Cryptocurrencies off lows, Dash to roll a 'first’ for the crypto industry
Dec 04, 2018
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Crypto Market Recap
- Cryptocurrencies are generally off lows observed yesterday afternoon as Bitcoin (BTC) is once again holding just above the USD$4,000 level, trading at USD$4,004.04. EOS (EOS) is the biggest loser among major cryptocurrencies, down 10% in the last 24 hours to trade at USD$2.55. Binance Coin (BNB) and NEM (XEM), the 15th and 16th largest cryptocurrencies by market capitalization, are up 6.81% and 3.80% in the last 24 hours, respectively, while TRON (TRX) is up 0.45% in the last 24 hours.
Crypto Developments in Financial Services
- Japan’s National Tax Agency (NTA) will require transaction intermediaries, such as cryptocurrency exchanges, turn over data in an effort to combat tax evasion, according to a report by news outlet Mainichi Shimbun. The new system will allow Japan’s NTA to receive the names, addresses, and 12-digit individual identification number of users suspected of tax evasion. Japan's ruling coalition will begin to expand on the new tax system in late 2019 before introducing the system in April 2020.
Crypto Regulatory Enviornment
- A pre-solicitation document published by the US Department of Homeland Security (DHS) Innovation Research Program indicates that the government organization wants to know if it is possible to track transactions conducted through privacy coins. The document begins by discussing that privacy and anonymity are key features on networks like Zcash (ZEC) and Monero (XMR) before saying, “While these features are desirable, there is similarly a compelling interest in tracing and understanding transactions and actions on the blockchain of an illegal nature.” The document concludes by highlighting that three phases pertaining to a proposal will follow this document.
General Crypto News
- Joseph Lubin, co-creator of Ethereum and founder of Ethereum blockchain software solutions firm ConsenSys, discussed that the Ethereum network is growing at an exponential rate, saying, “Market cap doesn’t reflect activity. Decentralized networks are growing. 10 billion daily API requests served by Infura. 1 million Truffle downloads. 1 million MetaMask downloads. 12,000 live Ethereum nodes. 48 million unique Ethereum addresses. 3 times LinkedIn blockchain job openings.” Truffle, Infura, and MetaMask are three of Ethereum’s major products and are seen as the backbone of the decentralized network.
- In what is being hailed as a ‘first’ for the cryptocurrency industry, Dash (DASH) is reportedly implementing an upgrade to its existing InstantSend system that will make all transactions instant, permanent, and secure. InstantSend has been in trial as an optional feature on the masternode network of Dash, however, Dash’s upcoming 0.13 update will apply InstantSend features to all transactions on the Dash network. Dash maintains an emphasis on becoming the most user-friendly blockchain payment network in the world through its continued Evolution system upgrades.
- SK Group, a major South Korean technology holding company, has signed a Memorandum of Understanding (MoU) with ConsenSys, a large Ethereum blockchain software solutions company, as per an official press release. The MoU details an aim to develop an, “enterprise blockchain development hub,” in South Korea by using smart contracts, adding that, “The two companies will begin to explore business models for expanding their enterprise blockchain business through joint analysis of their respective blockchain platforms, technologies, and services.” Additionally, the partnership will explore education of Korean developers in Ethereum blockchain technology through both the ConsenSys Academy and SK Holdings C&C’s Tech Training Center.
- SP Jain School of Global Management, one of India's top ten business schools, has awarded 1,189 graduates with degrees based on a blockchain network, according to a report by news outlet Business World. The system of issuing degrees is designed to prevent fraud and will allow employers to verify the authenticity of an employee’s qualifications without contacting the school itself. The blockchain system is based on the Ethereum network.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio