30 May

“Any U.S. CBDC should maintain the existing two-tier banking system, the paper said.

When we do big things in the United States, it’s almost always a very healthy partnership with the private sector and the public sector.

Under this model, the Fed would issue digital dollars to banks, while users could either store funds in their accounts or hold onto these tokenized dollars in their own digital wallets. The bank would be able to lend against the funds held in accounts.

These deposits underpin the U.S. entire economy by enabling banks to lend funds to borrowers.

The digital dollar envisioned by the paper could even operate alongside private stablecoins, the paper said. The two-tiered system would also need to include anti-money laundering and know-your-customer (AML/KYC) rules.

To have the end points of where the tokens can move be a regulated wallet infrastructure we think is likely the best answer.

The next step for the project is to develop a series of pilot programs and tests.”

“Amazon has patented a distributed ledger-based (DLT) system for proving the authenticity of consumer goods. The patent describes using DLT to infuse ‘digital trust from the first mile of an item’s supply chain‘ to the last.

Amazon’s system compiles data from distributors, manufacturers and shippers on an “open framework” that builds a product provenance across information silos. This data could be neatly packaged for the consumer.

Amazon said in the patent that Hyperledger could be one form of DLT used.”

Mike Maloney: 1929 vs Now (Good watch!)

Coinbase Pro will begin accepting MKR deposits on Monday, June 8. Trading is slated to commence at approximately 9am Pacific Time on June 9.

Maker currently comprises the largest DeFi project by assets under management, currently representing $486.3 million in locked funds or 54% of the entire DeFi capitalization.”

“The Aave lending protocol introduced a new market based on Uniswap liquidity tokens. Each liquidity token represents ownership in a Uniswap liquidity provider pool. Liquidity providers receive a portion of the trading fees acquired by the Uniswap protocol.

An interesting use case of this system is opening leveraged liquidity pool positions. As Aave wrote, this will greatly reduce decentralized exchange slippage,’ as the liquidity pools can be inflated through borrowed money.

This will [also] effectively let users receive interest from two protocols at once.”

“Equigy’s system is a free platform for registering and tracking energy transactions allowing home batteries and electric cars to sell electricity to the grid.

Green Tech Media reported on May 29 that three major European Union electricity transmission system operators, or TSOs, joined Equigy’s platform. Equigy decided to run its system on a private instance of the Hyperledger framework.”

“While there are at least two global TON-based initiatives so far, namely Free TON and NewTON, the Chinese TON Community has opted to launch their own TON network.

We plan to start the TON Blockchain testnet in the first step, recruit more nodes and developers to join the network and test the network, and then redesign network rules that are more adapted to the current context.”

29 May

“Crypto fund manager Grayscale Investments is accumulating Bitcoin at a rate equivalent to 150% of the new coins created by miners since the May 11 block reward halving.

There isn’t enough new supply to go around, even for just one guy.

Last week, Rooke estimated that Grayscale had been buying Bitcoin at a rate equal to between 33% and 34% of new supply during the first quarter of 2020, having accumulated 60,762 BTC over 100 days.”

See Also: SEC Comm: A Bitcoin ETF Could Help Fairly Price Grayscale’s GBTC

Samsung Blockchain users in the U.S. and Canada can now connect to Gemini’s mobile app to buy, sell and trade crypto after the companies built an integration between the two applications.

The Samsung Blockchain Wallet allows users to self-custody crypto directly on their Samsung Galaxy phones. With Gemini Custody, Samsung users can now also transfer their crypto into cold storage.”

“Speaking during an annual shareholder meeting Wednesday, Zuckerberg said Facebook’s commerce work, including Libra, should be viewed through the lens of its ads business. Combining ads with an effective payment tool for users can benefit businesses further.

If we can make commerce be more effective for businesses if when they run an ad, somebody who clicks on that ad is now going to be more likely to buy something because they actually have a form of payment that works that’s on file.”

“Brave, the privacy-centric cryptocurrency-powered web browser has launched in-browser video calls featuring end-to-end encryption.

The encrypted video service, dubbed ‘Brave Together’ can be used to make unlimited encrypted video calls featuring two participants. All Brave users can access the feature, with no account sign-ups needed. Video conferencing supporting more than two participants is currently being tested.

Brave Together is based on the open-source encrypted video software Jitsi — which was vouched for by NSA whistleblower Edward Snowden in 2017.”

“The new offering allows server hosts to create their own localized Minecraft economies by providing their players with tangible ownership over in-game items and currencies.

It also allows for players to securely trade their assets in peer-to-peer (P2P) fashion through the server or via external chat rooms and digital trading platforms like the Enjin Marketplace.

EnjinCraft is the beginning of a new era for sandbox games. Players now have a tangible stake in their gaming worlds.”

