 QUOTE OF THE DAY  |
| "If pundits tells you something is true, and you don’t have the critical thinking skills to evaluate their statements, then you are putty in their hands, as they shape your world view to their will." - Neil deGrasse Tyson |
Happy Friday! Did you know Akon, the popular hip hop artist, is creating his own crypto called "Akoin"? If you don't remember much from today's newsletter just make sure to remember that.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,288.82 | -6.56% |
|
| ETH | $475.181 | -10.91% |
|
| XRP | $0.499338 | -6.8% |
|
| BCH | $779.781 | -11.11% |
|
| EOS | $8.8003 | -15.71% |
|
*Information as of 9:30 AM EST
Is Satoshi Nakamoto a Time Traveler?
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21e800
- If you've logged in to Twitter in the past day or so, you've probably seen people going crazy over a recent Bitcoin hash: #00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a
- For reasons we will get into, this Bitcoin hash seems special and has caused cryptocurrency enthusiasts to begin formulating some wild theories about Bitcoin and its creator, but also some downplaying it as simply a coincidence
THEORY OF EVERYTHING
- In the physics field, there is a famous theory titled "An Exceptionally Simple Theory of Everything", this theory attempts to describe all known fundamental interactions in physics and to stand as a possible theory of everything
- This theory is also known as the 'E8 Theory', because 'E8' is the largest "simple", "exceptional" Lie group, essentially the algebra used in the theory
- This is where people start to connect the dots, people are suggesting that the now famous hash is a 'vanity hash' purposely placed by Satoshi Nakamoto
21e800
- People theorized that this block has is a sort of easter egg placed by Satoshi with '21' representing Bitcoin for the maximum number of Bitcoins that will exist, 'e8' representing the Theory of Everything (an unsolved mystery just like the identity of Satoshi Nakamoto), and the '00' wrapping the easter egg to showcase the difficulty of creating this hash
People on Crypto Twitter have done the calculations about the likelihood of this hash appearing:
Some even went far enough to suggest that Satoshi may be some sort of omniscient power:
TEXAS SHARPSHOOTER FALLACY
- Some seemingly more level-headed people are claiming that all of this hype is undeserving and the appearance of '21e800' is all just a result of chance
- In statistics and philosophical science, there is a fallacy known as the texas sharpshooter fallacy, this fallacy indicates that humans tend to seek out patterns where none actually exist
- Just like the 'sharpshooter' it appears that people are taking the small subset of data that is the '21e8' hash for something meaningful and ignoring the randomness of the entire dataset
Ex-FDIC Chair Sheila Bair in Support of Entirely New Crypto Regulatory Framework
NEW REGULATION
- On Thursday, Sheila Bair, an ex-chairperson of the Federal Deposit Insurance Corporation, spoke at the Future of Fintech conference when she showed her support for cryptocurrency regulation
- However, though many government officials support cryptocurrency regulation and attempt to apply crypto to traditional sets of laws, Bair believes an entire new regulatory framework should be created
Bair explained to the Future of Fintech audience that using old, already existing, laws won't work with crypto:
"We are trying to jam crypto trading into state money transmission laws, it just doesn't work. I think at some point, we will need a federal framework to have some type of regulatory oversight of exchanges established to trade crypto assets. They may also be securities, if there are [initial coin offerings] being used to raise equity, they need to regulate it."
FEDCOIN
- Bair has also been a long-standing supporter of "Fedcoin", a U.S. central bank-issued cryptocurrency
- Bair believes that Fedcoin would allow the Federal Reserve to maintain control of the U.S.' money supply while also helping solve issues that normal fiat currency has
- Through Fedcoin, Bair sees a more transparent monetary ecosystem as she told the conference an example of the current system in which a bank approached the Federal Reserve and now receives a 1.95% interest rate only to turn around to customers and offer a savings account with 0.01% interest rate
Luxury Brands are Exploring the Tech Behind CryptoKitties
ARIANEE
- Arianee, a french startup that has team members from luxury brands such as Tiffany's, Omega, Balenciaga and the Richemont group, believes it can use the CryptoKitties framework to empower luxury items
- The idea behind using the technology for luxury brands is that it could create unique digital identities for products
- Currently, Arianee is primarily focused on developing three prototypes: one for watches, one for handbags and high fashion items, and one for champagne bottles
ERC-721
- Ethereum's ERC-721 standard is the bread and butter for CryptoKitties since the standard creates digital scarcity
- Arianee looks to use this technology by creating a ledger in which buyers and sellers of luxury goods can transfer tokens linked to their physical items
- These tokens would hold information regarding all sorts of information about the product including authenticity, manufacturing location, past sale history, and more
- To verify transactions, oversee the issuance of new tokens, and prevent fraud, however, the ledger will be supported by participating luxury brands running nodes
Guillaume Boilot, Chief Operating Officer at watchmaker Vacheron Constantin, explained the brand is testing the technology and recently told CoinDesk:
"All our watches have alligator straps, for example, and we think that in the coming years our clients would like to know where does the skin come from."
- ICO Market Needs Its Integrity Back, Industry Players Say
- $3 Billion Blockchain Tron Kicks Off Token Migration Today
- Ripple CEO Defends XRP's Utility at Fintech Conference
| Docademic (MTC) |
| The MEDICAL TOKEN CURRENCY (MTC), is the mean to interact with the blockchain enabled healthcare platform currently under development by Docademic. It allows the interested parties to interchange valuable data between them in exchange of a token that is used to acquire services or products. It encourages the use of the blockchain as a trustful repository for health-related information and motivates the common user to exchange their data for benefits provided by third parties. |
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