There has been a long-standing feud between the Cardano CEO and CoinDesk. He has tweeted several instances in which other alternative coins have been published on the site, but have yet to mention his project, Cardano.
CoinDesk was one of the very first cryptocurrencies sites, that was established back in 2013. It is rather ridiculous that they have yet to publish something about the project, seeing as it is the seventh largest cryptocurrency by market cap.
Charles wasn’t done there though, next he moved on to calling out EOS – more specifically, Dan Lariner.
The Twitter account, @cnLedger, tweeted about the Chinese internet security giant 360 finding significant bugs in the EOS platform and Hoskinson felt it was necessary to re-tweet them all.
The vulnerabilities have now been taken care of on EOS, but it was quite funny that he stirred up that pot again.
Still, Hoskinson is looking ahead and has concluded his daily tweets by saying:
So you know what we are going to do now that cardano 1.2 is out? Start getting Cardano 1.3 ready for QA. That boulder ain’t going to push itself up the hill!
Blockchain technology is gaining popularity at a steady rate. In fact, there have been numerous companies, and governments, that have expressed a desire to adopt the technology. This means we see a new piece of blockchain news almost every week. However, things got a little bit more interesting this week, in terms of what blockchain news became “trending” news.
This week, we have seen the CEO of Funcity announce his plans to utilize blockchain technology and announce what exactly he plans on doing with it. It’s cool, too. Plus, if it works, it’s bound to be a hit.
Over the weekend, at an event following this year’s Guiyang BigData Expo, the CEO of Funcity, Chen Weixing, announced that he is planning to develop a blockchain-based ride-sharing app. Essentially the app, built entirely with blockchain technology, will be similar to Uber. The blockchain-based ride-sharing app will be built alongside Yang Jun.
With this announcement, there is a lot to look forward too. For starters, Yang Jun is one of China’s largest group discount apps. Then, we have Mr. Weixing: a man who not only has a background in blockchain technology but a passion for it as well. Not to mention, this forthcoming blockchain-based ride-sharing app will be the first time blockchain technology has tested on a social application. At least, the first time being tested on a mass scale. Now, do you see why this is major blockchain news?
Right now, we don’t know details about how the blockchain-based ride-sharing app will work. In due time we will (hopefully) find out which blockchain platform the app will be developed on. It will also be interesting to know how the CEO plans on dealing with various blockchain problems he may encounter along the way.
The Blockchain News Takeaway
As mentioned, numerous companies are starting to adopt blockchain technology into their corporate models, but it’s when ideas like this get posted that we can really envision the ways in which blockchain technology can be integrated into the real world.
What do you think? Do you want to live in a world fueled by blockchain-based services? Or is that a little too futuristic for the moment?
Chinese researchers have cobbled together a report that shows that many blockchain projects don’t last long. According to Bitcoin.com, the report stated that the majority of blockchain ventures average only a little over a year.
The report continued to say that less than a tenth of the blockchain projects looked at were still active. This blockchain project report was released at the International Big Data Industry Expo 2018 in China, presented by He Baohong, the Director of the Cloud Computing and Big Data Research Institute at the China Academy of Information and Communications Technology (CAICT).
Keep in mind that this report doesn’t capture every single blockchain project out there. There will, of course, be exceptions. However, of the projects included in the study, the results they found certainly seem less than encouraging for blockchain startups. The exact scope of the study wasn’t released.
Approximately 80,000 worldwide blockchain projects seem to have been looked at and the study concluded that only 8 percent of them are still active today. Most blockchain projects looked at held an average lifespan of only about 1.22 years.
What’s the issue? He Baohong stated that many blockchain projects start extremely quickly but then die just as quickly. Part of the problem may be that there isn’t enough government support behind blockchain projects.
He Baohong told China Money Network that “In this circumstance, governments are accelerating their efforts to establish unified standards in order to help blockchain projects achieve real-life applications.”
