Blockchain Industry — Summer Review
Special guest post from Natalia Nowakowska, reviewing the top blockchain news of summer 2018.
This summer the crypto sphere has been anything but boring. From rumors about Satoshi’s come back and the mystery hash 21e8 to the application of the blockchain technology throughout industries, from global tech giants and banks to governments and countries. Here’s the recap of the most exciting important news we’ve had between June and August 2018.
On June 4th, Microsoft confirmed it will be acquiring Github for $7,5billion in Microsoft stock. The code repository, Github, is a popular space where crypto-developers and blockchain projects keep their documentation and share their code. It hosts 85 million repositories and has 28 million active contributors, among which tech giants like Amazon, Apple, or Google, as well as Microsoft itself. If all goes well, the deal will close by the end of the calendar year. According to the agreement, GitHub will stay independent and customer-focused, and the platform will remain open to all projects and industries.
Google moves to ban ads and prevent harm to customers
Google’s ban on cryptocurrency ads, announced in March, came into effect June 2018. The updated Google policies took a hard-line on all crypto-related ads including ICOs, cryptocurrency trading, wallets, and other cryptocurrency services across the industry. Some deemed the new hard stance heavy-handed and even unethical and suggested Google might be weeding out the competition ahead of creating their own cryptocurrency. Google explained their attempt as aimed solely to prevent harm or potential harm to the consumers, in a broad crackdown on the fraudulent crypto practices.
Facebook reverses ban on cryptocurrency ads and evaluates blockchain’s potential
End of June, Facebook reversed its January ban on some of the cryptocurrency ads. The ban was imposed amid fears that advertisement could promote fraudulent ICOs and trading services that were not operating ‘in good faith.’ Since then, Facebook evaluated the crypto-space and introduced a new application process which requires advertisers to share some of their background information and appropriate licenses. Facebook also gathered an evaluation team to look into possibilities related to the blockchain and created a new position of ‘Director of Engineering, Blockchain’ that was filled by Evan Cheng.
Google in a bid to add blockchain tools to their cloud services
23rd July, Google announced it is teaming up with a blockchain startup, Digital Asset, to provide tools and services for developers working on blockchain applications. Google Cloud Platform users will gain access to Digital Asset Modeling Language and Software Development Kit. It will facilitate the creation and implementation of the blockchain apps without needing to code from scratch. Google is also working on the open source code to allow integration of apps built on Ethereum and Hyperledger Fabric. Earlier in July, Google partnered with BlockApps, a company creating Blockchain-as-a-Service solutions. Two recent partnerships will help Google compete with Amazon’s cloud services (AWS), that already offer blockchain building solutions.
An incredibly rare hash rate block mined within 4,2min
On June 19th crypto-sphere has been stunned by the news that the hash block #528249 with a hash 00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a has been found. The chance of solving this block was only 0,4699%, with the level of computing power needed exceeding that of the entire world. It should have taken 2500 years to mine at the full rig capacity, yet, the block was found within 4.2 minutes.
The unique block also shares similarities with the famous Satoshi Nakamoto’s genesis block, which prompted some fans to suggest it was a ‘vanity hash’ created by Satoshi, and released as a sign from the creator of Bitcoin himself. Others braved theories that quantum computing might have been effectively applied to mining.
Someone claiming to be Satoshi releases a book excerpt
End of June, a person claiming to be Satoshi Nakamoto released a statement on a page called nakamotofamilyfoundation.org announcing a release of a new book. A fragment of the text was also shared. It contained many details about people behind the beginning of bitcoin as well as the explanation of how the ‘nickname’ Satoshi Nakamoto has been chosen. The author promised to answer many nagging questions about the origins of the blockchain. Many fans theorized that the author could have been the self-proclaimed bitcoin creator, Craig Steven Wright, in what some called a marketing stunt. Since then, the website has been deleted without further explanation.
- Read more, Tribute to Satoshi Nakamoto
Silk Road Founder Ross Ulbricht denied last sentence review
Ross Ulbricht, a founder of Silk Road, has been denied his last legal plea for a review of the life sentences. Silk road was a dark net platform that used cryptocurrencies to purchase controlled materials. It popularized the use of bitcoin but also gave cryptocurrencies a bad reputation related to criminal activities and drugs. An extensive investigation by FBI, Europol, and FDA led to Ross’s arrest and a subsequent double life-sentence in a maximum security facility in Colorado. After the supreme court rejected Ross’s request on the 28th of June, he is now out of legal options. Ross’s mom is said to have launched a petition asking President Trump for clemency, and someone claiming to be real Ross has been posting on Twitter since mid-July, reportedly transferring his messages via phone calls by snail mail.
