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Saudi Arabia and UAE confirm joint cryptocurrency trial

Jan29
by on January 29, 2019 at 2:23 pm
Posted In: Around the Web, cryptocurrency, Hard Fork


Saudi Arabia’s and the United Arab Emirates’ (UAB) central banks have teamed up to test a new cryptocurrency. The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE confirmed the news in a joint statement released today. The proof-of-concept will see the two nations trial Aber, a digital currency, to see whether they can leverage the technology to reduce remittance costs. According to the statement, the project will also explore whether blockchain-based financial settlements between the two nations are viable. It’ll also seek to find out if a blockchain system can serve as an additional reserve for…

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76% of laundered cryptocurrency was washed with an exchange service

Jan29
by on January 29, 2019 at 12:18 pm
Posted In: Around the Web, blockchain, cryptocurrency, Hard Fork


An overwhelming majority of 2018’s criminally-connected cryptocurrency was ultimately laundered on basic online exchange services. Blockchain researchers at Chainalysis have calculated that roughly 64 percent of last year’s dodgy cryptocurrency, which amounted to over $1 billion, was washed by simply depositing it onto digital asset exchanges and trading it. Money launderers used other peer-to-peer (p2p) exchange services to clean a further 12 percent of their illegal proceeds. This means over three-quarters of last year’s “illegal” cryptocurrency moved through an online exchange service at some point. “A majority of illicit funds actually flow through either exchanges, or peer-to-peer exchanges, with the rest…

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Biased algorithms: here’s a more radical approach to creating fairness

Jan29
by on January 29, 2019 at 12:08 pm
Posted In: Around the Web, syndication


Our lives are increasingly affected by algorithms. People may be denied loans, jobs, insurance policies, or even parole on the basis of risk scores that they produce. Yet algorithms are notoriously prone to biases. For example, algorithms used to assess the risk of criminal recidivism often have higher error rates in minority ethic groups. As ProPublica found, the COMPAS algorithm – widely used to predict re-offending in the US criminal justice system – had a higher false positive rate in black than in white people; black people were more likely to be wrongly predicted to re-offend. Findings such as these…

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a couple of laughzillas on a blue diamond background

Biased algorithms: here’s a more radical approach to creating fairness

Jan29
by on January 29, 2019 at 12:08 pm
Posted In: Around the Web, syndication


Our lives are increasingly affected by algorithms. People may be denied loans, jobs, insurance policies, or even parole on the basis of risk scores that they produce. Yet algorithms are notoriously prone to biases. For example, algorithms used to assess the risk of criminal recidivism often have higher error rates in minority ethic groups. As ProPublica found, the COMPAS algorithm – widely used to predict re-offending in the US criminal justice system – had a higher false positive rate in black than in white people; black people were more likely to be wrongly predicted to re-offend. Findings such as these…

This story continues at The Next Web

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