Key Facts Of The Day 30.07.2018

CLS & IBM Test Blockchain App-Store For Banks

Foreign exchange settlement giant CLS along with IBM say they are testing a blockchain-based application system (app store) that will be used by at least 9 banks. The platform which is called LedgerConnect, will help financial institutions to utilize blockchain in the areas like customer compliance checks, know-your-customer processes, and collateral management. CLS and IBM hope to address the slow pace with which some in the financial sector are adopting blockchain.

WHY IS THIS IMPORTANT?

1. CLS processes around $5 trillion in payments per day have set up LedgerConnect alongside IBM, Barclays and Citigroup banks as partners. Those companies are already partners in numerous fields.

2. IBM is becoming one of the top blockchain solutions developers. CNH industrials earlier signed an agreement to implement IBM’s blockchain solution. Earlier IBM has also begun cooperating on developing Stronghold USD stable coin, tied to the U.S. dollar.

Ethereum Tests Constantinople Hardfork

Ethereum developers say the implementation of Constantinople code to mark the new hardfork for the network is on the way. Constantinople will become the second part of the Metropolis hardfork. Code implementation stage is said to last up until August 13, after which the network will be checked and a test network launched.

WHY IS IT IMPORTANT?

1. Constantinople is set to increase efficiency of ethereum network, reduces the commission fees for conducting transactions.

2. According to the developers team, most of the changes are already in place including the EIP 210 and EIP 145 that will reorganize the storage of block hashes and improve the speed of arithmetic of the Ethereum Virtual Machine (EVM). Several other proposals are said to be under consideration.

Australian Bank Successfully Trials Blockchain-backed Shipping

Commonwealth Bank of Australia (CBA) has announced the successful completion of a trading experiment where a blockchain tracked goods through a supply chain. A cross-border shipment carrying nearly 17 tons of almonds were sent from Australia over to Germany, and was tracked all the way through a private platform built by the bank itself using the ethereum network.

WHY IS IT IMPORTANT?

1. One of the largest banks in the country, part of ‘big four’ has collaborated with five supply chain leaders on this project that proves blockchain can be utilized in shipping.

2. Earlier, in a similar move, a local government in the south of India said it will resort to the use of blockchain technology to organize a steady supply of food to the area.

Kim Kardashian Goes All-In With Bitcoin

Kim Kardashian West and Bitcoin — the two rising icons and phenomena of our age had their paths crossed during a charitable poker game. The charity event was organized by City of Hope, a leading organization in researching diabetes and cancer. According to the crypto entrepreneur Matthew Roszak’s tweet, he gave one tangible bitcoin to the reality TV and fashion celebrity Kim Kardashian West just before the game.

WHY IS IT IMPORTANT?

1) Kim Kardashian West is a very popular icon and seeing her using the bitcoin during a charity event might move reluctant potential investors, as well as add positive light on the cryptocurrencies’ reputation in public's eyes.

2) Tangibility and easier accessibility could be the key elements for mass adoption.

South Korea to Deprive Crypto Exchanges of Tax Benefits

The government of South Korea on Monday announced a plan to change the taxation system, according to which cryptocurrency exchanges will lose part of the current benefits. In particular, they are proposed to be excluded from the list of start-ups, along with small and medium-sized businesses.

WHY IS IT IMPORTANT?

1) With the current legislation of South Korea, cryptocurrencies are not considered as financial assets. In this regard, the government is considering options for transferring the country's crypto exchanges to the control of the Financial Intelligence Unit (FIU). That will oblige them to follow the same AML / KYC standards as commercial banks.

2) The Financial Services Commission prepared a new initiative at the end of June, to fight money-laundering using cryptocurrency. Local banks that serve crypto exchanges are now required to monitor all accounts of this category of customers.

At 20:00 (GMT+1) total cryptocurrency market capitalization stands at $286,7 billion

Bitcoin (EXANTE: Bitcoin) $7974 (-2,76%)

Ethereum (ETH/USD) $450 (-3,15%)

XRP (XRP/USD) $0,44 (-1,97%)

Bitcoin Cash (EXANTE: Bitcoin.Cash) $795 (-3,62%)

EOS (EOS/USD) $7,56 (-8,63%)

Augur (+4,42%) showed the best growth in the top-100

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $14,9 (-2,3 billion per day)

Mining Profitability

BTC $3,0 for 10 TH/s

ETH $0,32 for 10 MH/s

BCH $0,35 for 1 TH/s

LTC $3,5 for 1 GH/s

DASH $0,13 for 1 GH/s

Ongoing ICOs:

Expected ICOs:

Click here for the full list of ongoing ICOs.