“Bayer China revealed in an interview Thursday it had chosen VeChain as tech provider for a new blockchain-powered solution that will allow the firm – a branch of Bayer – to track clinical drugs across the supply chain.

Known as “CSecure,” the system loads a batch number relating to a specific drug onto the blockchain. Each drug can then be tracked as it moves across the supply chain, using timestamps and user-identification information at different waypoints.”

“We’re excited and proud to announce that the next edition of Devcon will take place in Bogotá, Colombia at the beautiful Agora Bogotá Convention Center in 2021!

Rather than asking you all to continue to wait with bated breath or delaying plans by a few short months, we’re going to lengthen our lead time and super-size our ongoing efforts around Devcon 6 in 2021. This can be done staying true to Ethereum’s roots with ecosystem-driven events in 2020.”

“Crypto key management platform, Torus, has launched its non-custodial key management solution DirectAuth — enabling streamlined log-in experiences for web3 applications.

DirectAuth builds on top of the Torus Wallet, which facilitates one-click logins for decentralized applications, or dapps. The addition of DirectAuth allows persistent logged-in action, streamlining transactions and signing from within a single app.

Users can also send ERC-20 and ERC-721 tokens to Google emails, Reddit usernames, or Discord IDs through Torus.”

See Also: After a Slow Start, Tether Sees Increasing Usage in DeFi
See Also: Tether Explains Why It Hasn’t Burned Any USDT

“Blockchain-enabled ‘immunity certificates’ or ‘immunity passports’ for COVID-19, if implemented by public authorities, would have serious consequences for our fundamental human rights and civil liberties.

I cannot be part of an organization overly influenced by commercial interests that that only pays lip service to human rights.”

“Russia’s largest bank, Sberbank, has called for tenders to provide 4,917 ATMs with a built-in graphic card capable of supporting “blockchain operations”. The most obvious use case for a blockchain optimized graphics card is mining cryptocurrency.

Besides mining, perhaps it could be used for processing of some cryptographic algorithms, but I have no idea why an ATM would need it.

Could Sberbank be issuing its own cryptocurrency or will Russia’s government use the bank’s vast network to distribute a cryptorouble? Perhaps, these new ATMs could become a part of the enormous mining network supporting the new cryptocurrency?

See Also: Russia’s Central Bank to Launch Blockchain-Powered Digital Mortgage Platform

“The order draft, labeled at press time as “Preventing Online Censorship,” brings further clarity to social media industry boundaries.

Current guidelines give internet entities broad liability immunity. The executive order aims to give that immunity parameters, preventing overarching censorship. The draft also includes several other aspects, such as the First Amendment’s place on the web.

In a country that has long cherished the freedom of expression, we cannot allow a limited number of online platforms to hand-pick the speech that Americans may access and convey online.”

28 May

“Coinbase is finally acquiring Tagomi, a prime brokerage platform specializing in digital asset trading. The two companies said the deal is expected to be finalized later this year.

We are going to be integrating the Tagomi platform into our product suite and it will form the foundation for the future of our institutional trading business.

Crypto prime brokerage, which offers institutional clients easier access to liquidity, custody, lending and other products, appears to be on a roll right now.

Coinbase said the acquisition comes at something of an inflection point in the industry [and stated] it has seen a 100% increase in volume from professional and institutional traders over the past three months.”

See Also: Crypto Custodian BitGo Joins Race to Provide Prime Brokerage Services
See Also: ‘Focus on Retirement’: Crypto Custodian Rolls Out Hybrid IRA Offering

“RenVM Mainnet is live! This marks the beginning of a cross-chain era for DeFi and we couldn’t be more excited for its impact on the digital asset ecosystem.

RenVM is an sMPC based decentralized custodian that fluidly mints and burns digital assets 1:1 on Ethereum as ERC20s. This means you can now use real BTC, BCH, and ZEC in any DeFi app.

“We are excited to announce that the Raiden Network Alderaan release is live on the Ethereum mainnet. The Alderaan release is the first full suite version of Raiden.

The goal of this release is to have a secure and reliable, feature complete version of the Raiden Network that allows other projects to start building on top of and integrating Raiden into their dApps.

We encourage anyone interested in doing fast, cheap and scalable payments on Ethereum to try out the Alderaan release.”

“Goldman Sachs held an investor call Wednesday to discuss current policies for bitcoin, gold and inflation in the context of the COVID-19 crisis. The big takeaway? The stalwart investment bank is still no fan of bitcoin or other cryptocurrencies.

A slideshow released before the call cited hacks and other losses related to cryptocurrencies as well as their use to “abet illicit activities” as some potential liabilities.

The criticisms were very cookie cutter, the type you’d expect if someone just read mainstream headlines.”

