Blockchain Report — 12/7/2018
Summary: Privacy-Focused Cryptocurrency Zcash Is Added To Coinbase; Ethereum’s Price Experienced Flash Crash, Dropped To $13 On Coinbase Pro; Coinbase Wants To Trademark The Word “BUIDL”
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Privacy-Focused Cryptocurrency Zcash Is Added To Coinbase
According to CCN, following the addition of Zcash (ZEC) on Coinbase Pro, Zcash is now being added to Coinbase.com and to Coinbase’s android and iOS app. This will finally allow retail investors and traders to buy and sell Zcash on the Coinbase platform.
Zcash will be available to trade in all jurisdictions except New York state and the United Kingdom. These jurisdictions may have the ability to trade Zcash sometime in the future, however.
Keeping in mind the cryptocurrency’s privacy-focused goals, Coinbase said that they will offer some support for shielded transactions. Coinbase stated:
“In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. Initially, customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send off Coinbase to transparent addresses. In the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”
Some people have expressed skepticism as to whether it makes sense for people to use a privacy-focused cryptocurrency on a U.S.-based centralized cryptocurrency exchange such as Coinbase. However, Zcash’s founder Zooko Wilcox remained optimistic:
“As the industry matures, we believe privacy protections will be mandated by most exchanges, governments and other financial institutions, leading to the broad adoption of Zcash.”
Ethereum’s Price Experienced Flash Crash, Dropped To $13 On Coinbase Pro
According to The Next Web, the price of Ethereum on Coinbase pro briefly collapsed from $100 to only $13. The flash crash took place at 6 AM UTC. Since that time, Ethereum has now jumped back up to $97.
It is important to note that this significant price drop only occurred on Coinbase Pro for an incredibly short period of time, and only affected the Ethereum-USDC pair. USDC is a cryptocurrency that is pegged to the U.S. dollar, created by the cryptocurrency startup Circle.
So far, Coinbase hasn’t mentioned the flash crash on social media. Still, this isn’t the first time something like this has happened. Back in 2017, the price of Etherem briefly plummeted from $300 to 10 cents. The price soon recovered back to its original amount several minutes later, but not before some people hit the jackpot with the price they got for Ethereum.
Coinbase Wants To Trademark The Word “BUIDL”
According to Mashable, the term “BUIDL” is trying to be trademarked by Coinbase. Coinbase filed a trademark application for the term, stating in the application that it wants to use the term in connection to software as a service services for cryptocurrency.
But what does BUIDL mean exactly? BUIDL is an intentional misspelling of the word “BUILD”, and it refers to focusing on creating blockchain and cryptocurrency applications and services as opposed to simply focusing on cryptocurrency prices.
The term BUIDL is, in many ways, a spiritual successor to the term “HODL” that is sometimes used by experts in the cryptocurrency community. The term “HODL” is a misspelling of the word “HOLD”, and it refers to holding onto your cryptocurrency and not selling them even when prices drop. The reasoning behind this is that it is generally assumed the prices will go back up in the long-run.
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