“Never become untethered to oversight and accountability.”
- James Comey
Friday is upon us, bringing about the start to the weekend! Did you know that today in history, specifically in 1962, the first James Bond film, "Dr. No" which starred Sean Connery, was released. There has since been 25 other James Bond movies! 🤵
In today's newsletter, we will be covering Alibaba's new blockchain related patent application, IBM's new partnership with Singaporean shipper Pacific International Lines (PIL), and the public sale of the newly introduced and government backed Venezuelan cryptocurrency, "Petro." Today, we are also covering Litecoin (LTC) in our weekly deep dive!
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
Watch it all very closely
BTC continues to remain at a crucial point where the market has to decide between an uptrend or downtrend, as it continues to close in on the end of the triangle pattern it has been trading within since 29 June this year. The shorter and shorter length-ed wicks seen on the daily candlesticks over the past week reflect the growing indecisiveness of investors. 😕
Much hangs on the next moderate to big price movement of BTC. If BTC breaks below the rising support line (~$6,500) it is currently challenging, developed from the higher lows BTC has been forming since 17 Sept, it will likely fall to challenge the lower rising support line at ~$6,300, developed from the higher lows BTC has been forming since 29 June, with significant momentum. Breaking below that would then likely be accompanied by BTC falling to test the strong $6,000 support level which it has successfully defended several times this year. 👀
BTC is currently trading at ~$6,570, down ~0.19% from yesterday. Total market capitalization also registered a small loss and fell ~$1 billion to ~$217.8 billion. BTC dominance is currently at 52.2%, up ~0.3% from yesterday.
Alibaba has filed a patent application with the U.S. Patent and Trademark Office (USPTO) for a blockchain system with administrative supervision that enables a third-party administrator or authorized parties to intervene in it smart contracts in case of illegal activities/ transactions, by halting or freezing accounts. 📁
The application emphasized that while blockchain technology currently possesses advantages like openness, unchangeability, and decentralization, it still can not provide with the necessary conditions to apply to specific cases in a real life environment, like "administrative intervention activities in the category of special transactions." 👎
Identifying and streamlining the archaic
IBM is partnering with a big Singaporean shipper, Pacific International Lines (PIL), to create an electronic Bill of Lading (e-BL) on a blockchain. The e-BL serves as evidence of ownership of goods, receipt of shipment, contract of carriage, and is used to assist financial institutions in the provision of trade financing. 🚢
The traditional Bill of Lading is a document that has to be mailed to and handled by multiple parties, and thus has both high handling costs and the inherent risks of loss and fraud. Hence, digitizing it and putting it on the blockchain can help mitigate these factors. 😄
This IBM-PIL partnership is also backed by several Singaporean government entities like Singapore Customs, Singapore Shipping Association, Maritime and Port Authority of Singapore, Bank of China (Singapore) and Infocomm Media Development Authority. 💪
Create to liberate
The public sale of the newly introduced Venezuelan cryptocurrency, Petro, will begin on 5 November. The 'Petro' was supposedly to allow global operators to carry out crypto transactions in the country without fear of prosecution, and at a time when the economic crisis in Venezuela is worsening due to rapid inflation. 💲
According to a televised address, the Venezuelan president, Nicolas Maduro, mentioned that the government-backed Petro is already currently available on six international exchanges and can be acquired using other established digital assets like BTC and ETH, as well as popular fiat currencies.
A $30 million East Village luxury condo development on 436 & 442 E 13th St in Manhattan has been tokenized on the Ethereum blockchain. The move was facilitated by FINRA registered broker-dealer, Propellr, and tokenization specialists, Fluidity. 🤖
EU's financial markets watchdog, the European Securities and Markets Authority (ESMA), will be allocating approximately $1.15 million to monitor the risks of cryptocurrencies and other fintech activities in the region, as part of their 2019 Annual Work Programme.💸
BlackBerry is planning to create a blockchain platform to store and share medical data of patients, labs and monitors, through a "carrier-grade network operation center" (NOC) that will be built by biotech incubator, ONEBIO. 🚑
Crypto deep dive: Litecoin
Market Capitalization Rank: 7th
Consensus: Proof of Work (PoW)
How it happened ⚙️
Litecoin was released by an open-source client on Github, way back in October 7, 2011, through the former Engineering Director at Coinbase, Charlie Lee. Litecoin is essentially a fork off the Bitcoin Core client. It has a maximum supply of 84 million LTC.
Why people love it 😘
LTC transaction times are generally shorter than that of BTC's due to its reduced block generation time of 2.5 minutes (vs BTC's 10 minutes). Some prefer using LTC when sending smaller amounts for this very same reason.
LTC uses the "scrypt" hashing algorithm, which favours large amounts of high-speed RAM, rather than raw processing power alone. This reduces the effectiveness of ASIC miners, which thus increases its decentralization attributes.
LTC has a big and responsive community, especially seen from their reddit channel.
Given its early mover advantage, LTC has become one of the most widely accepted cryptocurrencies with many existing and growing payment channels. It is also commonly seen as the 'silver' to BTC.
Why people doubt it 🤔
LTC has many other competitors in the day-to-day transactions space like DASH, BCH and BTC, each possessing strong communities and loyal followers.
As BTC continues to scale and develop into an increasingly efficient blockchain, LTC may lose its edge as the faster payment alternative. Coupled with more second and third generation coins being introduced to the market, LTC might struggle to retain its market share.
Poll of the Day
How much do you agree: "I am good at looking at the bigger picture" 🤔