Category: Technology

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IOTA has introduced Qubic software

Categories Technology, Trading, Cryptocurrency Exchange, Tokens, IOTA, Tangle Technology

IOTA has introduced Qubic software

There has been an awful lot of talk around the latest IOTA project. This won’t come as much of a surprise to those that are familiar with IOTA and its native Tangle technology, but this new bit of tech is set to seriously raise the bar. Qubic is already being billed as a world-changing bit of software, but what do we really know about it?

How does Qubic work?

The short answer to this is “no one really knows”. Thus far, the specifics surrounding the project have been shrouded in an air of mystery but more details are scheduled to be released in the coming days.

So far, we have gathered that Qubic will seek to change the way that businesses interact with and use smart contracts. Similar in some ways to other more mature ecosystems, IOTA will provide the smart contract functionality- a great thing in a world where there is no such thing as a one-size-fits-all blockchain solution.

Qubic is expected to place a big emphasis on smart contracts and will provide an oracle system which will be capable of connecting USD/EUR conversions to a smart contract. The exchange rates will be taken in real-time from Bloomberg.com and this means that new trading vehicles that are linked to IOTA can be introduced.

A possibility of facilitating trading options

One possible outcome is that Qubic will facilitate a way for trading options that are related to IOTA. Speculating on any asset can lead to increased volatility and even though those behind IOTA would like to see a bit more stability, a balance is expected to be found. Hedging bets on crypto are increasing in popularity, but until the market truly matures, its volatility means its pretty tough to do so effectively and profitably. Qubic may offer a suitable solution, in this case, assuming of course that this is how the technology is designed to be used.

It also seems that Qubic will also offer a way for existing IOTA trading platforms to tap into the world of decentralising margin trading. This particular accomplishment will be achieved through using IOTA Tangle to offer a low-cost and simple infrastructure. For those who want to convert to and from USD/EUR and IOTA, the future is looking pretty bright.

Let’s wait and see

Scheduled to be officially launched in the near future, everyone is poised to see how this technology will measure up. If IOTA can deliver on their promise and the expectations around Qubic, it will be a big step for them, but until then, let us wait and see.

 

Interested in Learning More about ICOs Legislation in Malta? Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

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IOTA signed a memorandum of understanding with Norway’s Largest Bank

Categories Blockchain, Cryptocurrency, Technology

IOTA signed a memorandum of understanding with Norway’s Largest Bank

A press released published on Thursday 31st May, announced, Den Norske Bank (DNB ASA) that Norway’s largest bank, signed a memorandum of understanding with IOTA Foundation (IOTA). It is now believed that DNB and IOTA will collaborate exploring IOTA Tangle applications, a “third-generation” distributed ledger (DLT).

The expectations following this news are that both IOTA and DNB will partake in exploring new business models for their industries. In an interview, Lasse Meholm, Head of DLT at DNB commented that the bank’s goal is to understand better this new technology. Moreover, staff members facing clients at the bank can find new opportunities for new use cases.

He continued to add: “Among other things, the technology is designed to handle hundreds of thousands of microtransactions per second. We will not let go of the market associated with this ecosystem that arises around these transactions.”

IOTA hopes for a better relationship with Norwegian Banks.

In a court case in May, Nordea Bank won a case against a Norwegian crypto exchange (Bitmynt AS) for closing their account. The rhetoric brought up in court was that Bitmynt could have been using mechanisms for laundering money.

In fact, IOTA’s founder David Sønstebø stated that IOTA wishes that Norwegian banks will soften their take on the crypto industry. He continued by saying that “I hope and believe it. The IOTA Foundation will contribute to separate useless crypto-projects from the serious ones.”

Around the world, a number of financial institutions and banks are looking into the power of blockchain technology. Recently, Canada’s central bank, Toronto Stock Exchange operator TMX Group, and an NGO Payments Canada have concluded a test on how blockchain technology is an effective platform for instantaneous securities settlements.

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Can Blockchain really change the music industry?

Categories Blockchain, Cryptocurrency, Technology, Music

Can Blockchain really change the music industry?