“Global telecommunications giant Vodafone has partnered with blockchain startup Energy Web (EWT) to connect “billions” of distributed energy generating assets.

The project will combine SIM-centric DLT with IoT connectivity provided by Vodafone Business to “create secure IDs for energy assets.”

This means that renewable and distributed assets like wind turbines, batteries, heat pumps, and solar panels can be integrated with energy grids safely and efficiently.”

“The idea is a licensed eMoney provider stores client funds in a central bank and, in return, receives a central bank liability they can package however they see fit into a publicly tradeable stablecoin that remains fully-backed by central bank reserves.

This public-private partnership [of a synthetic CBDC] is intended to conserve the competitive advantages of the private sector: to interface with clients and innovate, and the comparative advantage of the central bank: to regulate and provide trust.

In fact, there would be nothing to stop, under the IMF’s interpretation, multiple private companies all issuing digital currencies that are all backed by the same central bank liabilities, and effectively compete with one another.”

See Also: Do Zero-Reserve Loans Make Tether Better Off Backed by Bitfinex Stock?

“Theta is unique in that their video delivery network needs both a reliable, high-performance network – which we provide via our premium network tier – as well as reputable node operators to ensure protocol security.

Google will become the protocol’s fifth external validator node. Google Cloud is also becoming Theta’s preferred cloud provider with today’s announcement.

Theta rewards network participants for relaying video content to other users using their spare bandwidth and computing resources. The end result should be a ‘massive decentralized mesh network of relayers.'”

“The latest date for which data is available in May produced $34 million for Bakkt’s physically-settled Bitcoin futures. Cash-settled Bitcoin futures recorded $9.3 million in volume.

The trend reverses the previous status quo, under which futures settled in fiat saw larger volumes.

“A new kind of cryptocurrency tipbot allows users to pay others to answer their questions on social media, providing a new tool to pool data in the ecosystem.

Lee showcased the system on May 18 by asking Bitcoin ABC lead developer Amaury Sechet if he believes Bitcoin Cash’s value can exceed the value of Bitcoin. Sechet was paid 0.5 BCH (about $114 as of press time) to answer the question.

Other than Twitter, CCTip will also work on Telegram, Discord, WeChat and on Reddit.”

“This alternative, virtual economy now has 2.5 billion users and is growing at an extraordinary pace, as people look for virtual ways to earn real income and deliver traditionally offline experiences online.

Our primary focus was on NFT-based, decentralized platforms because they are creating economic infrastructure that adds value to virtual assets in a way that nothing else ever really has.

Egan believes that, in the coming years, society, culture and economics will be transformed by these virtual worlds, as virtual tycoons, decentralized government and digital nations emerge.”

See Also: CryptoKitties Creator Debuts NBA Game on Its Own Blockchain

27 May

“Facebook subsidiary and Libra wallet provider Calibra has now been rebranded to Novi – a portmanteau of the Latin root words, “novus” meaning new and “via” meaning way.

The digital wallet will operate as a standalone app, as well as providing interoperability with Facebook’s social messaging apps Messenger and WhatsApp.

Aimed to make sending funds to friends or family as “easy as sending a message,” transactions with Novi will arrive instantly, according to the announcement, and will contain no “hidden charges.” Novi didn’t offer any detail on what any standard transaction fees might be.

All Novi customers will need to be verified using government-issued ID.

“Announced Tuesday, the genesis block of the blockchain-of-blockchains has been mined.

This first stage of Polkadot CC1 provides two key things: Claims & attestation and staking.‘ In other words, Polkadot’s governance parameters are being walked out for the first time with limited functionality.

Polkadot will first launch under a Proof-of-Authority (PoA) consensus algorithm controlled by the Web3 Foundation. Polkadot will then transition to a PoS consensus algorithm with disbursements of the network’s DOT token.”

See Also: W3F Initiates Launch: Polkadot is Live
See Also: Polkadot Mainnet Not Yet Live, Just a Mainnet Candidate

  • If you run vetted validator software, you likely won’t have to worry about being “slashed”. The kind of behavior that is slashable requires making modifications to stock software or running multiple validator clients at the same time with the same keys.
  • Rewards and penalties are accounted for every epoch (~6 minutes).
  • You don’t need to have perfect uptime to earn a profit. As long as your validator is online more than 2/3 of the time, you will still turn a profit.
  • You may stop validating once active.
  • You can’t re-join once you exit.
  • All funds put into staking will be locked up at the protocol level until at least Phase 1 of the Eth2 rollout.”

