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Chainabuse allows crypto users, victims of financial crimes and crypto businesses to report, discuss and actively issue warnings to reduce the effectiveness of scams.
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2:56 Crypto giants co-launch Chainabuse platform to water down rising scamsNEWS
Seven major crypto companies — Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs and Civic — joined hands to launch a community-driven scam reporting tool. Named Chainabuse, the tool aims to enable crypto users to issue warnings and discuss ongoing fraudulent activity such as scams and hacks in real-time.
Launched on Wednesday, the Chainabuse platform aims to counter the ongoing scams plaguing the crypto ecosystem. On May 4, Cointelegraph warned the community about the rise in Ape-themed airdrop phishing scams.
Chainabuse serves as a one-stop-shop platform for crypto users, victims of financial crimes and crypto businesses to actively report, discuss and issue warnings and ultimately reduce the effectiveness of the scam.
In the announcement, TRM Labs highlighted that crypto companies often issue warnings on social media platforms such as Twitter and Discord that are easily missed and difficult to keep track of. However, companies and crypto investors can use Chainabuse’s public forums to upvote, downvote and leave comments to provide additional information about a reported illicit activity.
The free-to-use platform also maintains a database of illicit activities that, in the future, can be used by crypto users to investigate projects before making an investment. Joe McGill, Chainabuse’s chief architect and former U.S. Secret Service and Postal Investigator, called attention to the numerous instances when crypto communities came together “to root out bad actors and help protect each other,” adding:
“Chainabuse was designed to make it easier for more people to play an active role in advancing that culture.” Moreover, all the representatives of the seven crypto companies stressed the importance of safeguarding the interests and people of the crypto community — pointing out that fear of rug pulls and being hacked hampers the overall adoption of cryptocurrencies.
Related: Binance takes legal action against fake billboard ads in Turkey
The Turkish arm of crypto exchange Binance recently took an offensive stance against scammers that were found to be using billboards to advertise fake Binance-branded investment opportunities.
In the latest warning issued by Binance Turkey, the billboard is shown sporting an advertisement for the “Binance Tourist xchange,” which has no affiliation with the original Binance, founded by Changpeng “CZ” Zhao. On April 15, Binance launched its first 24/7 customer service center in Turkey as it prepares to expand the service worldwide.
ETH bulls are aiming to flip $2,000 back to support, but these two metrics point toward further downside.
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3:56 2 key Ethereum price metrics suggest traders will struggle to hold the $2K support levelMARKET ANALYSIS
Ether (ETH) price has been trying to establish an ascending channel since the May 12 market-wide crash that sent its price to $1,790. Currently, the altcoin’s support stands at $2,000, but the high correlation to traditional markets is causing traders to be highly skeptical s cryptocurrency market recovery.
Ether/USD 4-hour price at Bitstamp. Source: TradingView To date, the Federal Reserve continues to dictate the markets’ performance and uncertainty has been the prevailing sentiment because the central banks of major economies are trying to tame inflation. Considering that the correlation between crypto markets and the S&P 500 index has been above 0.85 since March 29, traders are likely less inclined to bet on Ether decoupling from wider markets anytime soon.
Currently, the correlation metric ranges from a -1, meaning select markets move in opposite directions to a +1, a perfect and symmetrical movement. Meanwhile, 0 would show disparity or a lack of relationship between the two assets.
U.S. Federal Reserve Chairman Jerome Powell emphasized on May 17 his resolve to get inflation down by raising interest rates until prices start falling back toward a "healthy level." Still, Powell cautioned that the Fed's tightening movement could impact the unemployment rate.
So from one side, the traditional markets were pleased to be reassured that the monetary authority plans a "soft landing," but that doesn't reduce the unintended consequences of achieving "price stability."
Regulatory uncertainty also had a negative impact Further pressuring Ether's price was a document published on May 16 by the U.S. Congressional Research Service (CRS) that analyzes the recent TerraUSD (UST) debacle. The legislative agency that supports the United States Congress noted that the stablecoin industry is not "adequately regulated."
In the same time, the Ethereum network's total value locked (TVL) has dropped by 12% from the previous week.
Ethereum network total value locked, ETH. Source: Defi Llama The network's TVL dropped from 28.7 billion Ether to the current 25.3 million. The doomsday scenario brought on by Terra's (LUNA) collapse negatively impacted the decentralized finance industry, an event which was felt across the board on the smart contract blockchains. All things considered, investors should focus on the Ethereum network's resilience during this unprecedented event.
