December 31

“The consensus is that [China’s] token will be a private blockchain, a peer-to-peer network for sharing information and validating transactions, with the People’s Bank of China in control of who gets to participate. 

It may start small, but the digital yuan can disrupt both traditional banking and the post-Bretton Woods system of floating exchange rates that the world has lived with since 1973.

These are early days, but if blockchain technology shows promise in handling a large number of transactions simultaneously, then digital currencies could become substitutes not just for physical cash but also for bank reserves.

As Harvard University economist Kenneth Rogoff notes, technology ‘is on the verge of disrupting America’s ability to leverage faith in its currency to pursue its broader national interests.’

A roller-coaster decade — not just for for banking and money but also for privacy and politics — may just be beginning.”

DLive, which is currently built on the Lino blockchain, will migrate to the TRON blockchain as a result of the collaboration. TRON acquired BitTorrent in July 2018.

While the Lino blockchain technical infrastructure will be integrated into BitTorrent, the LINO coin cryptocurrency used by DLive to pay content creators will no longer be the fundamental unit of value in the new ecosystem.

DLive will also use BitTorrent’s new service for file storage, known as the BitTorrent Filesharing System (BTFS).  The BTFS network will launch in Q1 of 2020.

As long as they use the BTFS network, it will be impossible to delete content, as everything is distributed across BitTorrent users’ computers globally.”

The proposed ETF aims to track and reflect the performance of Shenzhen-listed public stocks that have businesses in the blockchain industry.

If the application received final approval by the CSRC it would be the country’s first completely blockchain-themed ETF open to public investors.”

“Cryptocurrency exchange Poloniex has forced a password reset for all customers due to a leaked list of email addresses and passwords on Twitter.

While almost all of the [leaked] email addresses listed do not belong to Poloniex accounts, we are forcing a password reset on any email addresses that do have an account with us.”

“Griffith is now slated be released to his parent’s Tuscaloosa home under a $1 million bond.

We are very pleased the district judge sided with us and ordered Virgil to be released pending trial.”

December 30

“After Google removed Ethereum-based decentralized application (DApp) browser MetaMask from its Android application store, Coinbase warned its users that in order to comply with Apple’s mobile App Store policy, it might be forced to remove the DApp browser feature from its wallet application.

Coinbase CEO here. This is really unfortunate to see. Apple seems to be eliminating usage of Dapps from the App Store. […] Presumably this would extend to other wallets as well (Trust, Argent, Metamask) it’s beyond Coinbase and IMO a very big threat to the ecosystem.”

2020 may see crypto’s most consequential fork yet: A split between regulated exchanges and privacy-focused users.

Late last week, Binance’s Singapore arm threw crypto Twitter into a frenzy with reports that it had allegedly suspended one user’s account. The problem? That user, @bittlecat, had tried sending their bitcoin to the hash-scrambling Wasabi wallet in an apparent violation of Binance SG’s anti-money-laundering (AML) policies. 

I think the exchanges are slowly coming to a crossroads. The big picture is more regulation is coming.

Users of privacy-enhanced wallets may find it ever-harder to move coins to and from regulated exchanges. Observers see this as one battle in the larger war to determine crypto’s direction.”

“Guterres believes that blockchain should be among the technologies used by the UN. 

For the United Nations to deliver better on our mandate in the digital age, we need to embrace technologies like blockchain that can help accelerate the achievement of Sustainable Development Goals.”

See Also: UN Moves Towards Handing Dictatorships Power To Control The Internet

“Central banks will not accept the basket of currencies underpinning it.”

“KeeperDAO allows participants to earn passive income in a game-theory-optimal fashion whilst ensuring decentralized finance applications remain liquid and orderly.

At a high level, KeeperDAO enables users to pool capital into Ethereum smart contracts to collectively profit from on-chain arbitrage and liquidation opportunities. Capital staked in these pools, such as USDC and DAI, is then used to exploit on-chain profit opportunities.

By having a large pool of liquidity, KeeperDAO is able to capture opportunities much larger than what could be captured by individuals.”

“While the Ethereum Name Service (ENS) is the leading blockchain-based naming infrastructure project, there are now several competing projects, many of which are run by VC-backed for-profit companies. 

The creation of a new paradigm is a time of critical social importance, because it is an opportunity to set the ground rules for the new era.

