Crypto Diaries: Innovations & Improvements continue to drive the Cryptoverse forward

The recent parabolic rise in Bitcoin followed by handsome gains in other Cryptos has reinforced the underlying volatility theme in the digital assets. While BTC is trading perilously close to the psychological level of resistance turned support of $10K, the recent rise to around $14K has got the bulls excited of a revival in Cryptos. If the $10K level caves in, then the next significant level of support lands at $9400 – BTC dominance stands at 60.5% with the total crypto market cap of $299 billion at the time of publishing. Apart from the price action, other developments in Cryptoverse continue to point towards a maturing market for the emerging tech. Let’s review some of these developments.

SWIFT GPI Platform

The biggest interbank payment system SWIFT has released its Global Payments Innovation (GPI) platform for real-time payments. The legacy cross border payment system was in the process of catching up to the DLT based payment systems like Ripple & Blockchcain World Wire (BWW) who made significant inroads in breaking the monopoly of the former’s centralized & cumbersome solution. The GPI initiative was launched in 2017 with R3’s Corda enterprise platform providing the underlying API support & payment flows. The report published on GPI suggests that 55% of cross border payment flows on SWIFT worth $40 trillion are already being recorded on the new system. One thing is for sure, the DLT-based cross border payment platforms have pushed the traditional system to improve their services or be obliterated.

PwC Crypto Auditing Software

One of the big four auditing firms PwC has released a Cryptocurrency auditing software solution via a tool added to the company’s Halo auditing suite. PwC claims that the tool will provide an independent audit of the Cryptocurrency transactions for the companies involved in the business. The tool would achieve this by analyzing the public-private key pairing thus establishing the digital asset ownership. This would also assist the companies who don’t employ PwC’s services, by streamlining their processes & controls required to receive assurance reports from their auditors.

Cloudflare Ethereum Gateway

I wrote about Cloudflare back in November last year – The company itself is a big proponent of net neutrality championing the decentralized model based on the IPFS (Inter-Planetary File System) protocol. The company aims to provide a fast, reliable & safe Cloud hosting service (or content delivery network) by integrating the emerging technologies — most notably the IPFS. In an effort to expand its decentralized web ecosystem, the company has recently introduced the Distributed Web Gateway toolbox, which would enable users to access the Ethereum blockchain network without installing any other software. The feature provides a low-tech solution to adding interactive elements like smart contracts to your website provided by the Ethereum network.

AI Network for dApps

Decentralized AI on blockchain company Cortex has successfully launched its technology platform on June 26th after 15 months of intense development. The platform becomes a pioneer with this endeavor of introducing AI-powered Apps. Introduction of Artificial Intelligence & Machine Learning techniques in a Crypto network to scale, through its Cortex Virtual Machine (CVM) opens the door to a myriad of new possibilities. As per the Press release, the use cases would include generating credit reports for the burgeoning DeFi industry, and facilitating anti-fraud reporting for decentralized exchanges, P2P financing platforms, insurance, and cryptocurrency lending.

Sharding Protocol for Zcash

And finally, the second biggest privacy-focused Crypto project Zcash (ZEC) plans to introduce a new protocol by implementing sharding – a highly scalable solution that Ethereum intends to include in its next upgrade as well. But to achieve a goal of universal access & usability of ZEC, the company behind the project (ECC – The Electric Coin Company) would need to build a completely new network. The new chain, however, would not only provide the desired scalability solution of processing thousands of transactions per second, but also making all of them anonymous – currently only 2% of the transactions are anonymous.

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