Top 5 Crypto News: From Blockchain deploying in the news sector to advancement of DeFi
1. Verizon deploys Blockchain technology to provide transparency in the news sector.
Verizon on their official site reported the launch of "Full Transparency", a blockchain-based, open-source newsroom product designed to raise the bar for corporate accountability. Yesterday, Verizon posted a first news story through the platform. , Jim Gerace, Verizon's chief communications officer said
As a technology company that quite literally connects people to information, we are excited to bring Full Transparency to market — a product that, in its own quiet way, can help ensure corporate accountability and trust .We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.
2. Charles Hoskinson believes that there could be an e-voting system based on the Cardano blockchain.
Charles Hoskinson, founder of Cardano and co-founder of Ethereum said “Not only do I believe — we've been building the infrastructure for that." He also admitted the fact that the journey of Cardano-based elections would be gradual and require a number of experiments
Cardano's founder said
I think it's entirely possible in three to five years that we can take that test back and sell it to the government of Ethiopia, for example, or the government of Georgia. And they're in the business of looking for new voting systems because they're having so much problem with census and registration and fresh and free elections.
3. Russia’s Gazprombank gets approval to provide crypto services in Switzerland.
Gazprombank has received the approval to provide crypto custody and trading services to institutional and corporate clients by Switzerland's the country's financial regulator. In beginning the bank would only be supporting Bitcoin (BTC) and gradually move towards supporting other cryptocurrencies. Roman Abdulin, CEO of Gazprombank said
We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele.
4. It's becoming hard for US tax authorities to track who owes crypto taxes.
According to Wendy Walker, solution principal at the tax compliance company Sovos - U.S. Internal Revenue Service is having trouble in tracking down who owes crypto taxes. In an interview she said
In the typical tax system, the IRS uses 1099 reporting. So, 1099, W2, that tax reporting, it's the primary tool that they use to enforce tax compliance.
Last year, only 10,000 crypto-involved people received warning letters from IRS regarding crypto taxes. This trouble is arising due to the old system and proves that serious reforms are required in the system.
5. To increase the security of DeFi Kylin releases Oracles.
The oracles build by the Kylin Network can decrease the risks of cryptocurrency price manipulations or inaccurate data by simply building a direct connection to several reliable sources at one go, verifying the information received and providing that to DeFi smart contracts in real-time. Kevin Hsu, Chief Advisor at Kylin said
A smart contract is not smart unless you get the input right. Therefore, the right source data becomes the most critical infrastructure piece before DeFi can grow from an experiment to compete and eat the traditional finance world