As a community, we have the opportunity right now to choose to embrace an open source non-profit community model, or else allow a for-profit company to capture the new system.”

2019: The Year in DeFi

December 28

Great read.

“Ethereum’s ambition is to be world-changing. It has to be global, distributed, inclusive and empowering. Unless our development process is equally global, distributed, inclusive and empowering, then Conway’s law – that systems reflect the structures of the organizations that design them – says we’re going to fail. To an extent, our approach resembles that of Linux, which has come to dominate much of the world’s computing.

Ethereum’s superpower is the engagement this approach inspires. The sense of a shared endeavor draws in brilliant people who we might never otherwise have found. No fewer than eight independent client teams have delivered working Proof of Stake implementations.

The real proof of our open, organic development approach will come in the first months of 2020. We are on track to go live with ethereum 2.0’s beacon chain, and the transition from Proof-of-Work to Proof-of-Stake will be officially underway.

I can’t offer you a detailed roadmap. But the brilliance and energy of our ever-growing community makes me confident that by early 2021 we will have a platform fit for one million devs.”

“MetaMask stated that its Android client was suspended “in the last week” with Google citing its policy of banning mobile mining apps from its app store. MetaMask, as an Ethereum application browser, however, does not offer mining activities.

It’s unclear whether the reviewer doesn’t understand the policy, or whether they are enforcing an unwritten policy.”

More crypto-related content is being re-enabled on YouTube after several days of unilateral deletions and non-communication from the video giant.

This was an error on our side during the review process – your video should be reinstated and strikes resolved.

Although crypto-related content is being reinstated, many YouTubers have expressed interest in moving to blockchain-based social media platforms to share content. While content is reinstated, trust is lost.

The biggest thing I have learnt as a Youtuber is to not trust Youtube.”

See Also: YouTube Crypto-Related Content Not Fully Restored, YouTubers Say “Nothing Has Changed”
See Also: YouTube Calls Crypto Purge a Mistake But Many Videos Still Missing
See Also: What’s Next For YouTubers Impacted By Crypto-Related Content Ban?

“Bankers insisted that “Sand Dollar” is a “digital fiat currency” – not a cryptocurrency, stablecoin or competitor to the Bahamian Dollar. Instead, it is simply a digital version ‘equivalent in every respect to the paper currency.’

But it is also a step toward the Bahamas’ long-term goal of launching a fully-fledged central bank digital currency (CBDC). Also called the sand dollar, that larger project would link domestic residents and businesses across a seamless digital payment infrastructure.”

See Also: South Korean Central Bank to Organize a CBDC Task Force
See Also: Russia’s Central Bank Is Now Testing Real Asset-Pegged Stablecoins

Verified users were apparently asked to share information on the source of — and use of — funds, along with proof of residential address.

It is uncertain whether this latest tightening of KYC procedures has been spurred by any particular event. However, the company has been subject to an ongoing investigation by the New York Attorney General since April.”

“The upcoming Ethereum Classic (ETC) Agharta hard fork will include features of the Ethereum (ETH) Constantinople fork and intends to make ETC fully compatible with Ethereum.

This update is a signal that we want to be compatible with Ethereum. We believe in the success of public blockchains, because they are built on the strength of the community.”

“Ethereum Foundation researcher Virgil Griffith has reportedly been denied bail in New York. Currently detained, Griffith is appealing the action. 

Griffith allegedly disowned his status as an American national via text messages to family members, according to texts quoted by the U.S. Attorney’s office. Griffith’s texts also allegedly included intent to facilitate money laundering activities in North Korea.”

“Chinese mining application-specific integrated circuit (ASIC) manufacturer Canaan will launch new, improved mining machines with 5-nanometer chips in Q1 2020. The new firm’s 5nm manufacturing process is expected to improve performance, power and area scaling.

Canaan is one of the few cryptocurrency-related companies that managed to go public with a $90 million Initial Public Offering (IPO) held in November. As Cointelegraph recently reported, the firm’s shares have seen a 40 percent drop in value since the IPO.”

December 26

YouTube has aggressively started deleting cryptocurrency-related content from some of the biggest influencers in the industry. YouTube suddenly began deleting a number of cryptocurrency videos on Dec. 23. YouTube has not yet released a public statement on why they are banning crypto-related content.

