China Poised to Form Blockchain Standards Committee This Year


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China expects to have its national blockchain standardization committee in place before the end of this year, according to an official from the country’s Ministry of Industry and Information Technology.

In a keynote speech at the 2018 Guiyang Big Data Expo on Saturday, Li Ying, head of the IT ministry’s Information and Software Department, said the committee’s structure will be based on that of TC 307, a counterpart blockchain commission under the International Organization for Standardization (ISO).

The plan is to have a comprehensive framework for blockchain standards complete by the end of 2018, she added – confirming a plan announced by Chinese government officials earlier this month.

Li said:

“We have been working closely with the ISO and the International Telecommunication Union (ITU). We should soon have our national technical committee for blockchain standardization ready within this year.”


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The official’s remarks come soon after China’s IT ministry revealed its agenda to standardize blockchain application development – the goal being, as Li explained it, to “expedite blockchain deployment in areas that most urgently need the nascent tech.”

As previously reported by CoinDesk, while the country is a participating member of the ISO’s TC 307 commission, which focuses on standard frameworks for blockchain use in authentication and smart contracts, the ministry said in March 2018 that it is looking to build the country’s own initiative around standardization.

A research lab directly supervised by the IT ministry has already moved to conduct monthly evaluations of major public blockchains in an effort to create a standard rating system.


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Author: Chuan Tian 
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Op-ed: Blockchain and AI Combine to Power Modern Technological Advancement

Presently, there is an increased pace in the areas of technological development when compared to the progress achieved over the last couple of decades. This exponential increase springs off the dashboard of the internet and the numerous millennial technologies that are being built on top of it.

These emerging developments are leading us to a smarter world where identified redundancies are eliminated, bringing to the fore more direct and productive solutions. Effective cost management through the elimination of intermediaries and the achievement of more precise objectives while maximizing available resources are some of the benefits of the technological advancements that we see today. One of the fundamental elements behind these achievements is the concept of Artificial Intelligence (AI), which is helping humankind in the building of a smarter world.

Technology as It Is Today

Technology today involves a high degree of information gathering and data analysis. Data management has become a significant determinant across various industries. Therefore the success or failure of establishments largely depends on how robust and effective information around them is processed and managed. This brings to the frontline the qualities of blockchain technology in managing data effectively and its compatibility with other existing technologies for solution purposes.

Jason Cassidy, founder of Helium told CCN that AI is a commonly used by rarely understood term flying around these days.

“Each year we find ourselves relying more and more upon artificial intelligence to assist us. Now, when you pair the burgeoning field of blockchain technology up with AI you get some incredibly synergistic results.”


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Synergy Across Technologies

He notes that it is very likely that AI is now at a level of robustness that it can not only improve how blockchains work and AI itself can also reciprocally be improved by blockchain technology.

This is the kind of synergy that is exemplified by the promising field of blockchain-based advertising, which combines blockchain smart contracts, neural technology and artificial intelligence in targeted advertising.

Cassidy continues by explaining that security, scalability, optimization of energy consumption and improved efficiencies are some of the areas that both blockchain and AI will receive benefits by harmonizing together. Since both of these technologies are predicated upon a large amount of trust being bestowed upon them, these improvements will obviously grow the level of trust that society assigns to them over time.

As more and more data points are taken in and fed to AI, the need to securely store that data is aided by blockchain. Once stored, the ability to understand and put to use such data to make better decisions is the job of AI. In this light these innovations work hand in hand to improve one another’s weaknesses. Thus, much like the Internet Of Things (IoT), we find in AI yet another powerful technology that is likely to find its way to the mainstream adoption via the advent of blockchain. Hence, blockchain appears to be one of the technological “springboards” that society has been waiting for.

Technologies for Enhancement

Having come through the initial stages of development with numerous confrontations in terms of acceptability, the dust in the blockchain industry is eventually settling down. Industries are finding appropriate implementations for the emerging technology and startups are taking advantage of the opportunities therein.

From a general perspective, blockchain technology is perceived by many as a tool for improving already existing processes. This explains how quickly the technology is growing in popularity. Also serving as the carrier of the developing Internet of Value (IoV), the curiosity that it exhumes also accounts for a large aspect of the awareness and growth seen so far in the industry.

As believed by the proponents of blockchain technology, it is a development that is built for mainstream application. This negates any opinion of blockchain being a stand-alone technology, making it expedient that it must be combined or embedded with other existing entities. Therefore finding objective methods of connecting technologies to achieve robust innovations goes beyond the concept of choice alone. It is a fundamental necessity in order to achieve the various solutions that will cater for the rapidly evolving ecosystem of humankind in technology.


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Author: Iyke Aru
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Why Lisk (LISK) Can Yield A 30x Return On Investment In 2018

Lisk Chart With Values

Lisk (LSK) is the popular fork of a crypto project known as Crypti. The ambitious cofounder of Lisk, Max Koredk now leads the forked version with a vision to create a userfriendly blockchain for smart contracts and Dapp development.Lisk (LSK) came into existence in 2016, the same year Microsoft partnered up with the project for help with its Microsoft Azure Service. Lisk (LSK) recently lost its place in the top 20 league but we believe that is temporary as Lisk (LSK) is a coin with immense potential.


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The basic purpose of Lisk (LSK) is to enable even non tech entrepreneurs to build their own decentralized application on top of the Lisk platform. The interface is extremely user-friendly and very easy to use. What separates Lisk (LSK) from competitors like Ethereum (ETH) is that it uses sidechains. Presently we seem to not have much need for sidechains but as blockchain technology evolves and more and more Dapps are built on a blockchain, the chances of errors will increase.

Lisk Chart With Values

The problem with single blockchain platforms like Ethereum (ETH) is that if a Dapp running of Etheruem (ETH) blockchain runs into trouble due to poor coding or external attacks, it will compromise the whole blockchain and all the Dapps built on. This is a very serious concern when you consider that the likelihood of that happening is even more significant as Ethereum developers first have to learn Solidity language. Solidity being a new language may even have problems of its own and it may not even be the Dapp developers fault while the whole blockchain is compromised.

Lisk (LSK) eliminates that problem by using independent sidechains for every Dapp which will not affect operations of the main blockchain. In addition to that, Lisk is written in JavaScript which is a very popular and widely understood language. This means a lot of experts already exist for this language and if any problems do arise with independent Dapps, they can rely on outside support for a quick and effective fix.

Lisk Chart With Values

While the technology might be appealing, that is not all that makes Lisk (LSK) such a great investment. Lisk (LSK) is currently trading at the bottom of the channel on weekly logarithmic chart, LSK/USD. If Lisk (LSK) follows the same growth as it did in 2017, the price can reach a high of $377 before the end of 2018. This is a stunning 30x return on a relatively safe investment like Lisk. This also makes Lisk (LSK) the best risk/reward investment in the market right now with potential for astronomical gains. The thing with cryptocurrencies like Lisk (LSK) is that the most gains are made in the shortest time frame, in the form of big long candles. It is hard to anticipate the catalyst of such a stunning rally but it will most likely be Lisk’s SDK launch which will truly change the game for a lot of cryptocurrencies in the smart contracts space as Lisk (LSK) regains its lost stature.


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Supercharging the future

From powering electric cars to storing renewables, revolutionising the way we hold on to energy remains vital if we are to ween ourselves off fossil fuels and decarbonise the economy.

Batteries and other energy storage devices, such as supercapacitors or ultracapacitors, are seen as crucial to this and by 2025, Europe’s battery sector is expected to be worth a massive quarter of a trillion euros annually.

Unlike batteries, which store energy chemically and hold on to it far longer, ultracapacitors can be charged quickly and are good at providing rapid bursts of power. Currently such devices are used to start car engines. They can also provide top-up power when balancing supply and demand on national electricity grids.

The problem with ultracapacitors, however, is that they cannot store nearly as much energy as batteries, which means they soon run out of juice.

Batteries in Europe

– From powering electric cars to energy storage for industry, batteries are a key part of the decarbonised economy and a driver of strong and innovative European industry.

– Batteries have enormous potential to boost Europe’s economy too. It is expected that from 2025, Europe’s battery sector will be worth €250 billion annually and create millions of new jobs.

– Many companies are already developing innovative solutions in the battery sector.

– To further support the development of sustainable batteries in Europe, the European Commission has just launched a €10 million prize on Innovative Batteries for eVehicles. The challenge is to develop a battery that can be repowered in a few minutes and allows the same driving range as standard cars.

– The prize is organised under the European Innovation Council pilot – an EU initiative supporting innovators across Europe.

This isn’t a big issue when an ultracapacitor is being used to charge a small device like a power tool, which can be recharged in a matter of seconds. Things get complicated, however, when it comes to electric cars or buses. Recharging every few kilometres is neither desirable nor practical.

A game changing device that can bridge the gap between batteries and ultracapacitors has therefore become a major quest for researchers in the energy storage field.
Professor Andrea Balducci, Friedrich-Schiller-University of Jena in Germany admits, in the short-term at least, we are likely to see a combination of lithium-ion batteries and ultracapacitors in electric devices, particularly in cars.

“Most likely we will not just have one device, but we’ll have more of them because we’ll need to fulfil more needs. For energy application, batteries will be the device of choice. For high-power application we need other devices like supercapacitors.”

One firm working to make fast charging ultracapacitors last longer is Skeleton Technologies. Its products are used in hybrid vehicles, especially buses and trucks. The European Space Agency is also a customer; using Skeleton’s ultracapacitors in its satellites.
The company’s CEO Taavi Madiberk says the company’s ultracapacitors can deliver four times more power than anything else currently on the market, thanks to its special graphene material.

“What sets us aside from the competition is that we have brought on the market a technology which has four times more power density and up to two times higher energy density, and the secret sauce behind it is a curved graphene material. In one gram of this material, the surface area is 2,000 square metres, meaning that if you take two grams of this material, it’s the size of a football field.”

