IOST to Lead the Digital Currency Transformation

It has been reported that the majority of central banks are likely to issue their own Central Bank Digital Currency (CBDC) in the next 6 years.

Once identified as a transitory phenomenon, digital currency looks like it inevitably will lead the world out of the current financial system and into the next. As countries around the world crank up their printing presses, central banks are experimenting with digital currency to enable the construction of a new system of finance to allow fast, inexpensive transactions without intermediaries, such a MasterCard or Visa. It has been reported that the majority of central banks are likely to issue their own Central Bank Digital Currency (CBDC) in the next 6 years. In particular, the Central Bank of China has launched and begun testing its Digital Currency Electronic Payment (DCEP) system in the cities of Shenzhen, Suzhou, Chengdu and Xunan. Four state-owned banks will be involved in the issuing of this digital asset: Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China and China Construction Bank.

This is a far cry from just two years ago, where crypto currencies were described by one US Senator (Brad Sherman) as a “crock”, who went on to say “it allowed a few dozen men to sit in their pyjamas on the couch all day and tell their wives they’re going to be millionaires,” and cryptocurrencies “help terrorists, criminals and tax evaders”. Or, Warren Buffet’s likening of cryptocurrencies to “rat poison”. The COVID-19 pandemic has changed the world forever and accelerated the necessity of a new system. Digital and Cryptocurrency in 2020 has been firmly cemented in the consciousness of the world population, and one thing is for sure, the financial world will never be the same again.


With adoption of CBDC by world banks, it is expected that leading crypto and blockchain protocols will benefit from their introduction, none more so than the Internet of Service Token (IOST). IOST is a highly scalable, smart contract blockchain network and ecosystem with a full array of systems for the new financial world. It encompasses easy to use accounts and wallets, decentralised applications (dApps), staking, Non-Fungible Tokens (NFT) and Decentralised Finance (DeFi) systems. It is a developer’s dream, compatible with JavaScript, a coding language used almost exclusively today in web page development. IOST utilises a novel consensus algorithm known as Proof-of-Believability (PoB). PoB is a consensus algorithm developed by IOST, which enables high scalability throughput speeds (tested at up to 8000 tps) while ensuring nodes stay compliant.

IOST can be simply described as:

An ultra-fast, decentralised blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB).

One gets the feeling it is just a matter of time for this technologically advanced blockchain to be recognised as the industry leader. It is already a seasoned blockchain who’s main net (Olympus, now at V.3.3.6) launched in quarter 1, 2018, demonstrating a bullet proof protocol, that has now been tried and tested safely with over 100M transactions. It’s team of proven founders, highly educated from prestigious universities such as Princeton University and combining real world experience in companies like Microsoft and Uber, ensures its technology is on the cutting edge.

IOST displays an unwavering sense that it will succeed in it is mission to be the “underlying architecture for online services that meets the security and scalability needs of a decentralised economy”, due to the exceptional team and it’s secure funding, being backed by world-class investors, such as:

IOST Investors

Due to the strong private funding from the above investors in 2017, IOST has avoided any government non-compliance, it didn’t have the need to raise funds in a public Initial Coin Offering (ICO). Blockchains that were funded through ICOs have come under major scrutiny recently from regulators such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The “DAO Report” from the SEC on the 25th of July 2017, determined that DAO was an unregistered security, leading to a precedent for ICO’s thereafter. Due to this, many popular blockchains in existence today still have an uncertain future, who’s investors risk making hefty losses, IOST however, is not one of them.

Rather than avoid regulators, IOST has chosen to invest in compliance and regulation, a move that is likely to see major benefits in the near future. A recent benefit has been the listing on the largest compliant exchange in Japan, CoinCheck. IOST was already listed on all major exchanges, having major liquidity for traders, but CoinCheck was a particularly important listing.

This is due to the stringent government compliance requirements for Japanese exchanges. The listing made IOST the 14th compliant token on CoinCheck and the 29th compliant token in the Japanese market. While this was a significant achievement, it pales in comparison to the unique opportunities that exist for IOST, particularly in China and Asia in general.

