What You Need to Know in Crypto Week 2

Market Twists and Turns…

The overall market has seen positive growth this week after a trashing last week.

Dogecoin, the internet’s favorite meme-coin, rose over 50% this week, with the announcement of the Dogecoin-Ethereum bridge, to be launched September 5. Its plan is to allow “exchangeless” transfers back and forth between DOGE and ETH, thus enabling smart contracts denominated in dogecoin.

The Chicago Board of Trade announced plans to offer ethereum futures based on the Gemini market. This is hailed as positive news towards a future ETF launch in the US.

Meanwhile the Reserve Bank of India has confirmed a task force who will work towards a rupee-backed central bank digital currency. This is the next step forward towards a digital economy after India’s controversial decision in November 2016 to ban 500 and 1,000 rupee notes in order to stop the “black economy”.

Further East, Taiwan has launched a healthcare platform on a private blockchain this week, though it’s not yet clear what impact it will have on medical record-keeping.

New Coins on the Rise…

Social messaging titan LINE has launched its own currency which will be used as in-app payment for as-yet-unfinished decentralized apps running on LINE’s messaging platform. LINE has expanded its offerings in recent years to imitate WeChat, though it remains the favorite messenger app only in Japan, Thailand, and Taiwan.

The South Korean province of Gyeongsangbuk-do announced its own blockchain-backed digital currency. Gyeongbuk Coin, developed with the aid of Israel-based Orbs is planned to be used by merchants throughout the region, which included the fourth-largest city, Daegu.

Crooks in the Wings…

Crypto-enthusiast John McAfee, who once claimed that his company’s bitcoin wallet Bitfi was “unhackable” quietly closed the bounty program that would have awarded $100K to anyone who could extract coins from the hardware wallet. This comes after the company has repeatedly fail to deliver on their promised reward after a 15-year-old hacked their wallet to play the PC classic Doom.

An investigative report into the town of Atapirire, sitting on top of the Venezuelan oil reserves said to back the government’s controversial “petro” digital currency, found little hope that the oil could actually be extracted. After sending oil-field researchers to the fields, Reuters found no possibility of extracting the oil from the abandoned fields except with a $20 billion+ investment. They also found no evidence that the “petro” coin actually has been traded, or even exists.

Consultants Say Promising Future

A new Deloitte report shows that 74% of 1,053 senior executives interviewed in seven countries believe there is a “compelling business case” for blockchain. Meanwhile 40% said that their organization would invest $5 million or more in blockchain next year.

Another consulting firm, PricewaterhouseCoopers, has announced that they will train over 1000 employees next year on a digital skills course including blockchain education, another bet that blockchain will be essential to understanding the future economy.

At an enterprise level, both firms have noted that their primary concern with adopting blockchain was regulatory uncertainty.

That’s it for this week!