 QUOTE OF THE DAY  |
| “The relative success of the Bitcoin proves that money first and foremost depends on trust. Neither gold nor bonds are needed to back up a currency.” - Arnon Grunberg |
Happy Sunday! Today we are proud to share our short interview with IOST CEO Jimmy Zhong. That being said, if you enjoy today's newsletter, please click the 'Invite Friends' button above and forward the email to three new people so we can spread the crypto virus.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
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| BTC | $7,443.94 | +1.2% |
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| ETH | $465.778 | +1.15% |
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| XRP | $0.454167 | +0.61% |
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| BCH | $792.756 | +1.87% |
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| EOS | $8.10645 | +1.42% |
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*Information as of 9:30 AM EST
Coinbase Forms Political Action Committee
PAC
- Political action committees are organizations that are formed and funded by members to support initiatives to lobby politicians over legislation and campaigns
- There are hundreds of political action committees in the United States ranging from animals, banking, energy, environment and many more groups
- PACs are mainly funded by some of the largest corporations in America as they are the most affected by government legislation and regulations
COINBASE PAC
- A document was just released by the Federal Election Commission revealing that Coinbase formed "Coinbase, Inc. Political Action Committee" in June 2018
- Coinbase's PAC has not raised any funds as of yet and is not connected to any candidate
- The exchange confirmed that it formed a PAC but did not have any additional comments
- Although its PAC has no funds, Coinbase has donated to politicians in the past, donating $78,000 to Congressional candidate Brian Forde and $3,000 to BIT PAC
Chinese Crypto Millionaires Are Using Bitcoin to Buy Homes Abroad
USING BITCOIN
- Reported by CoinDesk, an emerging trend is showing that China's crypto millionaires are using Bitcoin to buy homes in other countries
- As China's crypto clampdown continues, Chinese investors are looking for a way to diversify their holdings and foreign real estate seems to be an attractive asset class
- One reason investors are using Bitcoin is that it enables them to gain foreign currencies without going through a bank
Natalia Karayaneva, CEO of crypto real estate marketplace Propy, commented on the ease of using cryptocurrencies to invest abroad:
"We're seeing that more and more people are willing to buy properties with cryptocurrencies because it's getting easier to get their money out of the country using bitcoin, rather than establishing a bank account based in Hong Kong and getting their money out of the country using business channels."
HIGH ROLLERS
- In addition to seeing an influx of Chinese customers, Propy is also seeing a trend that reveals the investors adore buying in crypto hubs like Silicon Valley
- Propy has seen requests as low as $50,000 to $100,000 all the way up to a recent request of $3 to $4 million
- This high roller pool of Chinese investors is most likely taking interest in U.S. properties because China's housing market is seen as overpriced with Beijing home prices rising 40% last year alone
IMPORTANT LESSON
- The most important lesson to be learned from this trend is that no government can stop cryptocurrencies from leaving the country
- If it weren't for crypto, these investors would have to use a Hong Kong-based bank to send their money in a process that can take much longer
- Now, however, the process is streamlined and investors can do whatever they please with their cryptocurrencies
Q&A with IOST CEO Jimmy Zhong
WEBSITE | TWITTER | TELEGRAM In layman’s terms (simplest explanation), how would you describe the IOST platform?
IOST offers a blockchain-based, distributed computing platform that allows any service providers – individuals or enterprises – to host decentralized applications and execute smart contracts.
What are the strengths of both the IOST team and the IOST community?
The largest strength comes from our past experiences and our FILO - first in last out - work ethic. Our team includes PhD graduates from world class universities, such as Princeton, Harvard, etc. Additionally, we come from professional backgrounds including former Google, Mobike, Uber and Litecoin engineers, Goldman Sachs and Morgan Stanley investment bankers, Boston Consulting Group researchers and consultants, etc.
The biggest strength in our community is the active engagement and support we receive – whether it is through the form of feedback and participation or art!
Compared to your competitors, what are IOST’s unique selling points?
IOST’s USP is its throughput, which is currently at approximately 7000 TPS. We have been able to achieve this through a combination of our consensus mechanism – Proof of Believability – and our current sharding implementation; however, we are continuously in development. Our TPS allows for enterprise scale development and global scale usage on our platform.
What are the significant upcoming milestones IOST is looking to achieve?
We will be releasing our mainnet by the end of the year (Q4)! We will also be making 2 significant testnet developments in between now and the release of our mainnet. Keep up to date with our developments using our Community Hub!
What hurdles does IOST need to overcome to enable mass adoption for IOST’s use cases?
One hurdle that IOST needs to overcome is expanding our global footprint. To elaborate, because we went through venture capital funding, we did not garner as much publicity as a traditional token/coin might have with an ICO. Therefore, while we are very well respected in our local communities that our project initiated in, we are not very well known in other areas of the world. This is very necessary for mass adoption, because our community is equally as important as our tech!
Where do you see the crypto industry as a whole in 5 years and where do you envision IOST positioned at that time?
In 5 years, we believe that the crypto industry will not only be seen as having a primary application with currency use cases but that it will also see use cases in many other industries, such as media and content distribution, healthcare recordkeeping, consumer supply chain tracking, etc. In summary, we believe that the shorthand “crypto” extends much further out than its longhand – “cryptocurrency”.
We envision IOST offering the backbone infrastructure to enable all of these use cases in the future. To highlight a specified future use case, we recently partnered with ContentBox in order to reimagine the distribution of content in the media industry.
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- Mastercard Had An Outage, So Crypto Had a Field Day
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