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   2371

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.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   383

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.