 QUOTE OF THE DAY  |
| If you cannot do great things, do small things in a great way - Napoleon Hill |
Happy Saturday! It's the weekend! If you are looking for something to do, visit our "Today in Crypto" section and head over to coinmarketcal.com to get an overview of what events will be happening for your favorite tokens.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,652.10 | +3.02% |
|
| ETH | $592.091 | +3.04% |
|
| XRP | $0.64348 | +5.03% |
|
| BCH | $1,036.47 | +5.3% |
|
| EOS | $14.0579 | +16.62% |
|
*Information as of 9:30 AM EST
Binance Announces $1 Billion “Social Impact Fund”
BINANCE
- Binance is not even a year old, but has had a meteoric rise to become the world’s largest cryptocurrency exchange
- The exchange trades more than $1.5 billion in crypto each day
- With only 200 employees and operating for less than a year, Binance has been able to become more profitable than Deutsche Bank who has 100,000 employees and has been operating for 148 years
SOCIAL IMPACT FUND
- Ella Zhang, head of the exchange's incubator program Binance Labs, announced that the exchange will be establishing a “Social Impact Fund”
- The fund will be used to drive Blockchain innovation and cryptocurrency adoption
- The $1 billion will be invested in 10 phases, each consisting of $100 million
- Binance will be making direct investments into Blockchain startups as well as contributing to already existing Blockchain funds
- All investments will be made using Binance’s own token, BNB
Zhang gave her comment on the ambitious fund:
"We believe it's a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry."
European Datacenter Creates Cryptocurrency Mining Lab
ITB2 DATA CENTER
- The 1500 square meter ITB2 Data Center is located in the Netherlands
- The data center began operations in 2013 and is one of Europe’s most power efficient data centers with a power usage effectiveness value of 1.08 compared to the average of 1.6-1.8
- The ITB2 Data Center uses indirect adiabatic cooling to be so energy efficient
CRYPTO MINING LAB
- ITB2 has announced the establishment of a cryptocurrency mining lab in its data center
- The lab will be testing the effectiveness of mining Bitcoin and Ethereum in the data center
Niels Hensen, director and owner of ITB2 Data Center, said:
"In order to remain innovative in the area of data center technology, however, you must always keep looking at new technological developments. For our current and future customers we would therefore like to know what the use of blockchain technology means for the data center infrastructure."
CRYPTO'S ENERGY USE
- It is estimated that Bitcoin mining will use 0.5 percent of the world’s energy by the end of this year
- Energy usage is costly and harmful to the environment, this is why crypto miners are looking for more efficient ways to mine coins
- New implementations like the Lightning Network could help to solve the energy issue of crypto currencies in the future
Visa Card Payments Started Failing and Crypto Enthusiasts Were Ready to Criticize
VISA FAILURE
- Yesterday, Visa debit card payments starting failing across European systems
- Disruptions occured due to a "backlog of transactions" and users weren't able to utilize or access their funds for the duration that the system was down
Visa, a company that can handle over 24,000 transactions per second, tweeted about the issue:
CRYPTO GETS PUNCHES
- As Visa's systems went down, crypto enthusiasts were sure to jump on the opportunity to boast against the centralized payment company
- Many users bragged that Bitcoin's network has been functional 99.9% of the time since inception
One Twitter user, @barryhackamac, responded to Visa's system failure tweet saying:
"meanwhile #bitcoin continues it's 100% uptime record since genesis"
However, critics of crypto were sure to fight back with one user, @ashic, saying:
"It'll probably be back up in less time than it takes #bitcoin to confirm a transaction..."
TAKEAWAY
- Though Visa's card systems were working within a quick 2 hours, it is important to know that customers could not access their funds during this time, highlighting a need for decentralized cryptocurrencies
EOS (EOS)
EOSIO 1.0 release targeted for June.
Ontology (ONT)
On May 29 @OntologyNetwork posted on its Twitter account a banner with the phrase "Wanted to Participate in Something Big? In 3 days..."
Bytom (BTM)
Blockchain Hackathon in Hangzhou, China, on June 2nd.
Today in Crypto is powered by coinmarketcal.com
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| Theta Token (THETA) |
| The Theta blockchain is the only end-to-end infrastructure for decentralized video streaming and delivery that provides both technical and economic solutions. |
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