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Calastone Goes Live With World’s Largest Financial Services Community on Blockchain

Vlad Poptamas

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  • Calastone has successfully launched its blockchain-enabled Distributed Market Infrastructure (DMI)
  • The migration sees the largest group of financial services organisations ever to connect and transact on a live distributed ledger
  • The entire global funds network of more than 1,800 customers across 41 countries and territories have been migrated onto the blockchain-based network
  • The DMI enables friction-free trading, stripping out cost, risk and operational inefficiencies

Calastone, the largest global funds transaction network, today announces the successful go-live of its blockchain Distributed Market Infrastructure (DMI).

The technology underpinning Calastone’s network has now been migrated to a blockchain-enabled market infrastructure. The migration of Calastone’s global network of more than 1,800 customers across 41 markets is a world-first and represents the largest community of global financial services organisations connecting and transacting via distributed ledger technology.

Less than two years since Calastone announced the completion of its first phase to test the feasibility of using blockchain to develop a common global marketplace for the trading and settlement of funds, the company’s DMI is today live. This represents a major step in enabling digitalisation and friction-free trading at a significant global scale. Calastone has highlighted the scale of tangible value the DMI could bring to the industry, forecasting more than £3.4bn in savings per year for the mutual funds market worldwide, achieved through the technological mutualisation of the distribution model.

Financial services organisations around the world – whichever size and scale – can, through the DMI, now access a fully mutualised global funds marketplace whereby the trading, settlement and servicing of funds is conducted in real-time. This will play a key role in stripping out the ever-increasing costs, operational burdens and risks inherent within the current model.

Campbell Brierley, Calastone’s Chief Innovation Officer, comments:

“Developing the DMI has been a fulfilling journey of innovation and it is incredibly exciting to have completed a world first for the financial services sector. Over 1,800 clients across 41 markets are now transacting on the DMI, transforming how fund organisations interact with one another.

“Through Calastone’s blockchain-enabled market infrastructure all participants across the fund’s world can work together seamlessly and view trading activity in real-time. Information now ripples instantly across the market, a step change from the previous, fragmented model. Financial services firms worldwide can, via the DMI, utilise new services, enhanced capabilities and new investment opportunities, allowing them to evolve their proposition to one that will be more competitive and valuable long-term.”

At launch, the DMI immediately solves several key points of friction which are fully automated and visible as all participants are connected into a common infrastructure. It will also bring a new service, the Sub-Register, which creates a shared, real-time view and history of the registers between trading partners at any point in the distribution chain.

Julien Hammerson, Calastone’s Chief Executive Officer, adds:

“Since we launched in 2008, our vision has been to use innovative technology to create a friction-free funds market and reduce the overall cost of trading for all market participants. Today more than ever, investors expect increased returns, greater access and transparency, at a time when the funds industry feels the effect of growing cost pressures.

“The launch of the DMI today marks an important step for the entire funds industry, creating a friction-free global marketplace for funds. By leveraging the latest technology we are able to provide the investment management community with the tools they need to control risk and cost, while meeting the evolving needs of investors.”

In the lead up to the go-live, Calastone has been engaged with a community of early adopters who have had access to the technology, including RBC Investor & Treasury Services, Bravura Solutions, Seven Investment Management, Multrees and Tilney Investment Management.

 

SOURCE Calastone

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Blockchain

Bithumb to Participate in the EOS Election to “Contribute to the Development of the Ecosystem”

Vlad Poptamas

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The cryptocurrency exchange Bithumb is to participate in the EOS election. Bithumb intends to take a lead in developing the blockchain ecosystem by supporting outstanding platforms such as EOS.
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The cryptocurrency exchange Bithumb is to participate in the EOS election. Bithumb intends to take the lead in developing the blockchain ecosystem by supporting outstanding platforms such as EOS.

On June 25, Bithumb plans to participate in the Block Producer (BP) election using the EOS it owns. The top BP team of EOS contains 21 people and is in charge of operative directions and block production. This team is elected by votes of EOS holders.

BP, as the representative of EOS, makes various pledges. Bithumb plans to support the BP who is able to contribute to the development of the EOS ecosystem by carefully considering their pledges. Particularly, it is examining the delegation of votes using proxies based in Korea in order to increase the influence of Korean BPs.

Korea has approximately 10% share of total published EOS and Bithumb, with the greatest volume of EOS, and is expected to have a significant influence on the ecosystem if it participates in the election. Currently, Bithumb plans to participate in the election using the EOS it owns, and is examining the way in which it will be able to offer such opportunity to Bithumb members that want to participate in the election.

Bithumb recently has also been expanding its business into the blockchain domain, aside from exchanges. Since the end of last year, it has continued to cooperate with US fintech firms to establish security token exchange platforms and has recently been taking a lead in developing the blockchain industry with various firms such as Codebox, Xangle, China’s SNC, etc.

A Bithumb representative stated, “EOS has a lot of DApps due to its exceptional expandability and has high potentials to develop into a practical platform,” and added, “Bithumb will take the lead in developing the blockchain industry both locally and abroad, and in creating a healthy ecosystem by supporting outstanding platforms such as EOS.”

