Nasdaq Applies Blockchain Technology to Proxy Voting

In October last year, NewsBTC author Nikhil Gupta reported on a keynote speech given by the Nasdaq Chief Executive Bob Greifeld at the Financial News Awards for Excellence in Trading and Technology, Europe 2015, in London. As part of the speech, Greifeld addressed the potential of the blockchain and its implications for financial technology. Specifically, he commented on two things – one, that before the close of 2015 blockchain based transactions would see clearing time reduced to less than ten minutes, and two, that the exchange was gearing up to apply blockchain technology to its proxy voting system, starting in Estonia. With a press release published by Nasdaq earlier this morning, both of these things are now a reality.

What is proxy voting?

As shareholders of a company, an individual has the right to vote on issues that company’s board puts forward for debate (that is, assuming the shares the individual holds have voting power). The voting takes place at an annual general meeting, and sometimes ad-hoc meetings called throughout the year if certain events call for them. Of course, not every shareholder of a company can attend these meetings. Proxy voting affords the shareholders who are unable to attend the opportunity to vote remotely. It’s a useful tool, but it’s been dogged with problems – primarily security issues, but also technological issues, miscounts, bugs etc.

By applying the blockchain technology to the proxy voting procedure, Nasdaq is hoping it can tighten things up on all counts. It should lead to a far more transparent system, reduce fraud, and make miscounts virtually impossible.

The exchange is putting the system in place in Estonia’s Tallinn Stock Exchange (a child exchange of the main Nasdaq exchange) through an integration with Estonia’s e-residency platform, which is a system put in place by the Estonian government to register, keep track of and facilitate control of Estonian business interests.

Here’s what Hans-Ole Jochumsen, President of Nasdaq, had to say on the integration:

On the heels of the successful execution of a Blockchain transaction in the US private market, we are pleased to further advance this technology in Estonia… We’re excited to see the development of this project over the coming months.

It’s just an experiment at this phase, and there is no guarantee that we will see this sort of system rolled out across other global exchanges, but to have a global behemoth like Nasdaq behind blockchain technology, and not just behind it, but actively incorporating the tech into its operations, is a great seal of approval for the blockchain concept.

If it’s successful, it could pave the way to another potential (and far more wide scale) application – electoral voting. Voter turnout has long been a huge problem in most developed nations, and is all pretty much all time lows in Europe, the UK and the US at present. Many technologies have been put forward to facilitate online voting, but as yet, none have proven secure enough to implement.

Blockchain technology might just be the answer, and this proxy voting application could be looked back upon as the first in a chain of applications that leads to a blockchain driven turnout resolution. Let’s see what happens…


Subscribe to our newsletter

Key Highlights

  • Bitcoin price is struggling to make a move higher, as there is a monster resistance formed on the daily chart (data feed from HitBTC).
  • The price is below the 100-day simple moving average, which is acting as a sell area.
  • On the hourly chart via the data feed from Bitstamp, there was a minor bullish break that may encourage buyers in the short term.

Bitcoin price is showing bullish signs on the lower time frame chart, but the daily chart is pointing towards a crucial break in the near term.

Can Bitcoin Price Recover?

Bitcoin price remained under a lot of bearish pressure this week, as there was a monster resistance on the daily chart formed. The price continuously found sellers near the 100-day simple moving average (daily chart and data feed from HitBTC). It looks like a solid bearish structure formed on the daily chart, and if sellers gain control, then the price may head lower in the near term. There is a bullish trend line formed on the same chart, which is currently preventing a break in the price.

Bitcoin Price Technical Analysis

However, the price has to move in a direction. Either, there will be a break above the 100-day SMA (data feed from HitBTC) or there will be a break below the trend line and support area. Now, if we look at the technical indicators, then the daily RSI is below the 50 level, suggesting that sellers are in control. Moreover, the daily MACD is almost flat, which is a concern for buyers. So, if at all sellers step in, the chances of a break down is more compared with a move higher. The price is even struggling to clear the 23.6% Fib retracement level of the last drop from the $470 high to $361 low.

On the flip side, if there is a break above the 100 MA, then it could open the doors for more gains in the near term. The next hurdle on the upside in that situation may be around the 50% Fib retracement level of the last drop from the $470 high to $361 low. If we look at the lower timeframe chart, like the hourly chart via the data feed from Bitstamp, then there is a positive sign.

