Blockchain Daily News – Edition 4, 07.07.2017
July 7, 2017
Blockchain Daily News – Edition 6, 11.07.2017
July 11, 2017

Blockchain Daily News – Edition 5, 10.07.2017

Blockchain Daily News

by Florin Oprea

Edition 5, 10.07.2017

OMG Section!?!!

Eager Cryptocurrency Investors Have Sunk Thousands Of Dollars Into Joke Tokens

Quartz

The initial coin offering (ICO) craze is getting ridiculous. The latest evidence: A cryptotoken called “Useless Ethereum Token” has raised over $40,000 in just under three days.

FAO: We reported about this joke in our Friday’s edition. No seriously, I think somebody should put an end to this.

Deals, Investments & M&As

New ICO Promises Mainstream Adoption of Cryptocurrencies 

Caleb Simmons – Huffington Post

Corion, a unified, unregulated, decentralized, mobile cryptocurrency platform operating on the Ethereum Classic blockchain, is underway in its ICO. The offering, which will close on July 30, will pay out between 3-25% bonus to participants, with early birds earning 0.2% daily during the offering and service providers generating between 5-10x more return on existing 0-2.5% coin supply growth in the medium term.

Forget An IPO, Coin Offerings Are New Road To Startup Riches

Paul Vigna – The Wall Street Journal (subscription)

Two obscure companies with no sales raised nearly $400 million combined in recent days from outside investors. How did they do it? Via a new, unregulated fundraising method that has no connection to Wall Street and is based in the world of cryptocurrencies.

FAO: We have added this piece in our sister publication FinTech Daily News. The phenomenon has grabbed the attention of the main financial media too.

Cryptocurrencies

Who Watches Bitcoin’s Watchmen? Scaling’s Great Game Of Egos

Pete Rizzo – CoinDesk

In this opinion piece, Rizzo discusses developments in bitcoin’s scaling debate, adding color to the cast of characters involved in the hopes of highlighting essential parts of the disagreement at play.

FAO: More coverage on the Segwit2x proposal in our previous editions i.e. here and here.

Exchanges & Trading Venues

CFTC Formally Registers New Cryptocurrency Swap Execution Facility

Michael del Castillo – CoinDesk

CFTC has granted blockchain startup LedgerX its formal registration as a swap execution facility (SEF), making it the second company ever to be granted the ability to trade digital currency derivatives.

FAO: TeraExchange was the first, last year. Not quite familiar with SEFs? Here’s a page on CFTC website. And here’s the list of all registered SEFs.

Swim or Sink: Central Europe’s Largest Private Bank Embraces Blockchain

Iyke Aru – The Cointelegraph

Another milestone achieved by Blockchain is the testing of Coinfirm’s platform Trudatum by the largest bank in Central Europe, PKO BP.

Vendors

Blockchain Too Slow For Banks, Warns Top Blockchain Firm

Yolanda Bobeldijk – Financial News

Ripple has said there are a “few things wrong” with blockchain in its purest form that make it unsuitable for banks requiring privacy and speed.

FAO: Touché! Marcus Treacher (global head of strategic accounts at Ripple): “Every single bank gets a copy of everything, even when it’s encrypted. That is not going to work.”

Thomson Reuters Launches Blockchain Startup Incubator

Jon Buck – The Cointelegraph

In a recent press release, Thomson Reuters announced the formation of a new startup tech incubator designed to help facilitate up and coming technological innovation including Blockchain.

MIT Enigma’s Catalyst To Be The Quantopian Of Crypto-Assets

International Business Times

Developed by the Enigma team at MIT, Catalyst aims to be the “glue” between cryptocurrency exchanges, while also extending open source algorithmic trading tools like Quantopian and Zipline for use in the cryptocurrencies ecosystem.

BitPeople

Life After Coinbase: Can Charlie Lee Keep Litecoin’s Revival Alive?

Alyssa Hertig – CoinDesk

It might sound surprising, but for the creator of the world’s fourth-largest cryptocurrency, the project was until recently only a part-time job.

FAO: Charlie Lee left Coinbase last month.

Former MtGox CEO Heads To Trial In Japan Over Missing Bitcoins

SBS

The former CEO of collapsed Bitcoin exchange MtGox heads to trial in Tokyo next week on charges stemming from the disappearance of hundreds of millions of dollars worth of the virtual currency from its digital vaults.

