Coinmama’s Week In Review
Many R3 Member Banks Leave The Blockchain Consortium
The blockchain project R3 CEV has been in the headlines for a year now with a large swathe of banks behind its curtains. At the end of the month, the project will be open sourcing it’s Corda distributed ledger code to the world. However, just recently many member banks have been leaving the R3 fold. This includes Goldman Sachs, Santander, JP Morgan, and rumors of others planning to leave. While most of these banks are leaving the project still expects backing from 30 banks during its $150 million funding round.
EY Switzerland Goes Bitcoin
The Switzerland branch of the EY (Ernst & Young) financial services firm has announced it will be accepting Bitcoin this week. The news that one of the “Big Four” accounting firms now embraces Bitcoin has made the community ecstatic. Additionally, the firm is giving employees EY developed cryptocurrency wallets and will be installing a Bitcoin ATM in its main office. The company will be the second “Big Four” accounting company to install an ATM in its office as Deloitte has one installed in Toronto.
Blockchain Surpasses 10 Million Wallets
This week the blockchain explorer and wallet company Blockchain has issued its 10 millionth wallet. The Luxembourg firm is one of the oldest companies in the Bitcoin space founded in 2011 by Peter Smith, Nicolas Cary, and Ben Reeves. 10 million wallets is quite the feat as it shows the Bitcoin landscape and adoption continues to rise. “Bitcoin has become a safe haven in the face of geopolitical events,” said Blockchain during its 10M wallet announcement this week.
Professor Declares Blockchains Without Assets Absurd
The popular Italian university Politecnico di Milano Professor Ferdinando Ametrano recently denounced the blockchain hype. The professor stated during an interview at London’s Blockchain Money Conference that blockchains without assets are “nonsense.” So far over a billion dollars in capital has been injected into the blockchain space and some of these concepts rely on no assets at all unlike Bitcoin.
Ethereum Hard Forks Once Again
The popular cryptocurrency network Ethereum has hard-forked four times in the past few months. This week the platform had run into an issue regarding its consensus scheme. The Geth client and Parity clients both had issues, but the Ethereum community issued a new release of Geth client. According to the Ethereum Foundation, a loss in synchronization occurred in block #2686351. Ethereum has had issues with multiple DOS attacks and other network problems.
Japanese Insurance Company Covers Cryptocurrency Loss
The Japanese firm Mitsui Sumitomo in partnership with bitFlyer will cover losses for cyber attacks, breaches or other cryptocurrency losses. Mitsui Sumitomo will facilitate coverage between 10 million yen to 1 billion yen. The company says the product will cover the domestic market and also handle lawsuit costs internationally. The product may gain some traction in Japan as the infamous Mt Gox hack took place there.
Korean Stock Exchange Launches KSM With Blockchain Technology
The startup Blocko’s blockchain technology will be used by the Korean Stock Exchange with the launch of the Korea Startup Market (KSM). CEO of Blocko, Won-Beom Kim details the company will utilize the protocol to validate digital identity. “This is the first example of commercialization in which blockchain is applied to the Korean over-the-counter stock market,” Won-Beom Kim stated during the announcement.
Uganda Lawmakers May Regulate Bitcoin
According to a new report from the United Nations UNAFRI organization the region may regulate virtual currency transmission. Roundtable conversations in Kampala have led to talking about setting digital currency laws and awareness in the area. The primary objective was to “share findings of the Commonwealth Virtual Currencies Survey” says the group. The roundtable discussions recognized the increasing popularity of Bitcoin within many countries across Africa. To date, there aren't many regulatory policies within the continent concerning Bitcoin.
As usual, it's never a dull day in Bitcoin-land as every day brings a new highlight, innovation, or new element to the landscape. Bitcoin remains consistent above $700, and the overall community seems confident. Many people are anticipating the hopeful implementation of Segregated Witness, but it could be a while before the soft fork happens, if it does. Coinmama will be following the headlines and keeping our readers updated with the weekly happenings in the crypto-space.
Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.