To understand how professional traders are positioned, including whales and market makers, let's look at Ether's futures market data.
Ether futures shows signs of distress Quarterly futures are whales and arbitrage desks' preferred instruments due to their lack of a fluctuating funding rate. These fixed-month contracts usually trade at a slight premium to spot markets, indicating that sellers request more money to withhold settlement longer.
Those futures should trade at a 5% to 12% annualized premium in healthy markets. This situation is technically defined as "contango" and is not exclusive to crypto markets.
Ether futures 3-month annualized premium. Source: Laevitas As displayed above, Ether's futures contracts premium went below 5% on April 6, below the neutral-market threshold. Furthermore, the lack of leverage demand from buyers is evident because the current 3.5% basis indicator remains depressed despite Ether’s discounted price.
Ether's crash to $1,700 on May 12 drained any leftover bullish sentiment and more importantly, the Ethereum network's TVL. Even though Ether price displays an ascending channel formation, bulls are nowhere near the confidence levels required to place leveraged bets.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
On Wednesday, ShapeShift — a Swiss decentralized autonomous organization (DAO) hosting a cryptocurrency trading ecosystem — announced that its centralized corporate brand, ShapeShift AG, has formed the FOX Foundation. The nonprofit organization's stated purpose is to oversee the decentralization of its namesake trading platform and assets.
The FOX Foundation’s charter includes handling tasks such as paying bills in fiat currency, hosting servers, maintaining the platform’s centralized infrastructure until the transition completes, and replacing ShapeShift’s backend node with decentralized infrastructure FOXChain, developed in conjunction with Coinbase Cloud.
According to the company, ShapeShift became the first in the space to fully decentralize its corporate structure and open its source code when it did so in July 2021. Because the move was somewhat unprecedented, the establishment of the FOX Foundation serves as a solution to ensure the neutrality of the ecosystem. FOX Foundation is neither led by ShapeShift AG nor ShapeShift DAO and has the singular charter of decentralizing the platform’s assets as efficiently as possible. Once the task is complete, the foundation will dissolve and distribute the remaining funds to the ShapeShift DAO Treasury.
Regarding the development, Willy Ogorzaly, head of decentralization for the FOX Foundation, said:
“While the necessary tooling and infrastructure are maturing rapidly, it will take time for the DAO to achieve its final, fully autonomous form. The FOX Foundation exists as a stepping stone in this journey, fulfilling the centralized legacy’s responsibilities while supporting the DAO in implementing sustainable, decentralized alternatives.” ShapeShift is unique among cryptocurrency trading platforms in that it neither collects users’ funds into company accounts, requires registration nor gathers any of its users’ personal data. The company keeps customers’ assets only in case of a failed exchange. The exchange only operates with cryptocurrencies, meaning only coin-to-coin swaps are possible.
Crypto.com was one of the few crypto exchanges to keep Terra (LUNA) trades open as Terra’s death spiral saw an unrecoverable price crash of LUNA and stablecoin TerraUSD (UST). However, a technical glitch on Crypto.com’s mobile application allowed users to get away with a 30-40x profit on LUNA trades momentarily.
On Friday, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA due to some error. Just when Crypto Twitter started raising concerns about trade reversals on the exchange, Kris Marszalek, CEO of Crypto.com, revealed details about a glitch that allowed users to make away with massive profits.
According to Marszalek, users who traded “during those 59 minutes” are eligible for a buyback option at the market price for LUNA tokens, which has since fallen to $0.0004685 at the time of writing. It is important to note that LUNA achieved its all-time high market price of nearly $120 on April 5.
Marszalek noted:
“The root cause was a combination of multiple external factors (tick size changes due to Luna death spiral, withdrawals & entire Luna chain stopping) together leading to price dislocations that should typically be caught by index pricing, but weren’t.” After a day’s review on the LUNA trade debacle, Marszalek informed that “all user accounts have been re-enabled.”
While Crypto.com reversed the LUNA transactions, the company has offered $10 worth of its in-house token Cronos (CRO) as a goodwill gesture for affected investors.
Related: Breaking: Terra blockchain officially halted following LUNA price collapse
With LUNA’s price collapsing more than 99%, validators for the Terra blockchain officially halted the network aiming to prevent governance attacks.
The validators are expected to relaunch the network only after implementing a new patch to disable further delegations.
After two days of silence, the Terra founder has issued a new governance proposal to keep the community alive and compensate token holders.
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1:10 Breaking: Do Kwon proposes Terra revival, including token redistribution planNEWS
Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST, and the resulting death spiral that plunged Terra (LUNA) tokens to practically zero.
