Tuesday, October 1, 2019

The Business Case for Quantum Computing

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December 2-3, 2019
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The Business Case for Quantum Computing

Although still in its infancy, quantum computing shows enormous promise for business applications across industries. From optimizing supply chain logistics, to drug and materials discovery, to enhancing big-data analytics-- there will be an impact on your field.

Join us at Future Compute this December to deepen your understand of the potential business opportunities emerging from advancements in quantum computing. You'll hear from experts like Alan Baratz, EVP of R&D and Chief Product Officer at D-Wave, and William Oliver, Principal Investigator, Engineering Quantum Systems Group at MIT, among others. 

Don't miss this exciting opportunity to ensure your business is on the leading edge of quantum computing technology. Purchase your ticket today.    
 

Alan Baratz

EVP of R&D and Chief Product Officer,
D-Wave

 

William Oliver

Principal Investigator, Engineering Quantum Systems Group, MIT
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October 1, 2019

SLAP ON THE WRIST: EOS maker Block.One must pay $24 million in penalties for conducting an unregistered securities sale, the SEC announced Monday. The SEC said that Block.One “raised the equivalent of several billion dollars” over a one-year period in an unregistered ICO. Block.One agreed to settle the charges, according to the SEC. The fine amounts to 0.58 percent of the initial $4.1 billion raise. Full story

ISTANBUL COMES EARLY: Ethereum test network Ropsten has forked into two chains following the early activation of the system-wide upgrade, Istanbul. “It appears there are two different chains mining the Ropsten test network. There are miners mining on the old [Ropsten] chain and miners mining the new one,” explained Ethereum Foundation community manager Hudson Jameson, adding in a tweet: “This is what testnets are for!” Originally expected to activate on Oct. 2 at block height 6,485,846, Istanbul arrived two days earlier than planned due to unusually fast block confirmation times. Full story

SLOW START: The Intercontinental Exchange’s highly anticipated bitcoin futures contract mustered just $5 million of total trading in its first week. According to the exchange’s Bakkt division, some 623 monthly bitcoin futures contracts changed hands in the week since the Sept. 23 launch. Each of Bakkt’s futures contracts represents one bitcoin, so the total trading volume works out to a little more than $5 million, based on the current price of $8,322. Bakkt’s daily futures contracts fared even more poorly, with fewer than six contracts trading throughout the first week. Full story

DOMAINS LOST? Hackers exploited a defect in the Ethereum Naming Service (ENS), a domain registration service for the ethereum network, gaining control of the “apple.eth” domain and 16 others, digital collectibles marketplace OpenSea, which was auctioning the domains, disclosed Monday. According to OpenSea, a bug in the auction software distributed ENS domains to participants who did not hold the highest bid. Other notable names lost include defi.eth, wallet.eth, and pay.eth. As the blockchain-based service doesn’t allow users to retrieve names forcibly, the firm is offering a reward for their return.  Full story

SCALING CASH: SKALE Network, a blockchain scalability platform, has raised $17.1 million to launch its mainnet. The investment consists of a $10 million contribution from SKALE Labs and $7 million in venture financing, SKALE Labs CEO Jack O’Holleran told CoinDesk, noting the numbers are not final due to ongoing accounting adjustments and asset transfers. Nineteen investors participated in the funding round, including Arrington XRP Capital, Blockchange, ConsenSys Labs, Hashed, Multicoin Capital and Winklevoss Capital. Full story

BRIEF RELIEF? Bitcoin’s $800 recovery seen in the last 24 hours could be short lived, as the rally lacks volume support and has taken the shape of a bearish reversal pattern on the technical charts. Prices risk falling back below $8,000 unless key resistance at $8,500 is scaled on the back of strong volumes. Full story

SUNK COSTS: The Hong Kong-based blockchain startup  300cubits , one of the first companies to apply its technology to the shipping industry, will suspend its maritime business and TEU token project, reports industry trade publication The Maritime Executive. The shipping service, dubbed the Booking Deposit Module, launched in July 2018 and saw “participation from the largest shipping liners e.g. Sealand of Maersk Group, CMA CGM, MSC and Cosco,” the company said. But commercial use was too shallow to keep the business afloat. 300cubits will burn 75 percent of its unsold TEU tokens.

WHO WON #CRYPTOTWITTER
 

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Binance Bakkt research / Russian scientist fined / Libra "shadow banking"

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Hi everyone!

After taking a month off on maternity leave, I'm back to jump back into the world that is crypto. A massive thank you to Allen for covering my time off and doing an amazing job covering Inside Bitcoin for me.

     

Market Watch: The market has made a slight recovery after dropping sharply last week; however, it still has a way to go before it can claim back what it lost.

