Will Crypto See Any of the CBDC Action?

Privacy activists speak out, JP Morgan banks and Kathleen Breitman's 'blaze of glory'

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May 12, 2020 By Daniel Kuhn For those new to CoinDesk, you're receiving Blockchain Bites, our daily newsletter with the most important news, as part of Consensus: Distributed. To keep receiving it next week, sign up here.  TOP SHELF The world is growing more comfortable with the idea of digital assets, with several nations stepping forward today to discuss the designs of central bank digital currency (CBDC) programs.  Speaking at Consensus: Distributed's Future of Fiat Workshop, central bank executives sent smoke signals regarding CBDC pilot programs. Harvesh Seegolam, of the Bank of Mauritius, the world’s youngest central bank governor, said the island nation is looking to issue a retail digital asset distributed through the established banking system.  This could be a lobbying moment for tech firms and the crypto industry to get in on the action. But Simon Scorer, Bank of England’s Senior Fintech Specialist, said the bank will not be limited by the current crop of technological options. "We're clear that any choice of technology around a CBDC should be led by a set of requirements and not the other way around," he said. That is, if they move forward on a digital pound.  Privacy advocates raised the alarm over the growing sentiment in favor of CBDCs. According to a recent poll from the Bank for International Settlements, a club for central banks, 80% of surveyed countries are in some stage of CBDC research or development. Whatever form these pilots take will walk the balance between privacy and greater visibility into the financial system.  Sheila Warren, head of blockchain at the World Economic Forum, said CBDCs will deliver on promises of more granular financial tracking mechanisms that authorities have made no secret about wanting. But this also opens the door for privacy coins to come into fruition.  As Elena Sofia Giralt said in None of Your Business: Why Our New Virtual Lives Need Crypto Privacy, privacy is not just a blanket release but something you should have a choice over.  THE COINDESK 50 Besu, the Marriage of Ethereum and Hyperledger There have been dalliances between Hyperledger and Ethereum over the years. The latest lovechild, Besu, was designed from the ground up to let large enterprises connect to the public Ethereum blockchain. There are benefits on both sides. On the public, or permissionless, side of things, Ethereum has the largest developer community in crypto, building tools corporations may not even know they need yet. On the other, Hyperledger’s permissioned blockchain is where many of the corporations looking at this tech feel most comfortable. Ethereum’s true believers have always viewed big business using the public mainnet as a signifier for their “world computer” status. With Besu, that claim may become a reality. Read the full story here. We'll announce another five organizations tomorrow, you can see the full list here.  COINDESK: COVID RESPONSE #NYBWGives CoinDesk has joined Gitcoin, The Giving Block and Ethereal Summit to support charities helping communities in difficult times. We're raising $100,000 and giving you a voice through the quadratic funding model. Learn how it works and how to donate. In addition, New York-based abstract artist Mr. Star City created an original piece of artwork, shown above, as a part of Consensus: Distributed. The art, inspired by love, unity and technology, will be up for auction this week. Follow @coindesk on Twitter to find out how to bid — the proceeds will go to the same cause. MEDIA DIET JPMorgan Bank Takes on Coinbase, Gemini as Its First Crypto Exchange Customers The move by JPMorgan is notable in a nation where banking services are hard to come by for any firms dealing with cryptocurrencies, which are viewed as a high risk by the banking industry. Accounts for the two crypto firms were approved last month, the sources said, and are now in use. US Banking Regulator Suggests Federal Licensing Framework for Crypto Firms Brian Brooks, chief operating officer of the U.S. Office of the Comptroller of the Currency, the nation's national bank overseer, said he believes crypto companies could fall under a federal licensing regime – if they provide what can be described as payment services. If this is true, it could help ease the hodgepodge of state laws that prohibit some companies from operating in certain jurisdictions.  IBM Blockchain to Offer Decentralized Smart Contract Option The blue-chip IT firm said the IBM Blockchain Platform would upgrade its system to provide a new decentralized governance option and smart contract functionality, by porting over changes made in its base layer Hyperledger Fabric 2.0. UAE Bank Opens Bangladesh Remittance Corridor Using Ripple’s Blockchain Tech United Arab Emirates-based retail and business bank, RAKBank, is expanding its remittance routes to Bangladesh using Ripple's blockchain technology. Binance Invests in Regulated Indonesian Crypto Exchange Binance is making a bet on the potential of the Indonesian crypto market, making an undisclosed investment into the Jakarta-based and regulated exchange, Tokocrypto. There is no independent data showing just how big the local crypto market is, but sources speaking to Reuters in February put it at possibly the same size as the country's stock market, despite rigid regulations.  