Blockchain Daily News – Edition 37, 23.08.2017
August 23, 2017
Blockchain Daily News – Edition 39, 25.08.2017
August 25, 2017

Blockchain Daily News – Edition 38, 24.08.2017

Blockchain Daily News

by Florin Oprea

Edition 38, 24.08.2017

OMG Section!?!!

Estonia May Hold An ICO And Issue Its Own Cryptocurrency

Fitz Tepper – TechCrunch

We’ve officially hit peak ICO. Estonia, a small country in Northern Europe, just floated the idea of potentially raising money by issuing a token called “estcoins“.

Estonia is pretty forward thinking when it comes to technology – they are the first nation to offer an e-Residency program.

FAO: Finally, a positive story in #OMG Section!?!! I think it’s a good idea. Let’s see if the Estonians are bold enough to do it…

Deals, Investments & M&As

China’s Fosun Invests In Local Version Of Bitcoin Tech Blockchain

Reuters

Chinese conglomerate Fosun Group has made a foray into blockchain with an investment in Shanghai Distributed Technologies Co Ltd, the startup behind Onchain, a local version of the much-hyped technology that underpins virtual currencies such as bitcoin.

FAO: Prepare yourself for more similar reports from China in the near future.

Cryptocurrencies

Bitcoin’s Battle Over Segwit2x Has Begun

Alyssa Hertig – CoinDesk

Part of a statement in a larger BitPay blog post last week, the words were meant to urge the bitcoin processor’s users to upgrade their software ahead of a scheduled code upgrade. It’s safe to say, however, that they didn’t have the intended effect, setting off a firestorm of angry commentary.

That’s because BitPay was indicating support for “BTC1,” an alternative software client to Bitcoin Core, the one used by over two-thirds of the network. But the blog post didn’t describe the possible consequences of downloading the software. In bitcoin, incompatibility can have economic consequences – namely, the creation of two bitcoin assets, a development that’s still splitting sentiment.

Current XRP Price Rush is Caused by Korea’s Bithumb Exchange

JP Buntinx – Live Bitcoin News

One never knows what the next day will bring in cryptocurrency, that much is evident.

FAO: Ok, so now we know why XRP jumped so high, so fast…

Ethereum Will Be Worth $1,000 in Couple of Years: Aragon Co-Founder

Joseph Young – The Cointelegraph

Fred Ehrsam, Coinbase co-founder, has said at Y Combinator Demo Day 2017, an annual event held by one of the most prominent and leading venture capital firms, that only two startups out of 130 are building Blockchain-inspired products.

Exchanges & Trading Venues

China’s Biggest Bitcoin Exchanges Are Facing Scrutiny Over How Idle Client Funds Are Put To Use

Zheping Huang – Quartz

China’s two biggest bitcoin exchanges, Huobi and OKCoin, collectively invested around 1 billion yuan ($150 million) of idle client funds into “wealth-management products,” state newswire Xinhua wrote in an Aug. 17 report (link in Chinese), citing an investigation by the People’s Bank of China. As has been noted elsewhere, such products in China are often high-yielding and risky. On the same day that the investigation was reported, bitcoin hit an all-time high of $4,500.

FAO: As the author pertinently notes, this partly explains how Chinese crypto exchanges made their profits without charging transaction fees…There’s no such thing as a free lunch…

Vendors

Silicon Blockchain: Intel’s Distributed Ledger Strategy Is All About Hardware

Michael del Castillo & Bailey Reutzel – CoinDesk

Ricardo Echevarria, vice president of Intel’s software and services group, opened up about his company’s approach, explaining why Intel moved from early experiments with cryptocurrencies to designing enterprise-grade blockchain solutions powered by its existing technology.

Hyperledger Blockchain Consortium Reveals Hybrid ‘Sawtooth Ethereum’ Tech

Michael del Castillo – CoinDesk

A proof-of-concept called Sawtooth Ethereum, or “Seth” for short, has been completed. The proof-of-concept looks to enable the use of ethereum smart contracts on Hyperledger Sawtooth, Intel’s addition to the Linux-led consortium’s code.

BitPeople

1,000 Universities: IBM’s Ambitious Plan to Fill Vacant Blockchain Jobs

Michael del Castillo – CoinDesk

There’s a staffing problem in the blockchain industry: simply, there are too many open positions and too few blockchain specialists.

Now, to help meet that rapidly increasing demand, IBM is partnering with Baruch College, Fordham University, University of Arkansas, University at Buffalo and the University of British Columbia to establish a series of grants, design blockchain curricula and more.

FAO: Good! That’s about a third of total no. of universities in the USA.

Latest Developments & Agreements

R3 & Synechron Collaborate On Phase 2 Of Corporate KYC

Ian Allison – IBT

The LEIA 2 project includes 12 banks and follows on from the KYC work already carried out by R3 with its members.

Regulation

The IRS Has Been Using Bitcoin Tracking Software Since 2015

Stan Higgins – CoinDesk

The Internal Revenue Service is using bitcoin transaction tracing tools developed by startup Chainalysis, according to a new report.

FAO: The IRS launched an investigation into customers who traded on Coinbase. The latest developments in the IRS probe were most recently mentioned here.

Other news

Ethereum Identity System uPort Working With Brazil’s Ministry of Planning

Ian Allison – IBT

uPort is a self-sovereign identity system that allows people to own their identity and control the flow of their personal information.

Blockchain Technology May Be Introduced In Russia’s Armed Forces

TASS

Blockchain technology may be introduced in the Russian armed forces, Voentelecom’s CEO and Head of the Information Telecommunication Technologies priority technological movement Alexander Davydov said in an interview with TASS.

FAO: No surprise here. The U.S. Navy also revealed plans to trial blockchain technology – check this June (soft launch) edition.

 

FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News