ConsenSys, AMD to Develop Ethereum-based Cloud Computing Infrastructure

  • With investments from UAE's Halo Holdings, ConsenSys and AMD to develop cloud computing infrastructure. 
  • Cloud platform to be used to develop software for government and commercial applications.

Ethereum-related development firm ConsenSys has partnered with US-based multinational computer chip manufacturer AMD to develop a blockchain-based cloud computing infrastructure.

Announced on Friday, the W3BCLOUD computing architecture will be developed through a collaborative effort involving ConsenSys, AMD, and United Arab Emirates-based investment company Halo Holdings. W3BCLOUD will be used to power “optimized datacenter solutions for emerging blockchain workloads”, the announcement noted.

Cloud-Computing To Offer Better Scalability

The W3BCLOUD solution may be used by software programs developed for commercial enterprises and governments. As the “first independent cloud computing blockchain” enabled infrastructure, W3BCLOUD will provide “increased transaction throughput” with enhanced security. Commenting on the new initiative, Joseph Lubin, the founder of Brooklyn, New York-based ConsenSys and co-founder of Ethereum, remarked: 

Bolstering the compute power of blockchain networks with AMD’s leading-edge technology will be of great benefit to the scalable adoption of emerging decentralized systems around the globe. The combination of hardware and software will power a new infrastructure layer and enable an accelerated proliferation of blockchain technologies.

Meanwhile, Joerg Roskowetz, the blockchain tech product management director at AMD, said: 

We are excited to work with Consensys and provide them with access to high-performance hardware technologies capable of better scaling and proliferating decentralized networks and services to meet the growing interest from large corporations and governments looking to tackle [various technological] challenges.

AMD Generates "Neglible" Revenue From Sales To Miners

As mentioned in the press release, AMD’s hardware technology will complement Ethereum’s software architecture in order to develop business solutions for enterprise datacenters, “health ID tracking”, licensing, supply chain management, and “smart identity” verification. AMD had been expecting near-zero revenue from its GPU sales to cryptocurrency miners.

During the historic digital currency market bull run, “as much as 10% of AMD’s quarterly revenue” had come from the crypto mining sector. Last year in July, AMD’s CEO Lisa Su had said that the chipmaker had been expecting about 6% of its revenue to come from the mining industry and almost no revenue from mining during Q3 2018 due to the rapidly declining prices of cryptoassets.

In October 2018, AMD’s stock price dropped considerably when the company published its Q3 financial report. AMD’s revenue for last year’s third quarter was of $1.65 billion which was slightly below the projected $1.7 billion. According to AMD’s management team, the firm’s revenue from GPU sales to miners was “negligible.”

Despite the extended bear market, which has seen ConsenSys planning to lay off as much as 60% of its staff, both AMD and ConsenSys appear to moving forward with their crypto and blockchain-related projects - even if it means working with fewer resources dedicated to the fragile digital asset ecosystem.

Those Banned From Facebook May Not Be Able to Use Its Cryptocurrency Libra

Facebook’s two days of congressional hearings on the social media giant’s cryptocurrency ambitions seemingly revealed that those who have been banned from Facebook may not have access to Libra.

During the congressional hearing Facebook had to answer some tough questions, and one of them came from Representative Sean Duffy, which asked the company’s cryptocurrency head, David Marcus, who’ll have access to Libra.

The Congressman initially asked Marcus who could use the cryptocurrency, to which Calibra’s CEO answered: “anyone that can open a Calibra account, that can go through KYC [know-your-customer checks] in countries where we can operate.”

Duffy then referenced two individuals banned from Facebook for violating its community guidelines, Louis Farrakhan and Milo Yiannopoulo, and asked whether they’ll be able to use the social media giant’s cryptocurrency.

Marcus ended up replying he doesn’t “know yet,” after seeing Duffy hold a $20 bill and ask hin who can use it. His point was that cash doesn’t discriminate, and that anyone who can hold it can use it.

While throughout the hearing Marcus tried to point out the company will follow appropriate regulations and comply with lawmakers, Duffy responded that a proper answer would be “as long as you abide by the law, you can use Libra.” The fact he didn’t get this answer, Duffy said, gave him “great pause.”

Speaking to The Daily Beast Elka Looks, a Facebook spokeswoman, clarified Marcus addressed the Congressman’s concerns later on in the hearing. She stated:

For Libra, anyone who is engaging in lawful activity will be able to transact on the network. Facebook will have no say. For Calibra, there is no policy in place yet, but we will share it when it is closer to being finalized.

The news outlet adds that Calibra, Facebook’s wallet to send, receive, and hold Libra, doesn’t yet have final terms of service or a privacy policy. All of this means that those who’ve been banned on Facebook may not have access to its cryptocurrency.

As CryptoGlobe covered, Congressman Warren Davidson implied during the hearings Facebook’s crypto is a ‘shitcoin’ as it doesn’t have some of the properties bitcoin has. The Congressman made it clear bitcoin has no central authority that can censor transactions or dilute its value, while Libra has the Libbra Association.