SOURCE Bithumb

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Blockchain

Waves Breaks into dApps Market, Launching Smart Contracts Functionality

Vlad Poptamas

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Waves Platform, a decentralised blockchain ecosystem for building Web 3.0 solutions, is releasing its purpose-designed programming language RIDE on mainnet – enabling global developers to create fully-fledged decentralised applications on the Waves blockchain.

Innovative solution

Waves claims that its solution has advantages over existing alternatives, including the most popular platforms: Ethereum, EOS and TRON. These advantages include the developer-friendly RIDE programming language, which helps users avoid mistakes in the coding process: lazy evaluation, formal verification, no gas requirements, flat fees for transactions and better scalability properties.

Alexander Ivanov, Waves founder and CEO, believes that the RIDE rFelease will attract a large number of developers to the platform, both from competing blockchains and from outside the blockchain space.

“DApps are considered to be the future of the decentralised world and a platform that stays ahead in this battle will rise at the top,” he comments. “We aspire to be at the top because we build original solutions that have never been released before, and take into account the problems of implementations that are already available in the market.”

“For blockchain developers, this means a cheaper and more convenient coding process than ever before, while those from outside the blockchain segment will see the entry threshold substantially lowered and new opportunities arrive,”he adds.

According to Waves, in recent weeks around 500 active users have tested RIDE and dApps on the network’s testnet, generating 40,000 to 50,000 transactions daily. Currently, the average daily load is around 90,000 transactions. Shortly after mainnet release, Waves expects a 30% to 50% increase in network load and a further increase in the longer term, as well as an increase in miners’ revenues.

Impact on the segment

Currently, the dApps segment is valued at $3.2 billion, with the total number of users on the top four platforms close to 800,000 – a 25% increase for the first quarter of 2019. Analysts predict a boom in the dApps segment over the next two to three years.

DApps have the potential to democratise not only storage, trading and betting, but also elections, legislation and other public services and events.

Those dApps will be written and launched on existing platforms, whose number runs into a few dozens. However, even the largest and best-known platforms are not yet fully in line with developers’ requirements.

The launch of Waves’ smart contracts is set to step up competition between platforms and foster the segment’s expansion.

Waves Platform was founded in 2016 with a team of 10 developers after raising $16 million in investment. The company has 180 employees in MoscowAmsterdam and Zug currently. There are 664,074 active users (+30% year-on-year for 2019/2018) that provide 100,861 transactions on average daily (according to blocktivity.info). The total amount of transactions processed by mainnet is over 65 million.

Waves is the technological basis of the Vostok project, which attracted $120 million in investment in December 2018 to develop a private blockchain for the corporate and public sectors.

 

SOURCE Waves Platform

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Blockchain

Meter: Changing the Way the World Uses Money

Vlad Poptamas

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Meter, Decentralized Finance Stable Coin and Crypto Wallet
Reading Time: 2 minutes

 

Meter enables decentralized finance through its stable cryptocurrency, wallet and platform, is launching a truly decentralized, censorship-resistant, high-speed consensus design. By dividing power for blockchain currency creators and record keepers, Meter has created a revolutionary “proof-of-value” blockchain validation system. This advancement fulfills the original decentralized vision started by Bitcoin, while adding needed stability and security. Meter’s testnet is active, and their cryptocurrency wallet is easy to use, allowing for quick on-boarding with no crypto knowledge needed.

Meter was co-founded by Xiaohan ZhuYoung Yu, and Jun Xu. They all believed in the original vision of a decentralized, blockchain-focused system of currency; all envisioned a revolution in the stablecoin ecosystems that consistently fall prey to attacks. As part of the DeFi movement, Meter’s platform offers a badly needed application interface for the crypto world.

Meter has created a unique hybrid consenus model, called “proof-of-value”. All consensus protocols create an irrefutable system of agreement between various devices across a distributed, decentralized network. Meter has taken inspiration from previous proof-of-work and proof-of-stake systems to create a powerful hybrid that functions better than the originals.

“The pure proof-of-stake, it cannot exist because it’s too fragile, so we developed hybrid proof-of-stake,” said Young Yu, a former Cisco tech leader and Brocade principal engineer. “Pretty much my whole life, i’ve been working on routing protocols… the problem [with other decentralized projects] is the scalability, and wider availability. This is what we’re here to solve.”

“The approach we take in Meter is very different from the existing cryptocurrency projects, which are typically either by developers, academics, or cryptographers,” said Xiaohan Zhu, a Wharton Finance MBA, co-founder and CEO of Decentralized Finance Labs. “For Meter, we’re making a basic infrastructure, and we want to build on top of it, because this is just the base layer of unit of account settlement. There are a lot of financial system related things we can build on top.”

Meter has created the start of a financial ecosystem where we need not answer to central authorities to be approved for loans, manage our money, establish savings accounts or provide merchant services. Instead, a network of our peers will act to enforce and verify a decentralized, safe, efficient network of financial agreements that allow anyone with an internet connection to bank with confidence.

 

SOURCE Meter

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