Insights into the biggest events shaping the crypto industry.

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EOS Blockchain

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EOS is a cryptocurrency that wants to be a direct competitor to Ethereum. It raised more than $4 billion in a year-long ICO, and was designed to run Dapps on a blockchain without having to worry about speed or expending vast amounts of electricity. But as yet it's untested as a network and has run into a number of problems.

Ethereum is a cryptocurrency that allows smart contracts and Dapps to operate on its network. It was created by Vitalik Buterin, a Russian/Canadian software developer and is regarded as an evolution of Bitcoin.

azarus

blockchain

built

built on the blockchain

companies

digital identity

entrepreneurs

entrepreneurs lab

game

game built

Andrew Hayward

Ubisoft is one of the largest third-party game publishers in the world, responsible for well-known franchises such as Assassin's Creed, Far Cry, and Tom Clancy's Rainbow Six. 

But the French gaming giant is hardly monolithic. In fact, Ubisoft puts a premium on innovation, as evidenced by its Entrepreneurs Lab accelerator program.

The Entrepreneurs Lab provides support and studio space to startups that are working on cutting-edge technologies in gaming, such as augmented reality, virtual reality—and, of course, blockchain.

Ubisoft began the fourth season of its Entrepreneurs Lab this week, with 10 companies engaged in the six-month program. Eight of the companies are working with blockchain technology—although not all of them have an obvious gaming connection. And this time around, Ubisoft will host some of the startups in Singapore instead of Paris.

Here are the blockchain-related companies participating in season four of Ubisoft's Entrepreneurs Lab, along with their bright ideas.

AZARUS

Azarus is designed to boost engagement for Twitch video game streamers, letting them insert interactive "smart challenge" questions into broadcasts. Viewers who correctly answer questions earn AZA Credits, which can be exchanged for in-game items and other products. Challenges are notarized on the EOS blockchain. The service currently only works with Ubisoft's tactical shooter hit, Rainbow Six Siege, but with Azarus raised $1.8 million in funding in June, more games are likely to follow.

CAREGAME

Paris-based startup CareGame is creating a decentralized cloud distribution model for mobile games, allowing players to access games immediately with a tap without waiting for downloads or worrying about local storage or processing power. The blockchain foundation allows game creators to minimize fraud, plus CareGame sees the decentralized model as a way to minimize the power wielded by third-party game storefronts.

MIGHTY JAXX

Singapore-based design studio Mighty Jaxx trades in physical goods—collectable statues, designer toys, and other limited-edition items. However, its storefront and platform is built on the blockchain, which assigns a tamper-proof certificate to every collectible it manufactures and ships out. Mighty Jaxx has worked with such brands as DC Comics and Cartoon Network, and announced a pre-Series A investment round of nearly $1.6 million in July.

PLANETARIUM

Ever had a beloved game close down, shutter its servers, and disappear forever? Planetarium promises to eliminate that grim finale for any game built on its open-source, decentralized blockchain platform—allowing games to "live forever." On top of that, games such as Planetarium's upcoming mobile RPG Nine Chronicles can be freely modded by users and spun onto separate networks. Each game built on the platform gets its own blockchain, too.

SAVITAR

Savitar is a digital cryptocurrency exchange that claims to do things differently. The site promises low fees and a transparent listing process, and gives users say in its ongoing development. Savitar currently sells Bitcoin, Ethereum, BitcoinCash, and Litecoin, and offers its own SVT Token as an incentive for frequent users. The token provides discounts on fees, for example, as well as voting rights for proposed token listings.

 Crypto is coming for Fortnite – whether it likes it or not

SORARE

Think of Sorare like fantasy football crossed with a Panini sticker album—you collect cards of players from 27 different licensed soccer clubs (including West Ham United and Royal Charleroi Sporting Club) and create your starting lineup, earning rewards based on their real-life performance. It's built on the blockchain using non-fungible tokens, meaning that you can trade and sell the cards with other users as you please.