In a Friday post on Terra’s research forum, Kwon said, “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.” His proposal, which was in response to validator groups discussing the possibility of forking the Terra chain, involves compensating UST and LUNA holders who were unable or unwilling to sell their holdings during this week’s price collapse.
Kwon proposed that validators should reset network ownership to 1 billion tokens distributed among LUNA and UST holders as well as a community pool to fund future development. Specifically, 40% of the newly distributed tokens would go toward LUNA holders who held the asset before the depegging event; 40% would go towards UST holders on a pro-rata basis at the time of the new network upgrade; 10% would be allocated to LUNA holders just before the chain halted operations and the remaining 10% would go toward the development pool.
Regarding UST ever being repegged to the United States dollar, Kwon said it likely wouldn't make a difference given the mass liquidity events across the Terra ecosystem this week. In other words, trust in the stablecoin model has been eroded permanently. He explained:
"Even if the peg were to eventually restore after the last marginal buyers and sellers have capitulated, the holders of Luna have so severely been liquidated and diluted that we will lack the ecosystem to build back up from the ashes." At its height in early April, LUNA's market cap was over $41 billion, according to CoinMarketCap. The value of Terra's UST, which can no longer be referred to as a stablecoin, peaked at almost $19 billion. After losing parity with the dollar, UST crashed to a low of around $0.13 on Friday.
Although there's no way to fully restore the blockchain's value, Kwon said the redistribution plan has to compensate the network's debt holders and "loyal community members and builders."
Traders’ risk appetite seems untainted as speculation around LUNA runs wild once again.
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3:32 Bitcoin stays under $30K as LUNA gains 600% during ‘insane volatility’MARKET UPDATE
Bitcoin (BTC) failed to reclaim $30,000 into May 14 as traders looked forward to a relatively stable weekend.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitfinex longs gather strength Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered below the $30,000 mark, now rapidly becoming resistance.
The pair had reached just shy of $31,000 before retracing, while the end of the traditional market trading week had been accompanied by fresh warnings of a new macro low still to come.
Not everyone stayed on the sidelines as the dust settled. On major exchange Bitfinex, long leverage continued expanding, having already hit all-time highs.
“Another day has passed and the Bitfinexors are still loading up as if someone has a gun to their head,” commentator Johal Miles reacted alongside a chart showing the trend.
Terra plans spark frenetic LUNA moves Attention, nonetheless, focused more on blockchain protocol Terra’s LUNA token on the day.
Related: BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight
After losing practically all of its value in a week, LUNA saw a rebound which was tiny compared to its all-time highs above $100 but hugely lucrative for short-term traders.
Despite its supply ballooning to 6.9 trillion tokens, LUNA subsequently appreciated 100 times from its floor price on news that the creator of Terra had plans to “revive” its ecosystem.
Faced with the price action, many were in disbelief.
“The volatility on $LUNA is absolutely insane,” Cointelegraph contributor Michaël van de Poppe commented, adding that it was a “great weekend to scalp trade a little.”
LUNA/USD 5-minute candle chart (Bitfinex). Source: TradingView With trading already halted on major exchange Binance, LUNA/USD, nonetheless, remained a highly risky portfolio addition, with prices varying wildly minute to minute and between trading venues.
Those buying in on the majority of occasions through the week conversely faced near-total losses on their positions.
At the time of writing, LUNA/USD traded at $0.027 on Bitfinex, having risen to $0.034 earlier in the day — 593% above the week’s all-time lows of $0.0049.
Despite the risks involved, Terra’s ‘insane volatility’ still serves as an attractive market for many short-term investors — mainly because LUNA momentarily gained 600% in value on Saturday.
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3:36 Terra (LUNA) trading volume surge 200% as market adjusts to death spiralNEWS
It took just seven days for the Terra (LUNA) ecosystem to spiral down as prices came crashing from $85 on May 5 to nearly $0 on Thursday. As the market slowly gained clarity on what transpired, the trading volume of LUNA saw a steep recovery of over 200% over the weekend.
As a result of TerraUSD (UST) de-pegging, which crashed the LUNA market, LUNA investors mirrored the price dip as CoinGecko recorded the decline of trading volumes to $178.6 million on Friday — a number that was last seen in February 2021.
Falling trading volume of LUNA. Source: CoinGecko Terraform Labs CEO and co-founder Do Kwon sought damage control on the same day as he proposed a revival plan for Terra’s comeback, which involves compensating UST and LUNA holders for holding the tokens during the crash.