IOST was first given a unique opportunity in China on the 21st of December 2019. IOST’s Chief Technical Officer Terry Wang, was invited to speak at the inaugural BlockchainForum, in China’s Great Hall of the people. The Blockchain Forum included China’s state leaders, mayors, trade reps, national strategists and over 400 state-owned and private companies. This led to further invitations by the Chinese government. On the 19th of June 2020, again Terry was invited by the

Chinese Government. This time, the National Archives Administration invited him to lecture on blockchain technology development. The attendees totalled in excess of 350 government staff including Chen Shiju, deputy director of the Central Office and members of the leadership team of the Chinese government’s National Archives Bureau. This was another significant event, given IOST was the first blockchain project invited to lecture to the Chinese Government in this manner.

Heavy scrutiny has been implemented on public decentralized blockchains by the Chinese Government in recent years due to the threat of cryptocurrencies to the monetary sovereignty of the Chinese currency. IOST’s exemplary record in compliance was proven again, by being selected to be included on the Chinese Government’s Blockchain-based Service Network (BSN).

The BSN is a Chinese standardized services provider for decentralized applications. IOST has become a public permissioned consortium chain and paves the way for the people of China to utilize IOST, just one of 24 public chains to be accepted.

Other notable IOST involvement with the Chinese Government are as follows:

  • On the 23rd of June 2020, the BSN officially selected IOST’s charity information publicity platform as its officially designated application;
  • IOST along with Alipay, was selected as the Outstanding Blockchain Program contributing to the fight against the COVID-19 pandemic by the Chinese Mobile Communications Association; and
  • Currently IOST is ranked third overall in China’s Centre for Information and Industry Development (CCID) cryptocurrency project.


DeFi or decentralised finance is a new buzz word in the Crypto space, and adoption is growing rapidly. The goal of DeFi is to reconstruct the financial system using digital assets. Even though DeFi is growing quite rapidly, the traditional finance sector is a behemoth that is controlled by centrally governed banks and other financial institutions, which is unlikely to change anytime soon. For cryptocurrencies to be successful in the mainstream it is expected that good compliance will be essential. DeFi competes with traditional financial markets by offering benefits when compared to the current system in the following ways:

  • Inclusive access globally to financial services;
  • Efficient Cross-border payments that are affordable;
  • Improved privacy and security;
  • Censorship-resistant transactions; and
  • Frictionless Transactions.


IOST has many benefits when compared to its competitors. IOST has an ease of use in its design with simple account names and transactions that are exceptionally fast, fractions of second fast. This coupled with free transactions based on its intelligent resource system including igas and iram, makes it a formidable contender in the DeFi space. In 2020, IOST is making its inroads in

the nascent DeFi space and cultivating the growth of its robust DeFi ecosystem through deepened co-operations with emerging DeFi projects, and comprehensive incubation support for potential DeFi products. IOST has created the Noah Oracle Fund bringing the total investment into DeFi, to USD 7 million.

Additionally, IOST provides technical support and recommendation letters to support listings on the finest crypto exchanges in the industry. There is a Utopian notion by Cryptocurrency entrepreneurs that crypto DeFi can re-create traditional financial architecture, outside of regulation by governments and without intermediaries. However, the protection of national interests will always be paramount. The control of money and finance is extremely important to a country, particularly in places like China. It is unlikely that the winner and hence the controller of the new financial system will unlikely be a private cryptocurrency, however there are many opportunities for blockchains who are willing to play ball and comply with government requirements. Like it or not, a new liberal and decentralised financial system is on the horizon, how it plays out depends on many moving parts. IOST’s regulatory prowess and unique relationship with the governments, cannot be understated. IOST certainly has positioned itself to minimise the risk and spread the potential benefits through this brave new world of digital currency transformation.


Article written by: Braddozack

Qualified residents to begin receiving Hawaii Restaurant Card

… Development and Tourism (DBEDT), Chamber of Commerce Hawaii, Hawaii Restaurant Association and the Hawaii Agricultural Foundation.

The Hawaii Restaurant Card (HRC) will begin arriving in mailboxes of qualified residents this week, beginning Friday.

The HRC Program, funded via $75 million from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides residents who filed an initial claim for Unemployment Insurance benefits beginning March 1 or thereafter and continue to meet additional CARES Act fund eligibility requirements with a preloaded, prepaid debit Mastercard with $500 for use at restaurants, eating establishments, bakeries and food caterers throughout Hawaii.

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Qualified individuals will automatically receive the card and have through Dec. 15 to expend the funds. There is no sign up required. The use of the Hawaii Restaurant Card will not impact SNAP and Medicaid benefits or eligibility.

