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CABEI Lends assistance to EL Salvador for Bitcoin Adoption

On Monday, 14th June, the head of the multinational development bank, CABEI (Central American Bank for Economic Integration), announced that the bank would provide technical assistance for the implementation of Bitcoin as legal tender in El Salvador.

In the Monday press conference, The executive President of the Central American Bank For Economic Integration, Dante Mossi, said the development bank is looking forward to collaborating with the finance ministry of EL Salvador for the selection of a technical team to carry out a successful bitcoin implementation process.

Mossi admitted at the Monday press conference that the Government of El Salvador was actively looking for assistance from the financial institution to allow a proper enactment of Bitcoin as a legal tender in the country. 

Mossi seemed pleased while delivering the message to EL Salvador’s government and the President that how proud he feels that the Central American Bank for Economic Integration came out to be the first choice of President Bukele and the Government authorities of El Salvador. Further, Mossi brought up the point that there is no other country in the world that has adopted Bitcoin cryptocurrency as widely as this country has done. He said, protecting public privacy is a big challenge today, and to overcome this, we must choose the most efficient method.

Mossi gave out some details about the formation of the technical advisory team of the bank that would involve CABEI members, the ministry of finance and central bank officials from EL Salvador. 

The development bank also aims at helping in project planning and providing navigation assistance regarding the legal aspects of Bitcoin implementation as the legal currency of El Salvador.

Challenges in Bitcoin Adoption 

Last week, El Salvador turned into the first country to receive Bitcoin as a legal tender after Congress authorized President Nayib Bukele’s recommendation to accept the cryptocurrency.

Early this month, after El Salvador collaborated with digital wallet company “Strike” to foster the country’s advanced financial framework utilizing Bitcoin technology, President Bukele presented the bill to Congress.

After a couple of days, El Salvador’s President Bukele reported that bitcoin mining would be carried out under the nation’s state-run geothermal energy utility by employing power produced from volcanoes. The declaration was made only a few hours later, the Central American country’s CongressCongress cast a ballot to make the crypto a plausible legal tender.

Still, the International Monetary Fund (IMF) cautioned El Salvador about the dangers of utilizing cryptocurrency for everyday exchanges. An IMF group planned to meet with the President of El Salvador as the worldwide association reflected upon another aid package for the country during its recuperation from the Covid-19 pandemic. 

Meanwhile, El Salvador’s President disclosed that he was in touch with the IMF and expressed that he would clarify the operations comprehensively and the situation with the economy regarding how the currency functions as a legal tender in the country.

Conclusion 

President Bukele promises a robust selection of experts from CABEI would be made for effective risk assessment, investment plan, financial education, and regulation. CABEI, on the other hand, seems to be equally invested.

CABEI Lends assistance to EL Salvador for Bitcoin Adoption

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Role of NFT in DeFi

Role of NFT in DeFi

The NFT space has become all about digital art and collectibles. Each featured headline is about some amazingly overrated photoshop collage or GIF, and the zeal surrounding NFTs has become a full-blown trend. New artists, as well as established ones, musicians, and animators are making use of the best NFT and flooding the media and telegram groups with their work promotions. There seem to be enough collectors who are willing to invest in the hype. Everybody wants to get in, but when the hype will fade away, what will be left? 

Well, any certified NFT Expert will agree that an NFT can address far beyond than a piece of art. We are now discovering the token standard being utilized for music rights, admittance to websites, or as a ‘Tokenization’ of real-world resources. This article will look at how NFTs are included in the DeFi space and which roles they play in the world of Decentralized finance projects.

Table of content

  • Introduction of NFTs into DeFi space.
  • Roles of NFTs in DeFi.
       * Solving issue of collateralization.
       * NFT Ownership and DeFi.
       * Solving issue of curve model.
  • Closing thoughts.