Despite the risks involved, Terra’s “insane volatility” still serves as an attractive market for many short-term investors — mainly due to the fact that LUNA momentarily gained 600% in value on Saturday.
As investors try to recoup their losses while others attempt to cash in on Terra’s comeback, the trading volume of LUNA surged over 200% back to $6 billion. Before the crash, the LUNA ecosystem consistently recorded over $2 billion in trading volumes on average over the past two years.
LUNA trading volume comeback. Source: CoinGecko However, right when LUNA prices tumbled between May 10 and May 13 morning, its trading volume surged as investors attempted to reduce their losses — ranging from $5 billion to $16 billion. At its peak, LUNA’s trading volume recorded an all-time high of $16.15 billion on May 11.
Terra's (LUNA) all-time high trading volume. Source: CoinGecko Due to the various factors stated above, LUNA regained its trading volume and trades at $0.00025 at the time of writing. According to data from CoinMarketCap, crypto exchange Binance represents 68.26% of LUNA’s trading volume, followed by KuCoin at 9.52% and FTX at 1.13%.
Related: Crypto.com unblocks users, reverses glitched LUNA trades that made 30-40x
On Friday, Crypto.com users raised concerns about LUNA trades being reversed on the exchange’s mobile application.
Kris Marszalek, CEO of Crypto.com, later revealed that an internal error caused the system to display incorrect prices, which led to numerous investors cashing in 30-40x profits.
As a result, Crypto.com temporarily blocked all users from trading. After a day’s review of the supposed system glitch, Marszalek informed everyone that “all user accounts have been re-enabled.”
As Cointelegraph reported, the company has offered $10 worth of its in-house token Cronos (CRO) as a goodwill gesture for affected investors.
Joseph Lubin, co-founder of major cryptocurrency Ethereum (ETH), declared that he is “calling the cryptobottom of 2018” in a tweet Dec. 21.
According to Lubin, the crypto market’s bottom “is marked by an epic amount of fear, uncertainty, and doubt,” specifically from industry media and social commentators, which he refers to as “our friends in the 4th and crypto-5th estates.”
Continuing in a Twitter thread, the founder of Ethereum blockchain-focused software firm ConsenSys then evidently addressed his firms recently reported major layoffs:
“ConsenSys remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago.”
He stated that Consensys continues investing in projects — in its role as a blockchain tech incubator and venture firm — and hiring for internal projects that “remain core to our forward looking-business.”
In the same thread, Lubin complained about “an epic amount of conjecture and preemptive paranoia” concerning “situations journalists and bloggers don't have real data for, actual insight into, or understanding of.”
Concluding, Lubin reiterated his optimism about the future of ConsenSys and Ethereum, stating:
“The sky is not falling. From my perspective the future looks very bright. [...] Peaking [sic] into 2019, if you could see the landscape through my eyes, you'd have to wear shades.”
Reports surfaced this week — citing sources familiar with the matter — that ConsenSys is spinning out startups it previously backed, some of them without financial support. The sources reported that the number of employees to be laid off could be anywhere between 50 and 60 percent of ConsenSys’ 1,200 person workforce.
This past week, Cointelegraph reported that in comparison to more significant job cuts in various industries globally, the current slump in the cryptocurrency markets and ensuring job cuts in associated companies seem relatively benign.
In September, Ethereum’s other co-founder Vitalik Buterin had pointed out that there is no chance that the cryptocurrency and blockchain space will see “1,000-times growth” again.
The United States government could regulate crypto assets and tokens differently than stocks and traditional assets by altering the existing regulatory framework on securities.
On Dec. 22, CNBC reported that two congressmen — Warren Davidson and Darren Solo — have introduced a bipartisan bill entitled “Token Taxonomy Act,” in an effort to prevent over-regulation in the cryptocurrency space.
"In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America's economy and for American leadership in this innovative space," said Davidson.
When passed, what sort of impact could the bipartisan Token Taxonomy Act have on the cryptocurrency and blockchain sector?
More clarity, exactly what the industry needs In a statement, the Blockchain Association — a Washington, D.C.-based non-profit trade association that represents many of the biggest companies in the cryptocurrency industry such as Coinbase, Circle and Digital Currency Group — said that the bill provides a definition to crypto assets and digital tokens that exclude them from being recognized as a security.
Throughout the past two years, many blockchain projects have left the U.S. market to pursue token sales in regions like Switzerland and Singapore, which have lenient and flexible policies regarding initial coin offerings (ICOs).