Bitcoin Price Technical Analysis

There was a contracting triangle pattern formed on the hourly chart, which was broken by buyers to clear the way for more upsides. The price even settled above the 100 hourly simple moving average, which is a bullish sign. However, the $380 level is acting as a resistance, which may call for a correction in the short term.

On the downside, an initial support can be around the 38.2% Fib retracement level of the last leg from the $373 low to $381 high. The most important one is around the 50% Fib, as it is around the broken triangle trend line that may act as a barrier for sellers.

Looking at the indicators:

Hourly MACD – The hourly MACD is in the bullish zone that may encourage buyers moving ahead.

RSI (Relative Strength Index) – The hourly RSI is above the 50 level, which is a short-term bullish sign for the buyers.

Intraday Support Level – $374

Intraday Resistance Level – $380

Charts from HitBTC and Bitstamp; hosted by Trading View

Bitcoin and Forex trading are a fad now and why not, especially with platforms like SimpleFX readily accessible to people across the world. People find trading with bitcoin more lucrative, mainly due to its price volatility. Bitcoin prices keep fluctuating, sometimes in terms of tens of dollars in less than a couple of hours. Such fluctuation means, traders can make more profits, in a short time.

Earlier, people could trade bitcoin only on few dedicated cryptocurrency trading platforms and exchanges. But not anymore, as many forex trading platforms have added bitcoin as one of the tradable assets on their platforms. SimpleFX is one such platform that offers many tradable currency pairs along with bitcoin. SimpleFX is a neatly designed platform with a simple, user-friendly interface. The platform is available on the web and mobile platforms.

Traders on SimpleFX can either use the web interface on their desktops and laptops or opt for the MetaTrader 4 dashboard for trading. MetaTrader 4 is one of the leading white labelled forex trading platform used by many forex trading websites. Developed by Metaquotes Software Corporation, MetaTrader 4 is available on multiple platforms including Windows, Mac OS X, Linux, iOS and Android. Apart from forex trading, MetaTrader 4 also allows users to analyze the market and receive advice from experts. Like many other platforms, SimpleFX also offers MetaTrader 4 as an addition option mainly due to two different reasons. MetaTrader 4 is a well-known platform and many forex traders are not just familiar with it but they prefer using it over any custom trading platform offered by forex websites. MetaTrader 4 also solves the device compatibility issues.

The mobile version of MetaTrader 4 works flawlessly with Android and iOS devices and it is easier for forex trading platforms to offer MetaTrader 4 as a mobile option than creating a custom mobile trading app from scratch. Metaquotes Software Corporation also offers MetaTrader 5, a more improved iteration of MetaTrader 4. But traders still prefer to use the older MetaTrader 4 instead of MetaTrader 5.

In addition to the MetaTrader 4, SimpleFX is among those platforms that are known to offer fast execution. SimpleFX is able to offer fast executions and low latency by making use of some of the best backend systems. The LD4 Equinix servers in London are mostly responsible for SimpleFX’s fast executions. While LD4 Equinix ensures the speed, the platform adopts a transparent approach where the company doesn’t indulge in trading desk practices. It also means that the traders are always presented with real-time rates and percentage calculated according to it.

Bitcoin traders on MetaTrader have another added advantage. The company encourages people from the bitcoin community to take part in bitcoin trading by offering anonymous bitcoin trading account. These anonymous trading accounts do not collect any personal or banking information of its clients and users. By doing so, the company maintains the privacy of those users, for which it gains extra brownie points.

Disclaimer:The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories such as this one.

There are many different use cases for the blockchain outside of the realm of finance, and slowly but surely, people see the benefits of this technology. In Ukraine, the next series of elections might make use of the Ethereum Blockchain. Such an electronic election system is quite a novelty in the world of voting, and it can be utilized for different types of elections in the future.

Also read: The Chinese Vases in Dragon’s Tale

E-Vox Merges Elections With Ethereum Blockchain Technology

One thing election processes lack is transparency, as well as real-time results. Even though various countries around the world use electronic voting these days, it still takes hours of manual verification to tally the results. The entire process would be more convenient and streamlined if distributed ledger technology would be used.

Ambisafe has developed a prototype to use the Ethereum blockchain for election purposes. Rather than using colored coins or issuing new assets, the company employs native smart contracts, which take Ukrainian political differences into account. E-vox, as the system will be called, allows for elections on any level, and provides scalability.

