Category: Australia

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Australia Blockchain Cryptocurrencies

Reserve Bank Of New Zealand Is Now Looking Into CBDCs

While admitting that cash is still important to a large segment of the population, the Reserve Bank of New Zealand – Te Pūtea Matua – is looking into creating a digital currency of its own.

The Concept Of Money Is Changing

Whereas the Reserve Bank Of Australia seems to be indecisive when it comes to the need for a digital cryptocurrency – and how it may take shape – its New Zealand counterpart acknowledges that the very existence of money as we know it should no longer be taken for granted.

According to Governor Hawkesby, central banks will soon be facing big questions about the future of money – and should remain open to changes. He also stated that they will remain open-minded and see which way the wind blows.

In Australia, although the RBA has found “no strong public-policy case” – although the use of cash has been swiftly declining due to the ongoing COVID-19 pandemic.

However, research into CBDCs is still ongoing – a move other governments are also going with. Most notable among CBDC-sympathetic countries is China so far, where the DCEP (Digital Yuan) is already being tested by Shenzhen residents. The US Federal Reserve has also partnered up with the European Central Bank to research the pros and cons of digital currencies.

According to RBA Head Of Payments Tony Richards, any decision regarding the subject will be made with the goal of promoting efficiency in the payment system of Australia.

“Consistent with the Bank’s mandate to promote competition and efficiency in the payments system and contribute to the stability of the financial system, we will be continuing to consider the case for a CBDC, including how it might be designed, the potential benefits and policy implications, and the conditions in which significant demand for a CBDC might emerge.” 

Whether the RBA pushes forward or not remains to be seen. However, the Australian government’s sympathy towards blockchain technology so far just might tip the balance in the favour of CBDCs.

Categories
Australia Crypto Exchange TimeX Exchange

TimeX becomes first Australian crypto exchange to list AMPL

Sydney company Chrono.tech’s flagship exchange now offers its traders the experimental new ‘adaptive base-money’ asset.

Sydney, 17 October 2020 –– Australian cryptocurrency exchange TimeX has listed Ampleforth (AMPL), a new form of digital asset that features a novel approach to mitigating the volatility for which crypto is notorious.

Developed by Sydney blockchain firm Chrono.tech, TimeX is one of the fastest-growing crypto exchanges to be based in Australia. Unlike conventional, first-generation exchanges, the hybrid platform uses both centralised and decentralised technologies to deliver a unique combination of benefits to its users, offering the security of blockchain settlement with the user experience of the best traditional trading platforms, along with privacy and high-speed order matching thanks to the use of Ethereum Plasma.

A new class of digital asset

TimeX is the first Australian exchange to list Ampleforth (AMPL), a project that has generated considerable buzz in the cryptocurrency space. Unlike bitcoin and other cryptocurrencies, which can be extremely volatile, AMPL aims to dampen volatility while remaining fully decentralised.

The low-volatility crypto asset space is dominated by stablecoins. Most of these – including the popular USDT and USDC – are backed by fiat reserves, held by a centralised entity. Others, like MakerDAO’s Dai, are decentralised but collateralised by digital assets. Ampleforth, which aims to reduce price fluctuations but does not aim to track the dollar precisely, takes neither of these approaches. Instead, its supply is adjusted by a smart contract in response to changing price in the market, thereby maintaining a balance with demand at any given time. 

‘Ampleforth is an intriguing and innovative new kind of asset that pushes the boundaries of what is possible in the blockchain and DeFi space,’ said Sergei Sergienko, founder and CEO of Chrono.tech. ‘With a radical new concept and technology, such a forward-thinking and potentially revolutionary project is the perfect match for TimeX, which itself has a strong track record of applying the latest blockchain developments to deliver benefits to the crypto world.’

AMPL can be traded on TimeX against USDT stablecoin.

About Chrono.tech

Chrono.tech is one of the foremost Australian blockchain initiatives. Founded in 2016, the company was launched to transform the HR and recruitment sector using blockchain-based technologies. Chrono.tech has developed a suite of initiatives in the crypto and HR space, including its decentralised freelance marketplace, LaborX; the TimeX exchange; cryptocurrency payroll service PaymentX; and the stablecoin AUDT.