SYNAPS

Synaps is a blockchain-powered digital identity management service, letting users securely verify their identity with documents such as a driver's license or passport, or proof of residency. For companies in industries such as gambling, Synaps provides a frictionless way to verify users’ ID. The service gives users full control of their documents, letting them stop sharing any element of their digital identity as they choose.

WILDCARDS

Wildcards aims to harness interest in crypto to generate a steady flow of funds for conservation of endangered animals. Essentially, the platform sells non-fungible cards that represent gorillas, each of which has a price in ether. When purchased, the buyer must set a sale price and pay a monthly percentage as a Harberger Tax (which goes to conservation). The card can be purchased at any point, thus continuing the cycle with a new owner/seller.


games

gaming

gives users

mighty jaxx

provides

service

third-party game

ubisoft

users

Ubisoft began the fourth season of its Entrepreneurs Lab this week, with eight of the 10 companies selected working with blockchain technology.

Ubisoft picks eight blockchain startups for Entrepreneur Lab

The people and companies shaping the crypto industry.

The FATF is taking the position that stablecoins could lead to the end of “regulated middlemen.” And that’s a very bad thing, says FATF President Liu.

Coins

cryptocurrency

FATF

finance

money

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regulation

Technology

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Libra

adoption

cryptocurrencies

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facebook's libra

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libra

Nicholas Marinoff

The Financial Action Task Force (FATF) is once again coming after cryptocurrency—and this time, the global regulatory body is taking aim specifically at stablecoins, such as Facebook’s Libra.

According to Reuters, the FATF is taking the position that stablecoins have the potential to cause widespread and even global adoption of digital money—"the mass adoption of cryptocurrencies and peer-to-peer transfers." So, what’s not to love?

Well, the president of FATF,  Xiangmin Liu, evidently believes that this could lead to a global financial infrastructure devoid of “regulated middlemen,” thereby making it easier for criminal elements to thrive within the industry. Middlemen are tasked with verifying the validity of transactions and preventing malicious activity, Liu told reporters in Paris.

 Facebook’s Libra downplays G7 stablecoin warning 

“If stablecoins were to become widespread, it could potentially lead to new risks regarding money laundering and terrorist financing,” Liu reportedly said. “It is our job to ensure the new risks in connection with stablecoins will be adequately addressed.”

And, of course, the stablecoin currently causing the most commotion around the world doesn’t even exist yet—Facebook’s Libra. The project has so far been met with mixed reactions from both the public and government regulators globally ever since it was first announced in June. 

Libra is intended to be a digital currency used for payments within various applications and backed by a basket of fiat currencies, such as U.S. dollars and euros. The Facebook-led Libra Association claims that the Libra currency could help to enhance the presence of financial services in third-world nations, as well as speed up transaction times.

Not everyone is buying this, however. A report from the Group of Seven (G7) nations released yesterday likewise warned about the potential harm caused by stablecoins and called for projects like Libra to be halted until “the legal, regulatory and oversight challenges and risks” that the group outlined have been addressed.

The FATF has previously warned about the potential for cryptocurrencies to be used for money laundering and other criminal activity. Last June, FATF introduced a new “Travel Rule”—an agreement among its 37 member countries to require virtual asset service providers (VASPs), such as cryptocurrency exchanges, to share customer information with each other when money is moved from firm to another.

The rule forces crypto exchanges and other businesses that qualify as VASPs to keep a much closer eye on the digital fingerprints of their users.




Libra is Facebook's answer to crypto. It's a currency that will integrate with the social network’s 2.6 billion existing users.






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Stablecoins could lead to “mass adoption” of crypto, more crime, says FATF

The projects, currencies, and events shaping crypto today.

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Facebook

A wrap up of news covering the announcement of Facebook's cryptocurrency, Libra.

The latest news on Facebook's Libra

Facebook's Libra

backlash

clear

colleagues

facebook

facebook-led

facebook-led libra

Ben Munster

U.S. Senator Mike Rounds defied his congressional colleagues on Thursday, writing in a letter that he was puzzled by the way they had reacted with “such hostility” to the Facebook-led Libra project. 

