Blockchain & Crypto News Flash: 09-12-2019

The latest Blockchain & Crypto articles - algorithmically curated, ranked, and summarized just for you.


News Flash is a weekly publication that features the top news stories for a specific topic. The stories are algorithmically curated, evaluated for quality, and ranked so that you can stay on top of the most important developments. Additionally, the most important sentences for each story are extracted and displayed as highlights so you can get a sense of what each story is about. If you want more information for a particular story, just click on it to read the entire article.

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Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading

Highlights:

  • Through this partnership, Quant Network’s technology, Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market.
  • Within 10 months it has proven it can provide interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain.
  • Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market.
  • Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange.
  • AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.



What Does Mass Adoption Mean Relating to Crypto? Experts Answer

Highlights:

  • We reached out to experts in the crypto and blockchain industries, asking them their opinions about the meaning of mass adoption relating to crypto.
  • Mass adoption as a store of value is different from mass adoption as a payment method, or mass adoption of smart contracts, or NFTs nonfungible tokens, etc.
  • Mass adoption of cryptocurrency would mean that use of cryptocurrency would become ordinary course, and no longer a point of discussion, just as mere use or acceptance of fiat would not prompt headlines.
  • The next is institutional adoption, which Libra is working on to pave the way (with its army of lobbyists) to enable institutional, political and regulatory acceptance.
  • Mass adoption means governments globally have created an enabling environment for blockchain and cryptocurrency to flourish or adopted the technology in their own practices, whether it's blockchain-as-a-service for intergovernmental transactions, BTC or ETH-based futures contracts or central bank-issued digital currencies.



New Data Gives Unprecedented Insight Into How Iranians Use Bitcoin - CoinDesk

Highlights:

  • Out of 1,650 Iranian bitcoiners surveyed in Persian Telegram groups, 25 percent earned $500 to $3,000 a month from working with cryptocurrency, according to a survey conducted by the analytics firm Gate Trade.
  • The Iranian crypto market is shifting its dominant focus from global exchange platforms to local exchanges and miners, because most centralized exchanges with know-your-customer (KYC) compliance exclude Iranians.
  • He holds bitcoin, liquidates various cryptos as a side job and sends bitcoin to Iranian students abroad to help pay their expenses, including his relatives.
  • Compared to statistics from the CoinDesk 2018 reader survey, which reached predominantly American and European bitcoin users, Iranians are storing significantly more wealth in bitcoin.
  • Although 63 percent of CoinDesk respondents held more than $5,000 in crypto, Iranians are storing a higher concentration of their wealth.



Why does blockchain make people so mad? - FedScoop

Highlights:

  • Blockchain is the underlying technology that powers bitcoin and other cryptocurrencies, but its advertised potential extends way beyond this application.
  • Despite pockets of strong interest in the technology, a number of technologists told FedScoop that “blockchain” and “government” are a fundamental contraction in terms.
  • Most ongoing government blockchain projects use “permissioned” blockchains, where users must be explicitly authorized by some authority.
  • While both of these are official types of blockchain networks, some technologists argue that by making it work for government, blockchain loses its blockchain-ness.
  • Often, however, blockchain solutionism comes from people who don’t understand what the problems in government are, and haven’t bothered to find out.



Tokoin x Infinito; A Technology Integration that Brings An Advanced Crypto-based Wallet Integration with A Super App for MSMEs

Highlights:

  • Infinito provides an ecosystem of blockchain products, services, and solutions for users and businesses to manage and grow crypto wealth, plus build and enjoy blockchain applications.
  • It has successfully merged various services into its product Ecosystem which includes Infinito Wallet, Infinito App Square, Infinito Blockchain Platform, and InfinitoPAY.
  • Currently, Infinito Wallet is a sought after wallet that supports top-tier cryptocurrencies like BTC, ETH, LTC, BCH, EOS, NEO, ADA, DASH, BNB, ONT, XLM, TOMO, DOGE, and has been approved to have 2,000+ tokens supported.
  • On the other hand, this partnership will also allow Tokoin to further reach out to the worldwide users of Infinito, simultaneously allowing Infinito to expand its market to Indonesia (MSMEs).
  • We look forward to providing the best and most advanced technology as possible for both Tokoin’s and Infinito’s users, as well as to the global market.



