Daily Crypto News 06.06.2019.

Thai Bank Confirms It Will Use XRP

Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), has yet again hinted at the use of the XRP token, after the bank’s official Twitter handle on June 5 told a user that “XRP system will be used soon”.

The SCB has previously made mention of XRP on its Twitter page, though it has always said that it would inform users about the XRP acceptance when the news was ready. So far, the bank has conducted a cross-border transfers pilot powered by Ripple, reducing a days-long transaction process to a only just a few minutes. The bank also conducted a transfer from Japan to Thailand, which took only a few seconds.

The nation as a whole has also displayed great interest in distributed payment systems, having formed a 22-member blockchain coalition called the Thailand Blockchain Community with the intention of creating a payments for the entire country. (Positive)

OKCoin Launches Euro Trading

Cryptocurrency exchange OKCoin has launched euro trading. Customers can now take part in euro spot-trading for digital assets, such as bitcoin, ethereum, and bitcoin cash, with more euro cryptocurrency pairs to be added in the future. According to the announcement, euro deposits and withdrawals will be free of charge until Sept. 4.

Further on, the company has also opened a new European office in Malta. The services and digital assets offered by the European OKCoin affiliate will be compliant with the Virtual Financial Asset Act.

“Europe is essential to the evolution of the cryptocurrency markets. It is home to many progressive ideas for innovating and disrupting the status quo of the global financial system while maintaining a balanced regulatory approach,” explained Jovan Gavrilovic, General Manager of Europe at OKCoin. “We are very pleased to bring digital asset trading to the European market in a secure and reliable manner, enabling users to trade digital assets for euro easily and safely.” (Positive)

Microsoft Announces Ethereum Smart Contract Verification

Microsoft announced the development of an open-source formal Ethereum smart contract verification scheme for the Solidity programming language.

Announced on the Microsoft blog, the tool will be called VeriSol–Verifier for Solidity. VeriSol will enable developers to write specifications for their contracts using an intermediate language that can then be tested using mathematical logic machinery.

The Microsoft blog states that “the VeriSol team used the verifier to formalize and check specifications of the smart contracts that govern consortium members in Ethereum on Azure and Azure Blockchain Service.”

VeriSol is currently a prototype but the team aims to cover most enterprise applications of smart contracts. The scheme is the product of a partnership between Microsoft’s Azure Blockchain and Research teams.

VeriSol will supplement Microsoft’s Azure Blockchain Development Kit and Workbench, which offers development templates and integrations for common Azure services like key management and identity. Formal verification tools like VeriSol make it easier for developers to check their work and catch bugs.

This provides developers with a more effective path to production. Solidity is the most popular language for programming smart contracts on Ethereum so an automated formal verification tool should make it easier for developers to improve the security of their dApps. (Positive)

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