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.

Bitcoin Suisse Starts Letting Clients Trade Gold, Silver and Platinum

Swiss crypto broker Bitcoin Suisse has started letting its users trade gold, silver, and platinum against the top two cryptocurrencies bitcoin and ether, as well as against fiat currencies.

According to an announcement the firm published, its clients can now trade gold, silver, and platinum 24/7 with immediate cash settlement. Bitcoin Suisse touts clients now have a greater choice of strong assets to build up a diversified portfolio using its platform, providing them with options in times of high market volatility.

Bitcoin Suisse rolled out its 24/7 trading of fiat currencies late last month, and added in its recent announcement that with precious metals users have access to assets that have been long used in investment strategies. Bitcoin Suisse’s head of trading and liquidity, Stefan Lütolf, added:

Recent developments have boosted the demand for scarce, highly valuable assets such as gold and Bitcoin. Bitcoin may not be Gold 2.0, yet. In the meantime, we want to give our clients the maximum choice possible.

The precious metals trading pairs are being offered to all of Bitcoin Suisse’s clients, with a minimum purchase requirement of 100 CHF (around $103), and with no custody fees for up to 100,000 CHF ($103,000).

Gold, silver, and platinum can be traded n the platform against BTC and ETH, and against major fiat currencies like the CHF, USD, GBP, EUR, and DKK. Precious metals trades are settled immediately for fiat currencies with a two-day lapse. The firm’s statement reads:

Even with increased access in recent years, the possibility of combining precious metal investments with so-called “digital gold” (Bitcoin) remains difficult. Now Bitcoin Suisse is helping to change this.

It’s worth noting that with cryptocurrency exchange Vaultoro users could already trade the flagship cryptocurrency for physical gold. The gold users buy using Vaultoro is then stored in the client’s name in high-security vaults in Switzerland.

Featured image by Dmitry Demidko on Unsplash