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Vietnam in the cusp of Crypto economy transition: Viettel Group to build blockchain solutions

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South East Asian country of Vietnam has found new economic-technology aspirations with Blockchain Technology and its egalitarian philosophy.

South East Asian country of Vietnam has found new economic-technology aspirations with Blockchain Technology and its egalitarian philosophy. In a bid to hyperbolically arrive at the new age decentralized ledger technology economics, the government has constituted a development firm called Viettel Enterprise Solutions Corporation to build solutions on the new technology platform.

The new company operates under the aegis’s of the country’s largest telecom player, Viettel Group and has already proved its mettle by building a futuristic decentralized hospital blockchain platform. However, the project is awaiting approval before implementation.

Asian countries are quickly but steadfastly moving into digital government framework and adopting associated technologies to empower their economies. Vietnam’s tryst with this phase of economic evolution is being backed by its largest government telecom player – Viettel Group.

 

Viettel Brand of Blockchain

The government’s policy to use blockchain technology to empower itself has led to a localized solution building brand – Blockchain at Viettel. Deputy General Director Ngô Vĩnh Quý in providing further information about Vietnam’s pro-blockchain development said that the challenge before Viettel now is to find the ideal platform-centric solution which will match the needs and aspirations of Vietnamese consumers and ecosystems.

The long-term goals of the government are focused on digital governance, and therefore the intermediary steps are the adoption of decentralized structures which will bring in efficiency, improve economic, cut costs through consensual blocks and smart contracts and other ‘egalitarian’ philosophies.

 

Asian Countries also in blockchain mode

Vietnam’s strategic geographical location amidst technology powerhouses such as Singapore or South Korea, Japan and China demands that it leapfrog into this new technology and gain a competitive advantage.

The latest neighbor to move deeper into blockchain was Singapore, which on Oct 23, brought in one of the largest cryptocurrency exchanges in the world, Binance, to collaborate with a local player, Temasek Holdings-backed Vertex Ventures for seamless conversion between fiat-to-cryptocurrency and other services.

Moreover, South Korea has been one of the first adopters of this platform and has an abundance of exchanges, mining community and an unlimited number of coins already circulating in its economy. The Korean central bank has been announcing policies for a cashless economy, and the use of cryptocurrencies is now part of the larger system of financial transactions. KT-Corporation has announced the launch of “commercial network” based on blockchain for “secure, transparent” transactions.

Though China has officially drawn a blanket-ban on cryptocurrency on allegations of money laundering and fraud, there is a very active community based across the country. Provinces such as Zhejiang, Shanghai, Beijing are witness action to the tune of billions of dollars in financing and investments. China Mobile, Unicom and Telecom have begun a blockchain-research group after Chinese governments crack down on the technology’s commercial usage.

Meanwhile, Japan has government-backed crypto in J-coin, in a bid by the banking consortium to wean-off cash and adopt digital currency protocol. The smartphone is the media to complete payment with J-coins for services and goods across the island-nation. The Japanese Yen and J-coin have a one-to-one exchange rate. Additionally, the country will not make its economy j-coin centric but allow other banks and global banking groups to have their own digital currencies.

 

Vietnam’s roadmap needs to fast-paced

Considering the widespread wings of financial change happening in its neighboring nations, Vietnam does need a spring-board to fast track its own technology pool and set up the ecosystem for decentralized ledger Transactions. Currently, Viettel Enterprise Solutions Corporation has set up the commercial network for such action.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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