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California Largest State to Recognize Blockchain Records

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California millennial Assemblyperson recently pushed a bill to recognize digital signatures and contracts recorded on the blockchain, making California one of several US States using or considering implementing the technology.

Millennial Assemblyperson Pushes Bill

Assemblymember Ian Calderon (D-Cal), who was elected to the state assembly at the age of 27 as the first ‘millennial’ assembly person, launched California assembly bill 2568 which would update existing laws to include blockchain technology for electronic signatures and contracts.

If the bill passes it would make California one of only a few states so far recognizing such technology but establish a precedent due to its size and economic importance.

California, as the most populous state in the US with 39 million citizens, commands a $2.3 trillion economy which reviles that of the entire UK would be a huge testing ground for blockchain implementation.

The new bill, which builds on the existing law dubbed the Uniform Electronic Transactions Act, paves the way for an electronic record or signature secured by the blockchain to be deemed legal and enforceable. Key revisions in the latest version include –

  • the definition of “electronic” record and “electronic signature” would be expanded to encompass those secured via the blockchain
  • the legal definition of “contract” would be expanded to encompass a smart contract
  • data ownership/use would extend to someone performing interstate or foreign commerce on the blockchain in California “with respect to that information as before the person secured the information using blockchain technology,”

California Will be Important Stepping Stone

Other states such as neighboring Arizona, Wyoming and Tenessee have already passed similar bills but to make this happen in California would induce other states with similar size and economies like New York and Texas take the same steps into consideration.

Assemblyman Calderon is one of a few young tech-savvy politicians proposing changes to antiquated systems throughout the US. Jim Powell (Rep-) from Tenessee is representing a very similar bill in his state that by all indications will pass the next session.

If states like California continue to progress on using technology like Blockchain to record signatures, contracts and possibly immigration information the influence could be felt all the way to the top of the federal government.

Another budding California politician dubbed the ‘Crypto Kid’ Brian Forde was quoted when asked about aging politicians reaction to new technology.

“We’ve got all these emerging technologies that are going to have a big impact on our economy and our lives,” he says, “yet we don’t have the folks in Congress who understand that.”

A federal blockchain ledger system for everything from voting status, to taxation to immigration progress in a country like the US where so much information is lost or misaligned from state to state, should be inevitable.

The post California Largest State to Recognize Blockchain Records appeared first on NewsBTC.

Moscow Looks to Blockchain for Fair Elections

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The city of Moscow is looking to evolve their Active Citizen polling network to log votes in upcoming elections. Thus making the election process transparent to all and tamper-free.

Active Citizens Decide for Themselves

As the white house continues to deny any allegations of collusion with Russian hackers and the FBI doggedly turns over more and more evidence of Russia’s influence on the 2016 elections the city of Moscow is making moves to make sure it can’t happen there.

Since 2014 the Russian city has had a program in place called Active Citizen. This program allows citizens to vote on big projects in order to eliminate corruption. So far citizens have cast their votes on the seat colors at the new Luzhinki stadium, whether or not to participate in a major housing renovation program and the official badges that doctors will wear in all the cities hospitals.

Blockchain Tech Can Help to Ensure Fair Election Polling

In 2017 the Active Citizen program was moved on to a Blockchain network where ideally the data can never be deleted or changed and the system cannot be hacked. Today it has added a private version of the Ethereum network to the existing architecture with a view towards implementing this into the city’s voting process.

In this way, city officials hope to soothe citizen’s fears of vote manipulation while showing the world’s governments that free and fair elections can be had in Russia.

“Of course, sometimes we hear that not all the votes are trusted,” said Andrey Belozerov, the strategy and innovations advisor to the city’s CIO;

“So, we decided to use a blockchain for the Active Citizen project, as a platform of electronic trust. The idea is to put all the votes to the blockchain to make it open so everybody can connect to our blockchain network, and to check the voting process, and so on and so-forth.”

Using blockchain technology to ensure that every vote is uniquely logged and that the process is absolutely transparent is a long way from the antiquated voting process still used in the United States.

Citizens of the US still vote using a system developed in the 19th century to make collecting and counting votes over the massive country feasible. Rules and regulations vary from state to state and in some case still rely on hundred-year-old machines.

As future elections will undoubtedly be influenced and tampered with by hackers both inside and out of the country a decentralized blockchain voting system not only makes sense but seems essential to maintaining a democracy in the digital era.

At the moment the Active Citizen system in Moscow has recorded 88 million votes on over 2,700 projects. With the implementation of blockchain for their next elections, there can be no dispute over results. The only hurdle left for fair and transparent election process will be resistance from government officials, not only in Moscow and the US but all over the world.

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Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200

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Key Points

  • Bitcoin cash price did not correct higher and declined below the $1,200 support against the US Dollar.
  • There are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may decline more in the near term and it could even break the $1,100 support level.

Bitcoin cash price declined further below $1,200 against the US Dollar. BCH/USD looks set to extend the current decline towards or below $1,100.