The HRC Program is a public-private partnership between the state Department of Business, Economic Development and Tourism (DBEDT), Chamber of Commerce Hawaii, Hawaii Restaurant Association and the Hawaii Agricultural Foundation. The state says the program will result in far reaching economic benefits beyond restaurants, including the restaurant industry supply chain, farmers, ranchers, fisherman, produce suppliers, supply companies and more.

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The card can be used statewide at restaurants, eateries, bakeries and food caterers that accept Debit Mastercard. The card can only be used for food and nonalcoholic beverage purchases and it will not be accepted at grocery or convenience stores or for grab-and-go prepared meals.

For more information, visit www.hawaiirestaurantcard.com.

4 Cards to Earn Miles Toward that 2021 Vacation

The card’s $95 annual fee also gets you a long list of travel protections that include trip cancellation/interruption insurance, primary rental car insurance, …

You could save over $1,000 with just one of these cards.

After a year filled with lockdowns and financial stress, 2020 has most of us itching to fly away from it all — and do it on a budget.

Luckily, airlines and airports have implemented a number of measures to make air travel safer in the age of COVID-19. American Airlines, United, JetBlue, Lufthansa, British Airways, and Hawaiian recently announced plans to offer pre-flight COVID-19 tests, and Tampa International Airport recently became the first airport to offer COVID-19 testing to all passengers.

As you open up to the idea of flying again, it’s worth saving travel rewards that can help you cover the cost. Here are four of the best travel credit cards that can help you earn up to $1,000 or more in travel rewards. You can fast-track that lavish 2021 vacation and stay under budget.

For a big sign-up bonus and trip insurance: Chase Sapphire Preferred® Card

The Chase Sapphire Preferred® Card is widely recognized as a great starter card for anyone who wants to accumulate travel rewards. Now, a temporarily increased sign-up bonus has sweetened the pot: You’ll get 80,000 points if you spend $4,000 in three months. This is worth at least $1,000 in travel spending, making it one of the most lucrative cards out there right now.

You’ll earn double points on travel and dining. The card’s $95 annual fee also gets you a long list of travel protections that include trip cancellation/interruption insurance, primary rental car insurance, and baggage delay insurance.

For a versatile, everyday travel card: Capital One® Venture® Rewards Credit Card

If you prefer a flat-rate card that earns big on all your spending, the Capital One® Venture® Rewards Credit Card is a great choice. You’ll get 2 miles on all your purchases, regardless of spending category. This card has also temporarily increased its sign-up bonus. You’ll earn 100,000 bonus miles if you can spend $20,000 in the first year. Even if you can’t, you can still earn 50,000 bonus miles for spending $3,000 in the first three months.

The miles you earn with this card are extremely flexible. They aren’t worth quite as much as Chase Ultimate Rewards, but you can use Venture miles to “erase” any purchase that codes as travel at a rate of $0.01 per point. Travel can cover everything from airfare and hotels to your Airbnb, train ticket, or amusement park tickets. This makes your miles very easy to use, and the 100,000-point welcome bonus worth $1,000 in travel spending — which more than covers the $95 annual fee.

For airport lounge access and travel credits: Chase Sapphire Reserve®

The Chase Sapphire Reserve® is the older sibling of the Chase Sapphire Preferred® Card. This premium credit card is packed with perks and benefits that make travel cheaper, easier, and more luxurious. The sign-up bonus of 50,000 points if you spend $4,000 in three months is worth at least $750 in travel spending. You’ll also earn 3 points per $1 you spend on travel and dining.

It’s the bells and whistles that really make this card stand out. It comes with an annual travel credit of $300, complimentary airport lounge access, up to $120 in statement credits on DoorDash (a food delivery app) purchases, and some of the best travel insurance a credit card can offer. All of this can easily offset the $550 annual fee if you travel often.

For airline miles: Citi® / AAdvantage® Platinum Select® World Elite Mastercard®

If you fly regularly with American Airlines, check out the Citi® / AAdvantage® Platinum Select® World Elite Mastercard®. Right off the bat, you’ll earn 50,000 AAdvantage miles if you spend $2,500 in the first three months. You’ll also get 2 miles per $1 spent on restaurants, gas, and American Airlines. All in all, this is one of the best airline credit cards out there.

When you fly American Airlines, this card also gets you your first checked bag free on domestic itineraries, preferred boarding, and in-flight discounts. These benefits can easily offset the card’s $99 annual fee, which is waived for the first year.

