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  • Ripple’s foray into the world of banking has been marked with several developments and strides that have been demonstrated in the form of products like xVia, xRapid, and xCurrent. In a recent interview, the officials at the San Francisco based cryptocurrency company have revealed a clear picture as to what they want to achieve: taking a cryptocurrency such as XRP into the realm of mainstream banking.Speaking to Cointelegraph, David Schwartz, the Chief Technology Officer [CTO] at Ripple, elucidated on the XRP ledger and its features. The technology visionary stated that the predominant feature of the XRP ledger was its complete decentralization as no individual or organization controlled it. Schwartz went on to add that every participant on the network enforces every single rule and the system is governed by all of its participants, thereby democratizing the network.Schwartz was frank enough to admit that concept of Proof of Work [PoW] has kind of hit a dead but that has still not hampered the developments on the XRP ledger. He stated:“It’s produced actually increasing centralization in systems based on it There’s a lot of work to improve the decentralization and improve the robustness of systems based on distributed agreement protocols.”The CTO went on to say that the contributors on the Ledger have paved the way for more developments to occur, a phenomenon that he expects to continue for a long time.
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  • Justin Sun, the founder and CEO of Tron Foundation, announced today that Tron, the 11th largest cryptocurrency in the market, had surpassed Ethereum in terms of daily transactions for the first time on October 18. Tron outperformed Ethereum with 33,563 additional transactions. Sun announced on Twitter:“It is the first time that #TRON has surpassed #Ethereum in daily transaction. #TRX 599354 vs. #ETH 565791 in October 18th. It’s just the beginning! $TRX”Moreover, Tron continued to surpass Ethereum’s daily transactions on the following day, October 19, as well. Yesterday, Tron registered 629,329 transactions, while Ethereum registered only 601,119 transactions. This means that Tron surpassed Ethereum by over 28,210 transactions.Tron’s daily transactions on October 19 | Source: TwitterEthereum daily transaction on October 19 | Source: Twitter
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  • The price of Bitcoin [BTC] seems to be boring investors at this point, with investors on Wall Street beginning to call the coin digital gold due to its constrained price movement. However, the long-term trend for Bitcoin might see the price bounce back, owing to the emerging trend patterns.1 hour:A trend reversal has occurred from the $6520 – $6660 mark down to the $6410 limit. The price recently moved up from the $6150 – $6185 mark, with another uptrend seen at the $6210 – $6370 limits.The Parabolic SAR indicator is demonstrating a bullish signal as seen by the presence of the dots under the candlesticks.The buying and selling pressure seem to have stabilized after recovering from the oversold zone as indicated by the RSI.
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  • On 20th October, the Spanish government announced plans for all cryptocurrency investors to disclose their holdings regardless of the investment being within state boundaries or offshore.The government has decided to take these steps in lieu of several cases of monetary fraudulent activities and plans to put a heavy clamp on it. The plans for the full disclosure was announced by Isabel Celaa, a spokesperson of the Spanish government as well as the Minister of Education and Vocational training. Although the law is still in its proposal stage, several members of the government feel that regulations on the digital assets are the need of the hour.The details of the proposal point to the European nation taking a serious stance on the virtual currency industry. Investors and holders will be asked to reveal all details of their digital currency holding which will be subject to Spain’s 720 disclosure form. The Form 720 is a tax declaration that reports to the Spanish Tax Agency about all the assets that a user possesses.Reports have shown that if any holder fails to disclose any detail properly, he or she will be penalized with a hefty fine of 5000 Euros.The European Union, of which Spain is a part of, had been in the news earlier when it had declared cryptocurrencies can be used as a substitute for money. The EU had said:
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  • Ripple has been making headlines recently as its premier offering for cross-border payments, xRapid, is making strides towards building the necessary infrastructure for its implementation. This also bodes well for XRP HODLers as the product directly utilizes the liquidity pool offered by the world’s third-largest cryptocurrency.The hype is also backed up by bullish statements made for the advancement of the product by Ripple executives. Cory Johnson, the chief market strategist for Ripple, stated:“Mexico and the Philippines – those are countries where there’s a lot of remittance payments going out of other countries and into Mexico, into Philippines. And there’s a lot of trade in XRP, so I think we’re gonna see a lot of adoption of our products in those countries; we’ve already seen that.”This comes after Ripple partnered with one of the biggest cross-border payment providers in the United States, known as Viamericas. The company offers services in 34 countries, with an established network of inroads into various local banking systems.This was revealed in their brochure detailing how xRapid works, a part of their push to drive the product after it was launched earlier this month. The CEO of Viamericas, Paul Dwyer, stated:
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  • What is the most popular way of traveling? Obviously, by air. Just imagine that over 5,000 air companies flew
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  • Recently, Michael Moro, CEO of Genesis Global Trading, one of the biggest global Over-The-Counter [OTC] market-makers of digital currencies, spoke about his understanding of why Bitcoin is becoming a digital gold. He based his arguments on two aspects; store value and a hedge in a users portfolio, a process for reducing risk to fluctuations in exchange rates.In the interview with CNBC Fast Money, Moro also said that one of the positive characteristics of Bitcoin was its performance as uncorrelated assets.Bitcoin, according to him, performed similar to the stock market or the fixed income market. He added:“So it sort of behaves on its own, I think the uncorrelated nature of Bitcoin is certainly interesting.”The interview covered various topics, including cryptocurrencies becoming a viable alternative to traditionally traded securities, or having enough traders “burnt” while trying to manage the cryptocurrency market risks.
