The Dapp revolution that kicked off in 2017 ended that year with a frenzy after “Cryptokitties” clogged the Ethereum network, leading to a big spike in gas costs. However, to this date, Cryptokitties still remains the app that has recorded the highest user activity on the Ethereum blockchain. The daily user count for Dapps has shown a persistent decline over the past few months, with DAA figure now averaging around 8k users. Contrast that with PUBG, a centralized application that is less than a year old and has more than 30 million daily active users. Decentralization clearly is no cure-all, as we have said before.
ETH-based applications clearly have a long way to go if they are to place a dent in, let alone disrupt, centralized applications’ user bases. Part of the reason is that there are only a handful of Dapps that present a compelling use case that was hitherto inconceivable in a centralized world. Even with those that have a unique/compelling use case, such as Augur and DEXs, the latency of the blockchain, and the work-in-progress UI/UX is discouraging all but the most tech-savvy users.
Except, of course, stablecoins!
“Leading Law Firm Urges Indian Government to be Pro-crypto” A leading Indian law firm recently counselled the Indian authorities to adopt a progressive stance on cryptos. Despite teeming with potential for breakthrough innovation in this exciting area of technology, the Government has been cautious in letting crypto adoption grow, after prohibiting all banks last year from providing services to crypto firms, effectively shutting down all exchanges.
“Belarus’s Largest Bank to Set Up Exchange” According to Viktor Ananich, the chairman of Belarusbank, efforts are now being made to explore the possibility of setting up a cryptocurrency exchange. Ananich claimed that digitization is one of the most important focuses of Belarusbank in 2019, noting that the bank is also working with mobile carriers, aiming to expand its services. Specifically, Belarusbank is planning to issue virtual cards — online, rather than physical, credit cards.
“ICE Partners With Blockstream” The Intercontinental Exchange (ICE) has partnered with major global blockchain firm Blockstream to launch its Cryptocurrency Data Feed product. According to the announcement, ICE’s new crypto data service enables real-time and historical data for more than 60 cryptocurrencies from major trading markets and exchanges worldwide. Blockstream has introduced the product under the name “Crypto Feed V3” on its Twitter, claiming that the updated service now includes more than 30 venues across over 400 crypto and fiat trading pairs.
“Nvidia Woes Continue” Taiwan-based computer hardware producer Nvidia updated its financial estimates for Q4 for the fiscal year of 2019. The company is reflecting weaker forecasted sales in its gaming and data center platforms, which comes from excess mid-range channel inventory following the slump in cryptocurrency markets. Q4 revenue is expected to be at $ 2.20 billion, opposed to the previous projection of $2.70 billion.
“South Korea Exchanges Partner for AML”Four major cryptocurrency exchanges in South Korea have partnered on an initiative to combat potential money laundering, as well as schemes that might harm users. Bithumb, Coinone, Korbit, and Upbit jointly announced Friday that they will create a hotline to share real-time wallet information on suspicious crypto trades. They aim to identify trades with suspected links to phishing, predatory lending, pyramid schemes and other illegal activities and share related information via the hotline, the exchanges said. The exchanges will also operate a shared database of suspicious wallet addresses that would, for example, be able to help them identify and halt scammers looking to use different exchanges to move a large quantity of cryptocurrency to the same wallet.
How to Keep a Crypto-Collateralized Stablecoin Afloat by Rune Christensen