This would indicate that the problem for some blockchain projects is that they fizzle out before they can get their actual working product up and running. Maybe this is because they run out of money, which would be where government support might be helpful.
What do you think? Do you believe the numbers? Think you can come up with a better solution? Let us know in the comments below.
Great news for the lovers of blockchain technologies! Day by day, leading DLT-based projects mature, increasing not only the enthusiasm but also the expectations of investors. There are some important Blockchains you should watch out there and we’ve picked our favourites!
Beyond the interest in cryptocurrency prices (very important, indeed) the evolution of technology behind a token is something that captures the attention of millions of enthusiasts.
And with the incredible media coverage that some cryptocurrencies have had, there is no doubt that both technological and economic value have an intimate connection in the crypto universe.
If 2017 was the year of cryptos, 2018 will be the year of the blockchain. And of all the weeks of 2018, this one seems to be in sharp competition with the recent Blockchain Week.
The implementation of a mainnet is of vital importance as it implies the real birth of a project. It is an idea that has become a reality, and although there are important initiatives still in the development phase, three great ideas are coming to light this week:
Blockchains You Should Watch: TRON (TRX)
Created by Jack Ma’s disciple, Justin Sun, Tron is a blockchain focused on content distribution through decentralized protocols. This vision was theoretically “expanded” towards the goal of a decentralized Web.
In addition to the excellent business acumen of its creator, TRON’s popularity increased considerably after being recommended by John McAfee as part of his famous “Crypto of The Day” series.
One of the negative points that stained TRON’s reputation but which no doubt gave it considerable exposure was the accusations that it had copied its whitepaper text from other pre-existing projects.
Tron has been given great media coverage lately due to several strategies, among which are the acquisition of BitTorrent, several airdrops before the mainnet, partnerships with several startups and controversial announcements such as its advantages over Ethereum and even the statements of a “flippening” in which Tron will surpass Ethereum.
TRON is currently ranked number 9 in the global ranking with a market cap of $4,714,560,393: 300M behind Cardano and 400M after Stellar. However, it is important to note that regarding the volume of operations, TRON is ranked number 6.
EOS is currently ranked number 5 in the top cryptos, with a market cap of almost $11M – just 7M behind Bcash. However, at a trading volume level, EOS is in position number 4, surpassed only by BTC, USDT, and ETH, practically doubling BCH’s trading volume.
The launch of the EOS mainnet is planned for June 2nd.
Oyster is a blockchain that uses a combination of ETH and IOTA protocols to decentralize file storage in the cloud and provide a beneficial solution for users and webmasters to monetize their pages without the need for invasive strategies such as ads.
“Oyster is a true ‘two-birds-one-stone’ project thats solves easy-access anonymous storage and traffic revenue generation. The Oyster protocol creates a set of network based economic circumstances which causes monetary value to flow from the pockets of those who want to spend on anonymous storage into the pockets of those who want to monetize their web content.
Adverts are distracting and invasive. They take up precious pixel space, often break the content and design continuity of websites, and are rarely politically neutral. Adverts must always be manually interpreted and approved for ethics compliance, therefore the system can never be fully decentralized. A famous example of a website that understands the inherent flaws in banner advertising is Wikipedia.
To illustrate the unseen economic potential of Oyster, imagine the potential revenue generation of Wikipedia. If Wikipedia enabled Oyster it would be able to pay for server costs without having to solicit their users for donations every year (which breaks design/space aesthetics like adverts and financially burdens the users themselves).
Payments to website owners are completely automated and decentralized, therefore no economic leverage is held against them.”
The Oyster Team has announced that the launch of Oyster’s mainnet will be on May 29th
Reuters reported on Thursday that Commerzbank and multinational group Thyssenkrupp successfully used the R3 Corda blockchain platform to complete a €500,000 forex transaction. The transaction uses a blockchain to store the entire transaction as a single, invariable record. Participating companies and banks do not have to worry about the reconciliation of transactions, and this greatly reduces transaction delays and manual errors caused by the current reconciliation process.
