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ING Bank Trials ‘Bulletproofs’ Blockchain Solutions for Turning Banks’ BTC Transactions Invisible

  • Yuri Molchan
    📰 News

    👨🏼‍💻🔐The DLT team of ING Bank is performing tests with a privacy feature called ‘bulletproofs’ developed by the Blockstream startup


ING Bank Trials ‘Bulletproofs’ Blockchain Solutions for Turning Banks’ BTC Transactions Invisible
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As reported by Coindesk, the privacy ensuring technology ‘bulletproofs’ was created by the teams of the Blockstream startup and scientists at Stanford University and University College London.

These ‘bulletproofs’ make it impossible for third parties to see amounts of funds which are sent in BTC transactions. Banks wish to provide their customers with more privacy regarding blockchains and keep their private data in a safer environment.


Previous tests attempted by ING

Last year, ING Bank tested zero-knowledge proofs (ZKPs) for the same purpose. The bank has tried range proofs (when a concealed number is hidden in a certain range). Another option the bank trialed was zero-knowledge set membership, which allows for alphanumeric data validation only within a specified set.

However, ZKPs consume a lot of computation power and thus make blockchain systems work slower. The bank believes that bulletproofs will prove to be much more effective and will be easier to apply.

The head of ING’s DLT initiative, Mariana Gomez de la Villa, says that the bulletproofs are about tenfold faster than other range proof solutions when it comes to a single range proof.

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Real-life application

Presently, ING Bank is seeking where it can apply its new technology. If used in real life, the use cases will have to comply with the European Union’s General Data Protection Regulation (GDPR).

One of the possible examples of the technology’s use is that ZK membership can help a person prove his/her citizenship of any EU country. And the person will not have to disclose any other personal identification data.

The creators of the ‘bulletproofs’ technology seem excited and encouraged, admitting they did not expect that things would turn this fortunate for their invention and that it would be applied to solve real-life problems.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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