Daily Cryptocurrency News – 13th November 2018

Welcome to the most important cryptocurrency news of November 13th, 2018.

Swiss Federal Railway – First Digital Identity Pilot on Ethereum Blockchain

This is not the first blockchain related project that Switzerland created. Last year, City of Zug had a government verified citizen ID on a public blockchain. This was created with the help of uPort alongside with ConsenSys. Right now, together with Linum Labs – SBB wanted to create a new blockchain related venture that could bring some real business value. SBB manages over 30,000 employees across Switzerland.

And SBB decided to create a solution that could

a) Verify the identity of a worker,

b) Verify their credentials,

c) Record them in a tamper-proof ledger.

This project was tested on the public Ethereum testnet – Rinkeby. Connected with uPort, railway workers, supervisors and other authorities can have their own digital identity, linked to their uPort ID. The uPort ID is tied to an identity on the blockchain. The main things that SBB wanted to achieve with this were:

  1. A great mobile user interface (UI) and good user experience (UX) – So there could be an adoption of the system.
  2. Be useful even for external partners of SBB
  3. An open-source system, to achieve network effect and buy-in from the blockchain ecosystem
  4. To be in compliance with GDPR and other privacy regulations from Europe or Switzerland

The results was amazing, easy-to-use and over-delivered. You can check the UI/UX of the platform as well as many other details in the LinumLabs Medium post

Cryptocurrency Thefts – A New All Time High As Hackers Stole Almost $1 Billion 

The bad news for today are that cryptocurrency thefts reached almost $1 Billion in 2018. CipherTrace , a company that created cryptocurrency anti-money laundering systems, bitcoin forensics and blockchain threat intelligence solutions, claimed that hackers stole $927 million from cryptocurrency exchanges alone.While its almost impossible to trace people that got hacked or scammed from their cryptocurrency, we can estimate the total would surely be above $1 Billion for 2018.

The thefts increased by 3.5 times in 2018. This means that not only hackers are finding new ways of hacking exchanges, but also there are some exchanges that doesn’t have a properly made security audit. Without one, an exchange can be hackable and its only a matter of time until hackers will realize. The most notable cryptocurrency exchange hacks of 2018 are:

  • Coincheck – $530 million worth of tokens, mostly NEM;
  • BitGrail – $195 million worth of tokens, mostly NANO;
  • Zaif – $60 million
  • Coinrail – $40 million
  • Bithumb – $30 milion

For more details about CipherTrace – you can check Coinbeat’s Article.

ConsenSys & Amazon – The Creation Of The First Ethereum Marketplace For Enterprise Blockchain

First off, it’s important to note that Amazon won’t be accepting Ethereum as a way of payment. This is not the news is about.

Kaleido – a part of Consensys declared they will launch a marketplace of services to help new blockchain projects succeed. Their plan is to bring the business from a proof-of-concept until the working stage. The company will work with Amazon Web Services to create the enterprise blockchain platform. The platform will be a full-stack one, with services that includes native AWS integrations, HD wallets and ID registries. According to Kaleido, they managed to eliminate 80% of the coding work required to build a blockchain project. Besides this, there will also be support and services for: supply chain management,smart contracts, and real-time legal contracts.

Kaleido won’t use only Amazon Web Services, but other third-party developers. Though this may sound like a partnership, its important to note that it isn’t one. Its just Kaleido working with Amazon Web Services to help blockchain related idea be brought to life easier and in a more professional way.

“The reality is only about 10 percent of an enterprise blockchain project is the blockchain itself. There are many other application, data and infrastructure components required to go into production. I’m very excited that we have a whole cloud of blockchain technologies pre-integrated for our clients to use. The Kaleido Marketplace is a one stop shop for all things enterprise blockchain.”

Stellar Lumens Is Now the #5 Cryptocurrency, Moving Ahead of EOS

It appears that the ‘EOS craze’ is over, as the cryptocurrency was recent left behind by Stellar Lumens. Most of the cryptocurrency enthusiasts are happy about this, especially after the latest news  of EOS not being a blockchain. EOS gained the number five on the cryptocurrency list after a $4 billion ICO results – with many people remaining skeptical about its use-case & TPS claims.

At the time of writing the article, Stellar Lumens is in front of EOS with $76 million in market capitalization with a 2.86% decrease for today. But what could be the factors that lead to this?

Firstly, there’s the Coinbase listing effect. Recently, two cryptocurrencies from the list of five proposed ones were added to Coinbase. This lead investors into thinking probably correct that the rest of three cryptocurrencies will be added shortly. We’re talking about Cardano (ADA), Zcash (ZEC) and of course, Stellar Lumens (XLM). This is probably one of the main reasons that lead to the increase in price – but its not the only one.

Secondly, Stellar Lumens foundation just announced the biggest cryptocurrency giveaway of all time. $125 million worth of XLM will be added to everyone who’ll verify its account on Blockchain.info. Its important to note that Stellar Lumens (XLM) was the 4th cryptocurrency added there – alongside with Bitcoin, Bitcoin cash and Ethereum.

And finally, the EOS reputation lost a lot of followers over the past months. After the June incident regarding the EOS block producer earning $10,000 in a day and the Huobi & EOS Scandal – EOS community has been hit by a new issue : A fake wallet called SimplEOS. With all these problems, its not surprising at all that XLM managed to de-throne EOS.

What could be next for Stellar Lumens? 

With the upcoming hard fork in the Bitcoin Cash community and the EOS community being angry – Stellar Lumens (XLM) could gain the #4 spot on CoinMarketCap. In addition, its latest giveaway could turn out to be a profitable one by increasing the adoption of XLM worldwide. With its future Coinbase listing, it appears that Stellar could get really close to its January value – if they continue as well as they did lately.

Cardano Foundation Chairman Resigns

In a post created on October 12, 2018 – Charles Hoskinson, IOHK and Emurgo made an Open Letter to the Cardano community. In this open letter, Charles criticized the lack of performance coming from Cardano Foundation. After one month, the Chairman of Cardano Foundation – Michael Parsons resigned from its position – according to a blog post made by Cardano Foundation.

Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation, has resigned with immediate effect. Pascal Schmid, Council Member, will take over as Chairman of the Foundation Council on an interim basis. The Foundation is working to supplement the Foundation Council with suitable persons as soon as possible.

The Parson’s way of leading the Cardano Foundation caught the attention of Charles Hoskinson and Emurgo CEO Ken Kodama. These two expressed their concerns about the poor leadership and declared that:

[S]ince 14 July, 2017, the Foundation has, in effect, been controlled by Mr Parsons. He has been acting as the Foundation’s de facto sole decision-maker in respect of the day-to-day business of the Foundation and ruling its staff like a monarch. For more than 15 months, there appear to have been no reasonable attempts to fill the 2 council vacancies. There appears to be no oversight and there appear to be no checks and balances beyond those required by Swiss law.

This was a great victory for the Cardano community – and we hope that the new chairman to do a much better job than the previous one. If not, the Parson’s example proved that the community is united and democracy wins.

Other Important News

If you’ve missed yesterday’s news, you can read them here: Daily Cryptocurrency News – 12th November 2018

Image Source: phys.org

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