By providing a clear guideline on the regulatory nature of tokens and digital assets, the bill encourages blockchain projects to remain within the U.S. market and contribute to the growth of the local cryptocurrency and blockchain sector.
The vast majority of token sales and ICO projects — apart from a select few like Telegram that have reportedly conducted a private token sale with the approval from the U.S. Securities and Exchange Commission (SEC) — have disallowed investors in the U.S. to participate in token sales due to the ambiguity in existing securities laws.
Even projects such as 0x (ZRX) that have been listed by a U.S.-based strictly regulated cryptocurrency exchange Coinbase, which clears the project from being considered a security, did not allow investors in the country to contribute to the ICO.
“With these terms clarified, we can police bad actors while encouraging the good ones, giving US-based innovators the framework they need to build next-generation technologies and services here rather than doing that valuable work overseas,” the Blockchain Association said.
The bill also offers clarity on the taxation policy surrounding cryptocurrencies for the first time in the market’s history, eliminating the friction between blockchain networks and users.
Currently, users in the U.S. are required to declare capital gains taxes on all cryptocurrency transactions — small or big — because the Internal Revenue Service (IRS) of the United States federal government has recognized cryptocurrencies as a form of property.
Although the bill does not aim to alter the recognition of cryptocurrencies as a property, it imposes an exemption for capital gains taxes on transactions that do not exceed $600, deeming them as tax-exempt exchanges.
Russia's Ministry of Finance (MinFin) believes that the creation of a Eurasian Economic Union (EAEU)-backed digital currency is inevitable due to the United States’ sanctions. Major Russian media agency Rambler reported MinFin’s comments on Friday, Dec. 21.
MinFin reportedly sees an opportunity for launching a digital currency backed by countries in the EAEU by 2020 or 2021, as deputy finance minister Alexei Moiseev revealed. The Eurasian Union was established in 2014 and includes five member countries: Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan.
The announced digital currency project will be most likely implemented without using blockchain technology, Moiseev stated, as reported by major Russia’s news agency TASS.
According to Moiseev, the EAEU-backed single currency will be developed analogous with the European Currency Unit (ECU), the unit of account used by the European community before it was replaced by the euro (EUR) back in January 1999.
Launched in 1979, the ECU represented a combination of the currencies of the European Community states, with its rate depending on a weighted average of the participating currencies.
As the article notes, the idea of a common EAEU digital currency is supported not only by the participants of the economic union, but also some other, unnamed countries that are major trading partners of EAEU countries.
MinFin’s deputy finance minister has noted that turning to the creation of Eurasian currency is “inevitable” due to an increasing number of sanctioned companies. Moiseev continued:
“We hear promises of new upcoming sanctions. Accordingly, we have to react by building secure international payment system that are not based on the U.S. dollar.”
In November 2018, the chairman of Russia’s State Duma Committee on Financial Markets revealed that a tentatively planned state-backed stablecoin would be an encrypted equivalent to the Russian fiat ruble.
Recently, Russia’s deputy prime minister, Maxim Akimov, announced that the existing draft on crypto regulation would not be changed, despite having been sent back to its first reading at the beginning of December.
The crypto bill entitled, “On Digital Financial Assets,” has raised some questions by some local legal entities about its effective in the space, as key terms such as “cryptocurrencies” and “mining” were removed from the text.
The Chinese fintech incubation zone located in the Guangdong province has officially started its operations, Chinese news outlet Chinese Software Developer Network (CSDN) reports Dec. 21.
According to the article, the zone — which officially opened Dec. 20 — has a total area of 120 square kilometers and already hosts the headquarters of over 20 companies. The zone and its administration will reportedly offer the companies project financing, office space and policy guidelines, and will overall “promote the transformation and application of technological achievements.”
CSDN notes that the Guangdong financial high-tech zone will “focus on the major needs and major pain points of the financial [industries] encouraging blockchain and other technologies in finance, manufacturing, trade.” The zone will begin with fostering pilot projects, and then will move forward in order to “culvative a group of blockchain financial technology enterprises and innovation teams.”
In November, the “Guangdong, Hong Kong, and Macao Dawan District Blockchain Alliance” had been established to promote innovation and sustain the development of blockchain tech. CSDN mentions the three districts as areas for expanding the use of the technology.
China, which has long been cracking down on cryptocurrency by banning both domestic and foreign exchanges, and even crypto-related social accounts, seems to be heavily investing in blockchain technology. As Cointelegraph reported this week, a media copyright protection alliance has been created in Beijing to provide copyright protection employing blockchain technology.
