"You can’t outwit fate by standing on the sidelines placing little side bets about the outcome of life… if you don’t play you can’t win."
– Judith McNaught
New week! Alright, let's get to it. Coming to you with some hot crypto news! 🔥
Today in history (1908), Henry Ford built the first Model T car. 🚗
In today's newsletter, we will be covering a People’s Bank of China digital currency prototype said to be ready, Abu Dhabi's sovereign wealth fund investing in a digital currency trading platform and IBM potentially seeking to create a blockchain-based web browser.
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
Weekend dip 📉
Over the weekend, total market capitalization dropped from ~$305 billion to ~$296.3 billion. 24-hour volume was ~$50 billion during the weekend.
BTC is currently trading at ~$11,380, down ~3.4% over the weekend. BTC's dominance still remains high at ~68.6%. BTC is still trading above its 21-day EMA line on both the daily and weekly chart. 👍
Quick to respond ⚡
According to the People’s Bank of China's (PBoC) deputy director Mu Changchun at the China Finance 40 Forum, a digital currency prototype that adopts blockchain architecture has been successfully developed after 5 years of research and “can now be said to be ready." 😲
According to Mu, the digital currency will adopt a 2-tier operating system to cater to China's “complex economy with a vast territory and a large population,” with PBoC on an upper level and commercial banks on a secondary level. This will supposedly improve accessibility, enhance adoption rates among the public, and promote innovation among commercial entities. 🤔
Mu also said that the digital currency is designed to be suitable for “small-scale retail high-frequency business scenarios”, ideal for a country as large as China where retailers require high concurrency performance.
According to UAE news outlet Gulf News, the world’s 13th largest sovereign wealth fund, Abu Dhabi-based Mubadala Investment Capital, has invested in digital currency trading platform, MidChains. The platform is set to launch in late 2019, and will be located in the international financial center and free zone Abu Dhabi Global Market (ADGM). 💰
According to the co-founder of MidChains, Basil Al Askari, one can think about MidChains as an exchange "similar to a stock exchange", where instead of trading equities, you would be trading crypto. The platform will "also perform custody activities, which means we [it] also can store, settle, and clear crypto transactions on behalf of our [its] clients.”
Al Askari also mentions that foreign stakeholders have already expressed interest in using MidChain’s trading platform, and that he sees Bitcoin (BTC) as a new investment class that will coexist with fiat currencies. 👍
According to a recent patent application filed on 6 Aug by the United States Patent and Trademark Office, IBM is seeking to create a blockchain-based web browser. 😲
According to the patent application, this peer-to-peer network-backed browser will collect pre-specified information from web browsing sessions, and transfer that information to a network of peer-to-peer nodes for collection and storage.
Storable session information include website visits, bookmarks, task performance, geolocation, plugin installation, and security patches. According to IBM, a blockchain-based browser “affords a system for storing browsing information such that privacy is preserved and places privacy in the ‘hands of a user’ rather than a third party”, and allows for a viable backup of all user information.
IBM also notably included a token in its model, one that would help verify a users browser session activities as they are packaged into blocks for the peer-to-peer network. 😀
A place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. A cryptocurrency address can be shared publicly in the form of text or QR code to those who want to send you cryptocurrency.
Special announcement 📢 - FCAS now available in our API plans
We’re pleased to announce that the Fundamental Crypto Asset Score (FCAS) is available on all our API plans, including the free version! FCAS was made available on CoinMarketCap’s website earlier this March by our partner Flipside Crypto, a cryptocurrency firm specializing in fundamental analyses. In the 2nd phase of our partnership, all API users can now check on the health of cryptocurrencies for 500+ assets in real-time. FCAS is comprised of 3 fundamental metrics, which include additional sub-components that make up a cryptocurrency's performance:
1. User Activity, which comprises Project Utilization and Network Activity 2. Developer Behavior, including Code Changes, Code Improvement and Community Involvement 3. Market Maturity, which is determined by Liquidity and Market Risk sub-components
How is the rating determined? FCAS assigns cryptocurrencies a score out of 1000, utilizing a combination of classical statistics with Bayesian approaches to provide a simple score for each metric. For more info on FCAS, view Flipside’s description on their approach. You can sign-up or log-in to test the 2 FCAS endpoints here!