R3 Corda Blockchain
R3’s Corda platform completed a €500,000 transfer with a EUR/PLN foreign exchange forward contract. Reuters stated that since the blockchain stores the entire transaction as a single immutable record, both the company and the German commercial bank need not worry about transaction reconciliation. This is because the confirmation of the transaction will be immediately sent to ThyssenKrupp. Future transactions in the blockchain will also be confirmed immediately, which will reduce delays and manual errors caused by the current reconciliation process.
Nikolaus, manager of the German Commercial Bank, said in a statement that when it comes to foreign exchange transactions, reconciliation is “a big problem for banks.” He went on to say:
“Important resources are dedicated to solving problems that arise during the matching process. This transaction demonstrates how the use of distributed ledgers (blockchains) can enable the transformation and digitization of processes in this area.”
Reuters reported that, despite the success of the trial, Commerzbank wanted to continue research on this technology. In particular, the “need to further develop technical, regulatory and legal requirements in order to fully realize the use of blockchain efficiency advantages.”
Monero (XMR) lead Riccardo Spagni, also known as “Fluffypony”, is joining forces with Dan Teree and Naveen Jain. Together, the trio is creating a brand new blockchain that will sell event tickets for the benefit of the event producers. The new venture is called the Tari Blockchain.
The Tari Blockchain
The point of this new blockchain, otherwise just known as Tari, is to cut out the middleman reports Fortune. It’s to ensure that the artist, or whoever is actually putting on the event or show, receives the majority of ticket sales.
Riccardo Spagni will be Tari’s CTO. He will be in charge of building the open source developer community. The plan is to build Tari on top of Monero, linking the Tari blockchain to the Monero blockchain as a “merge-mined side chain.”
Dan Teree and Naveen Jain each bring to the project their own spin of expertise; Teree has long been in the ticket selling business and Jain (set to be Tari’s CEO), is an angel investor with over 40 ventures and experience in the e-commerce industry.
Tari wants to compensate the owners of the events by linking them directly with potential buyers instead of having to go through a middleman seller that takes some of the profit from the ticket sales. The Tari blockchain, which still needs to be created, will track each ticket sold and keep a record of sales forever.
Eventually, Tari wants to morph into an e-commerce-type marketplace selling a range of digital goods from loyalty points to other cryptocurrencies. This will be where Jain’s expertise comes in handy. Tari will have its own token as well, called Tari tokens, which Monero miners will be able to earn when putting their CPU power into the blockchain (thanks to the direct link to the Monero blockchain).
2 days ago, Tong Xiaomin- chief engineer of the information center of the Ministry of industry and information, Yu Jianing- director of the industrial and Economic Research Institute, and Luo Zhiyong- the founder of the finance and Economics Institute, jointly prepared a document named as “White Paper of the 2018 China Blockchain Industry”
In the document released on 20 May during the “Chain Unlimited” 2018 China Blockchain Industry Summit that was held in Beijing, the authorities exhaustively analyzed the evolution and current state of the Chinese blockchain industry.
According to official publications, the “White paper” – which exceeds 100 sheets of content – shows a promising outlook for the development of blockchain technologies in the country despite its bad reputation:
“The white paper shows that at present, China’s blockchain industry is in the high-speed development stage, entrepreneurs and capital are constantly pouring in, the number of enterprises is increasing rapidly, and the Internet giants are actively layout in the area of blockchain to promote the development of blockchain industry.”
China is the country with the most significant number of registered blockchain-related patents. According to data published by the Financial Times the World Intellectual Property Organisation (WIPO) database shows there were a little over 400 patents filed for blockchain or “mutual distributed ledger” technologies with over 225 of them being Chinese. Just as a comparison, only 91 of the patents filed are from the US.
