JPMorgan’s ‘Quorum’ Chain set in South African Bank

The pilot of ‘Project Khokha’, JPMorgan’s Ethereum blockchain has successifully been finished in the South African Reserve Bank (SARB)
06 June 2018   1759

The results of pilot  were detailed in the official statement claiming that Project Khokha’s major goal was “to build a proof of-concept (PoC) wholesale payment system for interbank settlement using a tokenized South African rand on distributed ledger technology (DLT).” When the bank is not yet going to override its existing settlement systems and change them with blockchain technology, Deputy Governor of the Central Bank Francois E. Groepe declared that Khokha could act as a standby layer.

With the help of the pilot it was proved that the South African payments system ordinary daily volume of transactions “could be processed in less than two hours with full confidentiality of transactions and settlement finality.” It took about 2 seconds for each distinct transaction to be confirmed.

Khokha made use of Range proofs and Pedersen engagements. As informed in a TrustNodes report, these concepts act as “a method to hold balances in a random number format so that you can not tell the balance of each participant,” in order to  ensure privacy. The project also was able to achieve each one of the subsidiary goals it set out for, including “ to build on the initiatives previously undertaken by global peers and to gain further insights on DLT developments in a South African wholesale payments context.” It was also stated that the project had supplied an important opportunity “to explore the type of collaborative innovation that is expected to become more common.” 

Also, according to the report, despite there are still “many issues to consider” before a blockchain system can be fully adopted, the project has provided the necessary basement for “future collaborative work.”

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   213

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.