FAO: Oh the never ending story of the missing BTCs of MtGox…

Meet The Man Traveling The World On $25 Million Of Bitcoin Profits

Jordan Bishop – Forbes

Everything checked out: here was a man who had truly become filthy rich from Bitcoin.

FAO: A certain Mr. Smith invested $3000 in BTC in 2010…This kind of stories now appearing on every wall. Not so interesting anymore. At this BTC market cap we could easily fill a daily newsletter dedicated to crypto self-made millionaires, some by mistake…  

Latest Developments & Agreements

Mizuho Completes DLT-Based Trade Finance Transaction

Finextra

Mizuho has completed a trade finance transaction between Australia and Japan, digitising all necessary documentation and sharing the data with multiple participants across a distributed ledger.

FAO: Last month Mizuho together with Nomura, Daiwa Securities Group, Sumitomo Mitsui Banking Corporation and R3 have tested a prototype developed using R3’s distributed ledger technology (DLT) platform Corda.

Smart Contracts for Bitcoin? Lightning’s Tadge Dryja Is Working On It

Alyssa Hertig – CoinDesk

Ethereum has created a platform that makes it easy for developers to create nearly any type of smart contract that they want, while bitcoin has been added similar functionality at a much slower pace. But bitcoin developers like Lightning Network paper co-author Tadge Dryja argue there’s a reason for adding smart contract functionality to bitcoin more cautiously.

FAO: Interesting.

Regulation

Polish Regulators Warn Banks and Consumers on Cryptocurrency Risks

Wolfie Zhao – CoinDesk

In a joint statement, the Polish National Bank and the Financial Supervision Commission delivered a broad warning against investing in digital currencies, citing price volatility and the risk of fraud. The regulators clarified that cryptocurrencies – it identifies bitcoin, litecoin and ether – are not considered legal tender in Poland.

Russia Needs Pilot Projects in Cryptocurrency-Communications Minister

Sputnik Internațional

The Russian Communications Ministry supports launching pilot projects involving cryptocurrencies, even if the experiments do not have a positive outcome, Communications Minister Nikolay Nikiforov said Saturday.

In June, Russia’s Central Bank (CBR) said that it had launched work on creating a national virtual currency.

FAO: Here’s is another piece I picked today about Russia’s crypto progress. Worth reading.

Startups, Accelerators & Hubs

The Real Cryptocurrency Boom Is In Asia

Marcuss – ValueWalk

Asian money is a massive force in cryptocurrency prices.

FAO: Of course. We have more coverage on this, as you already know. Try our website’s Archive.

Bitcoin Can Be An Asset But Not Currency: China Central Bank Adviser

Channel News Asia

Virtual currencies like bitcoin are assets but bitcoin in itself does not have the fundamental attributes needed to be a currency that could meet modern economic development needs, a Chinese central bank adviser said.

DNT: Interesting point of view..I am  in a  kind of disagree with it. What do you think?

Analysis

A Top Exec At One Of America’s Oldest Banks Explains Why Ethereum Holds So Much Promise

Frank Chaparro – Business Insider

Cryptocurrencies have been red-hot lately. The price of bitcoin and an ether token, for instance, have been on a tear and are up 121% and 490%, respectively, since April 6.

Mike McGovern, the new head of Investor Services Fintech Offerings at Brown Brothers Harriman & Co, one of the oldest private banks in the US, thinks one blockchain is clearly superior.

Blockchain Solutions Are Moving Beyond The Proof Of Concept Stage

Maria Terekhova – Business Insider

Although by this point most major financial institutions are exploring blockchain and distributed ledger technology (DLT) initiatives, and have even built solutions leveraging the technologies, so far these products have languished in a contained testing or proof of concept (POC) environment, and the prospect of taking them live seemed distant.

\Now, however, there are indications that FIs are finally moving beyond the POC stage.

Opinion

Distributed Ledger’s Promise A Few Years Off

Markets Media – Tim Coates, Synechron

Distributed ledgers might change financial services forever, but for now, financial firms should be prepared to take baby steps for at least a few years, according to experts.

 

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

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News