LOS Angeles Moves Into The Blockchain Space
The Los Angeles Mayor’s Office of Budget & Innovation and the city’s Information Technology Agency (ITALA) have partnered with Goren Holm Ventures (GHV) to host a blockchain startup contest called Block Tank.
Segwit Moves Forward
The percentage of Segregated Witness -spending Bitcoin (BTC) transactions has reached 50.5%, or an all-time high, according to transactionfee.info statistics. SegWit is a proposed update to the Bitcoin Core, which is designed to reduce processing and wait times. Originally, the update was aimed at solving transaction malleability, a well-known weak spot in Bitcoin software. But now, SegWit offers a range of other advantages and now the focus of attention has shifted from fixing transaction malleability to solving the problem of Bitcoin scaling. Will this be the change that bitcoin was looking for?
Binance Deals With More Issues
The CEO of cryptocurrency exchange Binance has dispelled fears a bad actor had attacked its newly-launched Bitcoin futures platform. Changpeng Zhao, also known as CZ, had warned that the exchange’s futures were under attack from one of its market makers. The perpetrator allegedly crashed the BTC/USD order book from $10,324 to $10,024, in what Zhao said was the second such attempt at an attack.
Libra Faces More Pushback From Governments
CEO of Calibra, Facebook’s digital wallet for its proposed Libra stable-coin, has attempted to debunk the notion of Libra’s threat to the global financial system. Amid the ongoing meeting between Libra founders and 26 global central banks in Basel, Calibra CEO David Marcus has stepped up to protect the position of the Libra Association
NBA Player Tokenizes His Contract
Spencer Dinwiddie of the Brooklyn Nets basketball team is planning to tokenize his $34 million NBA contract extension. The Three year $34 million NBA contract extension, Dinwiddie is reportedly going to sell digital tokens tied to the contract, wherein investors in the offering would receive principal and interest. This is a bold and interesting move from Mr. Dinwiddie. If this is a success for him, what is to stop other athletes from doing the same? And if say a billion dollars worth of salary from just the NBA follows the same path, how will this change the world of blockchain from here on out?
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.