THE BEST BACKGROUNDS AT CONSENSUS: DISTRIBUTED Harry "Hasta Siempre" Halpin  HOW TO USE BRELLA To access all of the deeper cuts available through Consensus: Distributed, you'll need to login through Brella , our virtual conferencing platform. You can create an account through Gmail, LinkedIn, Facebook or set one up manually on Brella. Your profile will be the way you match and network with others. As soon as you're set up, you’ll be directed to a dashboard showing other registrants. Brella is easy to use and has a number of features to help you through this virtual experience. There are multiple tracks of simultaneous programming happening inside Brella. You’ll also be able to browse the entire agenda, bookmark sessions and build your own schedule. Brella is a great networking tool as well, be sure to check out some of the social features available in-page, and reach out to the people and organizations that pique your interest.  AUDIO LOUNGE Tradable Metrics Chainalysis Chief Economist Philip Gradwell and PwC’s Henri Arslanian sit down to discuss the tradable metrics made public on blockchains. Tune in here. THE BREAKDOWN How We Future Now – Live With Kathleen Breitman, Caitlin Long and More From gaming and entertainment to the future of the banking industry, here are live interviews from the Consensus: Distributed virtual summit. CONSENSUS MAGAZINE Today: Crypto Under Corona: From Switzerland to Liberland  How are the united nations of crypto holding up during COVID-19? Jeff Wilser checks in with seven subcultures and finds good prepping standards.  Tomorrow: Generation Crypto.  Freelance journalist Jess Klein writes about an emerging psychographic of people who see the world through the lens of decentralization. Unset by the traditional bounds of age, country or class, Generation C is bound together by a willingness to question mainstream narratives and an unceasing desire to topple authorities. Check it out tomorrow. COINDESK CONFESSIONALS This quixotic questionnaire is designed to reveal the respondents cryptic crypto thoughts, feelings, and insights about our industry to better understand what makes our internal hashrates spin. Loosely based on the “Proust Questionnaire” popular during the fin de siecle, we’re hoping their honest answers will reveal insights about our own age of transition.  In our first round of CoinDesk Confessionals, Kathleen Breitman, Tezos’ co-founder, responded to our prompts with the first thought that came to mind, over email. Crypto Questions                         Your favorite blockchain protocol?  Tezos, of course!  Your #1 favorite crypto hero?  My co-founder, Arthur.  Your favorite quality in an entrepreneur?  Curiosity.   Your biggest fear?  Being unlucky, timing.  What would you value bitcoin at today?  Markets are efficient One word on how you got into crypto?  Camaraderie Who is your crypto hero?  Arthur Breitman What should crypto disrupt next?  Gaming, of course!  Public or private?  Is private still a thing?  Permissioned or permissionless?  As an anarchist, I can only check permissionless.  Your best example of sovereignty? Queen Rania of Jordan seems delightful. Your net worth? A lot less than the Internet would have you believe.  What defines Satoshi? The intelligence to remain anonymous.  Your favorite economist? Ronald Coase!  Which living person do you most despise? Kim Jung-un  When and where were you when you first heard about BTC? I don't remember but it was probably in 2011.  Do you mine? Would you mine mine? No.  Your favorite non-crypto book? Right now? Harmonium, Wallace Stevens.  Your most visited webpage? Twitch.tv Cryptic Lifestyle What inspires you? Love.  What is your main fault? That's a competitive category, but let's go with pride. Your main hero characteristic? Bravery.  What is your current state of mind? Weltschmerz  What or who do love the most? My family.  When and where were you happiest? Falling in love with my husband.  What gets you out of bed? Ideally? The smell of coffee. What is your motto? It's not a motto in the strict sense, but I often think that "the mind is its own place and in itself, can make a Heaven of Hell, a Hell of Heaven." What would you like to be? Luckier. Where would you like to live? Anywhere with Arthur suits me fine.  Your favorite television show or movie? Arrested Development seasons 1-3 shaped my sense of humor during my formative years.  Your most vivid memory? Big hugs. Your greatest achievement? Being a good partner.  What do you rely on? My network, my judgement of people.  What would you change about yourself? Sleep schedule.  Where will you be in 10 years? That's 70 years in crypto, no? Hard to say.   Your favorite fiction character? Sherlock Holmes.  How do you spend your free time? Reading, bad TV.  What do you want your legacy to be? Bringing other people up with me.  How would you like to die? In a blaze of glory.  WHO WON #CRYPTOTWITTER Copyright © 2020 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences here.

