- BITCOIN COURSE CHALLENGE Week 6!
- EU Blockchain Competition: Winner gets 5 Million Euros!
- US: Customs and Border Protection (CBP) wants to use Blockchain!
- CSD Working Group announces Blockchain Voting System!
- Stratumn: Blockchain Project with European Insurance Companies!
- YDreams Global becomes a member of Hyperledger Consortium!
- Bitcoin Course Analysis for Week 45/2017!
🏆BITCOIN COURSE CHALLENGE Week 6🏆
The RULES are simple, write the Bitcoin Price USD for the next Sunday 13:00 UTC time and your Bitshares or OpenLedger account name ( like this $ 4,459.44 danyelk1 ) in the comment section of this post. I will accept your answers till Friday 13:00 UTC time.
The one who has the right Bitcoin price or has the closest guess will be the WINNER.
The WINNER will be announced next Sunday.
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Have fun and show us your Bitcoin forecast skills
☘ Best of luck to all of you ☘
BIG THANKS go to @akrid & @officialfuzzy who make that all happen by sponsoring the BITCOIN COURSE CHALLENGE!
@mrrifat1 you are the WINNER of the BITCOIN COURSE CHALLENGE Week 5!!!
The EU has announced a € 5 million prize for sustainable projects using blockchain technology. The competition focuses on sustainable social projects. The competition starts this year and will run until 2020.
As technology advances inexorably on the financial markets, solutions in the social sector remain largely untouched, according to the official announcement. The project wants to promote challenges that demand sustainable approaches to the environment and social issues. The advantage of the Blockchain to get along without intermediary institutions is what interests the procurers. For example, the competition aims at scalable, efficient and powerful decentralized solutions for social innovation using blockchain technology.
The EU proposes different sectors for competition. For example, to make the origin of rare raw materials comprehensible through technology and thereby promote fair trade and fairer pay for work. In addition, there would be a more transparent design of production processes. Democratic processes, such as B. Making technology choices is another field the EU recommends to work on. Finally, social networks, which are managed in a decentralized manner and promote the cooperation of the members, are of increased interest.
The criteria
Everyone can participate in principle: individuals, companies, organizations, research centers, students, start-ups etc. The presented projects are finally evaluated by a jury. The criteria for the evaluation are as follows:
- Social influence: both the potential and the already achieved implementation of the solution (eg number of users of a platform)
- Decentralization and governance: Improving transparency and responsibility while maintaining privacy and anonymity
- Ease of use and inclusiveness
- Cost-effectiveness at a high level: cost-efficiency (including energy consumption), scalability, security and sustainability
- Clear advantage of the solution for Europeans on the social, economic and / or ecological level
Blockchain solutions in the social sector are actually scarce. While new developments are being made in the aviation, energy and, of course, financial sectors, competition in the EU is sure to fill a notch to be filled.
A US Customs and Border Protection Advisory Committee has joined forces to review areas of application of blockchain technology in the retail and security sectors.
For this purpose, an advisory committee was founded in September by the Commercial Customs Operations Advisory Committee (COAC). It has set itself the goal of investigating "new technologies" that have an impact on trade.
The CBP is primarily responsible for securing the borders of the United States. The focus is on customs control and the fight against drug trafficking and terrorism. In addition, the authority created in 2003 cares about copyright and trademark protection as well as the protection of agriculture against pesticides.
As officially announced, the committee has held telephone conferences and a two-day workshop in Washington D.C. agreed. On the first day, the Department of Homeland Security explained to participants the blockchain technology, its benefits and, above all, its application. On the second day they then got together to find concrete application areas. Finally, the Committee has agreed on a total of 14 possible areas of application.
Customs Authority identifies numerous conceivable applications
These include collecting and organizing mergers of government agencies, permits, permits, reporting on certificates of origin and free trade agreements on product qualification. In addition, blockchain solutions in accounting and motion tracking were considered. Currently, the experts are brooding about how to process the addressed fields using decentralized technology.