Bitcoin Cash Price Resistance

There was no stopping sellers as bitcoin cash price failed to correction above the $1,300 level against the US Dollar. The price declined and broke yesterday’s low to trade below the $1,200 level. It opened the doors for more losses and the price traded towards $1,150. A low was formed at $1,134 and it seems like the price is struggling to correct higher in the short term.

On the upside, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $1,325 high to $1,134 low. There are many resistances on the upside below the $1,300 level. More importantly, there are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD. The first bearish trend line is close to the 50% Fib retracement level of the last drop from the $1,325 high to $1,134 low. Therefore, a break above the $1,250 and $1,260 levels won’t be easy. Above $1,260, the second trend line at $1,280 is the next hurdle.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,134 is a short-term support. If the price breaks the stated level, it could test the $1,100 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed nicely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the oversold levels.

Major Support Level – $1,100

Major Resistance Level – $1,250

 

Charts courtesy – SimpleFX

The post Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200 appeared first on NewsBTC.

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200

NewsBTC

Key Points

  • Bitcoin cash price did not correct higher and declined below the $1,200 support against the US Dollar.
  • There are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may decline more in the near term and it could even break the $1,100 support level.

Bitcoin cash price declined further below $1,200 against the US Dollar. BCH/USD looks set to extend the current decline towards or below $1,100.

Bitcoin Cash Price Resistance

There was no stopping sellers as bitcoin cash price failed to correction above the $1,300 level against the US Dollar. The price declined and broke yesterday’s low to trade below the $1,200 level. It opened the doors for more losses and the price traded towards $1,150. A low was formed at $1,134 and it seems like the price is struggling to correct higher in the short term.

On the upside, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $1,325 high to $1,134 low. There are many resistances on the upside below the $1,300 level. More importantly, there are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD. The first bearish trend line is close to the 50% Fib retracement level of the last drop from the $1,325 high to $1,134 low. Therefore, a break above the $1,250 and $1,260 levels won’t be easy. Above $1,260, the second trend line at $1,280 is the next hurdle.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,134 is a short-term support. If the price breaks the stated level, it could test the $1,100 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed nicely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the oversold levels.

Major Support Level – $1,100

Major Resistance Level – $1,250

 

Charts courtesy – SimpleFX

The post Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200 appeared first on NewsBTC.

Tezos Foundation Changes Leadership, Tokens Set to Launch in Coming Weeks

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The Tezos ICO raised $232 million last July for the blockchain startup. Seven months later, after progress was delayed due to infighting between the founders, the project’s tokens are finally set to launch “in the next few weeks.”

The Tezos foundation raised funds to develop a new cryptocurrency last July through an initial coin offering (ICO) that generated $232 million. While the ICO remains one of the largest by amount raised, contributors have yet to receive the new cryptocurrency because the project’s release has been delayed by infighting between the project’s founders, Kathleen and Arthur Breitman and Johann Gevers.

Gevers, president of the Tezos Foundation — which was set up to oversee the launch and development of the blockchain project — stepped down from his post Thursday following the disputes with the Breitmans. The two had called for the resignation of the foundation trustee last fall, after accusing him of attempting to embezzle money and acting “as a roadblock to the mission.” The Foundation said in a statement that Gevers had stepped down voluntarily, to “optimally support” the mission and was “committed to the success” of the project.

Ryan Jesperson and Michel Mauny will now join the board of the Tezos Foundation, replacing Gevers as well as Diego Olivier Fernandez Pons. Jesperson, who invested in the Tezos ICO, started an international petition last year to oust Gevers; Earlier this month he set up a rival group, the T2 Foundation, to pursue the launch of the Tezos network. Manuny is also a member of the T2 Foundation.

“With the appointment of the two new members to the Board, the Foundation is preparing itself to assist in the timely launch of the Tezos network,” the Tezos Foundation said in a statement.

Moving Forward

This shakeup in leadership clears the way for Tezos to release the tokens, which will facilitate a blockchain network for smart contracts that aims to rival Ethereum. In fact, the price for pre-launch tokens surged more than 10% after the announcement today. Gerves posted on Twitter “TEZOS ACHIEVES IMPORTANT MILESTONE,” sharing the news of the changes.

“After months of very hard work under extremely difficult conditions, I’m very happy that we’ve achieved a good resolution that optimally serves the interests of the Tezos project and the wider crypto ecosystem,” he said.

Tezos had been looking to a February release date for the coins, a deadline that now seems within reach. Speaking at a UCLA event on February 18th, CEO Kathleen Breitman said the company was planning on “going rogue” and releasing the tezzies (as the tokens are known) “in the next few weeks.”

The resolution of the dispute with Gevers also takes some pressure off the project, which ran into other legal problems as a result of the delays and ongoing battle. Tezos has been deflecting rumors of an investigation into the company by the U.S. SEC, and also has been hit with class action lawsuits alleging securities fraud as a result of the delays.

Now, investors are watching with anticipation to see if Tezos and the new leaders of its governing body can deliver — something which seems closer than ever following these announcements and a reinvigoration of the team. 

The post Tezos Foundation Changes Leadership, Tokens Set to Launch in Coming Weeks appeared first on NewsBTC.