Kin Newsletter: May Edition

Kin Newsletter: KinAds.org launches with first partner, economic insights from the Kin Foundation, and more...

May Newsletter Big things are happening in the Kin Ecosystem, thanks to the big efforts of its participants. Kin is a new digital economy powered by an ecosystem of 50+ consumer apps - and it's growing stronger and more diverse by the day. Over the last month the ecosystem has come together to contribute in a major way, seizing the opportunity to leverage recent growth to create new and innovative projects that help stimulate both real demand by consumers and increased participation in the ecosystem.  Kin Ads has hit the ground running, recently launching their website (KinAds.org) along with the announcement of their first partner, PeerBet. While it is still early, the Kin Ads team has already been successful in driving Net Dollars Bought by enabling a user experience where people can buy Kin with their attention - exciting progress from new members of the ecosystem toward making the vision of Kin a reality.  The Kin Foundation also recently published its first economic report in the form of a brief summary of indicators that are being measured to track the health of the Kin Economy. These metrics will continue to be refined to more effectively guide monetary policy that supports the growth of the Kin Economy.  The Kin Community Council has also launched a pilot community rewards program, aptly referred to as Kin Community Rewards. This is an innovative approach to spurring development contributions from within the Kin Ecosystem, and a way of showing appreciation for those contributions. The Council hopes this initiative will propel the Kin community to rival the level of collaborative achievements of other cryptocurrency communities, and beyond. The Kin Foundation recently had their collaborative Board meeting with the first Kin Representative. As a part of their commitment to transparency, they will begin to share very brief summaries of the contents of those meetings in each month's newsletter. You can find that in this month's Kin Foundation Minute section below. The Kin Ecosystem has come together to embody its own philosophy - working together to succeed together. Now, without further ado, let's get into this month's highlights!   May Contents KinAds.org Launches with First Partner: PeerBet Kin Economy Report: May 2020 Kin Community Rewards: Rewarding Contributions to the Development of Kin Kin Foundation Minute: A Brief Summary of the Latest Kin Foundation Meeting KinAds.org Launches with First Partner: PeerBet The Kin Ads team has launched their website, along with the first Kin Ads integrated app, PeerBet. Kin Ads is driving real consumer demand for Kin by generating value for advertisers, and allowing consumers to get paid for that value. Their vision is a valuable network of connected apps using Kin as a common currency.    As the first grantees from the Kin Foundation Grant Program, the Kin Ads team has done an excellent job bearing the torch for others to come. Leading by example, they have already shown the ability to collaborate and execute as a globally distributed team across time zones.    As Kin continues to make meaningful progress in the race to real consumer demand, something that no other project has achieved, Kin Ads is already proving itself to be an integral part of that effort.   You can read more about KinAds.org here: KinAds.org Launches with First Partner: PeerBet   Try Kin Ads today with PeerBet: PeerBet.io Kin Economy Report: May 2020 Last month, Kik published research into different metrics that can function both as key indicators of the Kin Economy's health and in measuring the effectiveness of the Kin Foundation's allocation of the Kin Reserves. The Kin Foundation has taken up these metrics and has begun to share them with the public on a regular basis.    This is especially exciting to see if you're someone who is invested in the success of the Kin Economy in any way. These metrics paint a clear picture of the trajectory of the economy and the levers at play for economic policy.   