Weekly recap: ICOs, Ripple, Ethereum, Joe Lubin, iCash

Coincast TVOctober 5, 2018
Bitcoin, Money, Decentralized, Anonymous, Currency

Your weekly wrap-up of all things blockchain and cryptocurrency.

While ICOs have been slowing down, this hasn’t stopped venture capitalists from entering the space with the level of traditional investment firms on the rise for 2018.

In other news, Ripple has continued making waves this week, this time with its cross-border payment technology.

The company’s xRapid platform allows international money transfers to happen in minutes and at a much lower cost – putting an end to days-long clearance times and high foreign exchange fees.

It’s now being rolled out to three international payment providers.

In an unusual move this week, Ethereum co-founder Joe Lubin has reportedly invested US$6.5 million into startup DrumG.

It’s unusual because DrumG was actually founded by several executives from R-3, one of the Ethereum blockchain’s most heavily funded competitors.

Meanwhile, South Korea has been busy in the blockchain space.

The nation’s largest venture firm is backing its first blockchain start-up, and the chairman of Korea’s National Policy Committee has called for ICOs to be legalised, along with a regulatory framework.

Top cryptos of the week…

It’s been another stable week for bitcoin with the price hovering around the US$6,500 mark as we enter the fourth quarter for 2018.

Traders are waiting patiently to see which way the trend will break out.

With only about a 10 per cent difference, the volume of long and short traders are relatively close to parity.

Industry players are anticipating there’ll be far less price volatility for at least the next month.

Ethereum has taken the spotlight this week, thanks to Bitmex Research’s study that shows ICO treasury accounts no longer hold a significant amount of Ether.

Just 830 million US dollars of Ether are held in ICO treasury accounts compared to the US$5.4 billion raised.

Ethereum’s price may see less selling pressure from the industry’s burn rate, but in the short term, Ethereum is only trading 10 per cent below the 50-day moving average.

Traders may get an opportunity to make a quick short trade before re-entering at a target above the US$180 support level.

Projects to watch…

iCash is one project to watch this week – it’s set to launch an insurance protocol solution that validates blockchain transactions and smart contracts.

The team is backed by impressive resumes, with several members having held top positions at corporations including Goldman Sachs and Credit Suisse.

And cloud computing marketplace Perlin is harnessing the power of your smart devices while it is idle.  

The project is hoping to use the unused energy to fuel supercomputing operations.

Looking at DApps, MultiVAC has made things a little more flexible using a technology known as sharding.

Sharding is a type of database partitioning that works by separating very large databases into smaller, faster parts called data shards.

The week ahead…

The world’s two largest enterprise blockchain groups say they’re teaming up to promote blockchain technology to companies.

Hyperledger and Enterprise Ethereum Alliance are already “quietly” working together to adopt aspects of each other’s platforms.  

They say the partnership will accelerate adoption of the distributed ledger technology for business.

A Japanese business is to start paying its workers in crypto.

Tech firm GMO Internet says its 4000-strong staff can choose to receive part of their salary in digital currency, starting from February next year.

On the global market scene, the Venezuelan Petro has officially launched with its wallet now available on Google Play.

The results of its public sale will be released early next month.

In conferences, the San Francisco Blockchain Week kicks off in the US, and make sure to pack your bathing suit for the PundiX Blockchain Summit next week in Bali.

Catch up on this week’s news on Coincast TV.

 

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