Kiffmeister’s Fintech Daily Digest (04/24/2020)

China’s National Blockchain Will Change the World
China is launching the Blockchain-based Services Network which will be the backbone infrastructure technology for massive interconnectivity throughout the mainland and to the Digital Silk Road to provide interconnectivity to all of China’s trade partners around the globe. The BSN will be a new internet protocol to allow a more efficient way to share data, value and digital assets in a completely transparent and trusted way between anyone who wants to be a node on the network.

Cryptocurrency = property = legal protection
The UK Jurisdiction Taskforce’s Legal Statement on the Status of Cryptoassets and Smart Contracts is proving to be influential both domestically and internationally for its analysis of the legal status of cryptocurrency.  The Legal Statement recognised that the design of cryptoassets may create some practical obstacles to legal intervention but “that does not mean that crypto assets are outside the law”.  This is now developing into a trend.

AVA Labs Will Splash Millions to ‘Brain Merge’ DeFi and Traditional Finance
Founded by Cornell professor Emin Gun Sirer, who has previously worked on a scaling solution for bitcoin, AVA had been in private testnet for over a year. It originally had been slated for launch as early as December but this was pushed back until April. The project is now aiming for a full launch sometime in July, according to its roadmap.

BIS on computing platforms for big data analytics and artificial intelligence
Public authorities, and central banks in particular, are increasingly realising the potential of big data sets and analytics – with the development of artificial intelligence and machine learning techniques – to provide new, complementary statistical information. Yet the question remains: how should institutions organise themselves to benefit the most from these opportunities?

Twins: Calibra’s White-Glove Approach for BFT Testing
Byzantine Fault Tolerant (BFT) systems have seen extensive study for more than two decades, yet we lack a principled strategy for testing BFT implementations. This paper presents Twins, a new approach for testing BFT systems.

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