“It is not in the pursuit of happiness that we find fulfillment, it is in the happiness of pursuit.”
- Denis Waitley
It's the weekend, CMC fam! I hope everyone had a great Valentine's day yesterday. 🌹 A very kind subscriber notified me of a project he created called Lovechain, where you can write an immutable message/ declaration of love on the Bitcoin blockchain for free! You will even receive a certificate. It's pretty neat! 😊
Today in history (1965), Canada's maple leaf flag was raised for the first time. 🍁 It was designed by George Stanley, and was based on the flag of the Royal Military College of Canada.
In today's newsletter, we will be covering JPMorgan Chase launching its own cryptocurrency, chinese search engine Baidu launching a blockchain platform and how blockchain has cut HSBC's forex trading costs by 25%. Today, we will also be covering Cardano (ADA) in our weekly deep dive!
Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚
Nothin much here 👋
In the past 24 hours, markets fell earlier in the day to ~$119.9 billion before recovering to ~$120.7 billion. Total market capitalization stayed within a tight range, and registered a 0% gain over yesterday. Notable mover of the day is Ontology (ONT), currently up ~11.5% for the day. 📈
BTC is currently trading at ~$3,630, up 0% over yesterday. RSI level on the daily chart is currently at ~52.3, up from yesterday's ~51. BTC is still trading above its 21-day EMA line and below its 50-day EMA line. Overall, it was a relatively quiet day in the crypto markets today. 😴
Well played, Jamie Dimon 👏
According to CNBC, JPMorgan Chase (JPM) will be launching its own cryptocurrency in real-world trials. 😲
Dubbed "JPM Coin", the digital token is pegged 1:1 to a single U.S. dollar (similar to stablecoins) and will be used to instantly settle transactions between clients of its wholesale payments business. While only a tiny fraction of payments will initially be transmitted using the cryptocurrency, the trial signifies the first real-world use of a digital coin by a major U.S. bank. 👌🏻
According to JPMorgan’s blockchain lead, Umar Farooq, the JPM Coin will be able to replace wire transfers for international payments by large corporate clients and cut settlement times, provide instant settlement for securities issuance, and replace U.S. dollars held internationally by subsidiaries of major corporations using JPMorgan’s treasury services.
All in one kit 👌🏻
Chinese search engine Baidu has launched a blockchain platform, dubbed the "Baidu Blockchain Engine (BBE) platform", aimed to simplify the commercial deployment of decentralized apps (dApps). 👍
The platform, hosted on Baidu's "intelligent" cloud, is being touted as an operating system that allows developers to produce blockchain applications “just like mobile apps” through smart contract templates, dapp templates and other services aimed to make development fast and simple. 🔨
BBE offers 6 primary features, including a trusted computing environment, high performance and throughput, scalable storage, cross-chain interactions, “intelligent” smart contracts and smart contract security auditing. It is also built on the ABC (AI, Big Data, cloud computing) technology stack that allows customers to develop ways to commercialize blockchain tech.
Cost cutter 💸
According to HSBC'schief operating officer of FX cash trading and risk management, Mark Williamson, the HSBC FX Everywhere platform has saved 25% through the digital ledger system it has been using “to orchestrate payments across HSBC’s internal balance sheets” over the last year.
According to him, HSBC now processes from 3,500 to 5,000 trades each day on FX Everywhere, with trades now totaling $350 billion. 🤯 He also stated that through this, it was demonstrated that it "is not a one-off proof of concept". Williamson believes that soon, a “significant” amount of internal money flows are likely to be settled on the DLT system.
The act of enthusiastically promoting a cryptocurrency or ICO project.
Crypto deep dive: Cardano
Market Capitalization Rank: 12th (~$1.05 billion)
Consensus: A Proof of Stake (PoS) called "Ouroboros"
How it happened ⚙️
Cardano was created in Sept 2017 by blockchain development firm Input Output Hong Kong (IOHK), led by the co-founder of Ethereum, Ethereum Classic, and BitShares, Charles Hoskinson.
Cardano has been dubbed the "Japanese Ethereum" because of the strong support it received from Japanese investors during its private presale.
Why people love it 😘
It is a 3rd generation smart contract and dApps platform. It was built after knowing about the problems plaguing the earlier platform generations.
It has a 2-layer design, one for settling transactions (settlement layer) and another for smart contract processing (control layer). Keeping them separate might allow it to be more efficient in the long run than say the Ethereum blockchain, that does not have this distinction. This 2-layer design also allows for soft forks to be implemented.
It is completely open-source. The Cardano team is very transparent with decisions made for the blockchain through constant updates and posts.
It has an experienced team of engineers and researchers (about 30 developers). It's GitHub page is one of the most active ones in crypto.
Why people doubt it 🤔
Cardano's adoption has not been the fastest, and so with more infrastructure coins popping up, this might prove to be a huge obstacle for them going forward. It also has to deal with Ethereum's overwhelmingly large first mover advantage.
Cardano's programming language for writing smart contracts, "Plutus", is still an unproven language. This uncertainty could further slow down its adoption as it might take some time to win the trust of potential adopters.
Cardano's current supply is rather centralized. The top addresses hold a large % of all ADA (about 75%).
Other news 📰
Coinbase has just paid a $30k bounty to the finder of a critical bug in its systems. 💰
Fairfax county of the state of Virginia in the US has invested $21 million, under Fairfax County Retirement Systems, in the Morgan Creek Blockchain Opportunities Fund. 💪
Ethereum startup Status has launched a 'Tap-to-Pay' crypto hardware wallet. 🤖
Why do you say so? What are your plans for the weekend? 😂 Share with me in the polls! 😆
What you said
How much do you agree with this statement: "I believe in eternal love"
The average vote was 7.5. Oooh, the CMC family has some hopeless romantics in da house 💗.
"Why or why not?"
Not 100% sure about eternal, because what happens when we die? No one knows :o. But I do believe in a lifetime of love <3. - Can't argue with that. You got me w the semantics. 😂 I have lived for 68 yrs and i have lived and seen it. - You're an inspiration! Very happy for you sir. 🙌 I believe in the blockchain😎 - Hahaha amen to that. Absolutely true. - We have a believer! 👍 Lust is more fun - 😉 Jesus says so ! My Bride of 40 years just gets easier to love every day. I see no end in sight! - Very very happy for you. May your love continue to blossom forever. 😊 keeping the ability to believe is also part of the magic. - True. I was married 45 years ago and I and my bride are more in love today than we were then. When two people commit their lives to one another and seal that covenant between them and God, eternal love will occur and that's what we will take into Eternity! Blessings to all and Happy Valentines Day! - 45 years?! I am very impressed. Many would kill to have what you've got/ found. 😉
God has loved us right before we were born , he knew us before we were formed and sent his full expression of love of his love to man by his Son Jesus Christ whom is love by dying for us and he is Lord. Now we can be called sons of God because Christ restored a relationship of love between us and the father. I call this eternal love , there's none greater than this. Thank you , I Love you ❤ - God bless! 🙏🏻 Yes thet's a good solution for the futuree Internal love 😉 - Gotta love yo self 😊 I believe in Eternal Bullshit also - Hahaha 🤦♂️😂 You crack me up. My mother show her eternal love to me - No love is deeper than that of a mother's 💓
"Did you remember Valentine's Day without our reminder yesterday?" 😂
87.1% voted "Yes".
12.9% voted "No".
I gotchu fam. 👌🏻 Glad to know I saved some of your butts.😂
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
See you again on Monday! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!