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Palladium-Pegged Stablecoin to Be Launched by Russian Oligarch on Hyperledger Fabric

  • Yuri Molchan
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    A Russian metal company Norilsk Nickel is working to create its metal-pegged coin along with a crypto exchange for tokens backed by commodities

Palladium-Pegged Stablecoin to Be Launched by Russian Oligarch on Hyperledger Fabric
Cover image via u.today
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CoinDesk reports that one of Russia’s richest men, an oligarch Vladimir Potanin, plans to come up with a token backed by palladium and launch an exchange for trading coins pegged to commodities. Details came from Potanin’s interview.

The new coin by Norilsk Nickel will be launched on Hyperledger Fabric with the help of IBM.

Presently, the company is working with global regulators and is opening companies in the US and Switzerland to make the coin’s release easier.

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Metal magnate intrigued by Vitalik and now works with Hyperledger

Vladimir Potanin, aged 58, who once played ice-hockey with Vladimir Putin (before he became president of Russia) has become interested in the blockchain and crypto after one of Vitalik Buterin’s speeches he heard.

Now, his behemoth in the sphere of industrial mining Norilsk Nickel is busy preparing to emit a digital token backed by palladium, that would allow investors to buy this precious metal even for as little as $500.

Coins would be backed either by the company’s obligations to deliver supplies of this metal or by palladium stored in metal accounts within Russian banks.

This will allow the company to get funds from investors to operate in the North of Siberia.

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IBM’s participation

CoinDesk wrote that Norilsk Nickel is building its coin on Hyperledger with support from IBM, though it has not commented on it yet.

Norilsk Nickel also intends to set up an exchange where it would be able to trade its new coin backed by palladium and allow other companies to list their own commodity-backed coins on it.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
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According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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