The Chinese government has been able to promote the development of blockchain technologies while actively discouraging the use of cryptos, a differentiation that has not stopped the development of this industry. Bitmain, the leading supplier of ASICs for crypto mining is located in China, and there are large market cap cryptocurrencies of Chinese origin such as TRX, QTUM, and NEO.
The MIIT provides a fairly positive summary of the document:
“The white paper summarizes six main characteristics of the development of China’s blockchain industry: first, the initial formation of the industrial chain of China’s blockchain is in the ascendant. Second, the geographical distribution is relatively concentrated, and the effect of industrial agglomeration is obvious. Third, the application of blockchain is diversified, from financial extension to entity field. Fourth, to achieve ‘collaborative information,’ help the real economy to reduce costs and efficiency. Fifth, technology abuse leads to some risks in industrial development. Sixth, the industrial policy system has been gradually constructed, and the industrial development environment has been continuously optimized.”
Several Chinese industries are working on the development of blockchain technologies for economic and productive applications. The primary investment sectors are security, data and identity management and product traceability, among others.
Microsoft’s New Identity System: Microsoft, the world’s sixth-largest IT company, announced its blockchain-based distributed identification system at Consensus Conference 2018, The identification system is used to monitor cryptocurrencies and the stock market.
For Bitcoin, this news may be particularly encouraging because Microsoft developers hinted that they would use real Bitcoin chains to build platforms.
Microsoft’s New Identity System
Although Microsoft founder Bill Gates bluntly criticized cryptocurrency and called it “nonsense”, the company still chose to enter the blockchain field to promote its authentication process.
Ankur Patel, chief project manager of Microsoft’s authentication project team, is the leader of the incubation project. He explained in the blog how important the project is to people and how blockchain technology will provide an easy-to-use self-owned identity to fully control the access and use of data.
“In order to realize this vision, we believe that it is very important for individuals to own and control their digital identities. Individuals need a secure, encrypted digital center where they can store their identity data and easily control access to it instead of the default authorization. Give countless applications and services, and have their identity data spread across many providers.”
Microsoft’s new project hopes that trust comes from individuals and communities, rather than from identity authentication and access management as traditional identity systems do.
The company has begun to participate in the establishment of the Distributed Identity Foundation (DIF) to build a distributed identity ecosystem based on standard open source technologies, algorithms, and reference data. Patel said his team is collaborating on the development of distributed identifiers (DIDs), identification centers, universal DID parsers, and verifiable certificates.
Bitcoin Lightning Network
Patel said that the team needs the underlying technology to achieve the same scale operation as the traditional system, but in some blockchain communities, as the volume of transactions on the chain increases, the distributed state of the network also declines, making it impossible to achieve millions of trading volume per-second.
To overcome these technical hurdles, Microsoft is “running these distributed layer 2 algorithmic protocols on these public blockchains to achieve global-scale volume while maintaining the attributes of world-class DID systems.” Through this statement, social media on Reddit, specifically the Bitcoin community, suspects that Microsoft may use the Bitcoin Lightning Network to build an identity system.
Over 30 events are going on at the same time at Blockchain week. So significant is this event that the attendance doubled last year’s numbers and the international coverage was so extensive that it even included non-specialized media. These figures show the importance that society is currently giving to blockchain-based technologies.
The first day was hectic and exciting and the second day of the NY Consensus did not disappoint either. Even though many important topics were covered – so many that it was impossible to review them all – most of the conferences focused on one common point: the practical application that is being given to distributed ledger technologies.
2018 is proving that blockchain is much more than a promising technology, with many ongoing applications already generating positive results. Of course, this doesn’t even take into account the prospect of various new business ventures that will inevitably take off once the technology reaches a higher level of maturity.
The most exciting conferences, which focused on this topic, took place throughout the morning. The following is a summary of the most critical points that were discussed during the day.
During this conversation, many questions were addressed regarding the legal framework that regulates intellectual property, and how the development of blockchain technologies can currently help governments and specialized companies to improve information management processes.