See Also: Schlesi is Dead, Long Live Witti!
See Also: Explainer: Ewasm – Ethereum WebAssembly

“The new SE chip is certified with Common Criteria (CC) EAL 6+ security standard, which is used in applications with the most rigorous security requirements, namely e-passports and cryptocurrency hardware wallets. It can thereby be used in any mobile device, and will work independently from the device’s main processor.

Notably, the announcement mentions cryptocurrency transactions as one of the primary purposes of the S3FV9RR chip, which is expected to be available in Q3 2020.

We expect our connected devices to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions.”

“The API provides greater integration of the firm’s block trading facility, a service for spot and futures market crypto traders looking to strike private, high-volume deals.

The REST API creates a ‘workflow that is familiar to capital markets professionals. We are removing the friction and risks associated with OTC based workflows.'”

“Based in San Francisco, Bitwage wants to integrate cryptocurrencies into everyday life. Company clients can use Bitwage to offer their employees the option to have their wages paid in crypto.

Our vision includes integrating the Gemini trading engine directly inside of the 401(k) Plan so institutional as well as retail investors have access to the same Gemini trading tools inside of tax-incentivized retirement accounts.”

26 May

“After a list of bitcoin addresses Wright had provided as being his holdings in an ongoing court case were briefly and “inadvertently” made public by plaintiffs on May 21, 145 of the addresses were used to sign a public message both calling Wright a “fraud” and making it plain that he does not in fact own or control them.

It reads:

Craig Steven Wright is a liar and a fraud. He doesn’t have the keys used to sign this message. The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity. Unfortunately, the solution is not to just change a constant in the code or to allow powerful participants to force out others. We are all Satoshi.”

“Tether (USDT) has overtaken XRP to become the third largest cryptocurrency by market capitalization, as Ripple fails to gain adoption amongst retail investors.”

“Decentralized websites, also known as Dwebsites, first appeared towards the end of 2018. A Dwebsite is a regular website, just with:

  • Decentralized name service (e.g, ENS),
  • Decentralized storage (e.g., IPFS)

Properties of Dwebsites:

  1. Censorship-resistance. No one, besides the owners, can censor or modify a Dwebsite content.
  2. Robust. It’s not only difficult to block decentralized networks, but it’s also difficult to ddos or take them down.
  3. Private. Dwebsites are not only anonymous to create (see the previous section), but also private to use.”

“Goldman Sachs will host a conference call on May 27 titled US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin.

The news has been heralded as a milestone for the institutional adoption of crypto assets. Goldman Sachs’ conference call comes amid other signs that many top financial institutions may be warming to crypto.”

“Vitalik Buterin thinks that the stablecoin industry is missing a valuable opportunity to improve interoperability between different blockchains.

I would of course love it if they and USDC and the others could agree on a standardized API (perhaps a “bridge contract” ERC); so I don’t need to bother dealing with Binance accounts to move coins around!”

“Australian firm Power Ledger announced a partnership with Thai Digital Energy Development (TDED). The platform will enable environmental commodity and peer-to-peer (P2P) energy trading, in order to accelerate adoption of renewable energy sources.

The platform acts as an operating system and innovative facilitator in the transformation of energy markets from centralised to hybrid, distributed energy markets underpinned by renewable energy.”

“Telegram has thrown in the towel in its court battle against the SEC.

The messaging app provider said it was withdrawing its appeal over a previous court decision that backed the SEC in prohibiting the issuance of “gram” tokens to investors both in and out of the U.S.”

25 May

Recommended read.

“Dalio’s Bridgewater team looked across time to the East and the West.

The data suggests empires last about 200 years. It all starts with education, which leads to innovation and productive competitiveness. Growing military power, funded by growing wealth, protects trade and financial flows that attach to a dominant power. After a rise and time lag of almost 100 years, the incumbent is crowned with the gift of a reserve currency – that financial superpower that allows it to print money. Yet, when that superpower is over-exercised, and investments in education and innovation erode away, debt cycles accumulate and collapse the whole endeavor.

Now, as the U.S. has to contend with the rise of China, it competes with a nation that has improving fundamental attributes (education, innovation) but not yet the reserve currency. The reserve currency allows its bearer to generate economic activity from thin air at the expense of the rest of the world.

Through this lens, China’s quick movement to the blockchain-based yuan is a story of battle for global hegemony. It needs to park its reserve currency into the crypto ecosystem. That will compete with over $10 billion of U.S. dollar-denominated stablecoins already in use.

The U.S. is massively unmoored from scarcity by design, which puts us on the brink of a systemic paradigm shift. Last month, the government printed 20% of GDP in a single stroke, and will continue to do so for the foreseeable future.

Now is not an incremental time. Now is not a time for mild cost savings or small improvements in user experience. Now is a time for building the future of the world.”

