Blockchain will mark the end of password epoch

Some specialists are sure that we can find the solution for digital identity in the cryptocurrency system
02 December 2017   2105

There is fundamental forecast due to the digital accounts controlled by different enterprises, government institutes, banks and others who keep all data on a decentralized fiscal accountings and blockchains. They say that cryptocurrency system as Bitcoin, for example, can be applied to Internet identification system without any mediators.

Furthermore, every account owner can chose himself who can have control over his data. It can be just one person or another with special permission.

 

Drummond Reed

The co-founder and director of Evernym

Such system uses cryptography with shared key the same that blockchain websites utilize for transaction control. The technology, however, appeared too difficult for development, but the popularity and new cryptography impulse gave momentum to the idea propagation.

Shared key based on two kinds of key: on public and individual one. Both are used to identify account owners and corroborate encoded transactions. In fact, the users’ blockchain account is their individual regulating system.

Will users be agree to give up their old ligins and passwords? We won’t cope with this issue ourselves, we need support from web designers, social workers and everyone who is inspired by this idea.

 

Meltem Demirors

The director of Digital Currency Group

Government authorities are on the way of accepting this idea. Illinois state has already signed the contract connected with creation the base for newborns. Switzerland also begins to introduce this project for its population.

Wirex to Issue 26 Stablecoins on XLM Blockchain

Wirex chosen Stellar blockchain because company considers it safe, easily scalable and relatively inexpensive to use
25 April 2019   88

British online banking platform Wirex has announced the listing for the XLM token, as well as the release of 26 stablecoins on the Stellar blockchain, pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD.

Prior to this, Wirex card supported eight digital assets and ten fiat currencies.

In addition, Wirex added the ability to instantly convert steablecoins to each other at over-the-counter rates.

As the company expects, new assets will be used for money transfers, issue and redemption of tokens, as well as for payments for services.

The choice of Wirex fell on the Stellar blockchain, as the company considers it safe, easily scalable and relatively inexpensive to use.

Last year Wirex became the third company in a row that received a license to provide services in the UK and Europe.