Daily Cryptocurrency News – 4th December 2018

TRIVE Ventures launches blockchain program Tribe Accelerator in partnership with ICON Foundation

Today, on 4th Dec, Singapore based venture capital firm Trive Ventures declared the launch of its blockchain accelerator, Tribe Accelerator.

Enterprise Singapore, a Government agency of Singapore which developed the various start-ups by connecting them with several agencies and big firms, is supporting the new program to boost the Blockchain Technology.

Through its program, Tribe plans to create more noteworthy public awareness of the advantages and relevance in the daily usage of DLT (distributed ledger technology) via the utilization of dApps (decentralized applications) or backend digital solutions.

As per the organization’s declaration, this program will be created together with ICON Foundation in South Korea and Venture Hub, an auxiliary of PwC Singapore.

With the aim of expanding the Blockchain Innovation adoption throughout Asia, Tribe Accelerator will offer various support to startups in this area. One of the main objectives of the program is to enable Blockchain startups to solve everyday problems.

This program will not only serve Blockchain companies but also aims to provide the platform for traditional companies and government agencies to work together with other upcoming blockchain projects.

Eight start-ups will join Tribe’s underlying venture. They will access business tutors, technical help, technical talent, comprehensive introduction through the progression of web contents and a worldwide demo visit.

The partner of TRIVE Ventures, Yi Ming Ng said,

Blockchain technology is fundamentally changing the way things work globally, with companies from numerous industries having already adopted blockchain technology and many more expected to be in the coming years.”

The program will officially launch in early 2019, after which the new companies will join a worldwide demo visit crosswise over Singapore, South Korea, and Japan, among different goals, to exhibit and market test their undertakings.  

CFTC mentioned Ethereum Co-Founder Vitalik Buterin in its newly released report

Recently, the Commodity Futures Trading Commission (CFTC) has issued a 32-page report on blockchain-based smart contracts which includes the uses, risks, and challenges of smart contract.

The US CFTC has dependably been profoundly worried about investigating wrongdoings and injustice against the American individuals and watches out for the digital currency. A report is basically a training tool for financial specialists, policymakers, and controllers.

As per CFTC’s definition, smart contracts are a set of coded PC functions that can self-execute activities dependent on benchmark being satisfied or unsatisfied. It isn’t really a legally binding contract. These smart contracts can likewise be utilized to transfer digital assets or digital currency.  

The CFTC also defined three main attributes of the smart contract which are following:

  1.    A smart contract can confirm or counterparty, claims of right and asset ownership
  2.    It can allude to or can access outside data or information that it requires to trigger activities.
  3.    The smart contract can robotize the way toward the process of executing exchanges.

The report likewise referred to some different perspectives while characterizing smart contracts. About Ethereum’s Vitalik Buterin, the report expressed:  

“A smart contract is a mechanism involving digital assets and two or more parties, where some or all of the parties put assets in, and assets are automatically redistributed among those parties according to a formula based on certain data that is not known at the time the contract is initiated.”

As per the CFTC, smart contracts have a few possible favorable circumstances, for example, institutionalization, security, economy, speed, the certainty of execution, regulatory development and business advancement.

The potential disadvantages that are recognized are those identified with tasks, innovation, misrepresentation, and control.

The record additionally reports possible speculative use cases and extremely broad instances of prohibited activities.

ETCDEV Shuts Down Due To Lack Of Funding

Igor Artamonov, Founder and Technical Director of ETCDEV, the development team of Ethereum Classic (ETC) announced today that it is discontinuing its operations.

He tweeted that the firm is regret to inform users that they are shut down ETHDEV’s activities immediately. He also confirmed that the company was struggling with funding and due to the market crash, the firm experienced cash shortage and thus cannot continue the operations.

Also, the company tried to pull-in the investors within the community and externally too but nothing comes-up according to their needs.

He twitted,

“Unfortunately ETCDEV cannot continue to work in the current situation and has to announce the shutdown of our current activities.”

On the second of December, the group at ETCDEV had inquired as to whether they would help to finance for the improvement of the organization. But 61% of the community members reacted that they would NOT give funds to subsidize ETCDEV.

The nearest to an official representative for ETC stated that the Ethereum Classic isn’t ETCDEV. Ethereum Classic is IOHK, ETC Co-operation, ETC Labs, ETCDEV, and a reiteration of volunteers.As IOHK is now taking care of Cardano, the community can rely only on the others. 

Elizabeth Kukka, Program Director at ETC Labs, said that in January 2019, twelve projects would join ETC Labs in San Francisco and the team for that project probably be declared next week.

The firm had been operating for more than two years and is said to have been facing a financial crisis due to the crypto market bear run. Reportedly, it was facing problems to raise enough funds.

Bitcoin Recover 5%, Analysts opinion on the future price 

Yesterday, Bitcoin dropped down another 5%. Bitcoin’s one-day chart, showed that the price had a low  $3832 in last 24-hours, but it made a quick recovery and was trading at $4018. At that time, the market was around $70 Billion. 

A week ago, Jay Clayton who is SEC chief said that crypto trades currently lack legitimate surveillance tools to tackle with the market manipulation. Consequently, the SEC isn’t going to favor the Bitcoin ETF products at any point in the near future.

Chief executive of data company Cryptocompare, Charlie Hayter stated on one of the leading channels,

“The market has become tired of great expectations and has been beaten pretty bloodily.”

Billionaire investor Jim Breyer communicated amid a keynote session at the Fortune’s 2018 Global Tech Forum in China that he is having enthusiasm for crypto and DLT-based firms. He compared the current situation with the Internet industry evolution or the Artificial Intelligence. He also completed by explaining that a lot of talented people are working in the cryptocurrency sector right now: 

“So many of the very best computer scientists and deep learning PhD students and post-docs are working on blockchain because they have so much fundamental interest in what blockchain can mean… You don’t want to bet against the best and brightest in the world,”

Mati Greenspan, an eToro senior market analyst, seems to have a similar opinion:

“So Bitcoin has gone through various boom and bust cycles over the course of its short history… You do get a lot of newcomers into the market, and then after that during the retracement, and then the relaxation period. This is an excellent time for people to up there knowledge to learn more about the industry, more about crypto assets, more about how things work.”

What do you think?

Other important news

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