There are many that believe blockchain has the capacity to revolutionise the music industry. For every supporter, however, there are those that claim that the existing industry frameworks are too well-established for blockchain to be able to break through. These points of view are a classic example of the wide disparity of opinions when it comes to blockchain and its potential uses. So which one is right?

The answer is both and neither. As it stands, blockchain has the potential to create a significant change in the music industry but it also unlikely to be something that happens quickly.

The music industry now

When people hear the phrase ‘music industry’ they usually think of pop singers and bands that play huge arena tours and receive airplay on all of the big stations. Whilst they are important, they are by no means representative of the wide-ranging niche and Billboard estimates that 95% of revenue actually comes from streaming.

This figure doesn’t truly represent what major artists make but rather it represents local artists and those whose music doesn’t fit into radio-friendly categories. When we talk about numbers, it is these smaller acts that make up the majority of the industry, rather than the global megastars. Blockchain technology has incredible potential to revolutionise the way that these up-and-coming artists make their money.

Direct to consumer sales

Previously, artists who wanted to gain exposure and notoriety would try to get the attention of major record labels. If they were successful their label would give them a contract and provide them with a way to release their music, book shows, and earn radio airtime, but today, this is not the only way to make it big.

Today, a large number of artists are releasing their music themselves over music streaming services such as YouTube and Spotify. They are also taking care of their own marketing, recording, distribution, and even booking. Growing numbers of artists are able to become superstars without even signing with a label, something that would have been unheard of several years ago.

Artists like Gramatik are taking this to a whole new level by taking up the use of blockchain technology. In his case, this means that he made his own cryptocurrency that fans were able to purchase in order to support his work. This provides a way for artists to realise their own music as and when they choose, rather than having to handle the music industry bureaucracy and middlemen.

Even big labels are using blockchain tech to get more control over the revenue that they are generating. An example being the Monero platform which was created just for musicians and artists. It has already been adopted by some of the big name stars such as Lana Del Ray, Mariah Carey and The Lumineers.

Ensuring Data Integrity

Blockchain is also able to help when it comes to ensuring the protection of an artist’s intellectual property. It is able to facilitate payments and can even provide the media with a press kit for each artist. One example of this is Mycelia for music and their ‘Creative Passport’ project.

Blockchains limitations

When it comes to buying music, album sales are long dead and it seems that there is no way to reverse this. The concept that musicians will now be able to collect money directly from consumers to purchase albums or tracks is just not going to work and not even blockchain has the ability to roll back the clock that far.

It is also highly unlikely that blockchain will bring around the demise of any major record labels. As much negative press, as they receive, they do provide a much-needed service such as taking care of business-orientated tasks that most artists would rather not deal with. They have established relationships with media outlets and they have also experienced teams on hand to help musicians reach their goals.

There is no doubt that blockchain has a huge potential when it comes to revolutionising the music industry. This said, it seems that the best way to achieve this is to be realistic about where this change can take place. This means that the integrity of the data should be ensured when it comes to taking ownership of creative property and artists information, whilst also assisting artists who wish to have more control over the creation, distribution and sale of their music and products.

 

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Ohio plans to be the next US State to legally recognise blockchain data

Categories Blockchain, Cryptocurrency, Law, Technology, Regulation

Ohio plans to be the next US State to legally recognise blockchain data

Senate Bill 300 which was introduced by Senator Matt Dolan could pave the way for Ohio to be the next US state to legally recognise smart contracts and record on the blockchain. The bill makes amendments to the Uniform Electronic Transactions Act so it will now allow for smart contracts to be as legally enforceable as any other contract.

If the bill is passed, it would introduce a new language, stating that blockchain technology can be used to process and store electronic information as well as providing ownership rights.

“Notwithstanding any other law, a person that, in or affecting interstate or foreign commerce, uses blockchain technology to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to that information as before the person secured the information using blockchain technology.”

The bill continues: “This division does not apply to the use of blockchain technology to secure information in connection with a transaction to the extent that the terms of the transaction expressly provide for the transfer of rights of ownership or use with respect to that information.”

