Daily Crypto, Finance and Tech News Summary – May 10, 2023

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Welcome, and thank you for being part of the MyZucoins community! Dive into our daily crypto, finance, and tech news summary to stay informed.

Liechtenstein Paves the Way for Crypto Adoption in Government Transactions

Liechtenstein’s government, under the leadership of Prime Minister Daniel Risch, has revealed plans to accept Bitcoin for state services. This progressive move, announced in an interview with the German newspaper Handelsblatt, solidifies the small European nation’s commitment to embracing the digital age.

While Bitcoin will be accepted, it won’t be given equivalent status to the Swiss franc, Liechtenstein’s official currency. To safeguard against volatility in the crypto market, Bitcoin payments will be immediately converted into Swiss francs, mitigating exchange-rate risks.

Risch, who also serves as the country’s finance minister, has indicated that the debt-free nation may consider crypto-assets as an investment avenue in the future. Remarkably, each year, Liechtenstein sets aside savings of up to three times its annual budget of 900 million francs ($1 billion), then primarily invests these funds.

However, Risch maintained a cautious stance on immediate investment in Bitcoin, deeming it currently too risky. Despite this, he acknowledged that this assessment is subject to change, indicating a potential for increased crypto integration in the future. This marks a promising step towards the broader adoption of cryptocurrency in national financial operations. Read more here.

Influential Corporate Cohort Unveils Canton Network: A Game Changer in Blockchain Technology

A groundbreaking shift is unfolding in the blockchain landscape with the establishment of the Canton Network, an interoperable blockchain network supported by a consortium of corporate powerhouses. According to a recent announcement, companies such as Digital Asset, Goldman Sachs, Microsoft, Deloitte, and Paxos, among others, are uniting to participate in the launch of this innovative network.

The Canton Network boasts a robust roster of participants, including 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, and many more. The network’s design caters specifically to institutional needs, aiming to provide the control, risk management, and efficiency necessary for industries operating within stringent regulatory frameworks.

The Canton Network will function as a “network of networks”, connecting independent applications developed with Daml, the smart contract language of Digital Asset. This novel approach is designed to capture the advantages of public blockchains while bypassing their known limitations, such as privacy risks, scalability issues, and the trade-off between control and scalability.

Yuval Rooz, Co-Founder and CEO at Digital Asset, hailed the Canton Network as a monumental step forward for the blockchain space. Rooz said, “For the first time, financial institutions can realise the full benefits of a global blockchain network while operating within the regulatory guardrails that ensure a safe, sound, and fair financial system.” An optimistic outlook like this signals a bright future for blockchains and their potential to revolutionise blockchain utilisation across diverse industries. Read more here.

Splitchain and Zucoins: Redefining Crypto Technology with Scalable, Transaction Fee-Free Solutions

In the wake of recent moves by Liechtenstein’s government and leading corporations towards embracing crypto technology, a significant advancement is occurring in this field. These transformative steps open up new possibilities for innovative networks such as Splitchain and its native token, Zucoins.

The strategy of Liechtenstein’s government to accept Bitcoin for state services mirrors Splitchain’s mission to encourage more widespread adoption of crypto technology.

The Canton Network’s launch, a collaborative venture spearheaded by corporate giants including Goldman Sachs, Microsoft and Deloitte, marks a new era in crypto technology. Aimed at overcoming traditional blockchain limitations, the Canton Network further validates Splitchain’s objective of offering a scalable, fee-less and user-friendly alternative to blockchain. Splitchain does this in part by simplifying the increasingly complex cross-connection technology stack being currently explored by others in the industry.

As the landscape of crypto technology acceptance continues to change rapidly amongst governments and major corporations, a new dawn in the field is emerging. Splitchain, currently in beta mode, offers a solution for scalability, real-time transactions, two-factor transaction security and zero transaction fees.

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