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Facebook fined with £500,000 over Cambridge Analytica data scandal

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Facebook has been slammed with a fine of £500,000 ($664,000) in the UK for breaking Data Protection laws. The fine was imposed after UK’s data regulator performed a wide ranging investigation into the Cambridge Analytica scandal and found Facebook guilty of non – compliance of GDPR (General Data Protection Regulation) as: * The company failed to protect its user’s personal data. * Facebook guilty as failed to be transparent about how the personal data was being harvested by the third parties. What is Cambridge Analytica?   Cambridge Analytica is a London-based company that helps business and political groups to muster up data on voters during electoral processes. This data is then analyzed to conduct strategic communication and to create effective slogans and campaign messages. The company was started in 2013 as an offshoot of SCL (Strategic Communication Laboratories) group. Social media platforms like Facebook are used as a source to collect data. Cambridge Analytica has ...

$13.5 million worth of digital token stolen in Bancor, a Cryptocurrency start-up

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Bancor, an- Israel based company that runs a ‘decentralized’ crypt-o-currency mining & exchange network that allows users to convert between two tokens like an exchange without involving any counterparty. The network allows all kinds of virtual coins to be bought and sold instantly. A standard crypt-o-currency exchange involves exchange of tokens between two parties. A Bancor protocol in contrast works on an alternative trading mechanism that uses smart contracts to create smart tokens. Smart Contract: A smart contract is a computer program that digitally facilitates, verifies, or enforces the negotiation or performance of a contract without involving third parties. These transactions can be tracked and are irreversible. Smart Token: A smart token can be considered as a coin that holds the monetary value of other compatible virtual coins.For instance, it works on the same principle as of a central bank that holds foreign currency reserves and converts between them as requir...