A blockchain startup company based in Amsterdam, Bitfury Group, has recently created its first artificial intelligence (AI) unit, Bitfury’s top official informed the news in an interview to Reuters.

The startup company, back in November 2018, successfully managed to raise a fund of worth $80 million from various investors, including Macquarie Capital, Galaxy Digital, Armat Group, and others. This resulted, the company to be valued at $1 billion and recently, the startup firm became Hyperledger blockchain project’s member.

The AI unit of Bitfury will work along with existing blockchain solutions of the company and will remain associated with the firm.

Co-founder and CEO of Bitfury Group, Valery Vavilov mentioned the demand to examine and retrieve the value from dozens of available data made Bitfury firm to shift to AI.

The launch company’s AI unit was followed by the launch of ‘new music entertainment’ unit of the firm named ‘Bitfury Surround’ in 2019.

Vavilov further told,

Data is becoming the next oil. We have collected so much data, but only 2 percent of all this data has been analyzed; 98 percent is sitting idle and waiting to be analyzed.

According to Bitfury CEO, the best and most productive technique to examine the data is via AI.

Vavilov mentioned, ‘we also need to trust that data, so that’s where blockchain comes in.’

In 2019, one of the tech industries that attracted huge funding is AI. CB insights- a research company, revealed that 2019’s Q2 noticed a record-break investment of $7.4 billion in AI startup firms and maximum investments were recorded in the field of transportation and healthcare companies.

However, Bitfury’s CEO mentioned that the AI division is currently in ‘research mode’ and he will have more clarification over the wide range of Artificial Intelligence services that Bitfury seeks to offer by 2019 or at the beginning of next year.

Bitfury Appointed Tech Expert for Its AI Unit

The blockchain-based startup firm further announced that it had appointed Fabrizio Del Maffeo- a tech expert as the head of Artificial Intelligence. Prior to his appointment, Del Maffeo was serving AAEON Technology Europe as the Vice President and Managing Director. It is the Artificial Intelligence and IoT (Internet of Things) computing firm across Asus Group of Taiwan.

Bitfury provides numerous blockchain-based services, also manufacturers’ computer and crypto-currency mining hardware. It also operates crypto mining data centers. The company was established in 2011 and one of the popular security and infrastructure service providers for the bitcoin blockchain.

Artificial Intelligence is a computer science branch that focuses on the designing of intelligent machines, functions similar to human beings.

Vavilov mentioned in a statement,

Just as blockchain technology enables us all to fix our most broken and distributed systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives. To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications.

Bank of England’s Chief Economist and the Monetary Policy Committee member of the bank, Andy Haldane, during an interview with Crypto Briefing, mentioned that Cryptocurrencies has ‘enormous potential.’ Andy Haldane is also the Executive Director of Monetary Analysis and Statistics. They will keep monitoring the fastest growing digital market in the world.

Bank of England (BoE) releases the British Pounds and is Great Britain’s Central Bank. The bank was established 320 years ago, and most of the other leading Central Banks of the world have adopted its model.

He has continuously emphasized that financial institutions are sure to support crypto assets development.

Haldane stated: The Bank of England has a positive attitude towards the emerging technology and also supports them because they assist in driving the services offered by financial institutions forward especially in this area of payments like digital currencies

The Chief Economist then underlined that authorities need to restrict the risk of a young industry and should back sector having tremendous possibility such as crypto industry. The crypto industry should receive maximum support.

In 2015, Haldane shared his opinion on cryptocurrency, and now for the second time, he has expressed his view.  In 2015, he mentioned there was negotiation taking place between banks in order to release first of its kind sovereign cryptocurrencies.

He did not focus on any crypto project but recommended that to integrate with the emerging technology such as digital currency with the existing mainstream system, it’s better to start with payments.

He clearly stated about cross-border payments, “where the cost of doing that is currently largely borne by poor people and needs to change.”

A few months ago, the Chief Economist advised that digital currencies might pose a risk to investors, and in March 2018, representative of Bank of England’s Governor Mark Carney issued notice on digital currencies. Later Haldane mentioned that cryptocurrencies do not cause a threat to the financial platform of the world with regards to digital currencies current growth.