This is an attack not only on crypto, but on the entire notion of free speech. Centralized platforms have become way too big and powerful for their own good and their deplatforming is the reason decentralized platforms will conquer.

It may be time the crypto community take a stab at its own blockchain-enabled sensorship-resistant social media platform.”

See Also: Is This The End Of My Channel?
See Also: The 2019 Christmas Purge

  • Chainlink: 500%
  • Synthetix: 200%
  • Tezos: 190%
  • BNB: 140%
  • Litecoin: 40%
  • BAT: 35%
  • BCH: 30%
  • Ether: 20%
  • EOS: 10%
  • Cosmos: Token Issued, currently trading @ $4.20 from $0.001 in Jan

“The top 50 blockchain-related stocks are ranked based on their average daily market value over the past six months.

SSE’s market capitalization is $3.12 trillion, making it the fourth largest in Asia and the eighth largest in the world. Major exchanges are beginning to list indexes that track blockchain and cryptocurrency-related firms.

“According to the new alternative proposal by Vitalik, eth1-friendly validators would be expected to maintain both the old Ethereum 1.0 node and the Ethereum 2.0 Beacon Chain.

Validators that want to participate in the eth1 system can register themselves as eth1-friendly validators, and would be expected to maintain an eth1 full node in addition to their beacon node. The eth1 full node would download all blocks on shard 0 and maintain an updated full eth1 state.”

See Also: Alternative proposal for early eth1 <-> eth2 merge

Following the first token distribution, HBAR plummetted by over 90 percent. In response, Harman said the company was reviewing the project’s token economics model.

Participating SAFT holders would receive additional allocations of coins, made on an annual basis, the cumulative sum of which, over time, would equal the value of their original principal investment, in exchange for stretching out the release schedule for their remaining coins.

The offer is optional; investors who choose not to sign up for the new program will remain on their existing SAFTs without change.”

“The decision comes as a surprise to many, as the country has previously displayed a relatively lenient stance toward digital currencies. 

The law, [however], could prove ineffective, given that Uzbeks could use a virtual private network — or VPN — to bypass the ban and access foreign cryptocurrency trading platforms.”

See Also: Paraguay Audits Local Crypto Industry to Prepare for FATF-Style Regulations

December 24

“Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value.

The bank would soon be at the point where it could start gradually issuing the digital yuan to Chinese citizens through its commercial partners, which include Tencent and Alibaba-backed Ant Financial, Mu added.

At present, the digital currency DCEP of the People’s Bank of China has basically completed the top-level design, standard formulation, functional research and development, joint debugging and testing.”

See Also: Chinese Authorities Confiscate Nearly 7,000 Crypto Mining Machines

“Tencent, the operator of Chinese social media app WeChat, is planning to create a digital currency research group for the further advancement of blockchain technology research projects.

The yet-to-be-established digital currency research group will reportedly focus on Tencent’s further advancement in the digital payment industry by utilizing blockchain technology.”

“Brave, the crypto-friendly browser courageously battling against both advertisements and colossal competition from Google, has hit a milestone of 350,000 registered Brave rewards publishers. This latest milestone indicates an impressive 820% jump in less than a year.

Within their website publishers, the firm cites some notable names, including Wikipedia, Wikihow,  The Guardian, and even the Washington Post.”

“EOSIO, the firm behind the EOS blockchain and token, proposed a major change to the network’s resource allocation system that would require users to rent network resources. According to EOSIO, the network suffers from a poorly designed resource allocation system that allows most of the network’s resources to go unused.

Under the new proposed system, a user will pay a resource rental fee via a smart contract to be granted 30 days worth of CPU/NET from the total supply. After 30 days the rental must be renewed.

The transition to the proposed system would be gradual, with resources being progressively shifted from the old REX implementation to the rental system over time.”

Former PayPal and Google veteran Mike Blandina has been appointed as the new CEO of major cryptocurrency trading platform Bakkt. He joined Bakkt as chief product officer in April 2019.

Alongside the new CEO, Bakkt has also appointed Adam White, a former executive at major U.S. crypto exchange Coinbase, as new president of the company. White has been serving at Bakkt as chief operating officer since joining the company in November 2018.”