Also in December, Shenzhen, a major city in the Guangdong Province and home to the first economic special zone in China, announced that it will use blockchain technology for electronic tax invoices.
The drastic decrease in crypto mining profitability has hit graphics processing unit (GPU) producers like Taiwan-based Nvidia hard. In Q4 2018, the firm experienced a massive sell-off of its shares, cutting the stock price by 54 percent and making it the worst performer in the S&P 500, CNBC reports on Dec. 21.
From 2016 to September 2018, Nvidia’s market value markedly increased from $14 billion to $175 billion as demand for its GPUs in artificial intelligence (AI) and cryptocurrency mining grew. In May, the firm reported its profits from crypto mining for the first time while forecasting a two-thirds drop in sales to miners for Q2.
Nvidia initially forecasted insignificant crypto mining-related sales in Q3, while the quarterly report in November revealed that GPU sales for blockchain-related applications had all but disappeared. Nvidia CEO Jensen Huang said that the company’s “near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected.”
The disappearance of crypto-related sales has left the company with a “crypto hangover,” according to Huang. The cryptocurrency frenzy drove up prices for Nvidia’s GPUs, but once that demand disappeared, prices did not decrease quickly enough to attract customers who were waiting for more affordable cards.
In addition to the decrease in crypto mining sales, Nvidia’s data center segment failed to meet Wall Street expectations, even though revenue grew by 58 percent, per CNBC. Today, Nvidia stock is down 4.09 percent, closing at $129.57.
Chip stocks overall have performed poorly this year. The PHLX Semiconductor Index, which tracks major hardware producers like Nvidia and Advanced Micro Systems (AMD) is down 20.37 percent over the last three months. AMD’s share price is down 45.42 percent over the same period.
The post-mining boom hardware glut has seen a notable drop in prices. AMD’s popular Radeon RX580 graphics processing unit (GPU), which has been widely used by crypto miners, is now being sold for $180, down 67 percent from a peak average price around $550 in February 2018.
Decreased profitability in the current bear market has caused some miners to leave the business. Some mining firms in China have been selling off dated hardware that has reached its shutdown price by the kilogram in order to mitigate their losses. According to local reports, earnings from mining are no longer enough to cover electricity and other associated costs.
American global telecommunications conglomerate Comcast aims to make its blockchain initiative Blockgraph commercially available in 2019, according to a press release published Dec. 21.
“Comcast is currently working with NBCUniversal to test Blockgraph’s capabilities with plans of incorporating it into its addressable offering in early 2019,” states the release.
Comcast is a global media company founded in 2001, that provides cable television, Internet and telecoms services. Comcast is purportedly the second largest broadcasting company in the world in terms of revenue and largest TV company in the United States. The company’s consolidated revenue for the third quarter of 2018 was $22.1 billion.
According to Comcast, its Cable Advertising division initiated the next phase of its Blockgraph platform — a product designed to secure personal data and share information — which will subsequently lead to the project’s launch in 2019. Comcast is working on the project with other industry players like mass media conglomerate Viacom and advertising sales firm Spectrum Reach, among others.
Blockgraph will purportedly provide an “identity layer” for the TV industry, by means of which media companies can share non-identifiable audience data. The peer-to-peer platform aims to improve the efficiency and effectiveness of TV marketing and advertising. President of Spectrum Reach David Kline commented:
“It’s imperative that the use of data prioritizes the privacy of consumers’ personal information. Blockgraph’s technology offers enhanced security and privacy protections by allowing all players within the TV ecosystem to directly share insights derived from anonymized and aggregated information.”
Comcast has been maligned in the American media for being a de facto monopoly in many regions, and has even been called the “Worst Company in America” by some publications. Earlier today, Minnesota Attorney General Lori Swanson filed a lawsuit against Comcast Corporation/Xfinity, alleging that it has charged customers more than it promised, in addition to charging for unordered services and products.
In addition to its own products, Comcast has supported other blockchain development projects. In March, New York-based blockchain startup Blockdaemon closed a $3 million venture capital seed round led by the telecoms giant. The funds were set to be used to “enhance infrastructure options, and to help customers run multi-tenant networks across all sorts of different blockchains.”
Wyoming has continued its blockchain integration via a new partnership with online retailer Overstock targeting land records, a press release confirmed Dec. 20.
Signing a Memorandum of Understanding (MoU) with administrators in Teton County, Overstock subsidiary Medici Land Governance will seek to develop and release a “blockchain-based land records and information platform” next year.