One of the main reasons why smart contracts will be used over colored coins is because Ukraine has a particular set of regulations that need to be taken into account. Votes need to be registered as votes, and hybrid solutions are not allowed. A colored coin would be a different representation of a vote, and could be declared invalid. Smart contracts circumvent all of these worries, and they are native to the Ethereum blockchain as well.

The first stage of public testing for the prototype developed by Ambisafe will see E-vox used for petition and advisory vote purposes. These tests will show whether or not the prototype is viable, and how it can be improved in the future if needed. Once the testing has been deemed a success, Ukrainian legislation will be amended to accommodate for this new technology.

Some people might be wondering whether or not this system could run into regulatory issues down the line. While it is certainly possible E-Vox might be scrutinized at some point, various politicians are on board with Ambisafe and their project. Only time will tell whether or not this Ethereum blockchain-based system will be deemed legal or not.

Ambisafe is not the only party involved in this massive project, though. Among their partners are Bitcoin Foundation Ukraine, Vareger Group, and Distributed Lab. More strategic partnerships are on the agenda, but no official details have been revealed yet at the time of publication.

Ukraine Confirms Interest in Blockchain

It is not the first time Ukraine gets involved with distributed ledger technology provided by the [Ethereum] blockchain. In January of 2016, a new online auction website was announced in the Odessa region. The primary objective of this platform is to sell and lease state property in a transparent way, and fight corruption and fraud at the same time.

Furthermore, Ukraine has been working on bringing more blockchain educational efforts to consumers as well. A few weeks ago, there was the BIP002 conference in Lviv, and there was the Bitcoin Conference Kiev in September of 2015. Bitcoin, Ethereum and blockchain technology all have a bright future in Ukraine by the look of things.

Source: E-Vox

After what started off as a promising week in the bitcoin price and our intraday strategy, but as the week went on things got a little choppy. We slated two technical charting patterns that have a decent rate of success – the head and shoulders pattern on Wednesday and the triangle pattern during yesterday afternoon, and while both completed (in the sense that they validated and we got an entry) they went on to take out our stop losses in both instances. Whether we’ll get a little more fortune over the weekend remains to be seen – I predict we might not see much volume and this might translate to some pretty weak momentum? Why? Because there is discord in the bitcoin space at the moment, and this might weigh on people’s sentiment. If anything, we will likely see some selling pressure as people unload any speculative coin holdings while the whole classic/core debate plays out.

For us, from a technical intraday perspective, this means we might not be able to get in according to our breakout rules. Obviously this is just a prediction, and far from set in stone, but it seems valid given the underlying fundamental environment. Whatever happens, we are happy to set up against any sort of movement, define our key levels and wait and see. So long as our targets aren’t overly aggressive, and our stops remain tight, we won’t get on the losing end of anything irretrievable – and that’s what matters.

So, with all this said and out of the way, what are the levels we are looking at in today’s bitcoin price (European afternoon session) and where will we look to get in and out of the markets according to our breakout strategy today? As ever, take a quick look at the chart to see what we’re setting up against. It’s an intraday, 15-minute chart, with a 48-hour frame of reference.

Screen Shot 2016-02-12 at 11.26.36

As the chart shows, we’re just going back to basics for this Friday session. No patterns, just a couple of key levels to define the day’s range and some reasonably conservative targets to head for on an entry. In term support is defined to the downside as 377.88, while in term resistance comes in about six dollars north, at 383.86 – a level that gave us the most recent spike high mid week.

We’ve got enough room to bring our intrarange strategy into play (just about) so if you want to implement some range bound scalps, a long trade on a bounce from support and a short trade on a correction from resistance looks good. Stops just the other side of the entry to define risk.

From a breakout perspective, a close above in term resistance will put us in a buy position, with an immediate upside target of 390 flat. A stop somewhere in the region of current levels, or maybe a little above (say, 381 flat) defines risk.

Looking the other way, a close below support will signal a short entry towards 373.52, and a stop at 380 keeps things tight on the upside.

Charts courtesy of Trading View

 

What are the Chinese famous for, except for the inexpensive electronics? A lot of things, if you didn’t know. One among these is Chinese ceramics and vases made out of it. In China ceramics were used for virtually everything during the imperial times. They are well known for their delicate, artistic, handmade ceramic articles.

According to the history, Chinese ceramic manufacturing process underwent lots of changes during the times of the Ming dynasty. Spanning close to three centuries, during their rule a lot of new design forms, colors and even some technical advancements were achieved. Thanks to all these advancements in those days, the ceramic vases and other articles made during that time became widely known across the world as Ming Vases. The original Ming vases in current day market costs a bomb. These porcelain vases are now used as decorative items instead of utensils as per its intended use.

