What’s On Crypto – News Week In Review | April 8th to 14th

32,000 Indians signed a petition against the ban on cryptocurrency.

On Thursday, April 5, the central bank of India decided to ban transactions with crypto-currencies: financial institutions are obliged to stop the activity related to crypto-currencies for three months. On the same day, India’s crypto community compiled a petition addressing its central bank and prime minister, calling not to stifle the developing technology, but to create a legislative framework that would allow it to develop and exert a beneficial influence on the country’s economy. To date, more than 32,000 Indians signed a petition on change.org. Authors of the document draw attention to the fact that local crypto-exchange exchanges try to strictly adhere to established norms and many are already strengthening the standards of KYC. Also, the petition mentions the Central Bank’s plan to issue its own cryptocurrency. The protesters noted that the current CEO of Microsoft and Google are of Indian origin and, under a favourable environment, could create local Internet companies, hinting that the next generation of “technical geniuses” could go their way. Similar risks were also appealed to by Chinese crypto-entrepreneur, criticizing the prohibitive policies of his country and saying that China might miss the “new Amazon”.

Earlier, in December, a petition to protest the announced restrictions amounted to the citizens of South Korea, and recently it became known that the Tax Administration, Ministry of Justice and the country’s financial regulators are discussing the possibility to lift the ban on the holding of the ICO. The mayor of Seoul noted, that after “terrible resistance” from the side of society, the government “seriously thought about” possible loosening.

The Shanghai police interrupted the blocking conference.

On Thursday, April 12, China had to host the Global Fintech & Blockchain China Summit 2018. However, around noon local time, the police interrupted morning session, ordering all participants and organizers to leave the event. The official reasons for the intervention are currently being specified, but according to the assumptions that appeared in the media and the Chinese social network Weibo, an ICO project was announced in the conference program, the investors of which lost a lot of money. They filed a complaint with the police. The organizing company, PTP International, denied these rumors, saying that the event was in full compliance with Chinese laws: “We are still investigating the reasons for the suspension, and at the moment the police refers to the security threat. We are thinking about possible compensation for the participants in the meeting. The conference was held in accordance with the Chinese regulations and did not include any ICO presentations, “PTP International said.

The Golem computing platform has launched the core network.

Golem, who collected 820,000 airs during the ICO in 2016 ($ 8.2 million at that time and about $ 340 million today), two years later presented a beta version of the main network, which in white paper isdescribed as “Copper Golem” – the first phase of the project. In the current format, a service based on the Ethereum block system allows computers to “rent” the unused energy of the CPU and create computer-generated images (CGIs) using the Blender software (including animation, visual effects, interactive 3D applications and video games). The interface directly associated with Blender allows you to purchase processing power for the Golem-GNT token.

This release of the “Copper Golem” is designed to test the work of technology in real market conditions for real money. Golem software connects the providers of computing power with “customers” and sends small tasks to the provider, which will later be merged into P2P networks and presented as a single image, explains Golem CEO Julian Zavistovsky. In 2016 Golem represented one of the first generations of Ethereum-applications: “To underestimate the complexity of what we want to create is typical for software development in general, and especially for the blockbuster,” Zavistovsky says, explaining the protracted work on the project. According to white paper, the following, more progressive versions should be “Clay Golem”, “Stone Golem” and “Iron Golem”. Simultaneously with the release of the main network, the team announced the launch of a bounty program that will encourage developers to report on detected bugs.

Gemini launches trading blocks for bitcoin and ether and can introduce a patented system that increases the security of transactions.

On Thursday, at 9:30 am North American Eastern Time, the currency exchange, owned by the bitcoin-billionaires of the Winklevoss brothers, launched trading in blocks for the two leading crypto-currencies. The new option is designed primarily for institutional investors: the minimum threshold is 10 bitcoins and 100 airs. Bidding blocks are designed to provide an “additional source of liquidity”, allowing for large transactions outside the main book of orders. Also, due to the new function, buying or selling a large amount of cryptocurrency will not have a significant impact on its rate. As explained in exchange, “any user can place an order, indicating the type of transaction (purchase or sale), the amount, the minimum amount of filling and price limits.” Marketmakers will receive only information about the amount of the transaction, the minimum volume and the upper limit: if they decide to execute the transaction, the block will be filled.

“In accordance with our obligations to maintain fair, transparent and regulated trading, block orders in electronic form will be instantly transferred to participating market makers, which will ensure the best execution of the transaction and setting prices for the participants of the program,” reads the website of the exchange. Also this week, Winklevoss IP, LLC received a patent to create a system that increases the security of transactions. Authors Andrew Laucius, Cem Paya and Eric Wiener describe “software for secure transaction processing in the cloud computing system”. The new development uses a combination of standard cryptographic techniques, including hash functions and digital signatures, and presumably can be applied on the Gemini exchange.

The stakes of Basecoin and Carbon have successfully completed investment rounds.

Intangible Labs, the creators of the “steel coin with the algorithmic central bank” Basecoin, collected $ 125 million during the tokenail on the SAFT system from March 22 to April 3 (according to the experts’ assumptions, this particular ICO format recently attracted the SEC’s attention).

The organizers reported to the SEC on attracting this amount from 225 investors. Basecoin intends to avoid the inherent volatility of the crypto currency due to its provision with other digital assets: the oracles will monitor the prices of these assets, and the protocol should regulate the number of tokens so that the price of Basecoin remains stable. In addition to the “basecoins”, the startup is developing “basic bonds” and “basic shares” – crypto-currencies, which will support Basecoin, helping the protocol to manage the “money supply”.

The project is supported by many large funds, including Andreessen Horowitz, Pantera Capital,  PolyChain Capital and Digital Currency Group. Coinbase co-founder Fred Ehrsam took Basecoin to significant projects for the ecosystem: “It is obvious to me that the developers of the crypto-industry are interested in … a stable coin, ” Ehrsam said during the Token Summit II in San Francisco. On Thursday the completion of the seed round of funding announced another project of stablcoin is Carbon, which raised $ 2 million from such funds as General Catalyst, Digital Currency Group, FirstMark Capital, Plug and Play Ventures and The Fund. Like Basecoin, Carbon rejects the Tether reinforcement model for Fiat, replacing it with algorithmic monetary policy. “If we create a mechanism that is currently used by the Federal Reserve Bank, but we will make it decentralized, we will not need to trust the central government. We can just trust the code, “explained Carbon co-founder Connor Lin. The Carbon system includes two tokens: the stebblecoin itself, whose price should be $ 1, and a “credit token” that fluctuates in value, offsetting changes in demand. When the price of stebblecoin falls, an auction is held, during which anyone can give his token, thereby reducing the money supply and raising the price, and get a “credit token” instead. Later, when the price rises above $ 1 and the offer increases, holders of “credit tokens” will receive new steebles and this entire process is fully implemented by the algorithm.

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