“We are proud to see Wyoming lead the way in implementing cutting-edge technologies, such as blockchain, into existing markets like land registry,” Sherry Daigle, Teton County’s county clerk commented. She added:
“With Medici Land Governance’s expertise, we can create a reliable property registry system in Teton County with hopes to expand into other Wyoming counties.”
The move is the latest in an increasing number of blockchain hook-ups involving Wyoming, which has forged a progressive stance on the technology in recent months.
Caitlin Long, the former Morgan Stanley senior executive turned cryptocurrency advocate, praised lawmakers’ decision to continue expanding the use of blockchain at state level.
“It’s exciting to see Wyoming adopt blockchain technology to register and validate property ownership,” she added in the press release, noting:
“This is yet another example of Wyoming blazing blockchain trails.”
Long is also cofounder of lobby group the Wyoming Blockchain Coalition.
The register will provide tamper-proof records of various land-related data stretching back to 1996, and will include “mortgages, release of liens, and other similar documents.”
Governments have sought to save on paperwork and cut costs while improving security and transparency with such implementations, with Sweden among those beginning to use a related concept in 2018.
In March this year, Wyoming passed a bill to exempt certain kinds of cryptocurrency from money transmission laws, something the United States could soon replicate at national level.
A Dublin-headquartered startup has teamed up with the Irish Red Cross to use blockchain technology in a new app that improves transparency for charitable donations. The partnership was reported by local daily broadsheet The Irish Times on Dec. 19.
The startup, dubbed AID:Tech, is partnering with the Red Cross for use of its consumer-oriented mobile app “TraceDonate,” which has been designed so that donors know exactly how their contributions to charitable causes are being spent.
By improving transparency around the distribution of charity, the app aims to boost trust and engagement in social causes. It allows retail or institutional users to donate peer-to-peer to an individual beneficiary, an NGO or to specific charitable appeals.
Through the shared ledger, AID:Tech’s partners — including governments, NGOs and development agencies, as well as donors — can monitor transactions in real time, view their contribution histories, and stay informed about live charitable campaigns.
Liam O’Dwyer, secretary general of the Irish Red Cross, told The Irish Times that the partnership with AID:Tech provides the organization with an opportunity to “further promote transparency in the [charity] sector,” and to serve as a “benchmark for the donation process.”
Ahead of the development of its mobile app, AID:Tech reportedly deployed blockchain to deliver international aid to Syrian refugees in northern Lebanon as early as 2015. It has also developed a blockchain-based application, “Transparency Engine,” which integrates a digital identity solution with blockchain technology for a wider range of entitlements, including welfare, remittances, donations and healthcare.
According to The Irish Times, the startup raised an estimated €1 million ($1.1 million) in investment this year — which included the backing of Enterprise Ireland, an Irish state economic development agency, and SGInnovate, the venture capital arm of the Singaporean development authority. The investments reportedly represented the first injection of capital into the blockchain sector from both state-backed entities.
As previously reported, blockchain’s potential to underpin fairer and more equitable aid distribution has been recognized by leading world organizations, including the United Nations, who used the Ethereum (ETH) network to distribute aid to Syrian refugees in 2017.
Just this week, top crypto exchange Binance’s philanthropic arm, the Binance Charity Foundation (BCF) opened a new fundraising channel on its own blockchain-powered donation platform.
United Kingdom-based blockchain infrastructure provider Parity has launched a beta version of Substrate, its tool for creating customized blockchains, according to a press release published Tuesday, Dec. 18.
The release states that Substrate is designed to provide “maximum technical freedom” while creating blockchains. It supports multiple programming languages, users can make their own consensus mechanisms, and it is compatible with most existing consensus algorithms.
Parity is also going to add more consensus mechanisms in subsequent releases, making them hot-swappable and allowing users to switch between different mechanisms without a hard fork.
The beta version of Substrate is licensed under the GNU General Public License, but in order to provide maximum developer freedom, the tool’s repository will be moved to an Apache 2.0 license. Parity will also offer professional help to organizations that are considering building apps with Substrate.
Parity’s founder Gavin Wood, who also co-founded Ethereum, says that Substrate has used all of the lessons learned in building the Ethereum ecosystem and Polkadot — a protocol that allows users to link different types of blockchains. Wood first announced the launch of Substrate at the Web3 Summit held in Berlin in October, where he stated that the tool “will be a turning point” in the transition to a “multi-chain world.”