While the Ming dynasty didn’t last forever, the ceramic vases manufactured during that time did. Improvements in the vase making process also continued into the period of Qing dynasty. Innovation and industrialization continued, in China and elsewhere, but what is the point of discussing all these on a platform related to cryptocurrency?

The whole point of this was to offer an insight about the objects that one will come across while playing the well-known bitcoin MMORPG Dragon’s Tale, which happens to be the main subject of this article. The game is developed by eGenesis, known for their rather world-famous game ‘A Tale in the Desert’.

Dragon’s Tale is a bitcoin gambling game that is presented in a role-playing game format. In addition to various mini-games that increase the prospect of earning more bitcoins, the game offers a great adventure as well. Individuals playing the game can roam freely around the island, meet people and what not.

The mini-games on Dragon’s Tale is like what slot machines, roulette wheel, poker table and other games are to a bitcoin casino. Among all the mini-games available on the platform, the game involving Chinese porcelain or ceramic dishes is worth playing. The game of Ming Vases is a skill game that requires users to arrange the vases of different colors on shelves in such a way that three vases of similar color are arranged in the same line.

Those who have experience playing games like Candy Crush on their phones will have no trouble understanding the game. There are three different variants of the game, the Qing Vases where the player can choose to influence which vases will change during the play. Ming Vases is another variant where the player has no control over vase change. However, in Ming vases, players get to control the number of changes per play. The last variant of the game – Han Vases, which is a fast paced game where players do not have control over the changes. Han Vases is classified as a luck game whereas Ming and Qing Vases are skill games.

If you are curious and would like to try the game out, you can download it from here.

The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories such as this one.

Key Highlights

  • Litecoin price broke down once again, and currently struggling to recover some ground.
  • There is a monster barrier formed on 2-hours chart with data feed from HitBTC in the form of 100 simple moving average.
  • Moreover, there is a bearish trend line resistance formed on the 30-min chart (data feed via Bitfinex) that may be seen as a resistance area.
  • The price.

Litecoin price stayed down and traded lower. Every attempt by buyers to take the price higher failed as sellers enjoyed an upper hand.

Sell Near Trend Line Resistance?

Litecoin price after trading close to the $3.13 level on the 30-min chart (data feed via Bitfinex) failed and started to move down. The downside move was stalled near $3.02, as the all-important area of $3.00 came into the picture. Now, there is a bearish trend line formed on the 30-min chart, which can be seen as a sell area if the price continues to move higher from the current levels. There are a lot of bearish signs for Litecoins, as the price is below the 100 simple moving average (30-min chart and data feed via Bitfinex).

Litecoin Price Technical Analysis

If the price moves higher, then an initial resistance can be around the stated moving average, as it is also positioned with the 23.6% Fib retracement level of the last drop from the $3.13 high to $3.02 low. A break above the 100 MA may encourage buyers, and could take the price towards the highlighted bearish trend line and resistance area. It holds a lot of importance in the near term, as sellers may step in to prevent the upside move. The 38.2% Fib retracement level of the last drop from the $3.13 high to $3.02 low is also aligned around the same trend line to act as a hurdle for buyers. Only a break above the highlighted bearish trend line and resistance area may call for more gains, taking the price towards the last swing high of $3.13.

However, when it comes to looking for barrier for Litecoin price, then the most important one is on the higher timeframe chart (2-hours chart with the data feed from HitBTC). The price failed on at least 10 times around $3.14-16 area, as the 100 simple moving average (H2) is positioned to act as a barrier for more gains. Furthermore, the 50% Fib retracement level of the last drop from the $3.28 high to $3.019 low is also situated near the 100 MA resistance area, suggesting that $3.16 holds the key for more gains.

Litecoin Price Technical Analysis

On the downside, there is a major bullish trend line formed on the 2-hours chart, which is providing support to buyers. Overall, on the downside, the $3.0 handle is a major support area, and on the upside, the $3.16 area is seen as a hurdle for more gains.

Looking at the indicators:

2-hours MACD – The MACD is in the bearish zone, but may change the slope if buyers step in.

2-hours RSI – The RSI is below the 50 level, which is a concern if buyers have to take the price higher.

Intraday Support Level (HitBTC) – $3.00

Intraday Resistance Level (HitBTC) – $3.16

 

Charts from Bitfinex and HitBTC; hosted by Trading View