Crypto News, June 4, 2018: Red Day

Highlights: The EOS 1%, Coinbase comes to Japan, and a potential McAfee 2020 candidacy.

The EOS 1%

Source: Twitter | TrustNodes | EtherScan | Charted Distribution

100 addresses hold nearly 75% of all tokens, with 50% held by just the top 10 alone. Approximately $100 million in tokens are held by Block.one. EOS consensus relies on the votes of its token holders, making the balance of power skewed, to say the least. The source links above discuss the implications in some detail and provide details on ETH's distribution for comparison.

BTC Mempool Size Growing

Source: Blockchain.info | Twitter

Bitcoin’s mempool, essentially a backlog of unconfirmed transactions, is growing. According to the BTC Twitter account, the mempool is currently at 46MB. Users should expect longer transaction times and higher fees.

GameCredits Integrates Komodo Platform

Source: Medium

In their latest network update, gaming marketplace GameCredits announced it would be integrating the Komodo blockchain platform as an upgrade to their security protocol. Komodo acts as a blockchain “notary,” recording the hash of GameCredits blocks at specified intervals onto its own chain. Komodo itself is notarized by the Bitcoin network.

Vitalik: ETH Will Eventually Reach 1 Million TPS

Source: Medium

In an AMA for OmiseGo, Vitalik Buterin claimed that plasma and sharding solutions would eventually enable the Ethereum network to reach 1,000,000 TPS. The claim is a part of a larger discussion about second-layer solutions to the blockchain scalability problem.

Microsoft Buys Github

Source: Microsoft

Microsoft has acquired Github, the company announced today on its official website. Full implications of the $7.5 billion deal remain to be seen, but there does seem to be a bit of an exodus in progress.

Announcement: Coinbase Japan

Source: Twitter

San Fransisco-based cryptocurrency exchange Coinbase is launching in Japan, announced on its Twitter today. Fintech leader Nao Kitazawa will oversee operations as Coinbase looks to expand its global reach in the cryptocurrency markets.

Japan Launches Bank-Backed Exchange

Source:CoinDesk

Japanese financial firm SBI Holdings has announced that VCTRADE, Japan’s first cryptocurrency exchange to be backed by a bank, is now live. Currently, the exchange is only supporting Ripple (XRP) but plans to add support for BTC and Bitcoin Cash in the future. For the time being, the exchange is only available to users who pre-registered, with a wider public launch set for July.

Announcement: Ripple’s “Universal Blockchain Research Initiative “

Source: CoinSquare

Ripple has announced it plans to donate $50 million to 17 different universities to support blockchain research. The funds will be granted to universities in several countries (and will be made in USD, not XRP).

LinkedIn Raising $20 Million for ‘Web of Trust’

Source: CoinnDesk

According to recent filings, LinkedIn co-founder Eric Ly has raised just over $13 million (out of a goal of $20 million) to fund "Hub Token." The token acts as an incentive for trust-building among participants in the network, generating “reputation” data based on completion of tasks and performance metrics.. Read more about the “Human Trust Protocol” in their whitepaper.

Chinese Hyperchain Developer Raises $234 Million in Funding Round

Source:CoinDesk

Chinese blockchain developer Quilian has announced that it raised $234 million in a Series B funding round, making it one of the largest funding rounds for a blockchain project to date. Quilian utilizes its existing hyperchain platform to generate enterprise-grade solutions; the company has not yet been profitable.

Kik CEO Dismisses Blockchain After $100 Million ICO

Source: Financial Post

Saying “almost nobody should be looking at blockchain,” Kik CEO Ted Livingston delivered a staunchly anti-blockchain message in an address to a Waterloo tech conference. Livingston said that while he sees the use case for cryptocurrencies, he doesn’t see other practical applications of the technology. This comes after his company ran into technical issues with Ethereum while developing Kin, a digital currency for their chat application, and changed gears to begin building their own blockchain.

Chinese Tech Company Announces “Super Chain” Protocol

Source: Bitcoinist

Baidu, a Chinese internet company, has announced a new “Super Chain” blockchain protocol. The platform is focused on increasing the energy efficiency of mining practices. The move is one of several Chinese pro-blockchain initiatives we’ve reported on recently, making it seem more and more likely that China will eventually re-evaluate the cryptocurrency ban it imposed in February 2018.

Partnership: Volkswagen & carVertical

Source: cryptonews

Volkswagen has announced it is partnering with carVertical, an automotive ICO focused on vehicle history registries. The announcement states that the partnership will work to achieve “blockchain-based solutions” but does not delve into specifics.

Indonesia Rules Cryptocurrencies are Commodities

Source: CoinDesk

Following a four-month investigation into cryptocurrencies, an Indonesian commodities market regulator has ruled that the digital assets are commodities and can be traded on national futures exchanges. Indonesian cryptocurrency exchanges are being asked to submit regulatory proposals in order to inform policy-making decisions.

Banano Memes More Profitable Than Jobs in Venezuela

Source: Reddit

A Venezuelan Banano holder has expressed their gratitude to the coin, explaining that through the frequent airdrops, Venezuelan citizens are able to earn more in a month than a minimum-wage job in the country pays. We had some trouble following the math, but the sentiment seems to be valid: hang out in Discord, post some memes, and rake in that sweet sweet cash.

Online Grocery Store Accepting Cryptocurrency Payments

Source: CoinGrocer

CoinGrocer, an online grocery service accepting cryptocurrencies, launched its online marketplace on June 1. They currently accept BTC, BCH, ETH, LTC, and XRM and deliver to all continental U.S. addresses.

Ledger Has… Something? In The Works

Source: Twitter

Ledger offered a vague response to a tweet asking about plans for an iOS/Android app to spend and receive coins. Ledger replied that “a new platform… will be available soon” but did not elaborate.

McAfee Announces Presidential Candidacy

Source: Twitter

Answering a yet-to-be-asked question, John McAfee announced on his Twitter yesterday that “if asked,” he would run for President of the United States under the Libertarian Party - and if not, he would create his own political party. He has one previous presidential bid from 2016, in which he lost to Libertarian candidate Gary Johnson.

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