Private blockchains have been roundly ridiculed, and often times for the right reasons. However, a number of distributed ledger solutions continue to be rolled out by enterprises, with the World Bank being the latest to jump on the bandwagon. A lot of the underlying logic is still rooted in the ‘blockchain-not-bitcoin’ paradigm which leaves no scope for an incentive-aligning digital currency of sorts. Accordingly, this first fund-raising pilot is far from the arch-vision promised by bitcoin evangelists, the one that involves truly disintermediated, seamless p2p money flows and capital formation across geographies. However, even incremental gains from private experiments such as the one in this case, which amounted to a reconciliation-free, private Ethereum blockchain-based bond sale to a set of private investors, significantly help the cause of blockchains, and are truly disruption from within. Maybe before they start flying, they need to start driving…
“The Highest Bidder” In a story by CoinDesk, it was revealed that Tron founder Justin Sun’s bid to acquire the influential Silicon Valley startup BitTorrent was rivaled by one of Tron’s top competitors, the $1.5 billion blockchain project Neo. NGC’s bid was for $170 million, amounting to $50 million dollars more than Tron founder Sun’s $120 million bid for the shares. Nevertheless, Sun’s offer eventually succeeded.
“Welcome to Colombia” Colombia appears to be the newest nation to extend a friendly handshake towards the crypto community. In a speech at the ANDICOM conference, newly elected President Ivan Duque expressed his obsession with new technology and remarked on how blockchains could be used to eradicate corruption by keeping an open ledger of public funds.
“More Skin in the Game” Japanese e-commerce bellwether Rakuten is making positive strides towards getting a bigger chunk of the crypto pie. The company announced that it is acquiring an unregulated crypto exchange Every day’s Bitcoin for $2.4 million. Rakuten is bullish on the future of cryptocurrencies and their role in e-commerce payments. This acquisition follows reports that the company wants to launch its own currency to increase its global user base.
“>20,000 Tall Cappuccinos” Bitcoin’s scaling solution Lightning Network is scaling rapidly as it reached a total network capacity of more than 100 BTC. That’s more than 20k Tall Cappuccinos. The total number of nodes and payment channels witnessed a huge growth over the summer months, with overall capacity shooting up by more than 85% since June. However, Lightning Network is far from being a panacea for all of Bitcoin’s scaling problems as the layer 2 solution, in its current state, is incurring high failure rates for large transactions.
“Gucci Suits and Prada Shoes for the next Bitcoin ETF application, please” In a recent interview with CNBC, Bill Barhydt, Chief Executive of cryptocurrency wallet Abra suggested that one of the reasons why the SEC is hesitant on approving ETFs is because the requests are made by individuals who do not fit the traditional investment-banker persona that the SEC is used to.
Abuse of Centralization featuring Muneeb Ali