Introduction of NFTs into DeFi space

Design patterns in the Decentralized Finance/Defi space are mixing into the Non-fungible tokens/NFT marketplaces in recent times. Much like other DeFi projects before it, Rarible, a creator-centric NFT marketplace, decided to enroll a governance token called “RARI” and put up the steps to ensure that the platform is being regulated by a Decentralized Autonomous Organization (DAO). The token holders of RARI that include collectors and creators, are liable to vote for platform upgrades and actively participate in moderation and curation in the marketplace. RARI also introduced an NFT index  — a portfolio created for NFTs to facilitate collectors who wish to invest in the NFT market but are uncertain of what artwork to choose from.

Since NFTs (non-fungible tokens)  depict the financialization of digital products and services, NFT setups and marketplaces have come to be an undeniable thriving sector of DeFi. Like Ethereum has employed ERC-20s to embody digital assets, NFTs can be comprehended as provable ownership rights for digital art. Due to the closing of art galleries worldwide because of COVID-19 and other cultural occurrences in the online world, Ethereum established a growing place for creators to share their art and interact successfully with an interested community of collectors. Due to this quality of NFTs, they play important roles in DeFi.

Roles of NFTs in DeFi:

  • Solving issue of collateralization

In the art market, an issue regarding the liquidity of the market is a real bug. Everything is subjective here.

Suppose a painting is worth $1million, yet it doesn’t remain very worthy unless somebody is willing to pay for it. In this situation, DeFi and NFTs do combined work to solve this issue. The workings may involve looking for ways to use NFT collectibles and art as collateral against DeFi lending. As traditional arts have been used as collateral in the real world since the beginning, moving it to the crypto world and NFT art, appears to be a logical step forward.

The other way that NFT helps in resolving liquidity issues in DeFi is by applying tokenization of those NFTs. The tokenization will quickly prepare an illiquid asset. For example, a piece of art that is easily tradable.

  • NFT Ownership and DeFi

The use of Defi platforms ingrained with NFTs in the music industry is a revolution for artists. NFT plays a very significant role in facilitating ownership rights and profits to the original creators. Those who own the NFTs will earn a fair share of the streaming revenue yielded by the songs. Maintaining provable earnings through an NFT furthermore functions as an effective form of collateral and can unlock the gates to under-collateralized loans. In the DeFi only space, this facility is currently not possible. Hence, the presence of NFT is a plus for Defi space.

The monetization of creative works using NFTs will proceed to be a considerable part of the NFT space. Still, it will more likely take the form of licensing, copyright ownership, and royalty sharing.

  • Solving issue of curve model

Another prominent example where NFT ownership plays a significant role in   DeFi space is how they work together to resolve the curve model issue. One of the updated versions of Defi protocols that introduced the curve model concerning liquidity pools. The curve model was created to distribute liquidity all across the entire curve, meaning that a large build-up of liquidity was not producing payments for providers.

With the assistance of NFT space, they introduced a facility to select desired custom price sizes for liquidity providers to evaluate their capital to resolve this issue. This boosts their exposure to needed assets and reduces their downside risk.

Closing thoughts

NFTs signify cryptographic tokens which are considered valuable due to their  security and need. With a combination of decentralized financial goods, special financial services can be produced by using these tokens. Possible use cases for this kind of technical innovation involve in-game currencies, investments, or liquidity mining. Indeed, there are endless roles that NFTs can play in DeFi space. There is more to be seen what exciting projects will be appearing soon.

Learn more about NFTs and DeFi and grab an NFT certificate at Blockchain Council. We also provide various online courses and certifications. Do check out for more.

Role of NFT in DeFi

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How Blockchain and Sound-Based Technology Protect Digital Payment Systems

How Blockchain and Sound-Based Technology Protect Digital Payment Systems

Wondering what role does Blockchain and other related technologies play in protecting digital payment systems. You have landed on the right page. This article talks about the rise of digital payments, associated risks, and how Blockchain and sound-based technology protect digital payments.