Haldane further mentioned currently, the BoE can only track and keep watching companies, financial institutions, and other central banks on how they handle with the emerging technologies.

Haldane started to develop a positive approach towards these technologies back in 2015, and in 2018, for the first time, he shared his opinion to investors.

Regulations for the leading cryptocurrencies differ from country to country. Large scale businesses have a liberal approach. Countries like China and India have called for a ban on trading with cryptocurrencies and imposed strict regulations.

On 9th June, governors of central bank and finance ministers of G20 officially urged the Financial Stability Board (FSB) to regularly track the crypto asset industry and advice the authorities to approach digital currency in a better way.

The G20 finance ministers also stated they are sure of applying FAFT’s data compliance requirements to digital currency payments. More likely, these requirements will be validated by the end of June. Further, these date requirements might play a significant role in ‘preventing and combating money laundering, terrorist financing, and proliferation financing.’

Recently, Ted Budd pointed at the need for tax clarity to the House of Representatives, U.S. According to him, cryptos should be treated like any other foreign currency, and the Se Minimis tax exemption should be applied to them as well.

What is the De Minimis Tax Rule?

De Minimis is a Latin expression. It basically means something suggestion of the “minimal things.” The rule talks about the minimum threshold that can help in recognizing if a “discount bond should be taxed as capital gain or ordinary income.”

If the discount is not more than a quarter point as per complete twelve months from the time of acquiring and the time of maturity, then as per the De Minimis Tax Rule, the discount can’t be considered as a market discount for tax purposes. Rather, the growth from the buying rate to the maximum rate should be considered a “capital gain,” in case it is kept for more than twelve months period.

Ted Budd’s suggestions:

He suggested that the “discount bond should be taxed as capital gain or ordinary income.” He mentioned that he had co-promoted the “Cryptocurrency Tax Fairness Act.” This, according to him, as a result, will push the “Internal Revenue Code (IRS) of 1986.” Further, personal crypto-based buying could be taxed. At the moment, it is not getting taxed. Moreover, at the moment, cryptos are considered as property by the rules, and therefore, the cryptos do not stand a chance to get exempted by the De Minimis Tax Rule.

Further, as the cryptos are treated as properties, there comes a need of people who make use of the digital currency for doing several things such as purchasing fiat currency or indulging in goods and services. The need of people is to know how much tax should be paid based on the transactions made.

Double Taxation:

He also touched on the topic of ‘double taxation.’ Why double taxation? Well, as the cryptos are getting treated as properties as per the rule, the transactions of both buying and selling are getting treated by the Internal Revenue Code. On this, he said that this is leading to imbalanced tax practices and therefore discourages the participation in the blockchain related activities.

As per him, the crypto-based transactions should be treated as any other transactions. To support his point, he gave the reference of H.R 7361 (Virtual Value Tax Fix of 2018 bill.) As per this bill, cryptos can be deferred for tax as per the section 1031 of the ‘Internal Revenue Code Tax Cuts and Jobs Act.’ If these solutions are not applied then, as per Budd, the crypto transactions will be facing forty percent sales tax.

He raised this concern to the level of ‘national economic issue.’ He further added that it should be dealt with utmost care before the blockchain innovation moves to places such as Singapore and Malta.

There’s good news for Ethereum traders and investors, and now they can celebrate over it as the United States Commodity Futures Trading Commission (CFTC) is ready to accept Ethereum futures, internal officers of CFTC mentioned.

In December, last year, the US CFTC had held a market feedback forum. The CFTC issued a ‘Request for Input’ (RFI) and requested all blockchain based experts to understand more about the second largest cryptocurrency of the world, as per market cap and other cryptocurrencies like bitcoin, ethereum network and ether. The form had various questioned related to blockchain technology, risks, use cases, markets, opportunities all concerning to Ethereum network and Ether. The ‘Request for Input’ signaled out the willingness of CFTC to sanction Ethereum futures.

As of now, Ethereum is an unregulated crypto asset, once CFTC sanctions Ethereum futures, Ethereum will come directly within the federal jurisdiction.