Notably, the bill makes amendments to language in a different section that pertains to electronic contracts, adding that “smart contracts may exist in commerce”. It also states that whilst a contract may be denied legal effect or enforceability solely because an electronic record was used in its formation, it goes further and specifies that smart contracts may be used for legal documents.

If the law is passed in Ohio, the state should join Arizona, California, Florida, and Tennessee in recognising both smart contracts and blockchain transactions in electronic records.

 

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The Accounting Blockchain has launched its Private Placement – The Future of Accounting at your fingertips

Categories ICOs, Malta, Smart Contracts, E&S Group, Technology, New ICO - Accounting Blockchain

The Accounting Blockchain has launched its Private Placement – The Future of Accounting at your fingertips.

E&S Group is proud to announce that its client The Accounting Blockchain has launched its Private Placement.

 

E&S Group is pleased to be working with The Accounting Blockchain assisting them in this exciting project. The aim of this blockchain based platform is to incorporate smart contracts,  helping companies processing triple entries in the platform thus saving time and money. This project is tailor-made to match the current market of accounting software packages. In addition, The Accounting Blockchain came up with a solution for companies that need to invoice each other and how payments are processed through the supply chain reaching the end consumer. AB Tokens are issued to their clients, where they can enjoy savings provided by the platform.

E&S Group is proud to be advising and supporting this innovative project, incorporating blockchain and smart contracts guiding companies to the future of doing business through cryptocurrencies. To learn more about The Accounting Blockchain, please visit their website: https://www.theaccountingblockchain.io/

 

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What to consider when creating an ICO

Categories ICOs, Law, E&S Group, Technology, Tokenomics, Tokens, White Paper

What to consider when creating an ICO

Over the years, Malta has built up a solid reputation as a leading jurisdiction for iGaming, fintech, and financial services. With these foundations already in place, it was a matter of natural progression for it to become the new global home for ICOs.

In May of this year, the Maltese government announced three new acts that would seek to provide legal clarity and regulatory certainty for ICOs, virtual currencies, and blockchain technology and service providers. The move has been welcomed by the international cryptocurrency community and it has now put Malta well and truly on the map when it comes to those looking for a suitable place to launch an ICO. But what else should you consider before getting the ball rolling?

Create a whitepaper

You can have the best idea, the best team, and the best planning in the world, but if you don’t have a truly excellent whitepaper then your project is doomed before it has even started. As well as now being a legal requirement, the whitepaper will allow you to clearly and succinctly communicate your concept to those that are interested in investing in it. This is not a document that you can write yourself in a few hours, you need to enlist the help of a professional to ensure that not only do you include all of the required information but that you also tick all of the regulatory boxes. The document should include what problem the ICO offers a solution to, the vision, what the course of action will be, business issues, a full description of the product, and how it will be marketed. If the whitepaper doesn’t answer every question that potential investor might have, then it isn’t doing its job properly.

Consider ancillary services

Setting up an ICO is not just creating a whitepaper, advertising it on Reddit and then waiting for the funds to roll in- you need to consider things such as bank accounts, tax implications, company registration, legal advice, and more. For these issues, you need to enlist the help of a specialist within the jurisdiction the ICO will be set up in. E&S Group can offer you step by step assistance from A to Z.

Tokenomics

Having a great idea is just one part of the puzzle- knowing the intricate ins and outs of how the ecosystem will work is something a little bit complex. Having the correct tokenomics can make all the difference between a successful ICO and one that fails, so finding a suitable tokenomics advisor is a necessity. This skill set is not something that everyone can offer, but at E&S our team of financial experts, accountants, business advisors, and crypto specialists can guide you through the four main areas of consideration for creating the perfect ecosystem.

Attracting the right investors

Attracting the right investors is paramount to your success. Even the best ideas and projects will fail if they are not getting noticed by the right audience. There is a range of different ways that you can seek to publicise and market your ICO and knowing how to do it in a way which is effective and lucrative whilst still retaining reputability, is something that needs some professional input. From social media to specialist databases and PR to your marketing plan,

Are you legally compliant?

