Daily Email Archive

It’s okay to be wrong

Your daily newsletter for May 10, 2019
How few there are who have courage enough to own their faults, or resolution enough to mend them."
- Benjamin Franklin
It's beloved Friday again, and that's another week down! Good job for pushing through. 🤜🏻🤛

Today in history (1994), the late Nelson Mandela was sworn in as South Africa's 1st black president. ✋ Prior to that, Mandela was an anti-apartheid activist, lawyer, and former political prisoner. His presidency ended on 14 June 1999. 🙏

In today's newsletter, we will be covering fintech startup Fluidity and ethereum-powered mortgages, It is slated to be live in summer, the U.S. FSC to form a "Task Force on Financial Technology" and private banking institution Nordea expanding its blockchain-based trading platform offering.  Today, we will also be covering Zilliqa (ZIL) in our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, Panda Analytics! So don't forget to check that out below too!

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! 📚

Defying all odds 🎲
Over the last 24 hours, total market capitalization rose from ~$188.6 billion to ~$192.2 billion, with most coins either seeing gains or losses in the ~2-5% range. BTC dominance again continues to rise and is now at ~58%.

BTC is currently trading at ~$6,310, up ~3.7% for the day. RSI on the daily chart is currently at ~80.1. Also on the daily chart, BTC continues to trade near the upper Bollinger Band, something it has continued to do so for the past 2 weeks. BTC continues to be challenging the very heavy resistance zone of ~$5,800 to ~$6,400. 

Tokenized 💲
Fintech startup Fluidity will be announcing plans for Ethereum-powered mortgages in California and New York. 🏠 It is slated to be live in summer, after licensing paperwork is finalized. 

According to Fluidity chief architect, Todd Lippiatt, Fluidity will tokenizes houses by "effectively taking the collateral that is the equity of the house" and users will in return "get an advanced rate back in terms of dollars.” 🤝

Fluidity’s upcoming mortgages will use smart contracts and crypto for back-end management. Borrowers will need to submit online credit checks and personal information just like any other online loan platform. Fluidity is also currently exploring partnerships with ethereum-centric lending platforms, such as MakerDAO’s dollar-pegged DAI loans.

Seed planted 🌱
The United States House of Representatives Financial Services Committee has passed a resolution to form a "Task Force on Financial Technology." 👬

The task force will “examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech”. Congressman Stephen Lynch (D) will chair the task force. ✋

It is also notable that crypto-friendly representatives such as Warren Davidson (R) and Tom Emmer (R) will be joining the newly-founded fintech task force. 🙃

Bigger offerings 👐
Nordic private banking institution Nordea is expanding its blockchain-based trading platform offering, "we.trade", to small and middle-sized business customers. 😁

We.trade is a joint project of 12 different banks including the likes of Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Santander, Société Générale and UniCredit, and is based on the IBM Blockchain platform. In 2016, it had a total equity of ~$36.4 billion and a net income of ~$4.15 billion. 💰

The platform will soon help SMEs address trust deficits in current cross-border trades. According to Nordea's Global Head of Trade Finance, Patrik Zekkar, "almost 60% of the SME’s said that they have to make advance payments so there is obviously a sense of insecurity surrounding cross-border trade", which "may also lead to companies refraining from trading and not growing.” The we.trade platform allows users to select certain events within a smart contract that will trigger a payment to another party.

Blockchain term of the day 🤓 - Proof-of-Stake (PoS)
Crypto deep dive: Zilliqa
  • Cryptocurrency: ZIL
  • Market Capitalization Rank: 47th (~$140.5 million)
  • Consensus: Hybrid (Proof-of-Work (PoW) and Byzantine Fault Tolerance)
The gist of it ⚙️
  • Introduced in 2017, Zilliqa (ZIL) is centered around the idea of 'Sharding', through which transactions are divided into smaller groups for miners to perform parallel transactional verification.
  • It is a scalable and secure blockchain platform for hosting decentralized applications. 
  • This project plans to become a rival to the Ethereum platform, by providing developers with a faster and more scalable solution at lower fees.
Why people love it 😘
  • Sharding is already implemented on the ZIL blockchain. It is in fact the first platform to implement the technology. 
  • Zilliqa has a strong community behind it that all are confident in its technology. This can be seen in their Reddit and Telegram channels. 
  • The Zilliqa team has been hitting roadmap milestones in a timely fashion. Among most projects, ZIL recorded one of the highest number of GitHub commits throughout 2018. From this we can draw that the team is committed to the underlying technology serving the ZIL blockchain. 
Why people doubt it 🤔
  • Zilliqa is still considered to be a very new project. It's mainnet was launched on 31 Jan 2019. It has yet to withstand the test of time (relative to crypto time).
  • Zilliqa may face some problems with adoption due to its programming language, Scilla, which is not a well known language. The language was developed by Zilliqa’s team specifically for their needs. Many developers will have to learn it in order to join the protocol.
  • The creators of Zilliqa are for the most part, academics. This is evident in the project's low emphasis on marketing, which can be an important driver for adoption. 

Other news 📰
  • Dapper Labs, the creator of CryptoKitty, has released a new Ethereum wallet called "Dapper".  😄
  • HoneyMiner, a desktop-based crypto mining application that accesses your CPU or GPU to mine ETH, ETC, ZEC, XMR and others, is now compatible with MacOS. 🙌
  • Fundamental Labs, a blockchain fund manager that’s backed Binance, Coinbase and Canaan Creative, is investing $44 million in top-of-the-line Bitcoin miners made by Bitmain, InnoSilicon and MicroBT. 💰
Crypto calendar 📅

16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application
21 May - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
TBA      - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline

Catch the CoinMarketCap team at these community events! 🤝

8-11 Jul      - RISE Conference 2019 (Hong Kong)
10-11 Jul    - Barcelona Trading Conference (Barcelona, Spain)

Poll of the Day
On a scale of 1-10 (10 being most keen), how keen are you to buy tokenized real estate? 💭
Why or why not? What are your plans for the weekend? Share with me in the polls! 😆
What you said
""On a scale of 1-10 (10 being most likely), how likely are you now to leave your crypto funds in crypto exchange Binance?"

The average vote was a 5.2. People! This number should really be much lower! Never ever leave your funds in a crypto exchange. It's a ticking time bomb. 💣 All it takes is one more transaction (and a couple of cents) to send your funds out of the exchanges' wallets and into your cold wallets to ensure that your funds are truly safu. Many of my friends have lost funds due to hacks - it's not as uncommon as you may think! It really just needs to happen just one time and its game over. 💸 Think about it. 🤔

"Prior to the hack, did you have funds stored in Binance?"

63.6% voted "Yes".
36.4% voted "No".

I hope that the number in the 'Yes' column has lowered significantly since! 🙏

Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
See you again on Monday!
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