The conference was given by Linda Pawczuk (Deloitte), Michael Kruljac (Georgia-Pacific LLC), Tim Davies and Stephen MacKenzie (Koch Industries)
According to the panelists, companies are looking for ways to legitimately use blockchain technologies. Market analysis shows that at least 5.4 Trillion Dollars are traded in intellectual property values, meaning approximately 30% of revenue for the purchase of an asset subject to one of these regulations.
What is the Problem we are Trying to Solve Using Blockchain with IP?
Koch Industries offers a quick contextualization of the problem:
“If you think about tangible assets like a house or a car, imagine a system where you didn’t know who previously owned your house or who previously owned your car. Would you be able to resell the house? Would you be able to get a loan? Would your car be repossessed?. That’s exactly the problem we face today with intellectual property. We don’t truly know who owns it or who uses it and the current system is just not set up for it, it’s just not fit for that particular purpose especially in today’s economy”.
According to the panelists, the current system is so archaic that it is virtually impossible to entirely rely on the results it generates when dealing with intellectual property:
“That’s exactly what happens today, The system does not allow you to do a chain of title search, does not allow you to verify ownership… Because that system is very inefficient, it’s paper-based, it’s decades old, you cannot effectively use innovation in today’s economy”
To facilitate the understanding of the case, it is important to identify in a fundamental way the actors involved in the processes related to patent management, at least in the United States:
They used the following as an example: An inventor (Mike) creates a drink, and under the contract, the bar owner (Moe) acquires rights over that recipe. He may choose to license it or use his exclusive right to attract customers. That’s where the IP ownership chain begins.
Each licensee would perform a “reverse chain of title search” to ensure that there were no problems or contradictions: In that sense, they would make the corresponding inquiries, did Moe get the rights from mike? Did Mike actually have an obligation to assign the rights? and an even more savvy licensee will go further again, searching to see if Mike misappropriated the recipe from previous employers.
These searches are extraordinarily complex and ineffective in the traditional system but can be done quickly and practically free of charge, should distributed ledger technologies (DLTs) be used in said cases.
Real Benefits and Prospects
According to Koch industries, Blockchain can fix the problem not as an “incremental improvement” but as a “wholesale fix.”
Everything would be seamless and non-friction:
“All the licensees would get instant verification of ownership going all the way back to Mike. He could set up a smart contract to self-execute and collect royalties based on it … banks… when they go ahead and put a security interest… so once Moe pays off a loan that contract is instantly put onto the blockchain as it is paid off.”
Deloitte goes much further, explaining the interest from a more pragmatic and lucrative perspective without losing sight of the business vision associated with this type of service:
“An organization like ours would see a reduction in costs associated with transferring, signing and licensing intellectual property … the due diligence cost should be substantially reduced, and it’s also important regard greater visibility and verifiability from the platform, the sort of embedded insurance, requirements in contracts that are designed to compensate for potential shortcomings in titles, the need for those would be reduced, and that will reduce cost in terms of legal times and other issues”
Rewiring Trust: Enabling Enterprise Networks and a Token-Driven Economy
Bridget van Kralingen of IBM mentioned her organization’s support for the development of microfinance through the promotion of exchanges and remittances between countries, especially those in extreme poverty.
She also mentioned that IBM had established critical strategic alliances with two companies that can make an immediate and tangible contribution to the world of cryptos and blockchain in general.
Todd Lemons of Veridium talked about how the use of tokenized assets allows for a direct and positive impact on environmental sustainability initiatives.
Simon Moss of Global Citizen was also invited to talk. The announcement of a partnership with IBM and this NGO had already been made, however, on the second day of the event, a little more was said about the role of blockchain as a tool to stimulate micro-donations and microfinance. According to Mr. Moss, one of the reasons why the number of donations has been declining over the last few years is due to a lack of confidence. If people cannot see the destination of their funds, trust in the recipient decreases, especially if it is cross-border payments.