The CFTC controls the US derivative markets, and it had permitted bitcoin futures markets to introduce at the end of 2017, the increase of bitcoin price to $20,000 mark is due to the sanction of Bitcoin future. As of now, Cboe Global Exchange and CME Group have offered funds to Bitcoin Futures.

With the approval of Bitcoin futures, the regulator is looking ahead to control another similar ethereum product, authorities mentioned.

“I think we can get comfortable with an ether derivative being under our jurisdiction,” the person stated.

The official further added that they don’t make strong statements; what we do is examine the applications that are before us.

He briefed saying that a derivative exchange reaches to us and tells us that we seek to introduce this specific product and if they arrive at us with a specific derivative that meets our requirements, then I believe that the derivative will have a good opportunity of getting approved or self-certified by the regulator.

The CFTC is the federal body that looks into cryptocurrency regulations. CFTC is a bit more generous in its approach as compared to the Securities and Exchange Commission (SEC).

Meanwhile, the officials of CFTC said that they might only respond to a particular application that is placed before the federal bodies instead of freely giving opinion, the person mentioned.

If a regulated futures product is planned and sanctioned, then Ethereum futures might get a fresh round of institutional money within the Ethereum ecosystem.

John Todaro, digital currency research director of Tradeblock, a financial software provider, said that most investments have mandates which do not permit them to purchase the virtual currency.

Looking over the long term operation, he mentioned that a CFTC monitored futures market could bring more confidence within regulators like that of SEC and may enable to open opportunity for ETF- a fund traded over the stock market and may bring in more liquidity to ethereum.

Increase in the institutional cash flow will in-turn support retail investors, John mentioned.

Few people even discussed that the bitcoin price might be harmed due to futures, responding to this John said bitcoin value had reached its highest level and the sanction of futures just happened at that time.

Earlier, the chairman of CFTC, Chris Giancarlo said that the US is ahead of any other country in the world, but there are few areas where we need to apply a thoughtful approach.

The latest report mentions about the three major official partners of Singapore government based blockchain accelerator Tribe, namely BMW Group Asia, Nielsen and Intel. Tribe will be taking over US Data Company Nielsen, automotive giant company BMW Group Asia and Technology firm Intel. Singapore backed blockchain accelerator Tribe will get support from these global companies.

Tribe Accelerator revealed the development news on Friday stating that the three global companies will be sharing their knowledge and relevant subject skills in their specific field with Tribe’s startup to assist in building an inclusive ecosystem which will be ready for industry 4.0.

The reports also say that one of the major automation firms, BMW Group Asia will be responsible for providing ‘masterclasses’ and also mentoring sessions on how blockchain based solutions can be applied in a mass market situation. The statement was verified and confirmed by Vice President of group IT and head of Asia Pacific region, BMW Group Asia, Carsten Sapia by stating that

“We hope that we will be able to assist these startups in developing their proofs-of-concept and help them in reaching the next level of the development cycle.”

Meanwhile, another global technological corporation Intel will be providing technical and business related mentorship to these startups.

Each of the new partners of Tribe has planned to offer masterclasses and dedicated mentoring courses. The global firms will also take part in a global demo event which will be covering events across Seoul, Shanghai, San Francisco and Singapore.

On the other hand, The US data company Nielsen will be offering a sandbox. The main aim of the sandbox is to offer a secure and controlled environment for the participants so that they can test new technologies and speed up the adoption of their resources.

The director of the blockchain program of Intel, Michael Reed said,

“some of the Intel technologies such as Intel Scalable processors and Intel SGX will help the blockchain solutions to enhance their privacy, scalability and security.”

The managing partner of Tribe Accelerator, Ryan Chew also commented,

“In order to move ahead as a community, the experimentations need to be encouraged by us, and when the advantages of blockchain technologies become visible then adoption of the mainstream will surely take place.”

The Tribe blockchain was first introduced in December 2018; by TRIVE Ventures- a South-east Asia focused venture capital company which was supported by the government of Singapore.

The main objective of the platform is to help the growth of the next stages of startups by offering a hyperconnected platform wherein the advanced innovations can be held the platform intends to support blockchain based solutions to widespread markets.