Table of Contents 

  • Digital Payments on the Rise
  • What are the Associated Risks?
  • Blockchain and Sound-based Technology: A Smart Combination of Technologies
  • Concluding Lines 

Digital Payments on the Rise

Digital payments and UPI have played a crucial role in the development of e-commerce in developed as well as developing countries like India. Even before the pandemic that took millions of lives worldwide, individuals and companies were using digital apps to monitor their budgets and perform transactions. But amid the COVID-19 outbreak, UPI transactions nearly doubled between the month of April and September 2020, hitting a volume of more than 180 crores, according to the National Payments Corporation of India (NPCI). Experts and technocrats believe that digital payments such as cryptocurrencies have the potential to accelerate financial inclusion and open gateways to new forms of investing. Over the projected period of 2021 to 2026, the Digital Payments Market is predicted to expand at a CAGR of 13.7 percent. 

Want to know more about cryptocurrencies? Get started today as a Certified Cryptocurrency Expert now!

What are the Associated Risks?

The digital transaction market is gaining traction and expanding at an unprecedented pace, which is positive news for the economy as more people are accepting this approach alongside the traditional one.

But undoubtedly, there are challenges associated with digital payments that need to be addressed. Let’s delve deeper and explore. 

The growth in digital payments has coincided with a dramatic increase in digital payment fraud. During the pandemic, there was a spike in the number of fake phone calls and SMS, as well as illegal SIM copying, vishing threats, and cashback/refund scams.

Although digital payments are inspired by technology innovations, they are still prone to threats and cyber-attacks. People with malicious motivations find ways to trick people by sending links or producing a dummy app that consumers are unable to comprehend and hence fall prey to certain assaults. During a pandemic, the ‘Request Money’ scam became one of the most popular fraud tales. 

As a result, it is becoming increasingly important for businesses and private actors to collaborate in order to provide the appropriate strategies to defend consumers in an increasingly sophisticated threat environment.

Internet penetration, illiteracy, lack of trust are some of the other issues related to digital payments. 

Blockchain and Sound-based Technology: A Smart Combination of Technologies

Although various technologies and security protocols are emerging to fend off malicious actors, this has, however, not prevented fraud from taking place. Moreover, the two-step authentication mechanism can become a cause of trouble where digital or internet penetration level is far from optimal. 

Blockchain professionals and technocrats believe that a combination of peer-to-peer, decentralized distributed ledger technology, Blockchain, and soundwave technologies can be the key to solving the problem. 

If you are a beginner to Blockchain, please note that it is a P2P decentralized distributed ledger technology that maintains the history of records in an immutable manner.  

Since the technology keeps a record of every transaction in millions of separate blocks, therefore even if one block suffers an attack, the information contained in the rest of the blocks will stay secure and intact. Thus, when it comes to hacking a Blockchain system, the threat actors would require to leverage tremendous computing power to compromise millions of nodes(blocks) at the same time. In fact, hacking a Blockchain is almost close to impossible. 

As a result, this technology emerges as an optimal method for securely storing all transaction-related data.

Does that mean that it is 100% secured? No, it is not. As nothing is 100% secure, therefore, Blockchain can suffer from crypto key tampering, lack of Blockchain integrity and security plans, inappropriate consensus mechanism, lack of malicious code protection, misused timestamps, and other issues.

Now, coming to sound-based technology, the biggest benefit of using this technology is that it is hardware-independent. Users often don’t require mobile devices or internet connections to make digital payments using this technology because it allows for smooth contactless payments by sound.

The fusion of Blockchain and soundwave technology is ideal for allowing safer, transparent, and contactless payments.

Are you a beginner but want to get started as a Blockchain Developer? Check out Blockchain Council now! 

Concluding Lines 

The advent of digital-based payments such as cryptocurrencies and others has presented enterprises and even individuals with a tremendous opportunity to expand and lead. A lot of big players have entered the crypto space and are eyeing to grow exponentially as it brings transparency, faster cross-border settlements, and lowers operational costs.

