Imperfection is beauty

Your daily newsletter for June 11, 2019

Imperfection

"As machines become more and more efficient and perfect, so it will become clear that imperfection is the greatness of man."

- Ernst Fischer

Happy Tuesday, CMC fam! I hope the Monday blues didn't get to ya. I've got some tasty nuggets of news for you all today, so let's get right to it! 😋

Today in history (1982), the "E.T. the Extra-Terrestrial" film, directed by Steven Spielberg, starring Henry Thomas and Drew Barrymore, was released. 👽

In today's newsletter, we will be covering Target creating an open source blockchain project for supply chain tracking, Zilliqa (ZIL) launching smart contracts on its platform and crypto news site CCN.com shutting down. Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit!

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! 📚

No change 💤

Over the last 24 hours, total market capitalization again pretty much stagnated at ~$254 billion, with 24-hour volume registering at ~$64 billion. Notable movers of the day include Litecoin (LTC) and Aurora (AOA), both up ~11.1% and ~78.2% respectively.

BTC is currently trading at ~$7,970, and is currently challenging its 21-day EMA line, a battle that's been ongoing for the past 5 days. BTC still continues to be trading above its 50, 100 and 200-day EMA lines. RSI level on the daily chart is currently at ~51.

An open invitation 👐

U.S. retail giant Target is creating an open source blockchain project for supply chain tracking, according to a recent official blog post from the company’s VP of architecture, Joel Crabb.

In 2018, Target conducted a pilot test using blockchain technology to certify its paper products along the supply chain. That same blockchain technology, built on blockchain platform Hyperledger Sawtooth, is now made open source on GitHub as “ConsenSource”. 👍

As to why it was made open source, Crabb said that “... the largest obstacle to implementing a distributed ledger is getting multiple companies to agree on which data are stored in the blockchain and how the system will be operated and governed. To achieve this close interaction among corporate entities, many companies (including Target) see the most potential for enterprise blockchain initiatives as open source.” 👐

Also according to Crabb, Target will support the Hyperledger Grid, a project initiated in large part by Cargill, one of the Target’s main food suppliers.

In business 😄

“Next-generation” cryptocurrency Zilliqa (ZIL) has announced the launch of smart contracts on its platform, as per what the project envisioned 2 years ago, and are now "open for business". Developers can now write and deploy smart contracts on the Zilliqa blockchain with the project’s functional smart contract language, Scilla. 👍

According to Zilliqa's chief scientific officer Amrit Kumar, this achievement helps the team "realize our [their] vision of a better smart contract language, one built with greater security guarantees at the language level”.

According to Kumar, Zilliqa’s smart contracts are also amenable to formal verification and come with a suite of static analyzers that help spot potential bugs and issues in contracts. Further, the Scilla language is designed to handle different operational components, such as computation and communication with other contracts, in a “clean manner,” eliminating complex interleaving. 💪

Bye Felicia 👋

Crypto news site CCN.com is shutting down, due to a ~71% fall in mobile traffic attributed to a recent Google’s search rankings update. 😥

According to founder Jonas Borchgrevink in a final post on the site, CCN first began as CryptoCoinsNews in the summer of 2013 and has been around for 6 years. He also said that they are the crypto-related news site with the highest amount of traffic worldwide, although other crypto news sites like CoinDesk and CoinTelegraph have been "friendly competitors" with them the past 6 years for the #1 Alexa spot.

Borchgrevink also illustrated through internal charts how the June 2019 Core Update, an update that Google claimed was “designed to improve our [their] results”, killed them and greatly reduce their search visibility.

Blockchain term of the day 🤓 - Mining contract

Another term for cloud mining, where users can rent or invest in mining capacity online.

Tutorial Tuesday 🤓 - What is an Altcoin?

In this week's Tutorial Tuesday, our friends over at Goodbit have created an educational video on 'What is an Altcoin?' Class is in session. Check it out here!

Other news 📰

Crypto exchange Coinbase is adding the Ethereum stablecoin DAI to its Earn program. 🙌
Bitwage, the startup that enables companies to pay their employees in cryptocurrency, has added ETH as a payroll option. 🎉 
The venture capital arm of the U.S. National Association of Realtors (NAR) has invested in blockchain-based real estate startup Propy. 💰

Crypto calendar 📅

16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application (decision has been delayed)

19 Aug - 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

How much do you agree with this statement: "Ethereum (ETH) will still be the most used smart-contract platform by the end of 2020." 💭

Why or why not? Share with me in the polls! 😆

What you said

"How much do you agree with this statement: "I refuse to support the Facebook coin because it's decentralized.""

The average vote was a 4.7.

"Why or why not?"

decentalization is what crypto is all about - Yeah, I really hope this whole space can stay that way. 🙏

I’m very interested to see what this monster changes, 🤯- Well we do know that they definitely mean business. It would not be small scale for sure.

Facebook crypto coin can help To make bitcoin and altcoins more known. And can give trust To crypto. - True, I think that it'll help shine the spotlight on the crypto industry.

i totally support any initiative by any company or government to adopt blockchain any ways... adoption by facebook will bring much needed recognition.. also after this i expect all others like apple, google, microsoft, samsung & several others to make their plans public. for those who think this is centralised, BITCOIN is always there & will remain a GOLD standard... - I believe so too. I just hope that people educate themselves about decentralization and how important it is. 🤓

i Think every crypto is important. If Facebook coin brings awareness to the space it’s good for us all. At some point one of the crypto’s is going to turn that light switch on so everyone can see the future. - Agreed.

We need decentralization for a better world - Amen to that. 🙏

It seems like this goes against all crypto is for, and seems to be a threat to crypto in my opinion. I speculate that a lot of Global companies will use it though for transacting as they have more trust in the likes of Google, Facebook, Apple etc. than decentralised crypto. - I can see that happening too IMO. And so I think the space needs to place more emphasis on education so that the public will be aware of the downsides of centralization. 🤓

I think there fb coin plans to be a good stable coin pegged to multiple currencies. It's not intended to be a crypto currency . Mostly it's going to be centralised but whatever this coin is going to create lot of hype with the audience, not us decentralised crypts fans maybe but others. - The only upside I see from this all, is that more attention will be indirectly paid to crypto. Whether the space can maintain and convert that attention, is another story.

I would never trust Zuckerberg for any reason at all. He lacks any ethics at all. Crypto is supposed to be decentralized; not be meddled with by a huge multi-national corporation that will sell user data to cooperation's and governments to be illegally spied on. - Personally deleted Facebook cause of that dude. Im a one-strike kinda dude when it comes to privacy. 🙅

I support any investment in this space! This could take us away from tether and other stable coins! - They'll definitely manage it better than Tether. 🤣

May as well use currency. - lmao yeah.

I don't know enough about the Facebook coin to really form an opinion as to if I will use it or not. I can say with certainty though that the centralised / de-centralised aspect doesn't concert me at all. If it provides a real world utility and its solving a real world problem then it will be used. - Yeah, as long as it makes something more convenient, it's gonna be used.

Decentralization is the key! - 🔑

Zuckerburg's attempt to ruin crypto SHOULD NOT BE ENCOURAGED! - Sigh, that's why we gotta support truly decentralized initiatives in the space...

Lack of trust in FB - They be spyin all day 🧐

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