DAY LONG NEWS ROUNDUP: LATEST NEWS 17/11/21

• Avinandan Banerjee
• November 26, 2021

We cover the crazy world of blockchain and cryptocurrencies and bring you the latest updates from 17/11/2021 to help you stay informed of the insane things that are shaping the future of finance and business around the world.

AMC Theatres to accept Shiba Inu via Bitpay in the upcoming two to three months

Adam Aron, the CEO of the famed AMC Theatres in the United States, announced on a Twitter post yesterday that the company is willing to incorporate Shiba Inu for their online payment services. It was declared that the feature will be available for use in the upcoming two to three months only.

According to the Twitter post, the integration plan was created when BitPay stated that they are about to provide support for the memecoin on their payment platform. BitPay is a renowned payment service provider in the cryptocurrency domain. They have been operational since 2011 and are quite adept in managing transactions with really high volumes.

The news was previously reported by the VR Soldier but the Tweet coming from the CEO himself has given the news a lot of traction. For those who are wondering why they did not see a major jump in the price of the cryptocurrency today, this is because the news was already out during the previous week itself. The saying in crypto goes that it is always wise to buy the rumour, and sell the news instead. Therefore it is understandable that the Shiba Inu prices may undergo a bearish trend today.

Polygon launches scaling solution for deploying DApps

Polygon is a globally popular layer two scaling solution for blockchains compatible with Ethereum. They have recently launched their own Midden Virtual Machine powered by the zk-STARK for developing DApps or better known as Decentralized Applications.

zk-STARK is basically an abbreviation for zero knowledge Scalable Transparent Argument of Knowledge. In simpler terms, this technology allows an individual to prove that they are capable of storing private data, such as passwords, without making sure that they do not leak anyhow. STARK is one of the methods or ways in which one can prove, obfuscate or even verify this data.The Polygon blockchain has invested over an amount of $1 billion in order to develop the zk technology.

A zk-STAR application is being widely used in complex Decentralized Finance (DeFi), healthcare products and decentralized car insurance services for the purpose of identity verification. This technology can redact critical information from digitized assets and even manipulate their size for quicker verification, for instance passport or driver’s license.

Sandeep Nailwal, the co-founder of the Polygon Blockchain network, stated that this technology would help overcome privacy issues and establish trust in products related to DeFi.

Deloitte and Avalanche Blockchain together forms a strategic alliance

Deloitte is undoubtedly one the biggest accounting firms in the world securing a place among the “big fours”. They are working in collaboration with some of the best companies around the world. 

At present Deloitte is working in close association with the Federal Emergency Management Agency which is popularly known as FEMA. They are working on the execution of applications concerning disaster reimbursement for local and state government agencies. In order to carry out this task, they take the help of a tool known as CAYG or Close As You Go. 

It is a cloud oriented tool that serves as a cost efficient, decentralized and transparent solution for the government partners. The Avalanche blockchain will help add efficiency, speed and authentication measures to the system, thereby enhancing it. Deloitte stated that the reason why they chose Avalanche is because of their eco-friendly advantages as a technology. 

The Ava Labs will now focus their attention on the CAYG system and enhance it for better document retention, risk mitigation, cost effectiveness, reducing administrative hassles and most importantly, developing a resilient system on the whole.