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QUORUM OF TWO: JPMorgan and Microsoft have inked a deal to promote Quorum, the banking giant’s private enterprise version of ethereum, through the Azure cloud platform. Both firms will look to support adoption of the network through the new partnership, they said Thursday. As a result, Quorum will become the first distributed ledger platform available through the Azure Blockchain Service. Full Story
ETHEREUM STAKING: Code for ethereum’s highly anticipated proof-of-stake (PoS) blockchain is almost finalized. In a bi-weekly call between ethereum developers, Ethereum Foundation researcher Justin Drake said that code specifications for the first phase of ethereum’s transition to a PoS network were “on track” to be completed by June 30. Called the “Beacon Chain,” the change will activate a new system in which validators replace miners as a means to create blocks and verify transactions. Full Story
CHINA MINERS: The cost of used cryptocurrency mining equipment in China has nearly doubled in recent weeks as a result of bitcoin’s price jump over the same period. The bull run that began in mid-April has made the machines more profitable to run – and hence more valuable. In March, one local miner managed to buy secondhand AntMiner S9 units for $140 apiece, he told CoinDesk. Now the price has jumped to at least $250. If prices keep rising, miner purchases could become prohibitive for most, he said. Full Story
BTC VS GOLD: Gold is on the defensive and down roughly 6 percent since mid-February. Bitcoin, on the other hand, is on the rise.. Notably, the 90-day correlation coefficient between bitcoin and gold – a statistical measure of linear interdependence between the two variables – is currently seen at -0.71, the lowest level since March 20. Of course, correlation is not causation, yet gold’s near-term bearish outlook may be a sign of positive things to come for bitcoin’s value. Full Story |
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| PRICE SPIKE: Bitcoin has hit fresh 5.5-month highs above $5,700, invalidating a historically strong bearish divergence of the relative strength index confirmed last week. As a result, a rally to $6,000 could be seen in the next few days. The cryptocurrency may encounter resistance at $5,780 and $5,890 as it heads to that level, though. Full Story |
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BEST OF THE BEST
GRAIN TRADING: GrainChain, a Medici Ventures-backed blockchain platform for trading agri-commodities, has launched in Mexico, according to TechCrunch. For the expansion, the firm is working with the government of Tamaulipas state in order to help farmers and grain storage facilities by installing sensors and software that automate certification of grain stocks, invoicing and transaction reporting for buyers and sellers. “We’re giving the farmer the ability to work with a higher-risk customer because they’re getting guaranteed payment,” said the firm’s CEO.
THE REST
SLAVERY SOLUTION? Blockchain tech may be able to help tackle forms of slavery, such as forced labor and debt bondage, says a piece from Asia Times. The possible solution all comes down to supply chains and how they are tracked. For example, UNICEF estimated in 2014 that 40,000 children were working in mines in the Democratic Republic of the Congo, many in the cobalt industry. A blockchain tracking solution would allow companies sourcing the important element to ensure that they only purchased from mines with higher ethical standards.
OVERBLOWN TECH: While blockchain has been touted as a disruptive tech for a myriad of industries, could that all turn out to be hot air ? According to Bloomberg, some skeptics believe so. The piece cites Kai Stinchcombe, CEO and founder of True Link Financial, as saying that “Ten years in, nobody has come up with a use for blockchain.” He further said that all the proposed use cases for the tech can be achieved more cheaply by existing entities. Economic theory, it adds, has backed up his case, with one paper saying that a documentation system can’t be “reliably correct, decentralized and cost-efficient at the same time.”
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WHO WON #CRYPTOTWITTER  |
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