The occupation with the blockchain technology spreads in the United States of America in different sectors. So while the Customs Authority is now trying to tackle trade and various sectors of national security through technology, it was decided in June to control the import of cryptocurrencies upon entry into the country. Both are ideas that could be understood as contradicting the idea of decentralization and anonymity. At the same time, the number of blockchain patents has doubled, while campaign donations are increasingly being handed over via Bitcoin. Earlier this month, the owner of a Montessori school in New York also announced plans to accept cryptocurrency payments in the future.
The CSD Working Group on DLT consists of several Central Securities Depositories (CSDs), which have agreed to use Distributed Ledger Technology (DLT), or Blockchain technology, to develop an election system for shareholder meetings.
The association, consisting of representatives of the National Settlement Depository (Russia), Strate (South Africa), SIX Securities Services (Switzerland), Nasdaq (mainly USA) and the Depósito Central de Valores (Chile) is an association of international companies that are active in their operations concerned with the safe custody and transfer of securities in securities accounts.
Why is the CSD voting system so complicated?
The central securities depositaries, or CSDs, act as the central custodian bank for several credit institutions. You are thus responsible for cross-company securities trading. Thus, when Hans Otto buys a share on the stock market, the stock exchange sends the data for sale (which also runs via a bank) to the responsible central securities depository. This charged Hans Otto's account with the fees and writes him the security well. In the master record of the CSD, Hans Otto is credited with the security and the banks receive a confirmation. The security itself remains with the CSD and everyone gets a (different sized) piece of cake.
If several of these CSDs then merge to form an association, it is clear that the administrative burden is extremely high. Especially if they still try to find a consensus on certain topics. Just because individuals represent companies of different sizes can lead to complications when voting. To solve these difficulties, the CSD Working Group on DLT has announced that they have set the technical framework for a proxy voting system for shareholder meetings. The use of blockchain technology should simplify or automate the work steps.
Blockchain to optimize voting system
Monica Singer, CEO of Strate said:
The CSD Working Group on DLT wants to develop a voting system that is both secure and transparent. The system would automatically allow or deny members election privileges. These depend on which voting rights the members in the respective organizations are entitled to. Representatives of smaller interest groups have fewer rights than those of larger stakeholders.
Voting system with token
The voting system should be based on the distribution of tokens. Depending on the distribution of voting rights, the participants receive different numbers of tokens from the system, which they can use to vote. Time-consuming work steps, such as the identification and authentication of participants as well as their coordination should eventually be adopted by the system.
The details were released during a workshop in which, among others, IBM Hyperledger and SWIFT were represented. SWIFT made sure that the development complied with ISO 20022 standards. Alignment with the ISO 20022 standard should allow the end product to be applied in many different areas.
Eddie Astanin, chairman of NSD said:
Involvement of other global players is planned. According to the working draft, in the future it is mainly the intention of other internationally active organizations to be involved in the project. To do this, they want to further expand the ISO standard and thus develop solutions that also work across national borders.
The idea of organizing vote distribution and enumeration via the blockchain is also conceivable elsewhere.
The Paris blockchain start-up Stratumn has announced in cooperation with a total of 14 European insurance companies the completion of a blockchain experiment. Stratumn's technology for optimizing inter-business relationships aims to connect the participating companies.
As the French start-up announced in a press release, the project is currently in a test phase. The cooperation is supported by the service provider Deloitte and by the French Federation of Insurers (FFA), whose members are the participating insurers. The aim of the project is to standardize the flow of information between the individual insurers and thus to simplify it. This happens in the context of the new French law regarding the change of insurance of customers.
Stratumn uses its accumulated experience in the field of consortium blockchain networks and cryptography to try out new processes during the change of insurers. These are subject to various regulations in France, with which the blockchain solution must be reconciled. In addition, Stratumn provides the most advanced technology in the European insurance sector. The application of the blockchain ensures that the data is stored decentrally and securely by all stakeholders, thereby reducing the dependency on third parties.
Richard Caetano, co-founder and CEO of Stratumn said:
The French start-up, received in June a total financing of 7 million euros.
The virtual reality company YDreams Global Interactive Technologies is the newest member of the blockchain consortium Hyperledger.
In the recent past several companies such as search engine Baidu, Tradeshift, Bosch and Oracle have joined the project.