This is not the first partnership of Tribe with the global firms. The latest reports state that Tribe has collaborated with ConsenSys and Ethereum development studio. The partnership of Tribe with ConsenSys will eventually help to enhance the blockchain ecosystem in Singapore. Tribe is also a government organization whose objective is to improve the blockchain industry of Singapore. Tribe Accelerator is being supported by Singapore blockchain Enterprise.

Core formulators of Ethereum (ETH) have delayed the commencement of the Constantinople hard fork by the time February reaches its end. The up-gradation is at present position to be put into operation on ETH block 7,280,000, which is stated by a group leader at Ethereum, Peter Szilagyi, as per a tweet on the 18th of Jan.

In his statement, Szilagyi put in plain words that the commencement is going to put into practice at block number 7,280.000 that is supposedly predicted to be excavated on the 27th of Feb, 2019. The up gradation is going to apparently be put into operation as “a solitary fork on main-net as well as a post-Constantinople-fix up fork into the test-nets to get a hold of them into a line feature-wise alongside the primary system.”

The most recent deadline comes into the picture as a result of an unforeseen postponement because of a newly revealed safety susceptibility permitting a reentrancy assault, which got identified in Constantinople’s system by a smart agreement auditing agency named as ChainSecurity.

The susceptibility supposedly permits a possible attacker with all means to rob cryptocurrency from a smart agreement on the system as a result of repetitive asking for finances from it at the same time as providing it fake information concerning the malicious player’s real ETH balance. To scrap the loophole, the commencement of the up gradation got delayed even more to an extended period.

The forthcoming Constantinople hard fork is said to be an up gradation to the ETH system, that encircles a large variety of Ethereum Improvement Proposals (EIPs) to alleviate the changeover from the present proof-of-work (PoW) to the further power proficient proof-of-stake (PoS) consensus algorithm.

By the time it’s put into full practice, it is anticipated that the developments are going to supposedly and essentially alter the Ethereum blockchain, which is additionally going to put off any kinds of rearward affinity-sensing that system codes be required to either upgrade in a synchronized manner in the midst of the whole network or continue to operate as an individual blockchain unit.

As Cointelegraph stated throughout the previous few weeks, some of the chief cryptocurrency exchanges such as Coinbase, Kraken, Huobi, and OKEx have established their sustainability of Constantinople and is moving on the right track.

China has laid out their plans to fight piracy and safeguard the interests of online writers by weeding out the plagiarized contents using blockchain technology. Local news outlet China.org reported that the Internet court set in China’s Eastern city Hangzhou would use the blockchain technology, to ‘extract work circulating in cyberspace’ for writers to use them as evidence in court.

The Hangzhou Internet Court is a first of its kind court in China which exclusively deals with internet related cases. They claim to settle “diversified Internet disputes and claim to be a ‘first mover’ for the transformation of Internet trials.”

The country boasts of 800 million Internet users and has a booming online business. This has led to an increasing number of Internet-related disputes pending in China’s courts. To decongest this China has set up three Internet courts in Hangzhou, Beijing, and Guangzhou exclusively to handle Internet-related cases.

Hangzhou hosts a huge percentage of online writers in China. The Binjiang District in the city even has a place called “writers’ village” with as many as 107 famous online writers put up there.

Earlier, writers used to rely on screenshots or had to download content as evidence. This process was not recognized legally by the court citing that the process was not credible enough explains Wang Jiangqiao, a judge at the Internet court. Screenshots and downloaded contents can easily be faked. Not to mention the notarial procedures and hiring of professional lawyers that would push up the costs of seeking justice which makes it harder for hapless writers to get justice.

The experts maintain that the blockchain guarantees that data cannot be fiddled with, due to its decentralized and open distributed ledger technology. Wang says that any digital footprints stored in the judicial blockchain system cannot tamper. They log the authorship, time of creation, content, and evidence of infringement and these data can have the desired legal effect.

The Hangzhou court had earlier in a precedent-setting ruling announced that the evidence which has been authenticated using blockchain technology is legally binding. It was reported that the digital data would be recognized as evidence in the internet court upon verification by various methods including blockchain, time stamps, and digital signatures. CCN had reported that the Chinese government has also prioritized blockchain technology in its current economic development plan alongside other nascent technologies such as AI and quantum computing.