See Also: Ray Dalio: Shifts in Wealth and Power

“Traders make money by being right: the number has to be accurate. This is the ‘Sense Making’ aspect of prediction markets — they don’t just react to news, they must determine how much to react to news. What is significant new information and what is not? Who is a credible source and who is not? By forcing us to sense-make, prediction markets destroy filter bubbles.

We have three major prediction markets in the U.S.:

  • The stock market
  • Interest rates (e.g., 10-year treasuries)
  • Commodities futures

And that’s it. We manage what we measure, and we don’t measure nearly enough. Do you care about:

  • More effective government
  • Enabling new business models and economic activity
  • A healthier political dynamic
  • Better modeling and estimation of the future

Prediction Markets.”

“Cheng said that Pichai’s prediction of five to ten years is based on commercially available quantum computers.

In the intelligence world, which Cheng knows well—his company has worked with the counter-terrorism departments of organizations such as NATO, GCHQ, and NCSC—’there’s been some evidence that it could well be around two years away.

Right now, it’s up to the blockchain and cryptography community to build quantum-secure blockchains. One major milestone is a competition to create post-quantum cryptographic algorithms run by the National Institute for Standards and Technology (NIST).”

“Layer1 Technologies has deployed its proprietary mining containers as electricity storage systems to stabilize Texas’ electricity market. Layer1 asserts that its bitcoin batteries will help stabilize Texas’ seasonally volatile energy market by releasing electricity to meet demand.

The mining firm is ‘the first company in the global Bitcoin mining industry that can curtail large amounts of energy consumption during times of market need and release it to the grid at the push of a button.’

Layer1 Technologies outlined an ambitious plan to repatriate 30% of Bitcoin’s total hashrate back to the United States by the end of next year.”

See Also: China Strikes Down 10% of Global BTC Hashrate, Who Will Pick Up The Slack?

“Both data and first-hand accounts from industry insiders indicates that an interest in Bitcoin (BTC) from institutional investors is accelerating at a rapid pace.

Most funds and hodlers, they’re not shorting really. All of them are long.

As of today, GBTC has taken 350,000 BTC out of the circulating supply. This represents 2% of Bitcoin’s circulating supply. In the last three months, the pace at which institutional investors have been investing into GBTC has tripled.

The combination of the central banks injecting trillions of dollars into the economy and the diminishing issuance of new Bitcoins because of the halving is creating a “perfect storm”.

Bloomberg analyst, Mike McGlone, believes that the mainstream adoption will lead to the SEC’s approval of a Bitcoin electronically traded fund, or ETF, in the near future.”

See Also: Tyler Winklevoss: Stablecoin Race to Begin When Wall St Embraces DeFi

“Some Reddit users have already announced the launch of a decentralized autonomous organization (DAO) dedicated to Reddit’s new cryptocurrencies.

Although it’s not entirely clear what the goal of such a DAO could be. Its organizers noted that it will allow Redditors to create a ‘bank of funds [that] can be collectively voted on to spend on whatever the community wants.’

With MOONS and BRICKS now available to Reddit users, these tokens can be used elsewhere throughout the entire Ethereum ecosystem.”

“‘For assets that have persistent external utility, I believe NFT is an appropriate token form,’ Shiba stated, listing subscription rights, decentralized autonomous organization, or DAO, memberships, and intellectual property rights, and in-game items as examples of assets that will see increasing tokenization.

Users propose their preferred lending or rental terms. If a loan repayment is not met on time, the NFT is automatically returned to its owner, with the entire process taking place without intermediaries.

Yiedl enabled NFT owners to earn passive income with their assets.”

“The report finds that Monero’s introduction of strict security and anonymity requirements on its broader ecosystem has maintained the asset’s status as “effectively untraceable.”

Transversely, the report concludes that the lack of utilization of Zcash’s privacy capabilities on the part of more than 99% of users undermines the privacy of the overall network despite ZEC offering “strong cryptographic features.”

The “minuscule” set of ZEC users utilizing shielded transactions renders Zcash “effectively traceable.”

23 May

“The token economy just gained an organized structure for collaborating with world leaders. The World Economic Forum revealed its Presidio Principles on Friday, a “blockchain bill of rights,” according to the nonprofit focused on fostering diplomacy and international business partnerships.

The principles include a user’s right to ‘manage consent of data stored in third-party systems, port data between interoperable systems’ and ‘revoke consent for future data collection.’

Ethereum co-founder Joe Lubin encouraged crypto startups to become signatories.”

“There is no country with more to lose from the disruptive potential of digital currency than the United States.

This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services conveys immense advantages.

Offering a cross-border payments solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy.”

See Also: Louisiana State Senate to Consider Crypto Business Licensing Bill

“In the face of hyperinflation and widespread currency devaluation, Latin America has embraced crypto. Mainstream adoption of Dai is being driven by real need, with Dai providing an easy way to store value in dollars.

