Seeds of Wisdom RV and Economic Updates Thursday Evening 8-15-24
Good Evening Dinar Recaps,
XRP Adoption in Japan: A Comprehensive List of Banks Embracing Ripple’s Technology
▪️Leading banks in Japan are tirelessly working towards shifting how Cross-border transactions are handled by integrating the XRP ecosystem.
▪️Banks like SBI Holdings and Mizuho Bank, part of a 61-member consortium, are working towards worldwide cryptocurrency adoption, especially XRP.
Ripple is emerging as a dominant force in the crypto sphere. The token is rapidly gaining traction, and Japan is at the forefront of this trend by wholeheartedly embracing XRP. Additionally, Japan is also at the front line, particularly in the realm of cross-border payments.
As per a recent CNF report, Ripple has formed strong alliances with leading financial institutions. Notably, 80% of Japanese banks have collaborated with this crypto titan.
List of Japanese Banks set to use #XRP.
1️⃣ SBI Holdings – Tokyo
2️⃣ Mizuho Bank – Tokyo
3️⃣ Sumitomo Mitsui Trust Bank – Tokyo
4️⃣ Resona Bank – Osaka
5️⃣ Bank of Yokohama – Yokohama
6️⃣ The Chugoku Bank – Okayama
7️⃣ The Tokyo Star Bank – Tokyo
8️⃣ The Toho Bank – Fukushima
9️⃣… pic.twitter.com/BCoK3Df41f
— Jack Straw (@JackStr42679640) August 12, 2024
@ Newshounds News™
Source: Crypto News
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Cardano’s Hoskinson Names AI-Blockchain Use Cases—Is ADA Ready to Seize the Moment?
▪️In his recent presentation at the Ai4 conference, Cardano co-founder Charles Hoskinson addressed the intricacies around the merging of blockchain technology and Artificial Intelligence (AI).
▪️According to him, AI’s reliance on huge computational resources could be offset by the existence of tokenomics.
The groundbreaking entry of Artificial Intelligence (AI) into the crypto or blockchain space was the focal point of the Ai4—Artificial Intelligence Conferences 2024, which featured Cardano’s (ADA) Charles Hoskinson as a speaker.
In his keynotes, Hoskinson delved into the ongoing situation of AI leveraging blockchain as an incentive and trust layer to create a decentralized marketplace for data, models, and inference.
Summarizing Hoskinson’s speech:
Merging blockchain and AI presents significant challenges but also opens up opportunities for innovation. From governance and data privacy to decentralized marketplaces and ethical concerns, the intersection of these technologies requires careful coordination and incentives alignment to unlock its full potential.
@ Newshounds News™
Read more: Crypto News Flash
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Member-countries of Eurasian banks council can agree upon common approaches in ESG sphere
Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years
MOSCOW, August 15. /TASS/. All member-countries of the Eurasian Council of Central (National) Banks (ECB) informed about their involvement in the Environmental, Social and Governance (ESG) and climatic transition agenda, according to data of the poll held by the Bank of Russia.
Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years.
"Several ECB countries issued regulatory legislative acts or documents of advisory nature, describing requirements/recommendations as regards the disclosure of information by public companies and financial institutions in the sustainable development sphere.
The next step can be agreement of unified approaches to disclosure of information in sustainable development sphere in ECB space, which can provide in particular for development of the common capital market to finance sustainable development," the Bank of Russia said.
Furthermore, harmonization of approaches to sustainable (including green) kinds of activity and joint analysis of practices of assigning ESG ratings and their methodologies are possible over time, which will contribute to further development of the sustainable development financing market.
ECB countries noted significance of arising climatic risks and recognized the need to assess these risks and roll out approaches towards their recording and regulation.
"The majority of countries considers over time the possibility of introducing regulation for banks in management of climatic risks within the framework of internal procedures of capital adequacy assessment and risk-sensitive stimulating regulation," the Bank of Russia said.
@ Newshounds News™
Read more: TASS
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IOTA Enhances Trust and Security in European Identity Wallets for E-Commerce
▪️The European Identity Wallet is set to transform identity verification by allowing users to log in to websites without the need for passwords, while sharing verified information with ease.
▪️The integration of Self-Sovereign Identity (SSI) and decentralized identifiers (DIDs) is seen as a key step in combating these issues, with organizations like IOTA and Impierce Technologies leading efforts.