About Ampleforth

Ampleforth was launched in 2019 by a team of software engineers, academics and crypto investors and enthusiasts. AMPL is an adaptive base-money cryptocurrency project that seeks to mitigate volatility by automatically adjusting supply in response to demand. As the price of the token on the open market moves up and down, according to oracles that post exchange data to the blockchain, the number of tokens held in each wallet is diluted or decreased, while the proportion of all tokens owned by each holder remains the same.

Categories
Australia Blockchain Education

Flinders University And SIMBA Chain To Perform Joint Cybersecurity Research

On the 15th of October, Australia’s Flinders University and SIMBA Chain signed a memorandum of understanding (MOU) regarding future research.

Over a period of three years, the two institutions will collaborate on projects using distributed ledger technology for cybersecurity purposes.

United States DoD Contractor Keen On Helping Key Security Partners

Ever since 2017, SIMBA has secured multiple contracts with the US Department of Defense. The company has provided blockchain-based secure communications and supply chain solutions for the United States – and is now looking to assist key US Allies, such as Australia and NATO member states with the same technological solutions.

SIMBA Chain’s smart-contract-as-a-service (SCaaS) platform empowers users to easily develop and deploy sophisticated distributed applications (dApps) that are secure, unchangeable and that can easily be validated by auditors.

Ever since the advent of hybrid warfare – the main form of war waged within the past 30 years – government computers and even civilian populations have been targeted by cyberattacks by bad actors, whether state-funded or not.

Now, SIMBA and Flinders University – home to the  Jeff Bleich Centre for the U.S. Alliance in Digital Technology, Security, and Governance – will see how they can use blockchain to prepare Australia’s military and industrial sectors – and those of its allies – against attacks by malevolent entities.

Zac Rogers (Ph.D.) – the research leader for the Jeff Bleich Centre – welcomes the opportunity to work with SIMBA.

In return, David Wasson – SIMBA Chain’s lead executive – recognized the partnership as a chance to work with some of the leading researchers in the area.

“Cybersecurity threats to governments and businesses around the world have never been greater and are becoming more sophisticated. We are excited about the new defense/academic collaborative agreement with Flinders University because it combines SIMBA Chain’s powerful blockchain security technology with Flinders’ world-class social scientists and digital anthropologists, which will produce actionable security solutions for Australia, the United States, and other global allies.”

Together with the recent quantum-proof blockchain proudly made by Monash and CSIRO, Australia is well on its way to a cyber-attack proof future. 

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Australia Crypto Exchange Cryptocurrencies

Crypto Exchange Market Huobi Adds Banxa Support For Australia

Yesterday, the crypto exchange platform Huobi integrated the fiat-to-crypto payment service Banxa to its trading platform with zero fees and integrated it into the payment system for customers from Australia, the UK, and the European Union.

The announcement came in the wake of the partnership formed with digital banking infrastructure provider Banxa – a company with headquarters in Melbourne and Amsterdam.

Huobi has been a mid-range player on the crypto exchange market ever since it opened in 2013. Although the company is from Singapore, the Huobi main offices were originally located in Beijing, as the company focused mostly on the Chinese market.

With the implementation of POLi for Aussie customers, SEPA for the EU, and the Faster Payments service for the UK, Huobi hopes to use the momentum to expand its business in the USA with a better payment system next July.

No Fees For Buying Crypto

Offering a total of 305 crypto assets – including its own proprietary asset Huobi Token – Huobi makes a point of offering all the major cryptocurrencies, and then some. The trading platform also offers crypto saving products. The interest rates received on Bitcoin and USDT savings accounts are considerably more profitable than those offered by many traditional banks.

Users from Australia and Europe can now purchase up to AUD 28.265 in AUD, GBP, or EUR to begin trading. Funds can be added to a user’s account using bank transfers, debit or credit cards, as well as other common payment methods with zero fees.