With new regulations due to come into force in Malta, adherence to the rules should be at the forefront of your business plan. Understanding EU requirements in terms of KYC and AML, as well as issues such as the classification of securities, is something that a specialist should be assisting you with. Ensuring that you are in full compliance with all applicable laws, rules, and regulations will save you many problems in the future, as well as enhance your credibility on the market.

Whilst the ICO sector is only a couple of years old, the professionals at E&S have already amassed a wealth of hands-on experience in planning, developing, executing, and marketing compliant and successful ICOs. Why not contact us today to see how we can give you and your project the boost that it needs?

 

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IOTA Ledger Tech eyed by the UN for higher efficiency

Categories Blockchain, Cryptocurrency, Technology

IOTA Ledger Tech eyed by the UN for higher efficiency

The IOTA Foundation is starting a collaboration with The United Nations Office for Project Services (UNOPS) to find a way to utilise distributed ledger technology to help the UN streamline its workflows.

UNOPS announced the partnership earlier in the week and stated that the two organisations will be aiming to increase the efficiency of the UN office using Tangle technology from IOTA. The reason behind the UNOPS decision to use IOTA is due, in part to the fact that Tangle does not use a blockchain in the way that bitcoin and Ethereum do. Yoshijuki Yamamoto, a UNOPS special advisor on blockchain technology stated that the IOTA distributed ledger, “can be operated on battery power or alternative connectivity networks, which can be extremely useful in areas with sporadic access to high-speed internet connections or even electricity.”

The Internet of Things

In addition, IOTAs ledger is compatible with Internet of Things devices which do not require a large amount of computing power. This being said, the partnership revolves around the way that IOTA and UNOPS will be able to utilise the technology. Yamamoto continued;

“We are working with the IOTA Foundation to identify the most appropriate use cases for the first [proof-of-concept], to help address some of the challenges that UN as a whole faces when working in the field. It’s very much a collaborative process. As we identify gaps in the proposed test solution or additional elements that need to be added, we’ll work together with IOTA to identify and involve suitable other partners as well.”

This is a collaboration that will be educational in nature and for this reason, it is difficult to predict how long it will take to move from the pilot face to full implementation.

“It depends entirely on the complexity of the problem being tackled and how many different parts the solution entails need to be integrated: hardware, software, user experience, etc. It is difficult to know in advance what the sticking points will be,”

Partnerships with multiple other stakeholders

But IOTA is not the only new technology that UNOPS is working with as they have already started a partnership with a number of different start-ups and incubators from the DLT sector. It is clear that the UN sees this type of technology as promising and it is also obvious that such an organisation would not experiment with the technology unless its members thought it could have an impact.

“We don’t do blockchain for blockchain’s sake. We have limited resources and personnel, so we have to focus our efforts on solving real-world challenges. Our priorities stem from our mission as an organization, not from the fads of the crypto space,” he concluded.

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Blockchain and its disruption of supply chain management

Categories Blockchain, Cryptocurrency, Technology

Blockchain and its disruption of supply chain management

Keeping track of every component of a supply chain is not particularly easy, even if you are running a small business rather than a multinational conglomerate. As the size of the company increases and its reach becomes international, the supply chain starts to look less like a chain and more like a tangled web of connectivity and inefficiency.

Supply chain management has evolved to become its own specialist business and various suppliers and service providers are popping up each day. These companies have made it their missing to iron out the issues within the sector to not only increase efficiency but to save companies money. Technologies such as AI and machine earning have already been applied to the challenge of increasing the optimisation of the supply chain and blockchain is next on the list.

Blockchain technology was originally known as the technology that underpins Bitcoin and other cryptocurrencies, and that functions as a secure, private, immutable, decentralised ledger. It has been labelled as a “record keeping mechanism that makes it easier and safer for businesses to work together over the internet”. Its potential when it comes to the supply chain is undeniable.

The change is happening

This shift towards adoption of blockchain technology is already well underway. International companies such as Maersk and IBM have formed collaborations that will allow them to create blockchain-based electronic shipping systems which allow companies to track their cargo in real time.

