Daily Reads 10-27-2018

Product News

WBTC – Fully BTC Collateralized ERC20

Wrapped BTC, is an ERC20 backed by 1:1 holding of Bitcoin by Bitgo. Users should be able to validate the amount of BTC stored by looking at a public list of addresses and comparing that to the amount of WBTC on any ethereum based blockexplorer. The post also says minting of new WBTC by bitgo will happen with approval from community members.

This is a collaborative effort by Bitgo, Kyber Network and Republic protocol.

Why? The claim is that users get the benefits of Bitcoin and the usability of dApps. How this will play out, will be interesting to see.

Sources – Wrapped Bitcoin, BItgo Medium blog, Kyber Network Announcement, Republic Protocol Announcement

There is an EVM package version of OpenZeppelin contract library

Source – Open Zeppelin Blog

uPort Libraries 1.0 with new features

uPort connect – drop in library for client side applications, preconfigured with transports, ideal for dapps.

uPort credentials – core identity library for creating identities and signing messages client or server

uPort transports – for transmitting messages between uPort clients; client and server.

Source – uPort Blog

Bidirectional payment channels debut on Stellar – Starlight

Analogous to the lightning network on bitcoin, this acts as a layer 2 protocol ( or an IOU ) on stellar.

Source – Interstellar Blog

Dharma announces Lever, a margin lending product

Dharma.io has announced a new product that claims to offer instant ,margin loans for crypto traders. Based on smart contracts for counter-party risk minimization, lever matched borrowers and lenders on its platform.

Source – Lever.dharma.io

Blockstack creates a 7 member advisory board for the Blockstack Token Fund

Following the procedures they set out in their token sale, Blockstack announced the creation of a 7 member advisory board for the token fund. 4 are independent members and three are “stacks” token holders who invested in the fund. They will evaluate progress on milestones set and make the final decision.

Source – Blockstack Blog

Regulation Watch

The RiksBank e-krona project

Sweden’s Central Bank, citing a decreasing usage of cash, increasing electronic payments, explored the creation of an e-krona. They look at a central, “register based” e-krona and a local “account based” version. They assert that a e-krona would have a claim on the assets at riksbank and they are currently studying how interest accrual will be handled. This report came out in September 2017 and makes for an interesting read.

Source – e-Krona project [pdf]

IRS Public Report by the Information Reporting Advisory Committee

The IRPAC recommended that the IRS issue further guidance on tax consequences of cryptocurrency transactions.This is in addition to the IRS Notice 2014-21, which provides that virtual currency is treated as property for US. federal tax purposes

Source – IRS Report [pdf]

Thai SEC warns public about ICOs

The nine digital tokens and ICOs have been identified as Every Coin, Orientum Coin (ORT Coin), OneCoin and OFC Coin, Tripxchain Coin (TXC Coin), TUC Coin, G2S Expert ICO, Singhcom Enterprise ICO, Adventure…

Please credit and share this article with others using this link:https://www.bangkokpost.com/business/news/1565406/. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Bangkok Post Public Company Limited. All rights reserved.

Source – Bangkok Post

CSBS Sues OCC Over Fintech Charter

The Conference of State Bank Supervisors (CSBS)  filed a complaint against the Office of the Comptroller of the Currency (OCC) seeking to prevent the OCC from granting national bank charter to fintech companies. They argue that granting such charters exceed the authority granted by congress.

Key point being entities that fintechs that do not take deposits operate as non-banks at the state level.

Source – CSBS Wesbite

Shenzhen Court of International Arbitration (SCIA) arbitrates a crypto contract with interesting result

The case involves an Equity Transfer agreement – 5% of the shares of a company for 550,000 yuan (250,000 in yaun and 300,000 in crypto )

some interesting conclusions –

SCIA cannot label crypto as a virtual network property, but can however identify that it is neither currency issued by the monetary authority, or electronic legal tender and generates interest.

Civil Law, Contract law and principles of good faith remain and can be used to arbitrate issues in crypto

Source – SCIA Wechat report

Belgium’s Financial Services and Markets Authority puts out a list of bad actors and releases PSA against crypto scams

They outline some common methods employed by scamsters and warn people to be critical of information provided.

Source –FSMA , FSMA list of Companies acting unlawfully

German Central Bank and Exchange complete tests of Digital Asset Platform and Hyperledger Fabric

Source – Deutsche Bundesbank Press release

Spaniards must disclose their crypto holdings and operations if a new draft bill passes

Source- ABC.es

IBM Blockchain World Wire and Official Monetary and Financial Institutes Forum release a Central Bank Digital Currencies Report.

IBM and OMFIF did a survey of 21 central banks, between July and September 2017, on Central Bank Digital currencies. They talk about potential policy issues,who the issuers should be and what are the technology options.

Source –OMFIF


Bitcoin Designed

Here is a resource with multilanguage infographics that explain concepts in crypto. A fun way to learn about key concepts

Source- BitcoinDesigned

Binance announces the launch of a Charity Portal to help in donations to the charity arm of binance.

Source – Binance Charity

A comparison of scaling solutions

Interesting look at the myriad scaling solutions and projects implementing them.

Source – Google Sheet

Greyscale releases a report on asset allocation changes with crypto

Matthew beck from Greyscale, looked at how correlated different crypto assets are and how they are changing the asset allocation mix.

Sources – Report [pdf] , Prequin Insights Article