After passing the one-time KYC (Know Your Customer) verification – which requires customers to upload a picture of their passport, ID card, or driver’s license – Aussie customers are free to trade on the platform with the third-largest trading volume worldwide.

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Australia Blockchain Cryptocurrencies

RBA Continues Research Into CBDC Despite Prior Reservations

Despite stating last month that there is no need for a central bank digital currency, the Reserve Bank of Australia is still looking into the possibility of creating one.

Speaking at the University of Western Australia Blockchain, Cryptocurrency and Fintech Conference, Tony Richards — the Head of Payments Policy at the RBA — revealed that the RBA is not only looking into the possibility of a retail CBDC.

In fact, the RBA is also conducting research on the technological and policy implications of a wholesale CBDC which would be used only by a small group of financial entities.

“We will be continuing to consider the case for a CBDC, including how it might be designed, the potential benefits and policy implications, and the conditions in which significant demand for a CBDC might emerge.”

Research Into Centralized Digital Ledgers 

The vast majority of blockchains are public, decentralized, and transparent — however, this may not be the case for the central bank digital currency the RBA is taking into consideration.

If the RBA were to create its own digital currency, it would probably run on a permissioned, centralized model — a wise precaution, since a small development error would affect millions of citizens with possibly unforeseen consequences. 

Tony Richards also revealed that if an official CBDC were to be made, it may run on an account-based system — and might be available offline too — possibly by implementing a cold wallet system.

Central banks worldwide are also looking into CBDCs and whether it would make sense to issue a tokenized version of their national currencies. China has probably gone the farthest with its possible national blockchain and is currently in the testing phase for a digital yuan. This test will be carried out by giving 10 million CNY (over AUD 2 million) in digital currency to Shenzhen residents.

 Other nations, like the U.S.A., are still trying to decide whether a CBDC is even necessary.

For the moment, however, the RBA is not committed to launching a blockchain-based digital currency —  and there is no guarantee that they will ever do so. 

Categories
Australia Crypto News Power Ledger

Aussie Blockchain Platform Power Ledger Scores US Deal with American Electricity Wholesaler

Power Ledger, one of the most successful Australia-based blockchain ventures to emerge from the 2017 ICO gold rush, has successfully completed a trial with US wholesale electricity provider American PowerNet.

The Australian blockchain venture, which focuses on blockchain-enabled peer-to-peer energy trading between consumers, has hinted toward multiple future projects with American PowerNet subsequent to lengthy trials in which the US electricity provider tested the capabilities of Power Ledger technology.

The trial, executed in the United States, was the first implementation of Power Ledgers peer-to-peer energy trading technology in the United States, but isn’t the first case in which the Perth-based platform has deployed overseas — Power Ledger technology is already in use in France, Japan, and India.

Power Ledger’s trial partnership with American PowerNet saw the US-based wholesaler deploy Power Ledger’s xGrid platform, allowing American PowerNet to trade solar power generated by the organization with a series of other commercial participants.

Power Ledger Expands Worldwide

The technology deployed by Power Ledger integrated existing distribution systems and assets, and was facilitated through PGM Interconnection — the largest wholesale market in the United States. At the end of the trial, PowerLedger technology allowed participants to purchase solar energy at a 5 percent discount on normal rates.

The success of the trial has seen American PowerNet enter into a two-year commercial agreement with Power Ledger, allowing the US party to continue using the xGrid solution. In statements released to Ledger Insights, Co-Founder and Executive Chairman of Power Ledger Dr Jemma Green highlighted the viability of the Power Ledger solution in international markets.

 “Our technology is proving to be compatible with existing large-scale electricity infrastructure like the PJM in the U.S. and the National Electricity Network in Australia. This places Power Ledger in a powerful position in the market as a network-ready technology.”

Recently, Power Ledger has engaged in collaboration with Perth-based developer OP properties to develop the first completely carbon-neutral apartment complex in Australia, allowing residents to access developer-funded rooftop solar panels and local battery storage.

