We've all seen the movies and read the sci-fi books about machines and robots taking over the world. But how close are we to that becoming a reality? Smart contracts are becoming more and more commonplace in our society. Will they replace lawyers, accountants, and other officials completely or is this still just a fantasy?
The conference was opened by Parliamentary Secretary, Silvio Schembri who expressed the opinion that the Maltese Government was planning to launch a new Digital Innovation Authority Bill (DIA) which will operate as the only regulator for ‘Innovative Digital Technology’. The Technology Arrangements and Services Bill (referred to henceforth as TAS) was also mentioned by Dr Schembri, as was the keenly anticipated Virtual Currency Act. The triumvirate of bills will form the foundation of the Maltese Blockchain and Cryptocurrency Regulation.
Currently there is ample development in the Maltese blockchain industry. Changpeng Zhao, the billionaire that is behind one of the largest cryptocurrency companies in the world, Binance, is behind the planning of the new decentralised bank in Malta. The bank will be called Founders Bank, and there is a reason to it. One of the main features that makes the bank unique and special, is the fact that it will not belong to any single entity or individual.
Bitbay is a cryptocurrency exchange based in Poland which trades Bitcoin, Litecoin and Ether against currencies such as the euro and the dollar. Founded in March 2014, the company has found its growth hampered by the attitude of Polish banks which have proved unwilling to cooperate with the exchange. In this, they’re following the lead of the Polish government which is uncomfortable with crypto. In fact, the Polish financial regulator launched a campaign online recently, warning people of the possible risks of investing in, or using, crypto.
Dr. Scott Stornetta is one of the two founding fathers of the blockchain concept. With his working partner, Dr. Stuart Haber, he developed the idea in 1991, describing it in peer-reviewed journals, and taking out a number of patents. When Satoshi Nakomoto wrote his famous Bitcoin white paper, he referenced Drs Haber and Stornetta.
YOVO, the world’s first blockchain mobile phone network has that confirmed it will be moving its headquarters to Malta, with an investment of €20 million and a team of thirty members. With this mobile network company, you will be able to buy your tokens with over 40 different types of crypto currencies.
In this article, we will simplify the process of bitcoin so much, we will replace it with an orange! Let’s say that you have one orange. You meet Paul and decide to give him your one orange. Paul now has one orange, whilst you have none.
