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IOST platform launches iUSD steyblecoin for cross-platform use

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The IOST development team on its blog announced that next week it will launch its own iUSD, which is being created for cross-platform use of digital currencies.

As the site Ruscoins.info reported, IOST switched to its own blockchain from March 10, 2019. And immediately another positive news from the IOST team.

IOST will launch its own stablecoin next week

The IOST team said that work on its own stableUSB iUSD with reference to the dollar is coming to an end: it should appear next week.

Now the majority of dollar-linked steylcoin is based on the Ethereum ERC-20 platform [ETH]. This situation becomes a barrier to the functioning of decentralized applications in other networks, narrowing for them the number of assets available for operation.

The same problem is faced by applications in the IOST network that do not have stable-rate assets, which would enable them to work at low costs and insure against market fluctuations. This difficulty will be solved with the launch of your own stablebcoin.

iUSD is a cross-platform currency designed for operations between blockchains. Applications on IOST will be able to conduct transactions in these tokens through several widely used stable currencies, including PAX, DAI, TrueUSD, GUSD and CircleUSD, while the developers promise minimal expenses on commissions.

For users who will work with iUSD, the exchange of one currency for another with the subsequent transfer to the account of the counterparty in another blockchain should take place imperceptibly. The innovation will also allow you to store steyblecoins based on ERC-20 in the IOST network.

How will the transaction in iUSD

Transactions between networks will be conducted as follows:

  • The user sends an asset that is not based on another network (for example, PAX running on ERC-20) to the Rate3 exchange gateway.
  • PAX will be moved to the address of the wallet in “his” blockchain (the whole operation will be carried out with full transparency)
  • “On the other side” of the gateway, on the IOST blockchain, the recipient will be credited with an equivalent amount in iUSD. The address of the wallet will be taken from the exchange gateway.

When sending iUSD to other blockchains, the operation will take place in the reverse order.

The development team commented on the launch of a new means of payment:

“We look forward to the release of the new currency and believe that the launch of such operations between networks will contribute to the popularization of IOST-based applications, as well as attract new developers. Teams working on decentralized applications will suffer less from market volatility. ”

Publication date 13.03.2019
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US SEC Commission: Some Stablecoins May Be Recognized to Securities

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According to Valery Schepanik, senior consultant for digital assets of the United States Securities and Exchange Commission (SEC), the norms of securities legislation may apply to certain types of glasscoins . Reported Decrypt .

According to Shchepanik’s classification, one stablecoin can be tied to real assets like gold or real estate, the other to fiat currency, and the third to use various “financial mechanisms that support price stability.” It is the third category, in its opinion, that can become the object of close attention of the regulator.

“I came across steyblokinoy, the value of which controls a certain pricing mechanism associated with the emission, creation or redemption of another type of digital assets tied to them. Or, it is supported by control over the ratio of supply and demand in order to keep prices in a certain range , ”said the SEC representative.

According to her, if the central side controls the steakblock's price volatility, or if the buyer is promised a guaranteed income or a controlled price, such an asset can be recognized as a security.

She noted that the agency applies equally to all cryptocurrency projects. Shchepanik also emphasized that companies should contact the agency for consultation before the release of the token , and not after:

“We would prefer that people turn to us for permission or advice before they do something, rather than do something first, and then come to ask for forgiveness.”

Publication date 18.03.2019
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Japan will consolidate the rules for cryptocurrency in the category of "cryptographic assets"

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The Cabinet of Ministers of Japan proposed amendments to the laws “On Financial Instruments and Exchanges” and “On Financial Settlements”. Thus, it is planned to consolidate a number of norms regulating the market for digital assets.

The Law “On Financial Instruments and Exchanges” is aimed at ensuring the transparency of markets and the safety of investors. It contains clear requirements for operations with derivatives and securities.

Several points may be added to Japanese law.

So, it is proposed to make cryptocurrency in a separate category – “cryptographic assets”. This is consistent with the definition adopted by the G-20 countries. Companies that deal with their exchange will receive the status of "agents for the exchange of cryptographic assets."

Cryptocurrency exchanges may be required to keep clients' funds in cold wallets. If for these purposes it is necessary to use the infrastructure that is connected to the Internet, then the assets should be provided with their own funds of the exchange.

Margin trading of digital assets is proposed to regulate by analogy with the markets of foreign currencies.

"In addition, cryptocurrency companies can prohibit the use of promotional materials that encourage speculation and indulge in dishonest practices (price manipulation, insider trading, etc.)."

Publication date 18.03.2019
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Ledger Nano S Wallet Receives Certificate of the French Cyber Security Agency

Ledger Nano S was the first hardware cryptograph certified by the French Information Systems Security Agency (ANSSI). Ledger is proud to announce that it is a wallet! The obtained CSPN certificate shows a third-party assessment of security, rather than taking our word for it. Read more here: https://t.co/PYrRcFt15u#DontTrustVerify […]

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Ledger Nano S was the first hardware cryptograph certified by the French Information Systems Security Agency (ANSSI).

As noted in the company's blog, the process of obtaining the first level of a security certificate involves evaluating a product according to several criteria, including "firewall, identification, authentication and access, security of communications and embedded software."

“We are proud to announce that ANSSI has passed independent certification ,” said Ledger CEO Eric Larshevek. “ For Ledger, safety is paramount.”

He also promised that his company would make an effort to certify the rest of its products.

Recall, recently the French manufacturer of hardware wallets Ledger reported vulnerabilities from its competitor Trezor.

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