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Australia Blockchain Industries

Ralph Kalsi Becomes Algorand Brand Ambassador

Ralph Kalsi — digital marketing hotshot and founder of leading Australian companies Ralph Kalsi Blockchain Consultancy and Blockchain Autonomous solutions — has become one of the brand ambassadors of The Algorand Foundation. 

Quicker Transactions, Quicker Proof

The Algorand Foundation is a non-profit organization that believes in open, public, and permissionless blockchain, which runs on a Pure Proof-of-stake (PPOs) consensus protocol.

The Algorand blockchain — and it’s cryptocurrency, named Algo —  ensures decentralization by using a Byzantine Agreement Protocol.

Byzantine fault-tolerant protocols are algorithms that are immune to arbitrary types of failures in distributed algorithms. Due to the omnipresence of the Internet, there has been a need to develop decentralized algorithms that are immune to malfunctions.

 With high-speed block finalization, Algo provides immediate blockchain transaction assurance. This quality alone makes Algorand highly useful to any business that was  — up until now — heavily dependent on the chain of intermediaries that support and secure transactions to a wide array of customers and employees.

 Algo’s ultra-rapid transaction delivery makes it scalable to billions of users and thus, useful to many industries — especially to the financial sector. No matter how many Algo users there will be, the transaction speed will never fall below 4.5 seconds.

The Algorand blockchain is also immune to forking. In blockchain terminology, forking is a problem that can occur when a blockchain splits into more than 1 chain — which can lead to doubts regarding the success of the transaction.

The Algorand blockchain has been built in such a way that forks are avoided, leading to a level of trust beyond most other blockchains.

A well-known innovator and champion of promising projects within the Australian fintech scene, Ralph Kalsi has decided to be one of the many faces of Algorand —  a project run by like-minded entrepreneurs and tech enthusiasts.

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Australia Crypto News Jobs

Blockchain, Crypto, IT Jobs in Demand as Gov Directs $800 million Toward Digital Tech

Demand for skilled IT workers in the blockchain, crypto, and tech sectors has increased dramatically ahead of the Australian Government’s commitment to direct $800 million toward digital technologies as part of a detailed coronavirus economy recovery plan.

The Federal Government announced the new tech spending initiative earlier this month, highlighting the importance of helping Australian businesses recover from the economic impact of the Coronavirus pandemic. 

Data published by the Australian Computer Society indicates that Seek, one of Australia’s most popular online job platforms, has revealed a four percent month-to-month increase in the number of tech and ICT jobs advertised. Developers, business analysts, and helpdesk works are the most in demand.

Statements released to ACS by Melbourne-based crypto exchange BTC markets demonstrate that the Australian blockchain and cryptocurrency ecosystem is thriving, with crypto ventures taking on new staff rapidly. Speaking to ACS Information Age, BTC Markets CEO Caroline Bower noted that the Australian crypto exchange’s team had expanded dramatically.

“We’ve directly hired four software engineers plus a project manager for our development team during COVID lockdown. We’re still looking to make additional hires”

Morrison Government Directs Millions Toward Blockchain Development 

The Australian Government’s investment in the tech sector is set to be established in the 2020 budget, with the Morrison Administration setting aside over $256 million for a digital identity solution designed to streamline interaction with Australian Government services.

The quarter-billion dollar initiative is closely linked to recent recruitment executed by the Australian Government for the new blockchain roadmap, which has seen two working groups developed in order to develop blockchain-based solutions for credentialing and identity management in the public sector. 

In addition to the large-scale identity management project, the new budget will set aside $6.9 million specifically for blockchain projects aimed at minimizing business compliance costs.

Government announcements regarding the budget have highlighted economic recovery through technological agility, focusing on minimizing administrative friction. 

“The Plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses and backs the uptake of technology across the economy”

Categories
Australia Crypto News Cryptocurrency Law

Aussie Cruise Ship to Become World’s First Crypto “Seasteading” Hub in International Waters

Former P&O Cruises Australia cruise ship the Pacific Dawn is set to take on a new role in the post-COVID cruise economy — by becoming the world’s first floating “seasteading” community specifically for cryptocurrency, blockchain, and decentralized startups and entrepreneurs.

