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ConsenSys wins contract for Thailand-Hong Kong CBDC project

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Blockchain firm ConsenSys announced Sep. 25 that it had been awarded the contract for a cross-border payment project between Thailand and Hong Kong.

The company will lead the second implementation phase of Project Ithanon-Lionrock. The project is a joint initiative to create a cross-border central bank digital currency, or CBDC, payment network between banks in the two countries.

Initiated in May 2019 by the Hong Kong Monetary Authority, or HKMA, and the Bank of Thailand, or BOT, the project announced the results of its initial research phase back in January. This found that there was significant potential to use DLT technology to reduce intermediaries and settlement layers in the current cross-border transfer process.

The aim now is to build a proof-of-concept, setting up a cross-border corridor between Thailand’s Ithanon and Hong Kong’s Lionrock networks. This will of course also require a solution for seamless currency conversion between the Thai baht and Hong Kong dollar.

ConsenSys will use its enterprise Ethereum stack technologies, with a focus on prioritizing scalability, security, and interoperability.

The company has previous experience of developing CBDC payment networks, having been involved in both Singapore central bank’s Project Ubin, and the South African central bank’s Project Khokha.

More recently, ConsenSys was in the news after acquiring the JPMorgan-developed blockchain project, Quorum.



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BSV reportedly suffers ‘massive’ 51% attack

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Bitcoin SV has reportedly suffered a “massive” 51% attack beginning around 11:45 am Tuesday, resulting in up to three versions of the chain being mined simultaneously.

Analytics provider Coin Metrics confirmed Tuesday afternoon that its Farum risk management platform had identified the 51% attack.

Information about the attack was further corroborated by Lucas Nuzzi, a network data product manager at Coin Metrics. “Someone is seriously trying to destroy BSV,” he tweeted, adding:

“For over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent.”

At the time of writing, it was unclear whether the attack had ended or whether the perpetrator was just taking a break.

Bitcoin SV was the result of a highly contentious hard fork of the Bitcoin Cash (BCH) blockchain in November 2018. BSV has an identical monetary policy as BCH and Bitcoin (BTC), though the fork was a result of deep internal disagreements with the Bitcoin Cash community regarding a set of proposals to make transactions more efficient.

This article is still in development.