Other news 📰
In response to U.S. Tron (TRX) enthusiasts expressing their concern on Twitter over their inability to trade TRX on crypto exchange Binance, founder Justin Sun recently responded by tweeting “Yes. It is our #1 priority now. We will have a full team including me dedicated to this matter. We will get all these things done with #TRON speed! #TRX $TRX.” 🗣️
According to a recent Medium post, Binance US said that it is considering 30 potential cryptocurrencies and digital assets. It has adopted a Digital Asset Risk Assessment Framework to meet compliance requirements of the country. 🤗
New Jersey's governor Phil Murphy recently signed bill S2297, the Blockchain Initiative Task Force, into law. The task force is commissioned with studying potential use-cases for blockchain technology on the state and local level, and specifically points out medical records, land records, banking, and property auctions as potential applications. ✍️
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
"How much do you agree with this statement: "I would like for my insurance policies to be put on the blockchain.""
The average vote was a 7.3.
"Why or why not?"
True transparency Easier transaction - Yep! 😀
A great way to keep track of all things insured - True.
I think datas would be more secure - No doubt! 😉
Contract terms known to all parties. - And unable to be tampered with.
They still gonna find a way to not pay you and "prove" it on a block chain. - Lmao...
Their is no need for that...... - There is! Immediate payouts, cheaper plans etc. For example, think about all those missed flights, and how people would be able to claim on them immediately once they miss their flights, no questions asked. The moment they aren't registered on the flight roll, their accounts would immediately be credited. Plus they would be paying a lower fee as there are now fewer middlemen. 😬
May make sense... Coz it will keep insurance records and details properly and it will make it effient for solving claims. - Yes!
yes, this was one of first things i thought of when i discovered the unlimited possibilities of blockchain, especially rare cars and valuable art. - Agreed!
Quality control, security and private. - All dem good tings. 😋
For all the hype and talk by the big industries yet to see blockchain your household names using blockchain as their go to way of storing documents for access by us minions... I mean customers. In time I've no doubt blockchain will rule the world, but not quite yet - All in due time, friend. Let's sit back and enjoy the show.
Why not its an ideal partnership. Isn't this a perfect use case for a smart contract? The sooner we can utilise distributed ledger technology for what it is designed for, the sooner we can buy our Lambo's & beach apartments. - It definitely is the perfect use for them.
i would love it.. it will be very transparent. i will not have to spend time on phone with the agents. also care givers will be able to authenticate it at once.. also if i can pay premium in fiat & receive the mature amount in Bitcoin it will be great. - Claims are so annoying lol. Can't wait for this to conceptualize. 😂
Save the trees, use blockchain. No serious though, Insurance companies are so bad with personal policies and keeping track. They have as much turnover as McDonalds it seems like. This would be a great thing as would so many other industries moving to the blockchain. #winning - Exactly.
"What are your plans for the weekend?"
study more about crypto currencies and blochchain - Always, always a good idea. 🤓
Laundry. Church picnic - Ahhh, my arch nemesis... Laundry. 🤦♂️
Code, Beach - Chill~
Going to a Nikkei Memorial and cultural center. - Awesome! 😋
Enjoy the rain and swim in a lightning storm! - Oooo living life on the edge! That's way too much for my heart to handle. 😂
Yup planting some saplingS in the university campus, will have some green breath. - That's lovely. 🌱
I need to be working, but my bed looks comfortable and i can put on my favorite hoodie and be batman until monday. - The sloth life. I like that. Hahaha. 🙃
Family, friends and fun. - The 3 good Fs of life, haha. 😂
Work and work in the garden - Therapeutic!
Premier league starts yee ha.... unfortunately I've been kidnapped to work for a customer all weekend... gutted... - GGMU 😉
Beer & Karaoke with maybe a few games of pool thrown in. - That's like the perfect combination!
housekeeping.. we are getting food from outside.. and going to sleep till very very late on sunday. - Lazy Sundaysss... gotta love em.
Indica, and then more indica.... 😎- Not a bad way to unwind, I must say... 🤪
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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