The Pacific Dawn, formerly a flagship cruise liner owned by the Australian arm of international cruise industry giant P&O, will be acquired by a company called Ocean Builders. The deal between P&O Cruises Australia and Ocean Builders will see the Pacific Dawn, built in 1991, anchored in the Gulf of Panama to become a “floating, off-grid home” for digital entrepreneurs.

The sale of the cruise ship, driven by economic fallout caused by shrinking cruise industry profits, is set to finalize on November 4 in the Mediterannean. The Pacific Dawn will be renamed as the “Satoshi.”

Chad Elwartowski, the COO of Ocean Builders, highlighted the importance of technological experimentation and development to the purchase of the Pacific Dawn in statements released to Maritime Executive:

“We look forward to creating a hub for technology and innovation here in Panama. Our goal is to figure out how to live sustainably on the sea and chart new waters in this new frontier.”

Elwartoski has experimented with “seasteading” before, recently capturing the attention of the Thai Navy for establishing an offshore “seasteading” home in the Andaman Sea off the coast of Thailand.

The core goal of the project, states Elwartowskiu, is to create an international offshore hub for digital entrepreneurs, cryptocurrency ventures, digital nomads, and startups that want to test innovative new technological solutions in a controlled environment. 

Crypto Cruise Ship Sets Sail

The Ocean Builders project has been highlighted by the company as the “Crypto Cruise Ship,” and will make cabins available for purchase via auction starting from November 5, 2020. The first auctions will see the deck 10 staterooms of the vessel auctioned in a similar fashion to a condo, allowing buyers to take full ownership over a cabin. While buyers will own the rights to the staterooms they purchase, they will be required to pay a monthly fee to cover the operational expenses of the vessel.

The first sale of cabins in the renamed “Satoshi” will see 200 cabins auctioned with prices starting at $25,000 USD. A total of 777 cabins will be made available in the crypto cruise ship, with an anticipated total occupancy of 2,020 passengers.

Ocean Builders has announced that residents will be able to use cryptocurrency to pay for services and amenities aboard the ship, which include bars, lounges, casinos, restaurants, and gyms. The Pacific Dawn — soon to the the Satoshi — will set sail from the Mediterranean and will anchor in the Gulf of Panama, with a 30 minute ferry ride taking residents to and from Panama City.

Categories
Australia Blockchain Industries

Two More Working Groups Join The National Blockchain Roadmap Steering Committee

The National Blockchain Roadmap of Australia was established back in February of 2020.

Since then, more and more working groups have been formed, aiming to transform Australia into a country improved by revolutionary technology.

Following an onboarding and application process in July 2020, the government has formed working groups to research different applications of blockchain, and their potential use in the public sector – given their popularity in the private sector.

The first two working groups were established a month later.

August saw the foundation of the Supply Chain Working group, headed by Katie Ford and Dr. Mark Staples. The group is investigating the potential for blockchain technology to support trusted supply chains, with an initial focus on the agriculture sector.

The second working group established in August is headed by Dr. Chris Berg and Prof Jason Potts. It focuses on the use of blockchain to ensure credentials in the education sector – as well as the integrity of academic papers written and used in Australia and abroad.

A Renewed Focus On Cybersecurity And Compliance

On the 9th of October, the next two working groups were formed.

The Cybersecurity Working Group will be focused on improving cybersecurity solutions in the era of asymmetrical warfare with blockchain technology.

Headed by Adriana Belotti and Steve Vallas, the top-notch team formed yesterday will be cooperating with CSIROs’ Data61 researchers, among others.

Last but not least, the second working group formed yesterday will focus on Regtech and Compliance. The aim of this group is to clear up bureaucracy and confusing laws in order to help businesses meet their regulatory obligations in a highly secure environment.

Among others, the CEO of Fintech Australia – Rebecca Schot-Guppy – is on the Regtech and Compliance team.

With the National Blockchain Roadmap rapidly meeting its goals, more announcements should be in the wings.