 became pitted against one another, courting the same customers, and reminding them not to get caught in a Betamax versus VHS situation.

There also seemed to be a game of musical advisors playing out, as R3’s current CTO Richard Gendal Brown and Clearmatics head of research Tim Swanson advised the pre-Linux Foundation Hyperledger, which was acquired by Blythe Masters and Digital Asset Holdings as it was known then.

Later, Brown and Swanson joined R3 full time.

Dan O’Prey, CMO and head of DAML Community at DA, was also a co-founder of Hyperledger and remembers that back in the early days “out of necessity all companies looked like full stack providers so they had to build the ledger, they had to build the environment for smart contracts and solutions.”

The natural evolution of the blockchain space has required a change of strategy among firms noted O’Prey. For example, R3 made the strategic decision to focus on the platform with Corda, while DA is focused on a different layer of the stack, he said, adding:

“It’s fortunate for both of us we have decided to focus on different areas and that turns us from competitors to partners.”

Todd McDonald, R3 co-founder, and chief product officer agreed with this sentiment, but also highlighted how personality might have helped play a part. He told CoinDesk:

“The very first round table we had as R3, Yuval was there. There were only about 20 people in the room. So we have been chatting for a long, long time. And one of the first companies we worked with was Dan’s old company, Hyperledger, before they were acquired. So there’s definitely a lot of overlap and back story.”

R3’s Todd McDonald image via CoinDesk archives

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What’s the Connection Between Big Data and AI?

When people talk about big data, are they simply referring to numbers and metrics?

Yes.

And no.

Technically, big data is simply bits and bytes—literally, a massive amount (petabytes or more) of data. But to dismiss big data as mere ones and zeroes misses the point. Big data may physically be a collection of numbers, but when placed against proper context, those numbers take on a life of their own.

This is particularly true in the realm of artificial intelligence (AI). AI and big data are intrinsically connected; without big data, AI simply couldn’t learn. From the perspective of the team in charge of Oracle’s Cloud Business Group (CBG) Product Marketing, they liken big data to the human experience. On Oracle’s Practical Path To AI podcast episode Connecting the Dots Between Big Data and AI, team members compare the AI learning process to the human experience.

The short version: the human brain ingests countless experiences every moment. Everything that is taken in by senses is technically a piece of information or data—a note of music, a word in a book, a drop of rain, and so on. Infant brains learn from the very beginning they start taking in sensory information, and the more they encounter, the more they are able to assimilate and process, then respond in new and informed ways.

AI works similarly. The more data an AI model encounters, the more intelligent it can become. Over time, as more and more data processes through the AI model, it becomes increasingly significant. In that sense, AI models are trained by big data, just as human brains are trained by the data accumulated through multiple experiences.

And while this may all seem scary at first, there’s a definite public shift toward trusting AI-driven software. This is discussed further by Oracle’s CBG team on the podcast episode, and it all goes back to the idea of human experiences. In the digital realm, people now have the ability to document, review, rank, and track these experiences. This knowledge becomes data points in big data, thus fed into AI models which start validating or invalidating the experiences. With enough of a sample size, a determination can be made based on “a power of collective knowledge” that grows and creates this network.

However, that doesn’t mean that AI is the authority on everything, even with all the data in the world.

To hear more about this topic—and why human judgment is still a very real and very necessary part of, well, everything—listen to the entire podcast episode Connecting the Dots Between Big Data and AI and be sure to visit Oracle’s Big Data site to stay on top of the latest developments in the field of big data.

Guest author Michael Chen is a senior manager, product marketing with Oracle Analytics.

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