Good morning from San Francisco!
What are Token Curated Registries? The following post is a short summary on what Token Curated Registries (TCRs) are and why so many are excited about it.
In the digital world of the 21st century, data is likened to oil where 2.5 quintillion bytes of new data is being generated every day. The pace of creation is only going to increase as this digital universe keeps expanding, driven by the growth of the Internet of Things (IoT). We use data-based lists to make crucial decisions almost every day in our lives. Yelp – to identify the top restaurants; Amazon – to see the most read and highly-rated books; various websites to know what the best colleges are. While some of these crowd-sourced and the others based on market research by specialized entities, a majority of these data lists are hosted by centralized companies. Data repositories operated by third-party entities have some obvious challenges. The first and foremost is the trust factor, which involves a user trusting that the list is well-maintained, truly reflects the popular opinion and with a fair ranking methodology. The power to include or exclude names from such lists rests solely with the operator. However, centralized operators are much more efficient at preventing spam, social engineering, etc.TCRs can address this issue by allowing for distributed ownership of the lists, where tokens can be issued to the gatekeepers who look after the repositories, with the token designed to drive incentives to maintain high-quality, legitimate and popular lists. Any tokenholder who wants to add a new list member to the registry would go through a rigorous process of seeking approval through voting among tokenholders and would also stake some tokens, which would be lost if a majority of the tokenholders reject the application. This mechanism ensures that only applications that are genuine and legitimate get added to the lists.
“Roger Ver reveals his plans to launch an exchange” Bitcoin Cash evangelist and Bitcoin.com CEO Roger Ver is planning to set up a cryptocurrency exchange on the website of Bitcoin.com, according to his interview with Bloomberg. He plans to make Bitcoin Cash (BCH) as base currency on the exchange, which should help in driving up BCH adoption.
“$30 million raised in the first major Bitcoin Cash ICO” Viabtc (VIAT) token, the biggest ICO to date on the Bitcoin Cash blockchain, raised $30 million by selling 2 billion tokens in just 2.2 hours. VIAT tokenholders receive payouts in VIAT in addition to the normal payouts for contributing hashpower to the mining pools. Tokenholders will also be eligible for receiving discounts on mining pool membership fees, mining equipment purchases, and Viabtc’s souvenirs.
“EU’s case-by-case approach for ICO regulation” EU is seemingly mirroring the SEC’s plans of regulating ICOs and classifying them as securities. The EU regulator’s approach so far has been very passive and limited to warning retail investors of the inherent risks involved in ICO investing. However, the watchdog decided to turn the screw around ICOs by evaluating ICOs on a case-by-case basis and identify ICOs that fall under the definition of securities offering, thereby subjecting them to the normal securities offering laws.
“Yen-pegged stablecoin is coming” GMO Internet Group, the company that was on headlines for providing an option for their employees to earn 50% of their salary in Bitcoin, is launching a Japanese Yen-pegged stablecoin in 2019. GMO now joins HK-based Grandshores Technology Group in the Yen-pegged stablecoin race.
“First regulated cryptocurrency exchange in the Middle East” Bitcoin developer Jimmy Song-backed Rain is on track to become the first fully operational regulated cryptocurrency exchange in 2019. Investors are GCC have been skeptical of cryptocurrency trading due to the lack of regulation, security concerns and volatility. Bahrain-based Rain launched limited operations in November last year as part of the Bahrain Central Bank’s fintech sandbox trial operation.
Why you can’t shortcut trust by Jimmy Song
Conversations on the ground at Cryptosprings featuring Will Warren and Arianna Simpson