The statement, which states that the company has become a member of the organization, also indicates that it intends to focus more on blockchain, ICOs and cryptocurrency development in the future.
YDreams Global's CEO, Daniel Japiassu, said that these technologies could play an important role in the development of virtual reality (VR).
Daniel Japiassu also said:
Hyperledger is an open-source project that explores how blockchain technology could be used for a variety of industries. The members of Hyperledger are therefore not only from the FinTech industry, but also from areas such as health care and pharmacy.
The price reached an all-time high of 6,662.97 EUR (7,772.02 USD) this week, but this was followed by a steep downtrend and is currently at 5,515.66 EUR (6,428.39 USD).
Image based on data from coinbase.com
Summary
- The Bitcoin course fell during the week.
- After the price reached a new all-time high of 6,662.97 EUR (7,772.02 USD), the price went into a downtrend, the end of which is currently not yet visible.
- Most important short-term resistance is 5.869,50 EUR (6,846.48 USD). In the current downtrend, no support is visible at short notice.
Bitcoin's Rally has come to a temporary end with the cancellation of SegWit2x. A larger number of investors are therefore currently betting on Bitcoin Cash and not infrequently came the question or fear that it was now about the value of Bitcoin. This concern is explained not only by the price, but also by a currently very full Mempool: The number of waiting for a confirmation transactions is almost 100 million as high as in May.
In fact, after reaching the all-time high, the price has moved into a downside that has Bitcoin fully under control. Bitcoin has lost in value in the last 48 hours approximately 1200 euro (1400 US dollar). Currently there is no real end to this descent.
The MACD (second panel) is correspondingly well below zero. Similarly, the MACD line (blue) is below the signal (orange)
The RSI (third panel) is 41 and is bearish.
The analysis of the moves in the 60 mins. chart speaks a bearish language. Support is not directly apparent in the considered time window. The plateau at the end of October, which was around 5,300 euros (6,200 US dollars), can serve as a rough guide. The most important resistance in this time frame is described by the resistance of the downtrend and stands at 5,869.50 EUR (6,846.48 USD).
The long term course development
As frustrating as that may be, however, it can be said that price drops of 18% can occur in the Bitcoin system. The course went, as we all know, then up again. Let's take a look at the medium- and long-term developments and in this respect first on the 240 mins. chart:
Image based on data from coinbase.com
We see that the steep upward trend seen since the end of October has broken through. The same can be said about the exponential moving averages over one or two weeks, which now form resistances. However, the slow upward trend that began in mid-October has still not broken. The only thing that has corrected in recent days was the inflationary rise in early October.
The MACD is also negative here, as is the MACD line below the signal. The RSI stands at 30 and is thus bearish and almost oversold. In the medium term, the situation is also bearish. The most important support is defined by the support of the upstream channel, which currently stands at 5,242.64 EUR (6,115.28 USD). The main resistance is defined by the exponential moving average over two weeks and stands at 5,918.30 EUR (6,903.40 USD).
Let's take a look at the 1D chart:
Image based on data from coinbase.com
Pale blue plots the optimistic estimate of resistance from the upward channel in which Bitcoin has been moving for months, Dark Blue both supporting this uptrend and the conservative estimate of its resistance. We see that the price has topped this upward channel in the past two weeks and both resistances have become support. Now the price has cooled a bit again, breaking through the support described by the described optimistic estimate and the conservative estimate is now being tested.
The MACD continues to be positive. Yes, of course, the development of the last few days has led to a fall in MACD line support, but more was not achieved. The RSI has fallen to 50 in the light of current developments and thus neutral.
Overall, the long-term outlook is bullish from a technical perspective. The most important support is described by Support of the upward channel and is at 3,702.24 EUR (4,318.48 USD). Only when this support is broken can you begin to really worry about the course of Bitcoin! The most important resistance is described by the optimistic estimate of the resistance of the downward channel and stands at 5,981.69 EUR (6,977.25 USD).
Disclaimer:
The course analysis is from the morning MUT time zone and can have changed since. The price estimates presented in this post are not a recommendation to buy or sell. They are merely an estimate of me.
I wish you all a lovely Sunday and a great start in the new week!!!
ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ
Best regards
@danyelk
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