Within 24 hours the world’s largest cryptocurrency –Bitcoin BTC has dropped to a new low of almost 10 percent against the U.S. Dollar. On the first day of December, the reported price drop of the digital currency was 8 percent. The downfall is proving December to be a rough month for the cryptocurrency by far.
As per the reports from Coindesk, at 12:28 pm HK/ SIN (11:28 pm E.T on Thursday) Bitcoin was trading at the rate of $3,337 due the steep fall of 9.88 percent in the last 24 hours.

The second and the third largest cryptocurrencies- Ripple (XRP) and Ether (ETH).

On the other hand, other cryptocurrencies in the crypto world also saw dreadful dips in the period of the last 24 hours. Ripple XRP the second largest cryptocurrency had to face 10.62 percent drop. And Ether ETH showed a disheartening 15.90 percent; as per the reports from Coindesk.

Cryptocurrency has seen new lows this year. From the all-time whooping high of $20,000 in 2017 to the current value of $3,337, the year 2018 has given a hard time to cryptocurrency. The market value of the digital currency has dropped down to almost 87.09 percent this year from its high in January. The per day trading volumes of the cryptocurrency has also grown low, showing a drop of 61.65 percent since January, according to the data collected from Coinmarketcap.

On Thursday, an update was seen from the U.S. Securities and Exchange Commission (SEC) about the approval process for the proposal of amending the allowance of Bitcoin exchange-traded fund ETF. VanEck SolidX Bitcoin Trust is the ETF under discussion. VanEck SolidX Bitcoin Trust is a collaboration of VanEck (a money management firm) and SolidX (a Blockchain company.) It is a third attempt of VanEck for creating a Bitcoin ETF.

According to Eduardo A. Aleman, assistant secretary in the SEC, it is wise to extend the decision-making on the proposed rule change. The reason behind this prolonged decision time is to consider the proposal for a change in the ETF rule more deeply. Before this when SEC decided to delay the decision on the VanEck SolidX Bitcoin Trust, it resulted in 9 billion dollars wiped off the Bitcoin value.

ETF helps track the rates of a financial asset which is listed on an exchange. With the help of an ETF, the trader or the investor does not have to purchase any financial asset directly. The ETF route suits investors like institutional investors for gaining access into the cryptocurrency investing system in a much safer way than to first buy Bitcoin from any cryptocurrency asset exchange.

In a cryptocurrency conference that took place in Washington D.C., one of the five commissioners of SEC, Hester Peirce said-

“Don’t hold your breath. I do caution people to not live or die on when a crypto or Bitcoin ETF gets approved. You all know what I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to crypto. I am not as charming as some other people.”

At the same conference, the commissioner added that the approval of the Bitcoin ETF is really unpredictable. It can take a day or even ten years, although she assured a definite institutionalization of the crypto. She based her assurance on the infrastructure that surrounds the asset class and is getting stronger over time.

Cryptocurrency exchange and cryptocurrency futures market called ErisX received $27.5 million from Nasdaq (the second largest stock market in the world) and Fidelity (the fourth largest manager). This move shows a lot of confidence in the development of the infrastructure in the cryptocurrency market for institutional investors.

The oscillating ETF trajectory

The SEC rejected the Bitcoin ETF filing of the Winklevoss twins in July. The rejection was based on the fact that the filing depended on the cryptocurrency exchange to decipher the base rate of the currency.

In August, ETF faced another rejection by the SEC. This time, eight of the Bitcoin ETF filings were rejected because they used the CME and CBOE futures market to analyze the Bitcoin rates.

The reason why the ETF filing of VanEck SolidX Bitcoin Trust is stirring the hopes of the investors and the traders is because of the Trust’s ten years’ long track record in the Financial sector. VanEck utilizes the Over-the-counter (OTC) market to establish the rates of cryptocurrency which gets the ETF backing. Therefore, this time the VanEck SolidX Bitcoin Trust’s ETF filings were based on a different approach in comparison to the nine ETF filings that were made before it that got rejected by the SEC. In the last year, several reports have been supporting this idea that in case the OTC market proves to be larger than the cryptocurrency exchange market, the SEC may get to reconsider the approval of the ETF that is backed by a new market altogether.