Curious to learn more about cryptocurrencies and Blockchain technology. Get enrolled and become a Certified Blockchain Expert today!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

How Blockchain and Sound-Based Technology Protect Digital Payment Systems

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Top Benefits of Blockchain Certification in Your Career

Top Benefits of Blockchain Certification in Your Career Are you confused if a Blockchain certification can take your career to the next level? This article enlists the top benefits of Blockchain certifications that will help you clear your doubts. Table of Contents Overview Benefits of Blockchain Certifications Concluding Lines: How to Become a Certified Professional? Overview At present, Blockchain is considered one of the most revolutionary technologies as it transforms the way we interact, transact, and share information. Many technocrats and Blockchain Experts also believe that it is going to be the most disruptive technology in the next decade. Blockchain’s concept of decentralization has brought finance, supply chain, healthcare, logistics, and many others closer to transparency, freedom from intermediaries, and heightened efficiency. Today, this technology is not only used by tech giants, enterprises, federal agencies, and even startups have started adopting Blockchain. In fact, they are looking for Certified Blockchain Experts and are considering certified professionals over the non-credential peers. Benefits of Blockchain Certifications In this section, let’s explore some of the major benefits of Blockchain Certifications. It is emerging as one of the favorite technologies of businesses of all sizes There is no denying the fact that today Blockchain is emerging as one of the favorite technologies of businesses of all types and sizes. Before COVID-19, many organizations were already interested in digital transformations. The pandemic situation accelerated the pace of digital capabilities across the globe, while others implemented digital capabilities for the first time as a matter of survival. Large, well-established companies and crypto-startups are choosing Blockchain as a secure and transparent network for their efficient business operations. This adoption rate indicates that the job market for Blockchain enthusiasts would continue to expand in the years to come. Such Certifications help aspirants gain an in-depth understanding of technology, including its technical and functional aspects, and strengthen professionals’ portfolios. Rising trend of job opportunities According to the exclusive report by MarketsandMarkets published in May 2020, the Blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion in 2025. This suggests that the job market will see rapid growth internationally, and Blockchain developers and other related professionals will be in great demand. Some of the prominently demanded roles in this domain include Blockchain Experts, Architects, Ethereum Developers, Smart Contract Developers, and much more. These Certifications help individuals to prove their Blockchain skills & understanding, gain an in-depth understanding of technology & its implementation, implement their skills across any applications and build their own Blockchain enterprise with acquired knowledge. Certifications can help people make better investments and trading in cryptocurrency. According to the Cambridge Center for Alternative Finance, cryptocurrency users have tripled from 35 million people in 2018 to 101 million people in Q3 2020. A study conducted by researchers from the United Kingdom’s Financial Conduct Authority also revealed a 78% increase since 2019. Also, in October 2020, when Paypal announced that it would be introducing crypto transactions, it was reported that it was the best quarterly return in PayPal’s history. Interest in digital assets is booming. Thus a comprehensive understanding of Blockchain through certifications can help you make better investments and trading in cryptocurrency. Cryptocurrency certification will enhance individual confidence and provide them with the necessary skills for better hiring opportunities as well. Exceptionally high salaries of Certificate Holders The salaries of Blockchain professionals are skyrocketing. In fact, it is the most demanding skill at present. According to Glassdoor, the national average salary for a Blockchain Developer is $1,01,689 in the United States, and the national average salary of a developer is ₹5,07,137 in India. Glassdoor also reports that the average salary of a Developer is £50,137 in London, UK. But to earn high salaries, it is important to have the right skills in this space. Certifications help you with the right set of skills so that you can adapt perfectly to the rising trend of job opportunities in this space. Blockchain Council, a globally-recognized online platform known for imparting world-class training with its own market research, found that people with the right skills and certification, on average, make 30% more salary compared to equivalent job profiles. It is the technology of the future. Many technocrats and Blockchain Experts believe that it is a technology of the future. As large enterprises such as IBM, Microsoft, Apple, Google, and many more are incorporating decentralized technologies into their business models, it is clear that this technology is going to bring significant change and evolution. This represents another exceptional reason to pursue Blockchain certifications. Concluding Lines: How to Become a Certified Blockchain Professional? We have talked a lot about the benefits of Blockchain certifications. Such certification benefits are not limited to exploring jobs, but they also help build confidence and ensure a competitive advantage over other players in this space. If you are interested in learning and upgrading your skills, you can get enrolled in Blockchain Council and become a Certified Blockchain Expert. Backed by the extensive practical-based sessions, this online organization offers online training and certifications to aspiring trainees to render the desired competence to have a successful career in the Blockchain space. So what are you waiting for? Get enrolled now! To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council

