Ethereum-Based Blockchain Payings adopted in Taiwan Bank

A private commercial Taiwanese firm - the Taipei Fubon Commercial Bank, has run a blockchain-based payments system for retail usage, a first in the country
15 May 2018   138

As reported by the Taipei Times, this bank declared about the adoption of the payment system for local restaurants and merchants on Sunday. The bank is rolling out the blockchain fees system in merchant companies and eateries near the National Chengchi University, a national research university placed in the country’s capital.

The bank first started a partnership with the university in March 2017 revealing a joint-project dubbed the ‘Key Technology and Engineering R&D for Blockchain Payment Network’. While being tested at the university’s own campus, the blockchain payment platform assisted transaction volumes among participating merchants selling lunch-time food to students grow four-fold.

The payments platform works on the Ethereum blockchain by utilizing the Istanbul Byzantine Fault Tolerance algorithm, making it able to scale and substantially decrease transaction times and costs. The bank affirms that transaction times take less than a second on the network, pointing out the advantages of adopting a blockchain-powered system. The project in the whole took six months before the bank began accepting the system in October 2017. In recent weeks it has been using as a payments platform all around the university.

Taipei city officials have already confirmed their intention to use blockchain technology in order to make the city’s capital into a “smart city” with an amount of applications in such spheres as health care, electric vehicle charging using feeless micropayments, monitoring air quality for pollution levels and others.

PascalCoin to activate V3 Hard fork

PascalCoin V3 Hard fork will be activated on block 210,000 on May 31 and feature anonymity via transaction mixing and inflation reduction
26 May 2018   39

PascalCoin is preparing for V3 Hard fork scheduled for May 31. It will introduce key improvements as such:

  • anonymity transaction mixing;
  • 50% inflation reduction;
  • Lazarus/FPC gets 10% of funding

To get more into the details:

PascalCoin transactions occur between publicly visible accounts and the crucial aspect needs to be implemented - fungibility. The improvement will allow users to perform 'client-server mixing', 'network-protocol mixing', 'chaining multi-transactions', 'decentralized exchanging' and 'monetized-API mixing'.

As for Lazarus/FPC (a base tooling from which PascalCoin is founded on), a total of 10% of the Developer Rewards is recommended to be allocated for the FOSS project funding. In a long run, a large developer mind-share is expected to reduce costs significantly.

To learn more about the details of the fork, you can visit Improvement Proposal page here. And regarding the market characteristics of PascalCoin, at the moment of publication they are as follows:

Average price 0.765895 USD
Market cap 15,978,408 USD
Volume (24H) 89,861 USD