Aug 02, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - August 2, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID ( NASDAQ: NXTD ) crypto payment tech, Flip bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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Walmart ( NYSE:WMT ) has applied for a patent with the U.S. Patent and Trademark Office for a digital currency not wholly unlike Facebook's ( NasdaqGS:FB ) Libra project. The patent application's abstract describes the proposed currency as "generating one digital currency unit by tying the one digital currency unit to a regular currency", indicating that the resulting payment form would be a stablecoin. An aim of the currency will be to give people access to finance if they have limited access to traditional banking services. An excerpt outlines this point:
Keeping and accessing cash can be expensive for low income households simply because those customers may live week to week and may have little cash in their bank accounts--if they have bank accounts. The cost of having little money is high because of frequent short-term borrowing, accumulated interest on short-term borrowing that becomes long-term, high bank fees proportional to wealth, high credit card fees, and high payday loan interests, all of which can take money away that could be available--and would be used--to buy necessities. Providing digital currency based on blockchain may overcome the drawbacks associated with the low-income households.
Cointelegraph reports that Mastercard ( NYSE:MA ) and crypto loans firm Nexo have jointly launched a crypto credit card. Called the Nexo Card, it's the first of its kind and allows users to spend without depleting their crypto funds. Nexo explained:
"When using the Nexo Card to purchase goods and services, you actually pay using your Nexo flexible open-ended revolving credit line that is backed with your crypto holdings and thus not selling any of them, which is giving you the freedom to spend today and sell your holdings whenever you want in the future to pay back the loan."
Amazon Web Services (AWS), a subsidiary of Amazon ( NasdaqGS:AMZN ), has announced a competition to figure out how to calculate the verifiable delay function (VDF) for $100,000 USD. According to the announcement, "VDFs are a low-level building block in cryptography". Tim Boeckmann, Emerging Technology Startup Business Development at AWS, outlined some of the impetus for the competition:
"The VDF initiative will help the blockchain community improve the scalability of public blockchains, without compromising security. AWS sees this as an important opportunity to bring together builders and innovators, to collaborate on open source hardware design and democratize access to the tools needed for adopting blockchain technologies."
Blockchain-based web browser Brave has launched a feature that allows users to tips to Twitter users with the former's native cryptocurrency Basic Attention Token ( BAT ). An excerpt from the announcement reads:
When users visit Twitter with the Brave desktop browser, and have enabled Brave Rewards, they will see a new "Tip" button on each tweet. Clicking on this button will allow the users to send BAT directly to the author of the tweet for an amount of their choosing. Brave users who have enabled Brave Rewards earn BAT by viewing privacy-preserving Brave Ads, or can purchase BAT and load them into their Brave Rewards wallet.
Sam Mowers, Investorideas
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