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Cryptocurrency Morning Brief

Jun 08, 2018

  • Waves, an open source blockchain which allows users to launch their own cryptocurrency, now allows users to upload arbitrary data to its blockchain. While this concept is not novel in the cryptocurrency space, it is an application that will preserve records of patents, photos, smart contract data etc. Four data types will be supported: Boolean, integer, byte array, and string. More data types will be added in the future. Minor fees will be charged to upload data to the blockchain and the fees will be charged in Waves tokens. The largest transaction upload possible now is 140kb, which will cost .14 Waves, or less than one USD$
  • Fortune has reported that Blockchain consortium R3 may be insolvent by next year. R3 is a consortium providing blockchain based services to major banks such as J.P. Morgan and Goldman Sachs. Last year R3 reportedly raised USD$107mm, however the company is allegedly in financial trouble. A former employee has stated that the company’s internal revenue estimates may be overestimated by as much as 10x. Trouble for R3 is cited to be a culture of excess - frequent travel and expansion beyond needs
  • Chinese search giant Baidu has revealed that it is launching a blockchain based game, just days after announcing a platform called SuperChain. The game is called Du Yuzhou, which means “The Universe”. Users will be able to navigate a blockchain space journey and build their own planet. Token rewards will be generated by the blockchain through airdrops. This game will be creating a digital society experiment, and Baidu has said that a cryptocurrency will not be launched. The SuperChain platform has been reporte to be scaleable to allow 100,000 transactions per second
  • The South African Reserve Bank (SARB) has released a report on a simulation of a real-world trial of a distributed ledger technology (DLT) wholesale payment and settlement system. The project does not intend to replace the existing settlement systems yet. However the system will serve as a backup layer for now according to SARB’s Deputy Governor, Francois E. Groepe. The simulation showed that the daily volume of the South African payments system can be processed in less than 2 hours with complete confidentiality of transactions and settlement finality
  • Quebec has halted cryptocurrency mining approvals to create new rules for mining firms to operate in the region. Hydro Quebec, the state-owned power producer aims to limit the amount of power available for miners to 500 megawatts total. The 500-megawatt limit is much less than the 17,000 megawatts that miners have requested. This is not the first time the city has halted approvals for new miners. The city has said that it is unable to meet demand if every mining project is approved
  • Binance Labs, the venture arm of the cryptocurrency exchange Binance, and NEO Global Capital, have invested USD$12mm into a crowdequity platform, Republic - a spinoff from AngelList.  The startup aims to help ICO issuers manage token sales. Republic is looking to raise USD92mm. The firm’s goal is to provide investors access to ICO deals and set up structures where investors have access to revenue share after investing. The firm will be combining “Reg D, Reg S and Reg A+” to make sure its tokens are widely available
  • Quantamize.com has updated its 3-Day Buy/Don’t Own trading signals on 30 cryptocurrencies – 5 are rated as Buy. Quantamize’s CryptoFolios will be updated Monday Morning

Sources:

http://bitcoinist.com/data-transactions-arrive-waves-mainnet/

https://www.newsbtc.com/2018/06/08/blockchain-based-financial-services-provider-r3-operating-red/

https://www.coindesk.com/search-giant-baidu-is-launching-a-blockchain-space-game/

https://www.newsbtc.com/2018/06/08/south-africas-central-bank-debuts-interbank-settlement-system-jpmorgans-quorum/

https://www.coindesk.com/quebec-halts-crypto-mining-approvals-pending-new-restrictions/

https://www.coindesk.com/binance-leads-12-million-investment-angellist-crypto-spin-off-republic/