In addition to super-fast charging, another advantage ultracapacitors have over batteries is their life cycle, with charges and discharges of up to a million times.

The European Commission recently launched a 10 million euro prize to help develop a new battery for eVehicles. The challenge is to develop a battery or energy storage system that is able to be charged in a few minutes and allows the same driving range as standard cars.

Madiberk thinks such an exciting prospect is only a question of time and could be a reality within the next decade.

“Elon Musk has said ultracapacitors, not batteries will be the future of electric vehicles. If you look at the future for the next 5 to 10 years, then ultracapacitors will be used as a fast charging unit. And imagine if you go to a charging station, you can literally charge your electric vehicle in a matter of seconds and have the initial driving range that you need to get home or to work.”

While the environmental benefits are obvious, Professor Balducci says the economic boost from such technologies will also be huge.

From powering electric cars to storing renewables, revolutionising the way we hold on to energy remains vital if we are to wean ourselves off fossil fuels and decarbonise the economy.

Batteries and other energy storage devices, such as supercapacitors or ultracapacitors, are seen as crucial to this and by 2025, Europe’s battery sector is expected to be worth a massive quarter of a trillion euros annually.

Unlike batteries, which store energy chemically and hold on to it far longer, ultracapacitors can be charged quickly and are good at providing rapid bursts of power. Currently such devices are used to start car engines. They can also provide top-up power when balancing supply and demand on national electricity grids.

The problem with ultracapacitors, however, is that they cannot store nearly as much energy as batteries, which means they soon run out of juice.

This isn’t a big issue when an ultracapacitor is being used to charge a small device like a power tool, which can be recharged in a matter of seconds. Things get complicated, however, when it comes to electric cars or buses. Recharging every few kilometres is neither desirable nor practical.

A game changing device that can bridge the gap between batteries and ultracapacitors has therefore become a major quest for researchers in the energy storage field.

Professor Andrea Balducci, Friedrich-Schiller-University of Jena in Germany admits, in the short-term at least, we are likely to see a combination of lithium-ion batteries and ultracapacitors in electric devices, particularly in cars.

“Most likely we will not just have one device, but we’ll have more of them because we’ll need to fulfil more needs. For energy application, batteries will be the device of choice. For high-power application we need other devices like supercapacitors.”

One firm working to make fast charging ultracapacitors last longer is Skeleton Technologies. Its products are used in hybrid vehicles, especially buses and trucks. The European Space Agency is also a customer; using Skeleton’s ultracapacitors in its satellites.
The company’s CEO Taavi Madiberk says the company’s ultracapacitors can deliver four times more power than anything else currently on the market, thanks to its special graphene material.

Euronews’ Paul Hackett (left) speaks to Taavi Madiberk (right), CEO of Skeleton Technologies.

“What sets us aside from the competition is that we have brought on the market a technology which has four times more power density and up to two times higher energy density, and the secret sauce behind it is a curved graphene material. In one gram of this material, the surface area is 2,000 square metres, meaning that if you take two grams of this material, it’s the size of a football field.”

In addition to super-fast charging, another advantage ultracapacitors have over batteries is their life cycle, with charges and discharges of up to a million times.

The European Commission recently launched a 10 million euro prize to help develop a new battery for eVehicles. The challenge is to develop a battery or energy storage system that is able to be charged in a few minutes and allows the same driving range as standard cars.
Madiberk thinks such an exciting prospect is only a question of time and could be a reality within the next decade.
“Elon Musk has said ultracapacitors, not batteries will be the future of electric vehicles. If you look at the future for the next 5 to 10 years, then ultracapacitors will be used as a fast charging unit. And imagine if you go to a charging station, you can literally charge your electric vehicle in a matter of seconds and have the initial driving range that you need to get home or to work.”

While the environmental benefits are obvious, Professor Balducci says the economic boost from such technologies will also be huge.

“All these applications require new devices and these devices require new technology and this will bring new places of work and new business. This is actually one of the biggest businesses in the future, most likely.”

Thanks to financial support from the European Investment Bank and the EU’s SME fund, Skeleton recently opened its new factory near Dresden, creating 50 new jobs. The package totalled around €17.5 million.

Madiberk says such public backing is vital if we are to develop cleaner technology.
“I think that the policy, what’s been in place, has been of strong support. Because even if you look at Tesla, some of the people don’t know this but Tesla, without the half billion dollar loan from the Department of Energy, would not exist today. So I think in terms of clean technologies our public policy is really important.”

Madiberk also insists that Europe must not be left behind by the US and Asia when it comes to finding new energy storage systems, though remains optimistic about the future.
“Why was Skeleton Technologies brought to life? We are here to help to save energy and reduce C02 emissions. So ultracapacitors will have a major impact in a number of industries, from bus and truck, green and renewables, industrial equipment and electric vehicles, to make electrification cheaper and to bring it to more people. This will not solve all of our problems but it’s an important stepping stone in terms of fighting climate change.”


 

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Paul Hackett

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