Today, interest in Dai is exploding, with trading volumes quadrupling from $5 million before quarantine was imposed to $20 million by early May. At the beginning of 2020, only one exchange in the region offered Dai; today, there are six.

In Latin America, crypto has mainstream appeal. It’s embraced by almost everyone, not just crypto savvy people and traders.

Dai is better money.”

“There are 1.24 renBTC live on the Ethereum mainnet now, according to Etherscan. Three sources with knowledge of the project have confirmed this is the Ren smart contract, live ahead of its launch announcement. However, there’s no way yet for members of the public to mint additional renBTC.

While the smart contracts have been deployed on Ethereum, RenVM itself is not actually on mainnet. The minted renBTC so far has been from our own internal testing.”

“The Twitter CEO announced on May 21 that he would be giving $5 million to Humanity Forward, a UBI-proponent established by Andrew Yang.

Dorsey told Yang that UBI was ‘long overdue,’ saying ‘the only way that we can change policy is by experimenting and showing case studies of why this works.

Yang said Humanity Forward would use Dorsey’s donation to distribute $250 cash grants to thousands of people who have experienced financial hardships during the current crisis facing the United States.”

See Also: Designer Money for a Machine-Run Post-COVID World

“Cardano is working on a crypto-native microchip that would enable crypto transactions without internet access.

The way this would work is that the private key from one chip would be transferred to another. It would also provide the proof of erasure, making sure that the key only exists on the new device. The chip could be embedded into a phone case and would not require the internet for transferring of cryptographic keys.

If you can do that, you can basically just tap phones locally with no Internet connection to each other and move value.

This is a long-term project that will take years to perfect. Hoskinson stressed that all the work being done on the chip will remain open source and will not only benefit Cardano alone, but rather the entire crypto community.”

“The ‘Free Ross’ movement has hired a billboard in New York’s Times Square as part of its campaign for the release of the Silk Road darknet market founder Ross Ulbricht. The billboard will display the message and image for several months.

Ulbricht, now 36 years old, was arrested and incarcerated in 2013 for establishing and operating the notorious darknet marketplace ‘Silk Road.’ He is currently into his seventh year behind bars in a double life sentence. Without clemency he will never be released.”

“Steem has completed a soft fork which sanctions the account that went rogue and sent 23.6 million STEEM to Bittrex in protest of a recent hard fork.

An update posted to Steemit on May 22 announced the completion of a soft fork sanctioning community321, stating that ‘the community no longer has control over the account.‘”

22 May

“Top Chinese political advisers have proposed a regional digital currency that would be backed by four major Asian currencies including the Japanese yen, Korean won, Hong Kong dollar and the yuan.

The basket of underlying collateral would follow the special drawing rights (SDR) model of the International Monetary Fund (IMF), where each country’s currency is assigned a different weight based on its economy.

The proposal describes the currency as a “stablecoin,” although it does not explicitly mention crypto or blockchains.

The stablecoin could be launched ahead of China’s national digital currency and pave the way for its rollout by testing use cases to identify potential risks and technical problems. If launched, the stablecoin could be “seamlessly” connected with the digital yuan, the proposal said.”

“Today, the Baseline Protocol published a demo of multiple companies digitally managing purchase orders and volume discount agreements across disparate systems. The demo uses an approach called “baselining” to prevent data inconsistencies and workflow errors that often lead to problems in revenue recognition.

The demo released today highlights how two Enterprise Resource Planning (ERP) systems, Microsoft Dynamics and SAP can maintain consistency with each other using blockchain technology without exposing information about business activities or relationships to competitors or the public.

Baseline’s goal is to accelerate the development and adoption of the Ethereum Mainnet as an always-on, tamper-resistant, low cost integration fabric.

The Baseline approach is a windfall for global enterprises looking to boost security and performance.”

“We are entering a “sunrise period” where some jurisdictions will have regulation and some will not. A shadow network of unregulated exchanges might be created, operating from countries that have not yet implemented the FATF recommendations.

The crypto space is fast to adapt and lower-tier exchanges and unregulated liquidity platforms will accelerate in the face of FATF’s recommendations. In the extreme case, such a bifurcation of crypto would affect fungibility of coins.

We are going to see a bifurcation in the crypto space. We are going to see white crypto; we are going to see gray crypto. And those different forms of crypto will most likely trade at different prices.”

“Other than the new BLS spec, much of the substance is handling edge cases in the network spec and refactoring rewards/penalties for enhanced testing. […] Expectation of only introducing security critical breaking changes from here on out.”

See Also: Eth1 ‘Berlin’ Updates

“In many ways, ETH trades like a venture investment. Investors believe Ethereum will be the underlying technology for the future of decentralized apps. Staking is the key to making ETH function as a value store.