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  • On Friday, October 19, the Financial Action Task Force [FATF] stated that cryptocurrencies such as Bitcoin [BTC] and Ethereum [ETH] need to come under fixed laws and regulations to prevent misuse.The FATF has come down hard on frauds being conducted using digital assets, even threatening to put certain countries in a ‘gray list’ which can drive away investors and interested parties.The FATF is an intergovernmental organization that aims to prevent money laundering in the fiat world as well as the up and coming cryptocurrency industry. The members include a good portion of the G7 countries, including China and India.Marshall Billingslea, an assistant US Treasury secretary who holds the FATF’s rotating leadership, stated:“We’ve made clear today that every jurisdiction must establish virtual currency rules and it’s no longer optional.”
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  • Stellar Lumens [XLM] has been surprising its HODLers with impromptu price hikes over the last week. It has seen yet another one, as the price spiked up by 4.3% in just the last 24 hours, bringing its market cap to a whopping $4.6 billion. The coin is also exhibiting a growth of 17% over the week, one of the best performing coins as the market moves sideways.XLM 7-day price graph | Source:CoinMarketCapIt started off the week at around the $0.21 mark, before seeing a sharp spike to $0.229 on 15th October. While the coin quickly corrected down to the $0.220 mark soon after the pump, it began a gradual upward movement over the next few days.From 16th to 18th October, the coin saw its price testing and breaking the $0.240 limit before coming to rest at $0.244 on 18th October. However, it dropped down to $0.232 on the same day, demonstrating resilience to the market movement as it hiked up to the $0.24 mark on the same day.During the late hours of trading on 19th October, the coin broke the $0.24 resistance before finding it again as a support on the very next day. However, in the morning of 20th October, it pushed past $0.245 to trade at the $0.246 mark.
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  • Cory Johnson, the Chief Market Strategist for Ripple, recently appeared on an interview to speak about regulations in the cryptocurrency space. Moreover, he also spoke about the status of XRP as a security in the eyes of the United States Securities and Exchanges Commission [SEC].XRP, as a cryptocurrency, remains in a zone of regulatory uncertainty regarding its status as a security. The declaration of the asset as a security would result in the ecosystem being more closed, as investors would find it more difficult to get into the space.Moreover, this would throw a wrench in Ripple’s plans of using xRapid, as exchange platforms may not continue to list the coin. However, Johnson gave his two cents on the matter in an interview with CoinTelegraph:“It’s really clear to us that XRP is not a security. XRP’s relationship to Ripple is a proof of that. But maybe more importantly, you’ve also got the XRP… You can buy all the XRP you want, it doesn’t give you the rights to a dime of the company’s profits, or earnings per share, or dividends; doesn’t give you a single share or any interest in the future of this company.”Furthermore, he went on to say that even if Ripple, the company, was to “go away”, it would not “make a bit of difference to XRP”. This is due to the fact that the XRP ledger continues to exist separate from Ripple, stated Johnson. He went on to elaborate:
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  • Ethereum [ETH] has been holding steady on the cryptocurrency charts, maintaining a healthy disparity in terms of market cap with XRP. The Ethereum community is also waiting for its proposed hard fork titled, ‘Constantinople’, which has come under the scanner after concerns were raised by an independent Ethereum developer. Lane Rettig had released a report recently which provided an insight on the issues within the hard fork on Ropsten Testnet.The developer had raised a red flag when a bug was discovered in the Parity implementation of the Ethereum blockchain. Rettig stated:“Apparently, in this case, there was some confusion over the meaning of terms like ‘transaction’ and ‘execution frame’ that may have contributed to the bug.”Ethereum was also in the news earlier when Holger, an official from the Ethereum Foundation spoke about the clients under the ambit of Ethereum. He stated that it was too slow, still unfit for mass adoption. There were some positive announcements as well, with the developer stating that the communication flow was easy within the Ethereum network as it happens only between accounts and on the blockchain.Holger further went on to say:
