Presidential Candidate Calls For Clarity In Crypto Regulations

Andrew Yang, one of the hopefuls in the 2020 presidential elections under the democrat party ticket has thrown his support on making strong and effective regulations for cryptocurrencies, which might win him the votes of the crypto community in the U.S.

According to the democrat investment in cryptocurrency and digital assets has far outpaced the regulatory framework of the U.S., in this context the government and its branches should let investors, firms, and individuals know the position of the government moving forward to support its innovation and development.

If elected one of his major goals is to bring legislation which will offer strong clarity in crypto market field by clearly defining which are digital assets are securities or not, assigning or putting into law which agency will regulate digital assets and by making it clear tax implications regarding the emerging asset class.

While there have been several initiatives to provide regulatory clarity in the space, having an elected president that is backing these initiatives will surely accelerate its development and implementation, most especially in the national level.

Several forward thinking states have proceeded to enact its own laws regarding digital assets which are generally crypto friendly.

New Staking Reward For Ethereum Proposed

The founder of Ethereum has recently revealed a proposal that would effectively increase the staking rewards for Ethereum in the upcoming implementation of Proof of Stake (POS).

This was revealed via a GitHub post that he published last April 20 proposing that the staking rewards should be higher than what has been previously proposed.

Ethereum is currently using proof of work as its consensus protocol to secure it network, this requires computing power in the form of miners to validate transactions.

However this consensus protocol requires massive amount of investment resources in the form of both electricity and processors which many believes could be of better use elsewhere.

To address this problem the Ethereum network plans to change its consensus algorithm from proof of work to proof of stake (POS) over the next 16 month.

POS is a more energy efficient way of validating transaction doing away with the power hungry process of crypto mining.

Buterin proposes the creation of 2,097,152 Ether per year when 134,217,728 ETH is staked which will result to annual dividends of 1.56% for investors.

First Blockchain-Enhanced Notary In China Opens

It has been reported that the first blockchained-enabled notary has started their operations in Beijing.

According to the report the service opened last Friday at Beijing CITIC Notary office.

This development has been touted as the beginning of the blockchain notary service era.

The director of the Beijing CITIC notary office Wang Mingliang believes that blockchain-based notarization has both the value of notarization and legal significance of blockchain certification.

Blockchain-based notary systems allows the certificate holders to certify the contents of the documents by scanning a code, this will prevent the forging of documents, and prevent fraudsters from taking advantage of informational asymmetries.

China in recent years has been embracing blockchain technology, so much so that they consider it as one of the most important technological discoveries of our time.

However China has taken a totally opposite position on cryptocurrencies stomping out ICOs, restricting trading activities and have been mulling over making cryptocurrency mining illegal.

Unitopia Wants To Create A Blockchain-Powered Version Of Steam

It has been reported that Blockchain-powered gaming platform Unitopia has received funding from a group of investment and financial services companies to develop what can only be described as the blockchain version of Steam.

According to the report the blockchain research lab of Electronic Soul- Chinese video game developer receive strategic investment from Shuimu Fenghua Fund, Link Hui Capital, Jun Joint Venture, Digital Chain Capital and Super Brain Fund amounting to $5 million.

The funds will be used to boost research and development of blockchain-based games as well as the creation of a blockchain-based digital distribution platform similar to that of Steam.

Unitopia reveals that all games on its platform are decentralized with the game revenue distribution controlled using smart contracts.

These developments demonstrate new use cases being develop to leverage blockchain technology, moving away from the typical cryptocurrency use cases.

Fund By Tennis Superstar Backs Coinbase

It has been recently revealed that Serena Ventures, a fund owned and operated by Serena Williams have recently revealed having invested in Coinbase among other companies.

While she did not specifically mentioned or shared on her social media investing in cryptocurrency, investing in Coinbase is essentially an investment in cryptocurrency albeit indirectly.

Coinbase is primarily a cryptocurrency trading platform that caters to both retail and institutional investors.
It is widely known to be one of the largest crypto companies in the world by revenue, user base, and capitalization.

However it must be noted that Coinbase is not among the 22 companies listed on Serena Venture’s Crunchbase profile it is not year clear if the fund is planning to invest in Coinbase in the future or have invested anonymously.

Request to clarify this have not yet been answered by the time of this writing.

Whether this is true or not one thing is for sure, cryptocurrencies and companies that are into crypto space have been getting much needed attention from influencers and reputable people which could lead to more awareness of the nascent industry.

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