Rapyd reveals new end-to-end card acquisition services

The financial technology firm Rapyd has announced that its platform will be going on a step further thanks to new end-to-end card acquisition facilities …
Daniel Webber
Daniel Webber

Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Rapyd’s European e-commerce merchants will now be able to offer full-stack payment services, including Mastercard and Visa.
  • The move brings Rapyd’s European offer into line with its offer in other major markets such as the UK and Singapore.
  • A senior figure at the firm said that the move was important given the changing business times.

The financial technology firm Rapyd has announced that its platform will be going on a step further thanks to new end-to-end card acquisition facilities in Europe.

Customers in European markets will now be able to enjoy an extended range of payment options at many merchants thanks to Rapyd’s bolstered accepted method range.

The firm’s platform is now ‘full stack’ in this regard.

The development means that customers will be able to pay using major names such as Visa and Mastercard.

It also means that regional Alternative Payment Methods (APMs) can be used.

These differ from place to place, but Rapyd’s full-stack function is compatible with the APMs of 100 nations.

Rapyd’s customers are online merchants and e-commerce providers.

The firm also caters to marketplace-style websites that bring together providers for consumers to choose between.

It provides those organisations with easily adaptable payment options that are suitable for local market demands and preferences.

This is not, however, the first time that Rapyd has made such an expansion in a key market.

It has already announced that it will be offering full-stack payment services in the UK.

Other countries in which Rapyd’s full-stack option is available include Asian nations such as Singapore and India as well as key Latin American markets such as Brazil and Mexico.

In a statement, Sarel Tal, who is the general manager for the Europe, Middle East and Africa region at Rapyd as well as its vice president, shed some more light on the wider context of the decision to expand full-stack services to Europe.

He said that e-commerce providers were facing a series of important decisions about digitalisation – and that full-stack payments could help.

“European merchants are at a crossroads and need to fully embrace digital commerce to thrive as consumer shopping, and payment preferences are changing rapidly,” he said.

He also explored the international angle of the digitalisation question, and emphasised that full-stack payment solutions could lead to improved international money transfers for customers and merchants.

“Compensating for the loss of in-store business, merchants need to quickly expand into global markets to pursue cross-border sales opportunities, significantly improve conversion rates and reduce cart abandonment,” he said.

He finished by explaining the benefits to users of adopting a full-stack platform such as Rapyd.

“Rapyd solves the complexity of payments and can even eliminate the number of payment providers merchants must work with as they implement global expansion plans,” he said.

Whatever your reason for needing an online money transfer, you can make sure that you get the best deal for your circumstances by heading over to our reviews page – you can find it here.

MasterCard Asia files patent for Tangle-based device billing system

Given the need to record transactions in a distributed ledger, it is likely that some cryptocurrency-like system will be required, which may limit payment …

MasterCard’s Singapore-based subsidiary filed a patent with the U.S. Patent Office detailing a payment system for using hardware devices that specifically mentions Iota’s (MIOTA) Tangle technology.

The patent claim, published on Aug. 20, proposes a pay-as-you-go system that uses a “transparent data storage system and aggregation.” Users must provide their credentials to gain access to a particular hardware device — the patent cites copiers and 3D printers as examples — and billed strictly for what they used.

The proposed data storage systems could be based on a Tangle or a generic blockchain. The patent makes no mentions of the Iota network or its currency, as the system could also be used in private environments.

The patent claims that such a system would present an improvement over the traditional payment mechanisms commonly used for shared hardware devices. It argues that prepaid cards lock users into the system even if they may not know how much usage they will see, while full pay-per-use “often use attached machines that accept physical currency to operate.” These legacy systems may also limit the payment options available to users, the patent notes.

The stated benefits include a higher degree of transparency and trust in the system, the ability to monitor usage in real-time and the elimination of fees associated with credit cards and other payment systems. The patent nevertheless does not explain how users would pay for usage, merely focusing on the technical implementation of such a system. Given the need to record transactions in a distributed ledger, it is likely that some cryptocurrency-like system will be required, which may limit payment options for users as well.

MasterCard has recently been opening up to cryptocurrencies, launching a dedicated on-boarding initiative for crypto card issuers to use the network in July. In May it also entered into a data privacy project together with enterprise blockchain provider R3.

MasterCard was one of the original members of the Libra consortium, but it left the association in October 2019 citing regulatory and business model concerns.