Are you confused if a Blockchain certification can take your career to the next level? This article enlists the top benefits of Blockchain certifications that will help you clear your doubts. 

Table of Contents 

  • Overview 
  • Benefits of Blockchain Certifications 
  • Concluding Lines: How to Become a Certified Professional?

Overview 

At present, Blockchain is considered one of the most revolutionary technologies as it transforms the way we interact, transact, and share information. Many technocrats and Blockchain Experts also believe that it is going to be the most disruptive technology in the next decade. Blockchain’s concept of decentralization has brought finance, supply chain, healthcare, logistics, and many others closer to transparency, freedom from intermediaries, and heightened efficiency.

Today, this technology is not only used by tech giants, enterprises, federal agencies, and even startups have started adopting Blockchain. In fact, they are looking for Certified Blockchain Experts and are considering certified professionals over the non-credential peers.

Benefits of Blockchain Certifications 

In this section, let’s explore some of the major benefits of Blockchain Certifications.

  • It is emerging as one of the favorite technologies of businesses of all sizes

There is no denying the fact that today Blockchain is emerging as one of the favorite technologies of businesses of all types and sizes. Before COVID-19, many organizations were already interested in digital transformations. The pandemic situation accelerated the pace of digital capabilities across the globe, while others implemented digital capabilities for the first time as a matter of survival. 

Large, well-established companies and crypto-startups are choosing Blockchain as a secure and transparent network for their efficient business operations. This adoption rate indicates that the job market for Blockchain enthusiasts would continue to expand in the years to come. 

Such Certifications help aspirants gain an in-depth understanding of technology, including its technical and functional aspects, and strengthen professionals’ portfolios. 

  • Rising trend of job opportunities

According to the exclusive report by MarketsandMarkets published in May 2020, the Blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion in 2025. This suggests that the job market will see rapid growth internationally, and Blockchain developers and other related professionals will be in great demand. Some of the prominently demanded roles in this domain include Blockchain Experts, Architects, Ethereum Developers, Smart Contract Developers, and much more. These Certifications help individuals to prove their Blockchain skills & understanding, gain an in-depth understanding of technology & its implementation, implement their skills across any applications and build their own Blockchain enterprise with acquired knowledge.

  • Certifications can help people make better investments and trading in cryptocurrency

According to the Cambridge Center for Alternative Finance, cryptocurrency users have tripled from 35 million people in 2018 to 101 million people in Q3 2020. A study conducted by researchers from the United Kingdom’s Financial Conduct Authority also revealed a 78% increase since 2019. Also, in October 2020, when Paypal announced that it would be introducing crypto transactions, it was reported that it was the best quarterly return in PayPal’s history. Interest in digital assets is booming. 

Thus a comprehensive understanding of Blockchain through certifications can help you make better investments and trading in cryptocurrency. Cryptocurrency certification will enhance individual confidence and provide them with the necessary skills for better hiring opportunities as well.

  • Exceptionally high salaries of Certificate Holders

The salaries of Blockchain professionals are skyrocketing. In fact, it is the most demanding skill at present. 