The theory is that the blockchain would be able to effectively store records for every product a company has. It would then add to this record each time the product changes hand and it would store all data relating to who purchased it and how much it cost. This permanent history for each product would follow it from the moment it was made to the moment it ended up in the hands of the client.

Obvious advantages

It is obvious what the advantages of this system are; analysts would be able to identify new ways to reduce delays and human error which would have a positive impact on both time and resources. This data would then be shared throughout the company and it would enable each different department to work better together towards their end goal.

From recording the transfer of assets to keeping track of receipts, invoices, and purchase orders, it would also be able to store other identifying data such as delivery notes or whether fresh produce is organic or nut free.

When it comes to sharing information outside of the company, blockchain can also be used. Businesses would be able to share information with suppliers, manufacturers, couriers and other vendors and this level of transparency would help to reduce disputes and delays as well as preventing shipments from getting stuck.

The solution that blockchain offers is so much more scalable than any other solutions and it offers an unlimited database that can be accessed from various touchpoints around the world. It provides an unparalleled level of security and the fact that it is open source and easily customisable means it can be applied to a range of industries. A business is even able to create a provide blockchain that is shared only with those who have permission.

Blockchains infiltration of the global marketplace appears to be unstoppable and its use in supply chain management is just one of its many cases uses. Those firms that have been quick on the uptake are already benefitting from what Blockchain can do and those that haven’t, risk being left behind.

 

Interested in Learning More about ICOs Legislation in Malta? Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

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chiliZ has teamed up with Binance

Categories Blockchain, ICOs, Malta, New ICO - ChiliZ, Technology, Binance, esports

chiliZ has teamed up with Binance

Our client, chiliZ , announced that Binance is investing in their new tokenization platform which focuses on esports and other sports industries. chiliZ blockchain platform tokenises voting rights to their supporters of esports and other sports entities. This concept was inspired by the “Socios” crowd-management which Real Madrid and FC Barcelona came up with.

The video gaming industry is worth $110 billion, which is surprisingly bigger than the global film and music industry. It is expected that the video gaming space will adopt blockchain services thus accessed by more than 300mm esports fans. It is apparent that millennials, nowadays are knowledgeable and have a keen interest in virtual currencies and have experienced trading in digital assets. In fact, both blockchain technology and esports will reach millennials which are acquainted with both emerging technologies.

The chiliZ platform will start with esports teams and leagues. However, Binance and chiliZ will eventually work with the sports industry. They are also planning to develop a fan-driven token ecosystem for traditional sports teams, hence scaling the concept of “Socios” around the world.

Binance involvement with chiliZ is to provide the sharing of technical knowledge, innovation and creativity. Furthermore, this collaboration will help chiliZ delivering its platform globally.

Alexandre Dreyfus, chiliZ CEO stated that “Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources. Enabling a more strategic partnership.”

While Binance CEO & Founder Changpeng Zhao added “chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”

 

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The European Central Bank wants banks to separate crypto business

Categories Blockchain, Cryptocurrency, Technology

The European Central Bank wants banks to separate crypto business

On the 11th May, the ECB stated that any banks doing business with cryptocurrencies should ring-fence it and ensure that there are adequate amounts of capital against. Yves Mersch said that cryptocurrencies and virtual currencies that are issued by private companies with the help of users, do not qualify as money and therefore need more stringent regulations from any entity that deals with them.

“Due to the high volatility of VCs it might seem appropriate to require any VC trading to be backed by adequate levels of capital, and segregated from other trading and investment activities,” Mersch told a conference in Turkey.

EU banks that are overseen by the ECB have so far stayed away from cryptocurrencies but with Goldman Sachs announcing its new Bitcoin trading desk, this could soon change. Mersch said the market was too small at present to endanger financial stability but he advised that this could change and VCs could post a risk especially if they are used as collateral for bank loans or settling trades at a clearing house.

“There’s a need to examine whether any VC activity carried out by FMIs (financial market infrastructures) should have to be ring-fenced,” Mersch said.

 

Interested in Learning More about ICOs Legislation in Malta? Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

 

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