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07/03/2018: Biggest Stories in the Cryptosphere

1. Fujitsu Develops Technology To Deal With Smart Contract Risks

IT giant Fujitsu has announced on its website that it is currently working on a technology to deal with risks that could arise when dealing with smart contracts, as well as to establish locations in the source code. This would be achieved through the use of algorithms which recognise the risks present in transaction sequences taking place on Ethereum. Thanks to this project, which is being conducted by Fujitsu Laboratories and the Fujitsu Research and Development Center jointly, it is now possible to identify all of the six types of risk. Previously, “authenticating the source of a transaction call” wasn’t always possible, especially because smart contracts are often shared among multiple locations. ‘Transaction internal information’ was difficult to detect. The detection rate has now risen from 67% to 100%, with an accuracy of up to 88%.

2. Huawei Files Patent To Use Blockchain For Intellectual Property Rights Protection

Chinese multinational Huawei has filed a patent with the State Intellectual Property Office for the use of blockchain technology in the protection of intellectual property rights. In this case, blockchain would power a peer-to-peer content distribution network on which a verification component would be added. This would ensure that entities requesting a download possess the private key or licence necessary for the request to be granted. The information required would all be stored on the blockchain itself. It is yet to know if the patent application will be accepted. However, it must be noted that this is not the first time the company show interest in blockchain technology. In fact, the company has previously joined the Hyperledger blockchain project.

3. Bill Passes Senate — Tokens Could Be Exempt From Security Regulations In Wyoming

House Bill 70 passed in the Senate of Wyoming on Tuesday, March 6. Particular tokens will now be exempt from ‘securities regulations and money transmission laws’. In order to qualify for the exemption, the tokens cannot be marketed as an investment, but rather supplied for a consumptive use. Also, price manipulation on secondary markets cannot take place. However, this is not the only bill of this kind to be introduced in this Senate. We previously reported on Senate Bill 111, which passed with 26 ‘ayes’ out of 30 votes. The bill calls for a property tax exemption for cryptocurrencies.

4. Venezuela’s Petro Is Declared Illegal

The release of Venezuela’s national cryptocurrency has been declared illegal under domestic law. The decision was made by the Asamblea Nacional, one of the country’s two opposing legislative bodies. The group went on to call the project a fraud, as well as a risk for interested investors. Furthermore, there were claims that the acceptance of the cryptocurrency would be compulsory for businesses, another aspect found unconstitutional by the opposition. Representative such as Rafael Guzman think that the Petro would worsen the situation in which the country finds itself. However, bodies such as the National Constituent Assembly (ANC) see this initiative as an act of rebellion against imposed international sanctions.

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