30 Jul Symbol blockchain news update – 30/07/21
Hi everyone and happy Friday to you all! The weekend is nearly here! 😊 We have a few interesting tweets to get through today so let’s get started with what is possibly the most exciting news!
LBCOIN and the feasibility of a digital Euro
So I missed the original article “Experience gained through the LBCOIN project used to study the feasibility of a digital euro” published by the Bank of Lithuania. I am not sure how this happened so apologies for not telling you about it sooner!
You may remember that a set of digital collectible coins were launched on the NEM blockchain by the Bank of Lithuania in 2020. The bank have written an article about their experience and comment on what they have learned and how this experience can shape decisions if scaling up to a Central Bank Digital Currency (CDBC) e.g. the digital Euro.
“The experiment showed that a decentralised two-tier payment ecosystem could be used for the digital euro, as by employing different payment technologies it ensures higher resilience and security. The model is open and highly flexible; besides, the expertise of the Bank of Lithuania has shown that any new system can be easily integrated in this model”
Marius Jurgilas, Member of the Board of the Bank of Lithuania
The article is overwhelmingly positive so I hope that this will gain some exposure with the EU CDBC taskforce investigating the feasibility of a digital Euro. Of course now that we have Symbol the technology is even better than it was when the pilot took place!
LBCOIN, as one of the distributed ledger technology (DLT) systems (created based on the NEM blockchain technology), was integrated into a pilot digital euro payment system. The Bank of Lithuania successfully completed digital euro transactions from the LBCOIN system to the digital euro systems of other central banks that joined the pilot project. The payments were executed through TARGET Instant Payment Settlement (TIPS), a centralised platform managed by the Eurosystem.
Bank of Lithuania
So I went off on a tangent there but it seems that there is understandably a lot of buzz in our Japanese community about this too. I see that @RadioRa26841511 has written blog post about this on the excellent nemedia.
Also @TrendStream comments on this news and has some more in depth analysis of the technical details so please also click on his original tweet as it is a thread (only the first part is translated – thank you @SamiurR76186237 for sending this in!)
Fiat -> XYM
It looks like there is a new way to buy XYM directly with card payments! This is good news for people that aren’t so familiar with using regular exchanges. I know when my friends and family want to buy crypto they always have to ask me to do it for them or I have to walk them through it every time. Now I can just point them to Guardarian and hopefully they will be able to work out what to do without any help from me! Maybe that’s wishful thinking though 😆
NEMTUS – NFT-Drive roundtable discussion
OK, so I can’t tell you much about this as I don’t speak Japanese and there is no English translations on the NEMTUS website 😔 I would be really interested to know more about the discussion even if it is a brief summary so if anyone could help out with this I would love to post about it.
If you remember from previous posts NFT-Drive is a way to store NFT data directly on the Symbol blockchain. It has been used to store video by sending data in a series of transactions and then being able to download and decode the data to restore the original video. This is a great idea but there was some controversy at the time as to whether it was wise to store data on chain. I think that this worry has been alleviated somewhat by the concept of subChains which are detailed in “Symbol2 Reflections of Space Pirates” and summarised in our recent post.
So, if you can speak Japanese then there is more documentation along with video recordings of the NFT-Drive discussion and Q&A session here. And, if anyone wants to write a summary (even in Japanese) then we ask one of our amazing XYMbassadors to translate so that I can write it up for the blog!
School of NEM
I think we have been a bit light on @SchoolofNEM tweets recently so here are a few for you today (thank you @bestgoldangel). These translations are self-explanatory and explain PoW vs PoS vs PoI so I am not going to give you my usual commentary on them!
Also another tidbit for you about namespaces on NIS1 which have an annual rental fee (a bit like when you register a domain name). Symbol also has a similar system but is more flexible with its rental periods.
That’s it for today!
Thanks for reading and have a great weekend! 🥳 We will be back tomorrow with another update.
I’m a Symbol and NEM enthusiast and run this blog to try to grow awareness of the platform in the English-speaking world. If you have any Symbol news you would like me to report on or you have an article that you would like to publish then please let me know!
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