Of particular note within this month's report is the multiplication of Kin Spent Per Day within the Ecosystem, which is much like the equivalent of the Kin economy's GDP. This is thanks to KRE 2.0 incentivizing higher spends.    By looking into these with more granularity, we can start to get an idea for the value of Kin goods and services within the economy, and augment them further.   You can read the Kin Economy Report for May 2020 here: Kin Economy Report: May 2020 Kin Community Rewards: Rewarding Contributions to the Development of Kin The Kin Community Council has launched Kin Community Rewards, a pilot incentive program that rewards independent contributions to the Kin Ecosystem, along with a live leaderboard and an open scoring rubric that can be contributed to by the community.    Kin is an open ecosystem that allows anyone to join and contribute, and one of the biggest benefits of being structured in such a decentralized way is that people around the world can work together to achieve something greater than the sum of their collective efforts, and succeed together by doing so.    By creating an incentive model for contribution to the development of the ecosystem, the Kin Community Council hopes to propel the level of contribution by the Kin community to rival and exceed that of the greatest open source projects, much like the Kin Rewards Engine made Kin into the most used cryptocurrency in the world.   You can read about Kin Community Rewards and review the contributions here: Kin Community Rewards: Rewarding Contributions to the Development of Kin If you'd like to check out the live leaderboard, submit your own contribution, or contribute to the scoring rubric, follow the links / instructions here: KinCouncil.com - Kin Community Rewards Kin Foundation Minute: Brief Monthly Summaries of the Kin Foundation Board Meetings The first open board meeting of the Kin Foundation was held on April 20, 2020, as the board welcomed Matthew Hannam as the first Kin Representative. Matt has been extensively involved in the Kin Ecosystem and his efforts to revise the KRE valid transaction guidelines were a key factor in his selection by the Board.    At the meeting, the Board approved the following matters: A further revision to the KRE valid transaction guidelines proposed by Kik Interactive Inc. and Rep Hannam to establish a process for addressing reports of KRE violations with the assistance of the Kin Community Council. Recommendation to fix the buy-track language to match what actually occurs in the KRE payments.  A proposal to provide stipends to the Kin Community Council for their work.  A pilot program to reward community contributions to the Kin Ecosystem for such things as identifying application violations of the valid transaction guidelines, contributing to the KRE, and creating education materials, Kin content, or new tools within the Kin ecosystem.  The next Kin Foundation Board meeting is scheduled for May 19th. Currently, the Board has received and is reviewing nineteen applications to join the Kin Representatives and plans to announce additional Kin Representatives in the future. More News from the Kin Ecosystem Cuppa Kin Issue #1 | May 2020 The Kin Council has launched an e-magazine to provide regular updates to the Kin Community. Check out the first edition issue here. Kin Ads AMA Learn more about Kin Ads with a podcast AMA hosted by Cuppa Kin. Watch the AMA here. In-Depth Guide to the Kin Foundation Grant Program The Kin Foundation has released a step-by-step guide on the application and approval process for Kin Grants. Learn more here. Judge Approved Blockchain Association's Brief in Kik Case Despite SEC Objections A U.S. District Judge allowed the Blockchain Association to file a brief in an ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Kik despite the regulator's objections. Learn more here. Ted Livingston Named in Top 100 People in Crypto and Blockchain Ted Livingston has been recognized as one of the top 100 people in the industry by CoinTelegraph. Read more about the story here. Kin Foundation, 22 Adelaide St W, East Tower, Toronto, Ontario Unsubscribe Manage preferences