Crypto Shake

2023-03-04 16:01:51 ​​Bitcoin mining touted to reduce Kenyan villages' energy costs by 90%

Reducing costs by 90%
At the same, Nick Hasen, the CEO of Bitcoin mining firm Luxor Mining noted that incorporating mining into the mini-grids will cut costs by 90%.

“So they’re (villagers) paying for 100 kW but only using 10 kW, which makes their power pricing very expensive. Plugging in a few bitcoin miners to offtake the excess power will effectively reduce their power prices by up to 90%,” Hasen said.

If the model is adopted, it has been viewed to have the ability to distribute the Bitcoin hash rate in Africa, which Gridless pointed out is “woefully underrepresented.”

With most rural areas receiving significant rainfall, Gridless recommends that Bitcoin mining can also drive energy producers to efficiently build additional capacity to make electricity available to broader communities. Open / Comment

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2023-03-03 11:45:00 ​MKB Employs Bank of Russia’s Masterchain to Issue Bank Guarantee in Yuan

Moscow Credit Bank (MKB) has issued what it described as Russia’s first digital bank guarantee for an amount exceeding 100 million Chinese yuan, using blockchain technology — the Masterchain platform developed by the Central Bank of Russia.

In a press release quoted by RBC Crypto, MKB explained that the guarantee is denominated in the currency to which the importer’s contracts are linked. In case of a payment under it, the supplier will receive Russian rubles at an exchange rate agreed upon by the parties.

The bank guarantee was agreed on by the three stakeholders: the principal, the guarantor bank, and the beneficiary. The touted advantage of using a digital document, which ostensibly cannot be forged or lost, is that the beneficiary doesn’t need to wait for the paper version or request a confirmation from the bank about the authenticity of the guarantee.

“This is the first digital bank guarantee in the market, which was issued in yuan, through the Masterchain system. Most foreign trade contracts are serviced in Chinese currency, and the demand for payments in yuan is only growing,” commented Natalya Bahova, director of MKB’s International and Structured Finance Department.

The executive added this is a “logical step” and that it’s likely to see more such examples in the future. “The decision will be especially relevant for large groups of companies which have many subsidiaries that accept bank guarantees in large quantities and on a regular basis,” Bahova elaborated.

Russian companies spend around 900 million rubles annually (almost $12 million) to verify the authenticity of bank guarantees, the report noted. And even then, about 0.5% of them eventually turn out to be fake. Related risks have been estimated at 75 billion rubles. Open / Comment

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2023-03-02 16:38:26 ​​Cardano Hits New Milestone in Smart Contracts Creation: Details

Cardano founder Charles Hoskinson has shared "the first-ever Untyped Plutus Core Program entirely generated and serialized using only Typescript." This new milestone might imply that developers might be able to write smart contracts on Cardano using TypeScript in the near future.

TypeScript is a programming language created and maintained by Microsoft that is based on JavaScript. It is a rigorous superset of JavaScript in terms of syntax and gives the language optional static typing. It is made for the creation of large apps as it claims to provide better tooling at any scale.

The Cardano blockchain was built using the Haskell functional programming language. Plutus, Cardano's programming language for smart contracts, and Marlowe, Cardano's domain-specific language for financial smart contracts, are both based on Haskell. Both off-chain and on-chain codes for Cardano are also written in Haskell.

Haskell is not the best-known programming language, though; that distinction belongs to Python and Java. Cardano justifies its decision to use Haskell by pointing out that it is ideal to write code that is robust and correct, especially when combined with formal methods.

Project proposal still in early stages
According to Michele Harmonic, the Plutus project aims to allow smart contracts and transaction creation using only TypeScript, enabling developers to create decentralized apps while maintaining the benefits of Cardano smart contracts.

He explains that right now, only the Haskell programming language is used to generate smart contracts, which limits their potential for use in situations where they must be created instantly. The proposed Plutus would allow developers to write Cardano-related, on-chain and off-chain code entirely in TypeScript. Without the requirement for a server, it would be feasible to create smart contracts depending on user inputs.

However, whether Cardano will relinquish its proclaimed Haskell programming language for TypeScript remains unknown. Open / Comment

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2023-03-01 16:15:00 ​Ripple is in talks with 20 banks about CBDC

XRP developers are in talks with 20+ central banks about a government digital currency. Negotiations are confirmed by the vice president of customer service.

Ripple's XRP developers are in talks with banks. The company is in talks with 20+ central banks. The subject of negotiations is the development of CBDC, the digital currency of the states. Brooks Entwistle confirms this. He is senior vice president of customer experience and managing director for Asia-Pacific and the Middle East.

Singapore, Japan, the United Kingdom and Switzerland are engaged in a dialogue.

Ripple has declared 2023 the year of the CBDC. Brooks explains: China and others are well developed. But there are a lot of emerging markets. These markets are smaller, they have fewer resources, and Ripple can help create digital currencies. Open / Comment

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