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Cryptocurrency Midday Report

Jul 10, 2018

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  • A floating island nation-state will be completed by 2022 near Tahiti and the island has begun selling the cryptocurrency which will drive the project. The project is backed by Peter Thiel and will have 300 homes, commercial buildings, restaurants and hotels. The cryptocurrency, Varyon, has gone on sale today. The crowd sale will fund the various parts of the project: design and engineering, community growth, administration needs etc. One billion tokens will be issued.
  • Ethereum’s co-founder, Joe Lubin said that the layer one of the Ethereum Ecosystem is now established and the rest of 2018 will see “layer two” ramify and mature. The layer two infrastructure will preserve layer one and new technologies will be added on the blockchain, as a sidechain or off the blockchain. Lubin additionally said that in the context of ICOs, “we need regulators to help us clean up the industry”.
  • Cryptopia, a New Zealand cryptocurrency exchange, announced it would be undergoing planned maintenance to fix some issues. However, due to unexcepted circumstances, it had to begin this maintenance early.  The maintenance took longer than expected, and some users are having withdrawal issues. Cryptopia, although only being the 79th largest digital exchange by daily trade volumes, has been made popular for offering trading of some lesser-known assets such as Linda (LINDA) and Electroneum (ETN).
  • Etherisc, a decentralized insurance platform, announced the start of a blockchain consortium for the cryptocurrency lending market.  The consortium is called Collateral Protection Insurance (CPI) and is made up of the firms bZx, Celcius Network, Colendi, ETHLend, Lendroid, Libra Credit, Nexo, Ripio Credit Network, and Sweetbridge.  CPI will help facilitate the safe lending of cryptocurrencies, assist those who have issues with their collateral, and allow cryptocurrencies to be used as collateral, all on the Ethereum blockchain.