According to Glassdoor, the national average salary for a Blockchain Developer is $1,01,689 in the United States, and the national average salary of a developer is ₹5,07,137 in India. Glassdoor also reports that the average salary of a Developer is £50,137 in London, UK.

But to earn high salaries, it is important to have the right skills in this space. Certifications help you with the right set of skills so that you can adapt perfectly to the rising trend of job opportunities in this space.

Blockchain Council, a globally-recognized online platform known for imparting world-class training with its own market research, found that people with the right skills and certification, on average, make 30% more salary compared to equivalent job profiles.

  • It is the technology of the future.

Many technocrats and Blockchain Experts believe that it is a technology of the future. As large enterprises such as IBM, Microsoft, Apple, Google, and many more are incorporating decentralized technologies into their business models, it is clear that this technology is going to bring significant change and evolution. This represents another exceptional reason to pursue Blockchain certifications.

Concluding Lines: How to Become a Certified Blockchain Professional?

We have talked a lot about the benefits of Blockchain certifications. Such certification benefits are not limited to exploring jobs, but they also help build confidence and ensure a competitive advantage over other players in this space.

If you are interested in learning and upgrading your skills, you can get enrolled in Blockchain Council and become a Certified Blockchain Expert. Backed by the extensive practical-based sessions, this online organization offers online training and certifications to aspiring trainees to render the desired competence to have a successful career in the Blockchain space. 

So what are you waiting for? Get enrolled now!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Top Benefits of Blockchain Certification in Your Career

Source

Visa Testing Crypto-Based Transaction Settlement Systems

The COVID-19 pandemic has done quite a number on the world’s economy, one many parts of society have yet to recover from. The blockchain industry, however, managed to get severely crippled by it and recover to brand new all-time highs directly after. One of the crypto space in general’s key wins, particularly Bitcoin’s was a new frenzy of positive sentiments regarding both companies and institutions, as both started to make heavy investments by the millions of USD into the space.

Visa Seeing Crypto Demand

Many nations tried to counteract the damage of the economic downfall by printing money. They did so by way of various stimulus packages. This, alongside the fears of inflation and the budding NFT space, has growth be the prime idea behind the crypto space at large. The industry itself is growing and people hold fears that the fiat space is weakening. Many a company has now incorporated crypto services into its offering, with Visa being one of the more prominent ones.

Guy Sheffield stands as the Head of Crypto at Visa, and gave a public statement to Reuters about the matter. He highlighted that the demand to hold, use, and otherwise access digital currencies have increased by the company’s customers. Thus, Visa’s clients are demanding products to help provide access to these things for the consumer.

crypto

Innovating With The Times

Visa is aiming big, making an announcement on Monday. This announcement revealed that it will allow for crypto-based payment settlements in the future, having partnered with the Anchorage crypto bank and the Crypto.com exchange platform for the pilot as a whole. Users of Crypto.com boasting a prepaid Visa card from said exchange will be capable of paying for goods through it. All they need to do is top it up with their respective crypto balances.

Prior to this move, any sort of settlement like this would involve Crypto.com wiring fiat currency to Visa at the end of each day in order to settle any processed transactions of that day. This pilot, however, will see Visa using USD Coin (USDC) in order to settle transactions. USDC is a stablecoin pegged 1:1 on the USD, making every USDC worth one USD proper.

Through this action, Visa has chosen the Ethereum blockchain to settle its various transactions and completely removing the fiat part of these crypto settlements. This, in turn, means that Crypto.com will now make use of USDC in order to settle transactions.

Plans To Expand

This new settlement service will allow Visa to significantly speed up the speed at which settlements are made, at the same time significantly decreasing its cost. As it stands now, the exact scope and volume of the pilot program between Visa and Crypto.com is unclear, but Visa made it clear that it plans to extend this offering to other partners, as well.

Visa Testing Crypto-Based Transaction Settlement Systems

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