The implementation of the European Identity Wallet is nearing 2026, with several organizations exploring its potential while focusing on user authentication.
This wallet will revolutionize identity verification by offering users a secure and seamless way to confirm their identity with greater certainty.
The IOTA Foundation is one of the key organizations working towards making the European Identity Wallet project a success.
Along with user authentication, Self-Sovereign Identity (SSI) has been gaining traction in the B2B sector, particularly in trade and finance. Furthermore, the European Identity Wallet currently lacks support for organizational identification. Thus, its correct usage can help restore trust in digital spaces by combating crypto scams and frauds.
With the upcoming eIDAS 2.0 regulations, users will be able to log in to any complaint website using the European Identity Wallet without having to create an account or password.
Furthermore, this Wallet will allow users to share verified information, including email, age, address, and contact numbers, just with a click of a button.
This helps reduce customer friction while streamlining the overall eCommerce experience. The mutual authentication enabled by this process benefits both the user and the website, helping to build trust on both sides.
A Proof-of-Concept project, UniMe, seeks to get certified as a European Identity Wallet after recently updating its login flow. The user has to do domain verification to validate the identity. Furthermore, UniMe employs other trust layers, giving the user confidence that they are logging into a secure website.
IOTA Helps to Build the Trust in Digital Identity
One of the biggest challenges today is establishing trust between users, websites, and businesses, especially in a B2B environment amid the rampant spread of scam emails, fraudulent invoices, fake social media accounts, and deceptive websites. With online space facing such threats, the concept of “don’t trust but verify” is becoming even more essential.
The upcoming eIDAS 2.0 regulation and the European Identity Wallet offer a promising solution to restore trust. This regulatory shift aims to provide companies with the necessary tools to protect users, customers, and clients from online fraud.
Impierce Technologies is at the forefront of this initiative, developing core technology components that allow businesses to participate in a trusted information exchange ecosystem.
The solution uses the decentralized identifiers (DIDs) of the World Wide Web Consortium (W3C) to create unique identifiers for companies.
This system can operate either without blockchain using did: web or be published to blockchain platforms such as EBSI or IOTA, enhancing trust in the verified identity, as reported by CNF.
Furthermore, according to the CNF report, the European Sandbox Initiative selected IOTA’s Web3 ID solution earlier in June.
@ Newshounds News™
Source: CryptoNews
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Telegram mini-app TON Turbo allegedly an exit scam
After many users raised concerns about withdrawals, a Telegram mini-app called TON Turbo began scrubbing its digital footprint.
TON Turbo, a project built atop The Open Network, offers users so-called Toncoin mining rigs to generate profits by depositing crypto via a Telegram chat box. The mining rigs promised nearly doubled returns on the initial capital, with an opportunity to earn TON and prominent memecoin Shiba Inu .
However, several aspiring miners using the platform reported withdrawal difficulties. Replies on the project’s Telegram channel suggested its deposit mechanism was a one-way corridor.
Additionally, TON is a proof-of-stake blockchain where validators are the key network contributors. Mining typically refers to proof-of-work networks like Bitcoin, which relies on participants called miners to validate transactions and discover new coins.
Once users sent crypto to the virtual mining rig, it seemingly churned profits over time, but withdrawing rewards was impossible. When users pointed out the issue, TON Turbo disabled customer support and locked its chat rooms.
The protocol closed replies between July 27 and Aug. 5, but the team continued to post promotional updates on X and Telegram.
TON Turbo ghosts customers
TON Turbo claimed to have secured several marquee partnerships, including with The Open Network, Tonkeeper, Telegram mini-game Dogs, and Shiba Inu.
These claims were unverified, and crypto.news could not find proof of said partnerships outside of TON Turbo’s announcements. Requests for comments sent to TON Turbo admins were unanswered at press time.
Project admins had deleted their Telegram accounts, and the private social network tagged updates on TON Turbo’s channel as a “scam.”
Social media and the project’s Telegram channel signaled that hundreds to thousands of investors tried using the supposed Telegram mining rig. How many users may have suffered losses is unknown, and how much was lost to this apparent exit scam remains to be seen.
@ Newshounds News™
Source: Crypto . News
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