Cryptocurrency Morning Brief
Jul 20, 2018
- Samsung, one of the most notable tech companies in the world, will use a new payment platform called CopPay to begin accepting payments in cryptocurrencies. This platform will be used only in the Baltic States Tallinn, Riga, Vilnius, Kanas, Estonia, Latvia, and Lithuania. Consumers would be able to purchase Samsung’s wide range of products, from smartphones to TVs with Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), NEM (XEM), and Steem (STEEM).
- Japan’s Nippon Telegraph and Telephone (NTT), the fourth largest telecom company in the world, has filed a patent for using blockchain tech for contract agreement. The patent claims to have a simple way to solve the problem that the evidence of a smart contract agreement held by the receiver is only the electronic signature of the sender. NTT believes the patent would provide solutions to this by including electronic signatures of all parties into the same transactions, while maintaining credibility throughout the transaction process.
- In a recently revealed patent, Chinese financial asset exchange Chongqing Financial Asset Exchange (CQFAE) will be developing blockchain technology to better improve the security and transparency of online auctions. CQFAE explained that the development is necessary because of the current vulnerabilities to malicious data alterations by bidding parties and the auction organizers.
- A Special report published in the Los Angeles Times on July 17, 2018 has left miners who increased investment in mining equipment during the run-up in cryptocurrencies at the end of CY2017 are now looking to repurpose their computer equipment. The report suggests many of the larger miners are exploring opportunities to provide large-scale cloud computing services, etc.
- The world’s most popular cryptocurrency tracking website, CoinMarketCap has been accused by website Crypto Exchange Ranks of supporting wash trading. Wash trading is when exchanges quickly buy and sell coins on their platform to artificially increase volumes. CoinMarketCap responded to this accusation by stating, among other things, that some coins must maintain minimum volumes to remain listed on exchanges, and that CoinMarketCap does not engage in censoring or policing of data. CoinMarketCap has since changed its data policy, removing the minimum volume requirements for exchanges.
- Cornell University researchers Philip Daian, Tyler Kell, Ian Miers and Ari Juels, find that there is the potential for Dark Autonomous Organizations (DAOs) to manipulate governance systems, issue false signals or engage in market manipulation on smart contract blockchains that use voting systems. The researchers believe that a DAO hack could wreak havoc on anything with a form of governance where users use their coins to vote.
- Former hedge fund manager Mike Novogratz believes mass adoption of cryptocurrencies and Blockchain by Wall Street is still 5 to 6 years away. The biggest hurdle, in his opinion, is cost of technical talent as well as doubt by “conventional investors.” Novogratz also stated that the mass adoption would not take place until there are more regulations in place.