Crypto's Forgotten Altcoins Re-Emerge: A Look at What's Happening - Bitcoin News

Highlights:

  • While it’s clear to see why interest in the 2000+ altcoins on the market has waned since 2018 shattered so many crypto fantasies, market activity last week indicates something new may be on the horizon for crypto’s forgotten class.
  • In the past week, a slight dip in BTC dominance has gotten some in the space excited about their altcoin pet projects, announcing with gusto to crypto Twitter that alt season is back.
  • Interesting projects like Augur, an incentivized system for predicting future events accurately, and dividends for anonymous bearer shares on BCH using SLPs, are illustrative of the continuing innovation the crypto space encourages.
  • If all the world is a crypto market, and Carl Menger’s monetary theory was correct, there will eventually be a clear winner as the top dog, used-for-almost-all-transactions money of the world.
  • That notwithstanding, many crypto advocates are happy to see their beloved class of tokens reemerge from the shadows a bit, and step back into the mainstream conversation.



Bobby Lee Returns With Ballet, a Crypto Hardware Wallet for the Masses - CoinDesk

Highlights:

  • More than a year after he sold one of China’s longest-running bitcoin exchanges, Bobby Lee, co-founder and former CEO of BTCC, is back.
  • To differentiate its product and spur adoption outside crypto circles, Ballet will generate public addresses and private keys for users in advance.
  • The wallet, also dubbed Ballet, is a piece of metal the size of a credit card that prints a QR code associated with the cryptocurrency wallet address set up by Lee’s firm.
  • Currently, the firm’s product supports native cryptocurrencies on the bitcoin, litecoin, XRP, and ethereum networks as well as tokens that have been issued on specific blockchains such as all ERC-20 tokens.
  • The company does the pre-setup for each wallet being sold to generate blockchain addresses and the associated private keys, but Lee said the firm deletes the data after production.



Report: Libra Stablecoin Tied to Major Fiat Currencies, Excluding Yuan

Highlights:

  • Social media giant Facebook, which is currently trying to get regulatory approval for its Libra stablecoin project, reportedly shared details regarding the project’s proposed backing reserves.
  • According to a report by Bloomberg on Sept. 9, Facebook told United States senators about the backing reserves for the stablecoin — a type of cryptocurrency valued by a reserve currency, commodity or algorithm.
  • In its turn, Facebook purportedly responded by saying that any final determination regarding the backing currencies is the purview of the Libra Association — a consortium of various companies and interested parties that will oversee the Libra’s eventual development.
  • While the above statement leaves open the possibility of Facebook launching Libra in other countries, regardless of American regulatory concerns, it would appear unlikely to catch on in China.
  • This summer, reports surfaced that China was aiming to launch its own national digital currency ahead of Libra.



The invisible use case that should define the crypto movement - Big Think

Highlights:

  • The notion that a few people, 4.11% of Bitcoin owners to be exact, are becoming incredibly wealthy from the crypto movement only perpetuate the idea that cryptocurrencies are about becoming fabulously wealthy.
  • More specifically, continuing narratives about the culture of privilege surrounding cryptocurrencies is a distraction from what should define the primary use case for the crypto movement.
  • While traditional financial institutions are happy to benefit from Bitcoin in the form of derivatives contracts bought and sold through their institutions, they are continually dismissive of the crypto movement.
  • Moreover, Bank of America has expressed continual incredulity about crypto's underlying technology, the blockchain, even as they rack up the most patents for the technology.
  • For the many people who won't become Bitcoin millionaires and who aren't members of the financial elite, cryptocurrencies and blockchain are becoming a vital resource that levels the playing field, inviting total participation in a trustless economy that has a place for everyone.



Chainlink cryptocurrency trading shows signs of pump-and-dump scam | VentureBeat

Highlights:

  • The trading pattern of Chainlink’s Link cryptocurrency suggests a suspicious “pump-and-dump” scam, or an attempt to manipulate the price of the cryptocurrency token, according to an analytics company.
  • The company attempted to grasp the token transactions and token market price, and it found suspicious addresses and activities that have influenced the market price.
  • Sergey Nazarov, CEO of SmartContract, said in an email, “The market for Link tokens operates apart from Chainlink, which has not engaged with any exchange’s requests to list the Link token”.
  • An oracle enables delivery of data to a contract, and Chainlink says it can expand what smart contracts are capable of beyond tokenization.
  • The company’s whitepaper describes how the company provides a secure, reliable, and decentralized oracle mechanism, which the company coauthored with Ari Juels, the former chief scientist of RSA (the world’s leading cybersecurity company).



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