Bitcoin Cash celebrates its first birthday
The 1st of August marked the anniversary of the Bitcoin Cash hard fork when the part of the community decided to separate from BTC’s blockchain in an effort to increase the block size limit while maintaining low fees. On the #BCHDAY, BCH fans, as well as critics, flocked to Twitter and crypto-forums to celebrate the first year for the cryptocurrency.
2018 saw BCH increase the block size from 8MB to 32MB and attract many applications related to fast, cheap payments as well as higher memory capacity.
- Read more, Ultimate Bitcoin Cash Guide
- Want to build on Bitcoin Cash? Register now for the first Bitcoin Cash Hackathon in Amsterdam #BCHDEVCON 🤘🏽
Green energy researcher argues for bitcoin mining and renewables
Bitcoin has had a poor reputation among environmentalists due to the energy-intensive mining process. Katrina Kelly from Pittsburg University’s Center for Energy argued this August that the common view of energy consumption and the discussion around cryptocurrency mining are greatly oversimplified. She explained, that it’s not the amount of energy consumed but rather how it’s generated. The researcher pointed to the blockchain technology driving innovations and new developments in the energy sector with many mining rigs moving towards renewable energy. She also put bitcoin mining in perspective, comparing its energy consumption (30 terawatt-hours in 2017) to the banking industry energy usage of 100 terawatt-hours per year.
EOS blockchain launches after its record-breaking ICO
The new platform and blockchain EOS launched in June with a series of starts and pauses as the technical problems were ironed out. It is currently the 5th largest cryptocurrency in the world, with a market cap of $4,7bn. EOS was a highly anticipated direct Ethereum competitor ever since the record-breaking ICO that gathered $4billion within 360 days crowd sale. The new platform will allow the creation of DApps and smart contract that promise to be faster and more scalable with EOS blockchain is based on Delegated Proof of Stake (DPoS). According to the critics, it would make EOS more centralized as opposed to Ethereum that currently runs on PoW and is researching migration to decentralized PoS solutions.
- Read more, about the Proof of Work protocol
The Commonwealth Bank of Australia in blockchain adoption
CBA, one of the top banks in Australia, has used a blockchain-based platform to track and successfully trade 17 tons of almonds. The goods were transported from Melbourne, Australia, to Hamburg, Germany, using DLT tech and smart contracts to digitize and track shipping documentation, financing, and operations. Additionally, IoT devices were used to monitor humidity and temperature in the almond filled containers for the quality control. CBA aims to prove that global trade can be automatized and facilitated with the use of the blockchain technology. In another move, on the 23rd of August, CBA became the first world bank to issue the fully blockchain-based bond to test how the new tech could improve the dated financial instrument.
Turkish monetary troubles cause massive bitcoin adoption
Middle of August, Turkey found itself in the midst of a fiat crisis with Turkish Lyra’s volatility exceeding that of cryptocurrencies. The crisis seems to be a reflection of citizens lack of faith in President Erdogan and his economic policies. In the official speech on the 10th of August 2018, Recep Erdogan blamed the situation on an ‘economic war’ with the U.S. As Lyra dropped to the all-time low, the crypto trading volumes surged on Turkish cryptocurrency exchanges BtcTurk, Paribu, and Koinim. Some analysts noted that exchanges backed by Turkish banks sold Bitcoin at circa $500 higher than other exchanges around the world.
Swedish Release an ETF alternative
The summer was filled with news of Bitcoin ETF proposals being either rejected or delayed by the regulators. As SEC moved the decision on Van Eck’s ETF to 30th September, the Swedish Stockholm Nasdaq exchange opened BTC-based Exchange-Traded Note (ETN) to the U.S. investors. ETN, called by some a soft ETF alternative, has been traded in Sweden since 2015. It will now be available to the U.S. markets in the form of the F-shares, backed and stored in Sweden. After last year’s bitcoin Futures, the new ETN called Trading Bitcoin Tracker One and traded under the ticker CXBTF becomes yet another opportunity for financial institutions and certified brokers to offer bitcoin investment to their clients. In the meantime, many hope for a favorable decision on Van Eck’s propositions that would see the fund backed by physical bitcoin.
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