Facebook hopes to launch the “libra” currency sometime next year, and says it will present an easier way for people to transact online. But the project has been met with backlash from regulators and lawmakers, who have branded the embattled project a threat to the global economy.

Rounds sent the letter to Anchorage, a cryptocurrency firm and a newly ratified “founding member” of the Facebook-led Libra Association, whose plan to reshape global finance in Facebook’s image has sparked an immense global backlash.  

 Was Congress's letter to Libra undemocratic?

“I believe there is promise in cryptocurrencies and digital payment, but regardless of how one views such technologies, it is clear that the United States is falling behind in this space,” wrote Sen. Rounds in his letter. Citing a barrage of statistics about the perils of antiquated financial systems, Rounds went on to insist that digital currencies had the potential to help “unbanked and underbanked” consumers in the United States. 

“It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system,” he said.

Though Rounds conceded that there should be no “free pass” for Libra and anti-money-laundering and terrorist financing concerns ought to be addressed (partly by expanding the scope of federal money-laundering laws to include cryptocurrencies), he said the regulatory pearl-clutching was ultimately “not healthy for innovation.”

Rounds struck a decidedly more conciliatory tone in his letter than his colleagues, Senator Brian Schatz and Sherrod Brown, did earlier this month in a missive addressed to MasterCard, Visa and Stripe, all of which have since abandoned the project. Those senators warned the companies to “proceed with caution,” suggesting that Facebook was unwilling to act responsibly. A recent _Wall Street Journal_ report said that the senators’ letter was the impetus for the companies’ departure. Some criticized the move as undemocratic. 

In his own letter, Senator Rounds also criticized regulators and their devotion to the century-old Howey Test, saying that there was “no clear way” to determine if a cryptocurrency is a security. He added that it was “incredibly disheartening” to hear that regulatory uncertainty had driven crypto businesses overseas. 

“If we want America to retain its pioneering edge in the digital space,” he said, “our regulators need to look in the mirror and ask ourselves how long we’re willing to wait while other countries run circles around the United States.”


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united states

Libra finds a Facebook friend in Congress  - Decrypt

Senator Mike Rounds takes exception to the “ominous” tone recently levelled at Facebook's Libra by his congressional colleagues. 

Libra finds a Facebook friend in Congress

business

association

concerns

currencies

digital currencies

group

The Facebook-led Libra Association today responded to various regulatory and privacy concerns raised by the G7 world leaders forum about its planned digital currency, Libra.

The Libra Association generally downplayed the group’s reservations about stablecoins and said it was “pleased” the body seemed optimistic about the future role of these digital currencies.

The G7 group yesterday warned of the “legal, regulatory and oversight challenges and risks” associated with global stablecoins, fiat-denominated assets that have been championed as an end-route around cumbersome cross-border payment services. The group said that stablecoins raised concerns about market integrity, data privacy, and terrorist financing.

The Libra Association, which comprises 21 companies, responded that it was committed to working with regulators and local governments. It added that it would respect the monetary sovereignty of the nations whose currencies will make up the “basket” of currencies backing the libra.

The project has recently heaved amid extraordinary criticism from banks, lawmakers and regulators, who have challenged Facebook’s plan to lead the development of a global alternative to fiat currencies. Earlier this month, several key backers dropped out, following hints from Congress that membership of the project would attract scrutiny. 

“Libra coins can comfortably coexist alongside central bank-issued digital currencies. China has been successfully innovating in this area with private mobile networks,” the Libra Association argued today, adding that it plans to “apply the protections they provide to the digital world, not disrupt or undermine them.”

The Libra Association also deferred responsibility to the service providers building atop the Libra network. “Much of the work of detecting illicit activity will, appropriately, happen at the service provider level,” it said. “Individuals and entities who hold Libra coin will be responsible for filing their taxes in accordance with local laws.” It added that it would work with banks, and that it would ensure the project sparked only “responsible innovation.”

The points trotted out today echoed comments made by the project’s overseer, David Marcus, in Congress earlier this year, as well as in early interviews following the project’s initial announcement. 

But many of these assurances did little to assuage critics then, and it’s unclear whether the latest response will do any better. Facebook CEO Mark Zuckerberg is scheduled to appear before Congress to address the body’s concerns about Libra later this month.


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Facebook’s Libra downplays G7 stablecoin warning  - Decrypt

The Libra Association skirted around G7’s criticism, largely repeating points it made in Congress earlier this year.

Facebook’s Libra downplays G7 stablecoin warning

The new tools, protocols and infrastructure shaping crypto today.

Food

food trust

IBM Blockchain

raw seafoods

walmart

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chain

ensuring

giant

help

ibm food

ibm food trust

Robert Stevens

IBM announced yesterday a partnership with Raw Seafoods, Inc. extending the reach of its Food Trust blockchain-based supply chain system. 

Scallop production from the Massachusetts based firm is logged on the immutable, publically available ledger, meaning that you can rely on the blockchain to make sure your dinner won’t give you a dicky tummy. [Ed. note: UK slang.]

The IBM Food Trust solves that; it is a blockchain network whereby producers of food can track food across the supply chain, ensuring food safety, combating food fraud, and greasing the wheels of the whole food-processing operation. 

“I think one of the biggest hesitations from a lot of consumers in buying seafood is a lack of trust,” said Scott Hutchens, VP and Co-Founder of Raw Seafoods in a promotional video put out by IBM. 

IBM Food Trust has already extended its reach into other food industries. One of its most high profile partnerships is with retail giant Walmart, which uses IBM Food Trust to help streamline the process of its lettuce and shrimp. It seems like IBM is working its way around the seafood platter...

Dan McQuade, VP of Marketing at Raw Seafoods, wrote on IBM’s blog that an additional benefit of the platform is that it “can help reward the captains and the fisherman for their efforts. Before blockchain, there was no way to prove that you got your catch onto ice a little faster than your peers, or that you got them into port more quickly. Now, there is,” he said. 

  

IBM Food Trust is one of many major players in the industry. TE-Foods already processes hundreds of thousands of animals on the blockchain, ensuring that, for instance, animals are not pumped full of sedatives before slaughter. And South Korean telecommunications giant KT this month announced plans to develop a system that ensures food that goes through its system is halal. 


reach

seafood

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supply chain

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trust

IBM announced yesterday a partnership with Raw Seafoods, Inc. extending the reach of its Food Trust blockchain-based supply chain system.

IBM puts scallops on the blockchain

Australia

guilty

Hacker

nyugen

ripple

XRP is a type of cryptocurrency designed to help banks move money more quickly, and cheaply than existing methods. It is largely spearheaded by Ripple, a for-profit company based in San Francisco.

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An Australian woman has pleaded guilty to stealing more than 100,000 XRP, worth $450,000 at the time.

In January, 2018, Katherine Nguyen admitted hacking into the trading account of a 56-year-old man who shared the same surname. She locked the account and stole the funds before transferring them to a Chinese cryptocurrency exchange, swapping the XRP for Bitcoin, according to local reports. When the account was unlocked two days after the hack, the victim discovered his stash of XRP was gone.

Nguyen, 24, pleaded guilty on August 23. She’s looking at possible jail time, and hid her face from reporters as she left the courthouse.

“It's a very significant crime and it's the first we know of its type in Australia where an individual has been arrested and charged for the technology-enabled theft of cryptocurrency," Australian cybercrime Commander Arthur Katsogiannis told reporters in Sydney when she was charged last October.

The amount of stolen XRP, $450,000 at the time of the crime, is now worth just $26,700.


time

worth

The stolen cryptocurrency was worth nearly $500,000.

Hacker admits she stole 100,000 XRP in Australian crypto heist

An Australian woman has pleaded guilty to stealing more than 100,000 XRP in January, 2018, worth $450,000 at the time but now worth much less.

Hacker admits she stole 100,000 XRP in Australian crypto heist

The stolen cryptocurrency was worth nearly $500,000.

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