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Image of The Day, 7 of November: Fortune, CNBC, The Next Web and Others

Daniil Danchenko

We're presenting "the image of the day". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this day in the most indicative quotes are below!


Companies in Singapore can now engage in renewable energy certificates trading on a blockchain-powered system

In Singapore, companies can buy and sell so-called renewable energy certificates (RECs) that represent a unit of green energy production from the likes of wind or solar power. The idea is that firms seeking to offset their non-green energy production can purchase RECs from a company producing excess green power.

That's more than just a gimmick, according to utilities provider SP Group, which launched the new platform: It will allow for better transparency and lower costs in power trading because it reduces the need for a centralized entity to verify transactions. It could eventually even facilitate cross-border energy credit trading, the utility company has said.

2. DONE WITH THE SPAM (The Next Web)

Salesforce thinks it can fight spam with blockchain

The US Patent and Trademark office published a document yesterday that outlines Salesforce’s concept of using blockchain to ensure the authenticity of emails sent to customers. Presumably, this system will only work for clients that currently use one of Salesforce’s customer relationship management products. However, this is not clarified in the patent.

The system appears to work by using a series of email servers to reach a form of consensus on what can be considered the true original email. When this is confirmed, it is recorded on a blockchain.

3. EOS IS A LIE! (Blokt)

Witheblock study claims that hyped project is not a blockchain

A Blockchain performance testing company completed a 3 months long independent benchmark testing on the EOS Blockchain. The test results published by the company on November 1st drew the inference that EOS doesn’t meet the technical requirements to be classified as a Blockchain and that it has substantially lower transaction throughput capabilities than what EOS claimed.

The company behind the testing named Whiteblock INC allegedly created an exact replica of the EOS Network with the purpose of testing its ability to withstand stress conditions and potential faults to be encountered during normal operations. The metrics that were evaluated in the 25 pages long report were, the transactional throughput, the resilience to adverse network conditions, the effects of variable transaction rates and sizes, the average time to finality for a transaction, fault tolerance and partition tolerance.


Bitcoin may be an unlikely winner in midterm elections

As Americans went to the polls Tuesday, cryptocurrencies and blockchain technology may not have been top of mind. However, for the hard-core distributed ledger evangelists, governor races in Colorado and California proved to be landmark victories.

Polis, who also became the first openly gay elected governor, has longed touted blockchain technology as a paramount part of his states economic and voting future. In a campaign policy paper, Polis said he wanted to make Colorado the hub for all things crypto. “My goal is to establish Colorado as a national hub for blockchain innovation in business and government. I believe strong leadership will put Colorado at the forefront of innovation in this sector—encouraging companies to flock to the state and establishing government applications that save taxpayers money and create value for Colorado residents,” he wrote.


Time to ditch the word 'Blockchain', report says

A new report from Forrester Research says the buzz around blockchain, a technology that creates tamper-proof records across multiple computers, is so over-hyped that some companies are dropping the word altogether.

According to Forrester, firms are ditching the b-word in favor of “DLT,” which is shorthand for distributed ledger technology—a more descriptive, if less catchy, term.


Bitcoin ticks higher as overstock ceo predicts a cryptocurrency 'revolution'

Bitcoin has ticked higher over the last 24 hours, boosted by positive sentiment across major cryptocurrencies, two-year record-low volatility, and bullish comments from the chief executive of Overstock, the U.S. Amazon rival — which began accepting bitcoin back in 2014.

Bitcoin and cryptocurrency boards showed a sea of green for the last 24 hours trade, with bitcoin cash adding a huge 13% as a looming fork adds trading volume and miners join the network to have their say on the potential split. Bitcoin itself added 2% to trade above $6,600 for the first time mid-October.

7. NOT GUILTY (Ars Technica)

Lawyer: My client didn’t steal 5,000 bitcoins, “Period”

Florida-based bitcoin entrepreneur who was recently sued by Winklevoss Capital Fund over an alleged theft from five years ago of 5,000 bitcoins, has now fired back in the lawsuit.

In a Monday court filing, Shrem's attorney, Brian Klein, wrote that WCF's allegations are "nonsense" and that his client "engaged in no wrongdoing. Period”

8. NETWORK’S CLOSED (The Next Web)

University shuts down its entire network to stop Bitcoin crypto-jackers

A Canadian university had to shut down its entire campus network after it discovered hackers had hijacked its computing power to surreptitiously mine cryptocurrency , to be exact.

In a statement released earlier this week, Nova Scotia-based St. Francis Xavier University revealed the hackers snuck in malicious software on its servers to run their crypto-jacking operation. Its technical team first detected the attack last Thursday.


The cost to earn $1 of digital gold is much more expensive than $1 of physical gold

In a research paper for The Nature International Journal of Science, Max Krause, a research engineer at the Oak Ridge Institute for Science and Education, and Thabet Tolaymat of the Environmental Protection Agency found that the cost to mine $1 worth of bitcoin is more than three times the cost to mine $1 of gold and other precious metals.

“Comparatively, conventional mining of aluminium, copper, gold, platinum and rare earth oxides consumed 122, 4, 5, 7 and 9 [megajoules] to generate one U.S. dollar, respectively, indicating that (with the exception of aluminium) crypto-mining consumed more energy than mineral mining to produce an equivalent market value,” the wrote.


Texas State Securities Board takes emergency actions against crypto fraudsters

The Texas State Securities Board entered emergency action on November 6, against two fraudulent companies involved in cryptocurrency mining activities. AWS Mining PTY Ltd and EXY Crypto had been allegedly deceiving investors promising unrealistic returns, enticing them through social media platforms and by recruiting unlicensed multilevel marketing agents, respectively

The regulatory body outlines in separate reports, the reasons for enforcing the immediate “cease and desist” order against the two companies in the state of Texas. Particularly, the Canada-based EXY Crypto utilized the renowned social media platform LinkedIn, to reach its potential victims.

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