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Cryptocurrency End of Day Recap

Jun 29, 2018

  • The Sacramento Kings of the NBA have announced the creation of a charity called MiningForGood, where it will raise funds through cryptocurrency mining.  MiningForGood will mostly focus on mining Ethereum (ETH), and aims to support the transformation needs of African-American communities in Sacramento. Through a partnership with Build, these funds will contribute towards workforce development and technology education initiatives.
  • Today, the first US regulated security token exchange has opened up.  OpenFinance Network (OFN) will directly use its platform to work with broker-dealers, custodians, and transfer agents.  OFN is continuing to add to its list of partnerships, and has already partnered with blockchain firms such as Harbor, Republic, Securitize, and Polymath.  OFN was built using Ethereum’s platform and is able to automatically validate incoming transactions on its distributed ledger. 
  • The main reason we aren’t seeing the launches of that many Decentralized Applications (DApps) is because current blockchain speeds, like Bitcoin’s, are too slow for these applications to efficiently run on.  But over the past few months, #MetaHash has been working on, and has completed its own blockchain, with speeds over 60,000 transactions per minute.  This looks extremely promising to the DApp environment as this blockchain is fast and scalable, something most other blockchains are not.  Today, June 29th marks the launch of #MetaHash’s mainnet and coin sale.
  • Ripple’s enterprise blockchain network, RippleNet, has been adopted by leading Indian private bank, Kotak Mahindra Bank. The specific product, xCurrent, is used to greatly speed up international transactions, and lower the associated fees.  Kotak Mahindra Bank’s customers will now be able to conduct international payments, track them in real time, have them confirmed in mere minutes instead of days, and all at lower costs.