Staking may be the killer app that allows ETH to become a “positive carry asset.” In other words, it generates a positive return for holding it as opposed to, say, gold, which is negative-carry, as it incurs storage costs. Long term, positive carry stimulates demand and creates an incentive to borrow cash to purchase and earn yield.

The magnitude of this shift, I believe, is not reflected in the price of the token.”

“Judy Shelton, President Trump’s nominee for the Federal Reserve board of governors, has advocated for getting back to a gold standard, possibly ‘in a very cryptocurrency way.’

I think that what a gold standard stands for is monetary discipline for its own sake. Money is supposed to be a unit of account, a reliable measure and a dependable store of value.”

“The legislative proposals were reportedly written by staff at the Digital Economy think tank [and] seek a new version of the bill on digital assets, which has been stuck in the Duma for more two years now.

The first draft bill would prohibit the issuance of, and operations with, digital currencies in the nation. Even distributing information about such activities would be banned.

Buying crypto for cash or via a bank transfer from a Russian bank would be subject to a fine up to one million Russian rubles ($14,000) or up to seven years in prison.

Dollar Milkshake Theory (Good Interview)

“The address in question, 17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh, is among the 16,000 listed in a court document in the Kleinman v. Wright case, that Wright claims as his own.

The Catch-22 in this situation is that Wright has denied in court he has access to the private keys to the addresses, so if he said he moved the 50 BTC he’d be in trouble. However if someone else moved the coins, that would indicate the address does not belong to him, again leaving him in a potentially sticky legal situation.

The judge has already questioned Wright’s credibility on more than one occasion.”

“The Cayman Island-based company, which controls 100 million EOS tokens, just under 10% of the current total supply, outlined the criteria it would use to decide on which block producer (BP) candidates to support and vote for.

Block.one wants a BP candidate to disclose where it’s based before it will lend it its hefty support.

The geographical locations of nodes can be easily gamed – it doesn’t make much sense to me.”

21 May

“The bitcoin market sold off more than 7% Wednesday after a Twitter bot alleged a recent bitcoin transaction came from a wallet possibly belonging to Satoshi Nakamoto, the protocol’s creator.

More sophisticated analysis casts doubt on Nakamoto’s connection to these coins. Analysis of the habits of a single, early miner has been used to develop the “Patoshi pattern,” which is believed to indicate which blocks Nakamoto most likely mined and those he didn’t.

The “Patoshi” miner is believed to be Nakamoto, according to the hashrate analysis. Disproving that bitcoin’s creator owned these coins, however, is ultimately impossible.”

See Also: Price Drops 7% in an Hour After Bitcoin Sees a Ghost

“On Tuesday, U.S. House Rep. Brett Guthrie (R-Kent.) introduced a bill calling on the Federal Trade Commission (FTC) to survey the prevalence of blockchain technologies. If passed, the bill would give the FTC two years to conduct the survey.

Guthrie calls for recommendations on state-level blockchain adoption, business sector blockchain adoption, blockchain development plans, risk mitigation strategies, legislative frameworks and how to consolidate potentially prohibitive federal statutes.

The recommendation package would effectively outline a comprehensive blockchain strategy for the United States.

We cannot let China beat us.”

See Also: US Military Is Falling Behind China, Russia in Blockchain Arms Race: IBM, Accenture
See Also: A Former Coinbase Lawyer Is About to Become Acting Head of US Bank Regulator

“France has become the first country to successfully trial a digital euro, operational on a blockchain. The bank says it tested a sale of securities for central bank digital currency (CBDC) on May 14, signalling the beginning of more robust testing.

The current pilot program is focusing on wholesale rather than retail uses for a digital euro.”

See Also: Chinese Communist Party Adds Crypto to Curriculum

“The first large minting of MakerDAO’s dai stablecoin using a bitcoin synthetic has occurred, signaling user demand for inter-blockchain asset support on Ethereum.

Crypto lending platform Nexo minted $4 million dai Wednesday by using WBTC as collateral. The minting of $4 million in stablecoins represents some 3% of the amount of dai currently minted, but about 50% of the WBTC market cap.

Porting bitcoin onto Ethereum is a win-win: DeFi users gain exposure to bitcoin’s liquidity – such as derivatives platform dYdX – while utilizing Ethereum’s transaction speeds.

This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the ethereum blockchain.”

See Also: Spike in User Activity Drives Bullish Divergence for Maker

“Tokensoft, a digital securities platform for enterprises and financial institutions, has used blockchain tech to distribute equity to investors in a $4 million funding round.

While many in the industry speak of the benefits of digitizing private capital markets, Tokensoft has actually done this with its own shares.

I have the ability to hold shares in my wallet, receive dividends, bids or offer shares and gather real-time market data that facilitates price discovery.

The investors receive a digital representation of their investments on the Ethereum blockchain using the ERC-1404 tokens to ensure the SAFE agreements will be enforced on-chain.”

Tesla aiming to put Distributed Renewable Energy Exchange on a Blockchain?

“The UMA Project community approved contracts that allowed creating its first token: ETHBTC. The intriguing thing about ETHBTC, though? No ETH or BTC is needed to make it.

This will be the first deployment of what UMA, a decentralized finance (DeFi) project, calls the priceless token model, one built from the start to minimize the need for oracles.

The mechanisms behind this design have not been proven in the wild. Users should proceed with extreme caution.”

“The continent’s very specific challenges and its enthusiastic workforce are the key ingredients cryptocurrencies like Bitcoin need to succeed.

Fragmented infrastructure means that Africans pay the highest remittance costs in the world, and are the second highest unbanked population, but these could prove to be opportunities in the right hands.

Africa missed the first, second and third industrial revolutions, but we have a real opportunity to be a part of the Fourth Industrial Revolution.”

See Also: This Bitcoin Documentary From Africa Is Streaming on Amazon Prime

“The Steem blockchain has just split, or hard forked, controversially seizing the tokens of key community members who opposed TRON’s recent acquisition of the ecosystem’s biggest dapp, Steemit.

The hard fork’s GitHub page lists all of the users who will have their tokens seized: 64 in total.

A letter was sent on Tuesday by a legal firm representing affected members – calling on exchanges to not support the hard fork. The legal letter calls the fork a “planned theft” and threatens legal action against any exchanges that voted in favor of it.

“THETA.tv will be included in the Samsung Daily app, which is also being upgraded to bring the television service to all existing Galaxy S10, S9, Note10 and Note9 devices. That will extend Theta’s potential global reach to more than 75 million smartphones and tablets.

THETA.tv is supported by the Theta blockchain, which allows users to earn its native TFUEL token while watching or streaming content.”

20 May

“Today the DTCC, the world’s largest securities settlement organization, made two significant proposals to tokenize and digitize securities using distributed ledger technology (DLT). In 2019 the DTCC’s subsidiaries processed securities transactions valued at $2.15 quadrillion.

Project Whitney is the edgier of the two proposals and aims to tokenize private securities and enable secondary trading. This would initially target Regulation D (SEC Exemption) equities.

The tokens would be minted on the public Ethereum blockchain, but there is a compliance oracle that can approve or reject transactions. Additionally, there would be a centralized stock record of the security’s ownership that uses the AWS Quantum Ledger Database.”

“Vitalik Buterin has called for lawmakers to be more accommodating to blockchain protocols, saying they can actually help antitrust agencies fight monopolies and anti-competitive behavior.

Buterin and Schrepel argue antitrust agencies promote decentralization by punishing anti-competitive behaviors to prevent “harmful concentrations,” similar to a blockchain that puts decentralization at its very core layer of functioning.

On a more pragmatic level, the report argues that allowing blockchains to flourish will actually benefit antitrust agencies. As anyone can transact on them, irrespective of location, they can create fairer environments in places where there is either ineffective or non-existent antitrust enforcement.”

“Previously, the bank had issued its ReitBZ tokens on the Ethereum blockchain, raising $10 million in Ether (ETH) and Gemini Dollars (GUSD). $5 million worth of ReitBZ will be switched to Tezos, including the $2.5 million new raise that was conducted in fiat.

The reason behind this diversification is that the bank wants to have its options open, as there is no way of telling which blockchain will prevail in the long run.

BTG Pactual considered working with service providers like Securitize, but decided to do it themselves in order to learn the ins and outs of issuing digital securities.”

See Also: You Can Now Buy Tezos From 10,000 Convenience Stores in France

Opyn: Decentralized Options

“The law would mean Iranian crypto exchanges must be licensed by the Central Bank of Iran and follow legacy foreign currency exchange guidelines, although it’s not apparent how existing exchanges should apply for licensing.

What is clear is the Iranian government is looking to quell capital outflow by preemptively justifying any moves to shut down or penalize local crypto exchanges.”

“A cryptocurrency investment fund has launched a class-action lawsuit in a U.S. court against Block.one and EOS’ high command, arguing the “fraudulent scheme” failed to deliver on its primary promise of decentralization.

It was the 21 block producers (BPs) who really controlled the ecosystem rather than the community itself, the filing reads. Key parts of the governance system such as the arbitrator, who could reverse and freeze transactions at will, were never disclosed at the time of the sale, the plaintiffs claim.

Block.one did not have the ability to create a decentralized EOS blockchain.”