Interesting chat with Ben Goertzel re AI

December 23

Good read.

“Renewable energy sources, Internet of Things (IoT) devices, blockchain’s immutable ledger and improvements in battery technology are combining to create a whole new form of energy infrastructure—one in which the grid is decentralized and users become producers as well as consumers. The building block of this new infrastructure is the microgrid.

Able to operate completely independently, owners can also sell excess energy back to the wider grid’s operator. Beyond the benefit of reducing monthly bills, microgrids can also bring peace of mind.

Accuracy and transparency are both vitally important when it comes to tracking energy usage and billing for it. Power consumption data is timestamped and logged on the blockchain, where it can’t be altered or deleted and is verified without the need for third parties.

These projects may accelerate the decentralization of energy and at the same time assist with the resilience of our energy networks.”

“No matter how bullish you are you shouldn’t keep all your wealth in crypto money. But this doesn’t mean you have to use a legacy brokerage to buy these assets.  You can own gold on the blockchain today. I’ve evaluated a few tokenized gold options for us.”

Bank Bailouts Cross $450 Billion

“Moloch DAO, OpenLaw, and MetaCartel have been working on extensions to the initial Moloch DAO code in order to power next-generation LAOs — limited liability autonomous organizations — which would enable DAOs to engage in a greater range of for-profit ventures.

These extensions, along with the original Moloch DAO code, are poised to become ERC-like standards for building DAO-based organizations.”

December 22

Great read – Highly recommended!

“The protocols behind these new fiat-backed digital coins will, for example, create digital scarcity, meaning that, like cryptocurrencies, they can function as a de facto form of cash or bearer instrument. That’s quite different from the bank-issued IOUs of our current payments system. Also, they’ll essentially be programmable, which when combined with smart contracts and wallet-enabled internet-of-things (IoT) devices will transform the world’s commerce.

If digital fiat currencies become commonplace for payments, they’ll eventually remove banks for that core function of economic exchange. Also, if coin-to-coin atomic swaps and smart contract-based escrow solutions are used in cross-border transactions, the rise of digital fiat might quickly spell the end of the dollar’s dominance of global trade, with profound implications for the United States.

The upshot of all this is that central banks will initially acquire even more direct control over monetary conditions. However, they will do so within a digitized environment in which no single currency enjoys global hegemonic dominance and in which users can more easily move in and out of state, private or decentralized currencies of their choosing. That increased currency competition should, in theory, impose a constraint on each sovereign’s capacity to debase their citizens’ money. 

We face a paradigm shift, in other words.”

Good read.

“1. Smart-contract insurance
2. Bonding curves
3. Wallet user-experience”

See Also: 2019 Set the Stage for DeFi to Go Mainstream

Deep dive on Crypto-economics with Vitalik – Interesting watch

See Also: Into The Ether #100 – Good chat with Ethereum ‘Influencers’ (video)

“Safeguarding the MKR token contract has historically been the responsibility of the Maker Foundation. The plan from day one has been to transfer MKR token control to Maker governance shortly after the launch of Multi-Collateral Dai (MCD). With MCD released and the Protocol functioning as expected, the transfer of authority has now been scheduled. 

Beginning on December 20, control of MKR token will be handed to the contracts, and therefore to the governance community, in steps as we continue on the path to decentralization. The Foundation will share control of the token with the contracts for about one month to ensure a successful handover. After that time, MKR token holders will be given full control, meaning that decentralized governance will be the only avenue for changing MKR token authorizations.”

“Right now there’s a chance there won’t be enough liquidity in the network to support the transaction, especially for larger payments. Multi-part payments tackle this problem by making it possible to break a payment into smaller pieces that are easier to send across the network. Notably, while this release supports sending these types of payments, it still isn’t possible to receive them.

Decker claims the code change also “greatly increases” the resiliency of the entire payment network. Since users sending payments are less likely to have to transact with a large node, that’s a ‘single point of failure.'”

“A team of researchers claims that the prototype silicon chip that they developed enables encryption that is impossible to break.

The system envisioned by the researchers is based on the idea of a one-time pad (OTP). OTPs are famous because they cannot be cracked, but require sharing one-time use keys the same size or longer than the data being sent before it is sent. The chip developed by the researchers tries to make a practical OTP implementation.”