  • Bitcoin: $8,386 (⬆️ 1.48%) // $150.6 billion market cap.
  • Ethereum: $179 (⬆️ 0.78%) // $19.3 billion market cap.
  • XRP: $0.253 (⬇️ 1.17%) // $10.9 billion market cap.
  • Tether: $1 (⬆️ 0.12%) // $4.1 billion market cap.
  • Bitcoin Cash: $225 (⬇️ 1.39%) // $4.06 billion market cap.
  • Top 100 Winner: Crypterium (⬆️ 18.39%) // $50 million market cap.
  • Top 100 Loser: Lambda (⬇️ 11.92%) // $37 million market cap.

Prices are as of 13:14 EDT.

     

1. Crypto exchange Binance's research analytics arm claims that the launch of institutional trading platform Bakkt was partly to blame for the 20 per cent drop in Bitcoin's price. In its September markets overview, Binance Research notes that prior to the launch on September 23rd Bitcoin was trading around $10,000; however, the market tanked the following day with Bitcoin floating around the $7,000-$8,000 mark. The exchange highlights that Bakkt was promoted by many to help bring in large institutional money, yet it appears to have been a "contributing factor" to Bitcoin's price decline in the short-term. –COINTELEGRAPH

     

2. A Russian nuclear scientist has been handed a $7,000 fine after being caught illegally mining Bitcoin. Denis Baykov was given the penalty after he was found to have accessed the lab's supercomputer at a top-secret nuclear center in Sarov. He is one of three scientists that were first uncovered and handed over to the Federal Security Service last February for their actions. Two other employees, Andrei Rybkin and Andrei Shatokhin, are awaiting sentencing. According to a lawyer for one of the defendants, the three had developed special software to avoid detection enabling them to mine Bitcoin. –THE MOSCOW TIMES

Russian nuclear scientist is fined $7,000 for illegally mining Bitcoin
     
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3. A new project led by former employees of JPMorgan, Intel, and TrustToken is launching a new U.S. dollar-backed stablecoin, called the USD Digital (USDD). The Global Currency Organization (GCO) said in a press release that the USDD aims to enable end users to move between crypto and fiat. The organization is also planning on sharing revenue with a network of institutional partners. Those leading the project are hoping to bridge the gap between traditional and decentralized finance. According to Joe Vellanikaran, CEO of GCO, this is the "next evolution of the stablecoin industry." –COINTELEGRAPH

     

4. The Federal Advisory Council (FAC) has warned that Facebook's Libra stablecoin could potentially create a "shadow banking" system. Asking for views on Libra from the country's biggest banks, the U.S. Federal Reserve found that many expressed negativity on the proposed stablecoin. According to the FAC, it fears that with 52 percent of the U.S. population active on Facebook in 2018, the platform could create a monetary system outside of sanctioned financial markets. –BLOOMBERG

Facebook's Libra could create a "shadow banking" system
     
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5. Billionaire investor Mark Cuban said that he'd rather have bananas than Bitcoin during a Q&A video segment with Wired. In the 13-minute video, Cuban expressed his concerns with Bitcoin and cryptocurrencies. In his opinion, Bitcoin is only "worth what someone will pay for it," adding that there's no intrinsic value to it. Comparing Bitcoin and gold as the same thing last month, Cuban reiterated his feelings. Despite his less than favorable stance toward crypto, that doesn't appear to be stopping his Dallas Mavericks from accepting Bitcoin as a form of payment. –YOUTUBE

     

6. India-based InstaDApp has raised $2.4 million to help build out its smart wallet. The aim of it is to help users make transactions through the organization's decentralized finance (DeFi) portal. The goal is to provide a route into several DeFi services, making the movement of assets between them easy. The funding was led by Pantera Capital with other investors including Coinbase Ventures and Robot Ventures. –COIN DESK

     

7. A crypto analyst has said that "likely target" for Bitcoin's bull run is $200,000-$300,000. He failed, however, to provide a specific timeline as to when this would take place. The analyst also mentioned that if Bitcoin fell below the $7,700 support level it wouldn't necessarily suggest that the asset was in a bear market, a figure many have pointed out as being important. –BE IN CRYPTO

     

8. EOS-based blockchain games​​​​​​ distribution platform Ultra.io has announced its first partnerships ahead of its mainnet launch later this year: crypto platform Bitfinex and EOS block producers EOS Rio and EOS New York. It will use the delegated proof-of-stake (DPoS) consensus algorithm and claims it doesn't require as many block producers to run it; currently, 21 have been chosen to run the EOS network. –DECRYPT

     

9. Low transaction volume has forced blockchain shipping startup 300cubits to suspend operations and the circulation of its TEU token. The suspension will be effective from October 1. The company initially began accepting trial shipments last March, launching in July 2018. Yet, despite the token becoming a recognized asset in the space, low transaction volume and a lack of regulatory clarity pushed users away. –THE MARITIME EXECUTIVE

     

10. A New York federal court has ordered crypto firm Longfin Corporation to pay $6.8 million in penalties to the U.S. Securities and Exchange Commission (SEC). According to the SEC, the company and its CEO, Venkata S. Meenavalli, made false representations in an SEC filing. They claimed that the organization was managed and operated in the U.S. when its operations, assets, and management remained offshore. –THE BLOCK

     

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

     
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