SingularChain — Daily Digest — 27th Sept, 2017 (Wed)

Everyday, we share updates on the most important and crucial news & updates to know in the world of technologies that lead to Singularity — AI, ML, NLP, Blockchain and not to forget our special interest — CryptoCurrency!

BlockChain Technology

1. Blockchain Lending Platforms Can Bail Out SMEs and Improve Global Economy

SMEs are the cornerstone of economic development. In most countries, they provide the platform for job creation and economic growth. Blockchain lending platforms are becoming popular across the industry and are being embraced by a lot of small businesses.

There are always questions with regards to the sustainability and security of such programs, especially as some foul players within the community always take advantage of emerging innovations to defraud unsuspecting or desperate individuals.

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2. Hong Kong is getting more and more involved with Blockchain technology

Hong Kong seems to be another country that has caught the “cryptocurrency fever.” Two of the most dominant industries in Hong Kong are finance and shipping. In the last couple of years, both industries have tried to increase their growth.

The Hong Kong government is also heavily investing in blockchain technology that benefits different government entities. Apparently, financial regulators in Hong Kong are taking a softer approach on ICOs than their Chinese counterparts, who recently suspended all Initial Coin Offerings in China.

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Finance & Regulations

1. SEC Announces Creation of “Cyber Unit” With Broad Powers, Including ICO Oversight

The new Cyber Unit will clearly have significant authority if all these are to fall under its purview.

The ICO boom has been unprecedented, raising over $1.5 bln in 2017 alone. Many of these ICO’ss are either outright scams or are the result of some vague ideas in the head of a few would-be entrepreneurs.

Other points of interest in the SEC’s announcement include the first bullet point, which states that the SEC will be watching out for pump-and-dump schemes carried out via “electronic and social media.”

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2. Mario Draghi: European Central Bank Has ‘No Power’ to Regulate Bitcoin

Making his statements to the European Parliament’s Committee on Economic and Monetary Affairs, Draghi said that “it would actually not be in our powers to prohibit and regulate” bitcoin and other digital currencies. The primary concern for the ECB surrounding cryptocurrencies, and digital innovation more generally, is cyber-security, he went on, stressing that protecting against cyber risks is central to the ECB’s agenda. Earlier this month, Draghi also criticised the proposed initiative by Estonia’s e-Residency project to launch a national cryptocurrency called “Estcoin,”

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Business Use-Cases

1. Gaming Firm to Buy $80 Million Stake in Korean Bitcoin Exchange Korbit

Korea, following its emergence as a global leader in bitcoin and cryptocurrency volume, local exchange startup Korbit has announced that PC and mobile gaming firm Nexon has signed a stock trading agreement that would see it acquire Korbit’s management rights. Founded in 1995, U.S.-based Nexon specializes in massively multiplayer online role-playing games (MMORPGs) and internet quiz games, offering products that notably utilize micro-transactions for in-game purchases.

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2. South African Retailers Catching Bitcoin Bug

A few days after Pick n Pay, one of South Africa’s largest grocery and food stores, announced it would be testing out Bitcoin in one of its stores, there are rumblings of other retailers wanting to join the bandwagon.

The announcement that a major chain like Pick n Pay was looking into Bitcoin sent ripples through the South African Bitcoin fraternity, as well as the world’s, as there was much positive feelings about it.

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