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  • NEM Foundation recently signed a cooperation pact with United Arab Emirates [UAE] Ministry of Community Development [MOCD]. The pact will allow NEM to provide its blockchain consultation service to the ministry. Furthermore, the parties have also agreed to exchange valuable information, knowledge and recent updates on the emerging technologies in the blockchain platform.According to the Medium report, Assistant Under-Secretary – Policies Sector at UAE’s MOCD, Sana Mohammad Suhail signed a Memorandum of Understanding [MoU] with NEM Foundation Council Member and Regional Head of NEM Southeast Asia, Stephen Chia.During the Gulf Information Technology Exhibition [GITEX] held in Dubai, NEM and UAE’s MOCD reportedly signed the cooperation pact. Furthermore, the signing of the pact was done in order to improve the strategies of the UAE federal government.This would enable their citizens to have a better standard of living and provide community services in a very sustainable, innovative, and high-quality manner. In addition, the pact will enable UAE to move towards their long-term goals which is to become a fully digital government by 2021.NEM Foundation Council Member and Regional Head of NEM Southeast, Stephen Chia stated that the collaboration with MOCD was one of the many engagements by the NEM UAE team, with the Dubai government and UAE administration implementing blockchain technology in their systems. Chia further added:
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  • Input-Output, the science and engineering firm headed by the Founder of Cardano, Charles Hoskinson recently announced an audit conducted by Kudelski Security for its Icarus project. Icarus is a code developed by IOHK as a reference implementation for a Cardano light wallet, just like Yoroi that was launched previously.The firm that audited the code is a third-party and independent security auditor that has contributed to IOHK several other times.IOHK decided to go for a third-party audit as it believes that internal audits may miss the critical aspects of identifying security issues. Therefore, this enables the developers from IOHK to fix the issues pointed out in the audit for the launch of the product. The firm also added: “This ensures our customers and clients have the most secure wallet we can provide.”Furthermore, Cardano’s native organization defined Icarus as an open-source code base that is built to be used as a reference to further create secure and light mobile wallets for Cardano. It also aims to provide developers to have access to tools that they require to build on the ecosystem.
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  • Basic Attention Token [BAT]’s Brave browser has caught a lot of attention since its announcement of a newer version of the browser [Brave 1.0] which is compatible with all Chrome extensions. The announcement was made by the firm on 18th October, in which the team mentioned that the browser’s load time is 22% faster than the existing Brave Muon version.The official Twitter handle of Brave software said:“Our new desktop browser has a 22% faster load time on average than our exiting Brave Muon version. That’s as much as 8-second faster page loads on certain sites.”Brave 1.0 is built based on Chromium and is currently available on Windows, Mac, and Linux platforms.Some of the features that have been released include, URL bar centered changes, default brave shield settings, Tor related privacy enhancements, crash fixes, multiple web compatibility fixes etc.
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  • Coinschedule, a British blockchain portal, and Trecento Blockchain Capital, an asset management company, have announced the launch of a joint investment fund called “Coinschedule Trecento BC Fund”, which will invest in early-stage blockchain companies including token offerings and equity-based deals.Coinschedule was founded in 2016 by two blockchain early adopters. With the help of scientists from the University of Oxford, Coinschedule has developed a unique algorithm called Coinschedule TrustScore. TrustScore assigns a credibility score to each blockchain project based on dozens of data points.The company found that blockchain projects that score highly with the TrustScore algorithm tend to perform better in the long run.The joint fund will use this information together with Coinschedule’s blockchain expertise to help select the best potential investment projects. Trecento Blockchain Capital’s team will then assess the opportunity making the decision to invest.Launched in 2018, Trecento Blockchain Capital is an asset management company fully dedicated to blockchain investing. The company is part of the Trecento Group, founded in 2012 by Alice Lhabouz, that already owns Trecento Asset Management [managing circa $200 million on behalf of institutional investors]. It is formed by a team of investment professionals and experts in technology and blockchain. Trecento Blockchain Capital’s aim is to generate significant returns for their investors by investing in the best blockchain projects with a long-term view, within a compliant and regulated legal framework.
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