The blockchain solves this problem because users can track the destination of their donations in real time, thus increasing the transparency of the market.
2018: The Year of Pragmatism
Linda Pawczuk and Rob Massey from Deloitte were in charge of this segment, presenting the results of a study called “Deloitte’s 2018 Global Blockchain Survey Preview”.
They conducted an international survey, which shows the level of compliance or skepticism large investors have regarding disruptive technologies.
The survey polled a sample of 1053 senior executives in 7 countries: Canada, France, Mexico, USA, China, Germany, and England. These were executives working for organizations with $500m in annual revenue and with a relatively broad knowledge of blockchain and cryptocurrencies
They presented a slide with some interesting results:
Blockchain-savvy global executives hold more pragmatic views and look to move solutions into production within the next year
Blockchain fatigue by some – but positivity by others, has been viewed as a leading indicator
The upcoming year will be one of significant commercial blockchain activity.
According to the results, Blockchain is one of the most important Topics of interest for major companies around the world:
Also, it is expected to see big investments in the development of DLTs in the short term:
Government and regulations seem to be the biggest obstacle for a global Blockchain adoption according to the impressions of the people participating in the study:
The majority of the investments are going to the development of “permissioned” blockchains. After that, there is no preference between public and private networks, both have 44% of interest:
Finally, they concluded with a few words which summarize the general feeling of all those happy to belong to this community of technology enthusiasts who could change the world:
“This is history we’re making, and we’re living this together.”
The full survey will be available in June.
Other Notable Examples of Adoption and Current Uses were:
The creation of a blockchain-based initiative to facilitate payments to rural populations in the Philippines
Kaleido Announcement: A platform that reduces the effort of large companies to adapt to processes that can be solved with the traditional “clicking” of many basic computation programs.
The presentation of ConsenSys as a platform that allows applying different cases of use of blockchain technologies to everyday life, with a level of adoption and simplicity never before seen.
A Stable Market
Some people expected to see a price boom immediately after the start of the conference, however, after the most recent fall – attributed by some to the sales made by the Mt Gox trustee, Bitcoin has remained stable after the bearish event with a strong resistance of over $9,000 dollars.
Brian Kelly is a household name in the financial world. The Wall Street vet has spoken of cryptocurrencies and blockchain in the past, but now, it appears the investment manager is going all in. How? By starting a blockchain ETF.
Brian Kelly Starts Blockchain ETF
On Wednesday, Brian Kelly announced that he is starting a blockchain-based ETF, otherwise known an exchange-traded fund. For those who don’t know, Brian Kelly is the CEO of the BKCM fund, which is an independent investment firm. The BKCM fund focuses primarily on crypto and blockchain. The investor and author confirmed that he will be working alongside Gregg King, REX Shares founder. The plan is to manage a portfolio of around 30 companies, using blockchain technology.
Essentially, Kelly and King want to allow investors an efficient way to capitalize on the hype surrounding blockchain technology. In an interview, Kelly stated that people ask him how to invest in blockchain all the time. Specifically, how to invest without worrying about storage and hacking. The BKC ETF is Kelly’s attempt at a solution to this problem.
It’s not just Brian Kelly that’s excited about the blockchain ETF. Though, he is — he’s shared the news both in interviews and on social media. REX Shares is just as much a part of the blockchain ETF, and the organization made its voice heard today too.
On Twitter, REX Shares shared the following messages:
The crypto and blockchain communities appear to be optimistic about the blockchain ETF. In fact, even Fundstrat co-founder Thomas Lee joined in on the conversation, tweeting his congrats to Brian Kelly.
Congrats @BKBrianKelly… ETFs that get exposure to crypto/blockchain via equities make increasing sense as many of the successful projects/enterprises in crypto are equities—crypto exchanges, payment platforms, custody, wallets, etc https://t.co/xJF6Xwt8v2