On the other hand on Thursday, the lawmaking bodies of the U.S. were found trying to introduce new rules for the cryptocurrency industry. The aim is to offer better security to the investors and the traders of cryptocurrency in the U.S. and thus, marinating U.S.’s lead in the crypto landscape.

Founder of Grayscale Investments Barry Silbert, a digitalized asset organization company backed by Digital Exchange, recently stated on social media, Twitter to disclose that he has bought numerous altcoins among the marketplace competition.

Such type of trappings, besides the Decentraland, is not at all astonishing, as Grayscale presently provides security stuff for Ethereum Classic, Zcash, and Horizon, and Silbert often tweets in regards to such coins.

Though all of these altcoins is presently dealing with a great markdown comparative to all the increase in prices, few of them have interrogated whether the asset is a good one or not a good one. Few of the coins that are presently ranked at the top are ETC, ZEC, MANA and ZEN, one-to-one these coins have been given their names in the AltDex 100 Index (ALT100), a standard directory for huge-cap crypto asset and tokens.

As per the present collection of information, the mainstream of Grayscale’s victims stems from the current 10 percent decrease in Bitcoin (BTC), which reduced the overall price of the company’s Bitcoin Investment Trust from $1.356 billion to $700 million in November 2018.

This is the first time that has happened in history; the price can be sent wherever in the entire world at the same speed as info, in a safe and secure method. A parting from conformist financial, radical, and communal organizations run by a few of the large central establishments, digitalized money are power-driven by lots of peers within an internationally dispersed network, introducing info and assessment in unbelievable new techniques. An internationally distributed network, democratizing power and the price of incredible new methods. many digital currencies, every with unique comparative advantages, may radically transform legacy systems across nations and industries around the world, driving future economic growth and becoming more valuable as the keys to the company’s digital, comprehensive frugality. The numerous digitalized currencies, all of these with exceptional relative compensations, might fundamentally convert money schemes through various countries and businesses all over the world, making a future financial growth and becoming more appreciated as the solutions to the digital, global economy.

The recent grayscale report, also added $90 million in Q3, with an average for its Bitcoin Speculation Trust at $5 million at the same time its “Non-Bitcoin” Investment Products stood at $6 million each week. Approximately 67 percent of the wealth originated from established investors. Grayscale feels that the stockholders deserve a recognized, secured, and answerable partner that can aid customers to direct digital exchange capitalizing. This reason has made the company is creating apparent, conversant speculation products that enable access to this growing asset class and offer the catalyst to spend in the current digital currency-powered internet of money.

Plague Hunters, an approaching PS4 game, has accepted Sony’s appraisal procedure and will develop the very first game that has been powered by blockchain PlayStation game.

Plague Hunters will signify a significant landmark in the gaming of blockchain industry. The game is, though not a huge, inexpensive development, but it is however situated to be the best blockchain-powered game to be unconfined on slightly video game support.

The firms CEO Arcade Distillery shall be preparing blockchain- Ethereum and would be giving a non-fungible cryptocurrency token to its customers. Clients will make use of the tokens that could trade in different types of games like units and weapons, on the market. Because of the blockchain, the game market will be apparent, all dealings shall confirm, and peer-to-peer (P2P), this means that game’s budget will fit its members, and it will not be dedicated to Arcade Distillery.

The game Plague Hunters is a new character playing the game (RPG) that emphases on solitary gamer involvement but show few of the online PvP rudiments. A mystical inheritor to Plague Road, Plague Hunters, will be free-to-play and is arranged for announcement somewhere in January 2019. The distillery will then release Plague Hunters on the computer and Nintendo Switch. He will be further generating free varieties as well as Xbox One.

It appears that the business of gaming is giving huge assistances of assimilating blockchain technology in video games more commonly. Recently, Mythical Games studio stated that it had got millions in investing to make an EOS blockchain-based game. It’s no astonishment depositors are feeling happy about the thriving business of gaming given the achievement of Classic Games, Spasm, Dissonance, and others in the space. Similarly, Plague Hunter is the final blockchain gaming platform. Constructed from the pulverized up to let designers size Blockchain Games and introduce them with no waitrons effortlessly.