Common Ethereum-based Standards Revealed At The Concensus 2018 Conference

Enterprise Ethereum Alliance

The EEA has announced the release of Enterprise Ethereum Client Specification 1.0, designed to provide a “single, open-source, cross-platform standards-based structure to global corporate Ethereum developers. The protocol can promote higher trust in contracts, help accelerate business transactions as well as build more efficient business models.

The specification was unveiled at CoinDesk’s Consensus 2018 conference in New York. The announcement was an important moment for the group who led the move to come up with a common standard bridging developmental efforts across the enterprise-focused, ethereum-based activities.

The initiative was “started” last year with support coming from major corporates like British oil giant BP, Wall Street bank JPMorgan Chase and Microsoft.

Ron Resnick, EEA executive director, said:

“The EEA’s Enterprise Ethereum Specification is the result of 18 months of intense collaboration between leading enterprise, technology and platform members within our technical committee. This EEA open-source, cross-platform framework will enable the mass adoption at a depth and breadth otherwise unachievable in individual corporate silos.”

Also, Resnick stated in an interview with CoinDesk, “All the ethereum client companies see the need to agree on these building blocks and components and how they talk to each other, because if we don’t, then we don’t have a way to compete against the proprietary solutions,” he said at the time.

CNET Founder Rakes in $50 Million on ICO for Video Streaming Token

Video Streaming Token

Streaming doesn’t really make a profit for big tv networks these days.

This might all change if VideoCoin, a new decentralized project that’s taking aim at the price major broadcasters and media companies pay to stream content, succeeds.

When a broadcaster sends out a broadcast over the airwaves, one signal will reach several devices. However, once it broadcasts over the net, one signal goes to one device.

“It’s all cost and no revenue,”

said Halsey Minor, CEO of LivePlanet an Immersive video startup, said at Consensus 2018. Live Planet is a strategic partner in VideoCoin, which announced Wednesday the completion of a $50 million initial coin offering (ICO) entirely through private investment.

Investors included names such as Galaxy Investment Partners, Alphabit Fund, ethereum co-founder Anthony Di Iorio, Akamai Co-Founder Randall Kaplan and Science Blockchain. VideoCoin won’t be doing a public sale, however, instead will do an airdrop to its supporters over their Telegram channel within the following weeks.

Minor, best known for founding tech media website CNET, said that

“What we’re building is the next-generation infrastructure for how you do video processing and distribution services.”

VideoCoin’s plan is to create a platform that enables broadcasters to send their video streams out to unused computer infrastructures, like server farms that have an excess capacity for the process.

Minor has had a track record of betting on early tech that faced doubt at first. One of Salesforce’s early investors, Minor gambled companies would put their data into the cloud in order to better manage relationships with customers.

Since that time, cloud computing businesses have taken off, with Amazon Web Services becoming the dominant player in that field.

“I think most people would believe that Amazon Web Services is the last step in computing,”

Minor continued.

Minor thinks that by decentralizing computing tasks, that there is still more margin that can be shaved off the cost of computing services

“I believe the blockchain could unleash a highly competitive market on computing in the same way I believed Salesforce could change enterprise software.”

With the completion of their token sale, the company announced it would update its product roadmap and new partnerships support adoption of the open source VideoCoin platform. Halsey concluded that:

“The one use case the blockchain that’s going to work first is the commodification of hardware. It’s perfect for it.”

Taipei Bank has First Blockchain Payment System in Country

Taipei Bank Blockchain Payment

Local Media outlet Taipei Times reported May 14th that Taipei Fubon Commercial bank has become the first bank in Taiwan to deploy a blockchain-based payment system.

The bank announced that it had deployed its blockchain-based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon first revealed plans to introduce a blockchain-based payment network last March 2017, signing a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”

The payment application runs on the Ethereum Network and implements the Istanbul Byzantine Fault Tolerant consensus protocol, which helps reduce payment times, as well as saving on transaction costs. The bank says the algorithm has cut transaction times to less than one second.

The newly-launched blockchain deployment reportedly also provides an improved method of recording data transactions. Each transaction is instantly encrypted and recorded on the blockchain, and merchants will be able to query complete transaction records through the blockchain account book.

According to the bank, the transaction volume of cooperative merchants in the zone near the university has quadrupled over the two-week period following the launch of the platform. Taipei Fubon Bank states that the next stage in the project’s development is to expand the blockchain-powered payment system to stores and businesses across the Chengchi area, creating a demonstration zone for the new application.

In January of this year, Taipei announced that they intend to turn into a ”smart city,” using blockchain to provide technological advances like pollution sensors and health history tracking to all citizens. In February, the governor of Taiwan’s central bank Yang Chin-long stated that the bank is exploring blockchain applications to improve “the security and efficiency of payment systems.”