Crypto news: Iceland receives a Bitcoin boost as Olympian turns cryptos into silver
Decibel.LIVE, an app designed to monitor adverse noise levels and reward those affected with cryptocurrency, is exhibiting its innovative solution at the Edge of Government summit – part of the World Government Summit now taking place in Dubai.
The start-up was chosen by the UAE Centre for Government Innovation, which was formed by Mohammed Bin Rashid, Prime Minister of the UAE and ruler of the Emirate of Dubai, as it satisfied the summit’s criteria of novelty, impact and replicability.
Decibel.LIVE uses the Ethereum blockchain to create smart contracts between noise polluters – concert organisers, nightclubs, construction sites, bike clubs, etc – and nearby residents or businesses. Should noise levels and pre-set times exceed agreed levels, those affected can receive payments in cryptocurrency.
“This is a great opportunity to showcase our noise monitoring solution to decision makers from around the world,” Vijay Kandy, co-founder of Decibel.LIVE, said of their participation in the event.
IMF’s Lagarde says cryptocurrency regulation is “inevitable”
Managing Director of the International Monetary Fund, Christine Lagarde, suggested regulating cryptocurrencies as “inevitable” in an interview with CNN’s John Defterios last night. Speaking at the World Government Summit in Dubai, she said that the scene was a placed that is rife with criminal activity.
“There is probably quite a bit of dark activities behind that particular scene,” she noted, “and we are actively engaged in our anti-money laundering, in countering the financing of terrorism and that reinforces our determination to work on those, in those two directions.”
Olympic silver-medallist received funding through cryptocurrency
Sometime this morning, Canadian speed skater Ted-Jan Bloemen will receive his silver medal for the 5,000m speed-skating event, which he won by 0.02 of a second over Norway’s Sverre Lunde Pedersen. He is first place, though, when it comes to novel forms of funding – an ever-present issue for athletes in marginal sports.
Before the Olympics, Bloemen signed a sponsorship deal with social media platform onG.social, which meant he promoted the brand in return for cryptocurrency – specifically the ONG token the platform launched in June last year.
Proving himself to be a fan of new tech, his other main sponsor is CEEK VR, a sports-based 360° virtual reality experience platform.
Iceland to use more energy on crypto mining than power homes
The island nation in the North Atlantic is using its huge stock of renewable energy – geo-thermal and wind power – to create a whole new revenue source: cryptocurrency. Or at least, from companies mining cryptocurrencies.
As Bitcoin becomes more difficult to mine, the power used by the computers solving its complex algorithms increases – and thus becomes a more expensive operation. Many cryptocurrency mining operations, such as German-founded Genesis Mining, have relocated to Iceland as a result.
By the end of 2018, it is expected that mining operations will consume 100 megawatts of electricity – which is more than all the country’s homes currently consume. Indeed, such is the interest, there is already talk of a mining tax being introduced in Iceland’s parliament.