Indian Mobile Operator to Launch Own Blockchain

New network, which is going to be launched in a year with tens of thounds nodes operational will focus on the distribution and high privacy
12 August 2019   325

Indian mobile operator Reliance Jio Infocomm, owned by the country's richest man Mukesh Ambani, intends to launch its own blockchain within a year. This was stated by Ambani himself.

[The company will install] one of the largest blockchain networks in the world in India. [On the first day of its launch] tens of thousands of nodes [will be operational].
 

Mukesh Ambani

Owner, Reliance Jio Infocomm

New network will focus on the distribution of content while maintaining data privacy. Also, as reported, the company’s blockchain network will not only power industries but offer users data privacy as well.

Note that the company also entered into a partnership with Microsoft, involving the use of the Azure cloud platform for the "digital transformation of India."

Most likely, the Jio Infocomm blockchain will not have a native token, since, as you know, the bill on the complete ban on cryptocurrencies is already under consideration by the government.

In early 2018, it became known that Jio Infocomm intends to launch its own cryptocurrency to manage supply chains and loyalty programs called JioCoin. So, the announced project may be a variation of previously announced plans.

In the past, Ambani's conglomerate Reliance Industries also used the R3 Corda blockchain platform to conduct export transactions.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   304

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.