Blockchain software technology company ConsenSys may reportedly be making significant cuts to its staff, technology news outlet the Verge reported Dec. 20.
Citing a source familiar with the matter, the Verge reports that ConsenSys is spinning out startups it previously backed, some of them without financial support. This will reportedly impact the ConsenSys’ workforce, especially its internal incubator Consensys Labs. The source said that the number of employees to be laid off could be anywhere between 50 and 60 percent of ConsenSys’ 1,200 person workforce.
According to the source, ConsenSys Labs is also being reorganized and will subsequently cease to be an incubator, and instead will operate as a more traditional investor.
The report comes after a ConsenSys letter to staff, in which the company announced its plans to streamline and toughen its business style amid an increasingly “crowded” competitive blockchain space.
Company CEO Joseph Lubin reportedly said then that “we must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.” While the company plans to reassign staff from shuttered projects to other initiatives, Lubin reportedly “did not rule out layoffs.”
ConsenSys reportedly did not deny upcoming layoffs and said that it is discussing the situation with every project to “determine a path forward, whether that will be internally as a part of ConsenSys 2.0, or as an external entity.”
“The world has not collapsed as [Lubin] planned, and so he needs to pivot his company because it was orchestrated for a vision only where Ethereum would be $10,000,” the source reportedly said.
Ethereum (ETH) and other major cryptocurrencies crashed on Nov. 14, with seminal cryptocurrency Bitcoin (BTC) dropping below the $5,600 price point for the first time in 2018.
Earlier today, crypto investment bank Galaxy Digital said in a note to clients that short rallies like the current one are what happens “before a real rally ensues.” Galaxy Digital concluded that the recent “short” crypto rebound “has more legs” than people realize, citing upcoming involvement in the industry by institutional players.
A media copyright protection alliance has been established in Beijing to provide copyright protection services using blockchain technology, according to the Chinese state-owned International Finance News on Dec. 19.
The newly established alliance — the "China Financial Media Copyright Protection Alliance" — involves more than 30 major financial media outlets such as International Finance News, Economic Information Daily, China Business News, Beijing Business Daily, and the Daily Economic News, among others.
The alliance aims to provide “reasonable authorization systems, improving authorized transaction mechanisms, strengthening industry copyright self-discipline, and developing copyright cooperation in the industry.” Qi Huisheng, secretary of the former Communist Party group of the China Association of Journalists said:
"Reporters and newspapers should establish copyright awareness, solve common problems in copyright protection through technology and other means, and actively communicate with relevant technical teams to protect original copyright..."
International Finance News reports that the alliance will use blockchain technology “to provide original authentication and copyright protection for original works.” The Alliance aims to use the technology to “embed the unique identifier ‘DNA’ in the article.” So long as the article maintains a 70 percent similarity, whether it is transferred through social media or various websites, the “DNA” can be purportedly traced back to the original:
“...once an infringement is discovered, the technology platform will immediately obtain evidence.”
In June, an association of more than 100 mainstream media outlets established the “Global Media Blockchain Alliance” in Hong Kong, aiming to provide high-quality information about the blockchain industry to the public, and create a “healthy public opinion environment.”
Last month, 54 different Chinese companies covering blockchain technology in finance and trading established the Guangdong, Hong Kong and Macao Dawan District Blockchain Alliance. The new group will purportedly promote innovation and jointly develop blockchain technology within the country.
The Bank of England’s survey asks participants to choose their preferred way to receive money as a Christmas gift, showing the options cash, bank transfer, gift voucher and digital currency. At press time, 8,230 people have responded and 70 percent of them have chosen digital currency.
Cash is in second place, with 21 percent of respondents indicating it as a their “favorite way to get” money as a gift. Bank transfers and gift vouchers are currently the least popular forms, chosen by 7 percent and 2 percent of respondents respectively.
Last month, a similar survey was conducted by former United States Congressman, Ron Paul, who asked Twitter users Nov. 15 how they would prefer to receive $10,000. Paul’s twist was that the hypothetical gift would have to be left in the form in which it was received for ten years. The results posted that 50 percent of respondents prefer Bitcoin (BTC), with gold somewhat close behind at 37 percent.
Back in November, Mati Greenspan, a senior analyst at the U.K.-based trading platform eToro, did his own Twitter survey asking “What’s your favorite crypto?” Results showed that 46 percent of the 28,189 respondents chose Ripple (XRP), while Bitcoin (BTC) and Ethereum (ETH) came in second and third place, chosen by 31 percent and 9 percent respectively.
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