ICO Alert Crypto Minute: August 20, 2018
South Korea invests in Blockchain, Mark Cuban’s ICO comes under heat, and UPS submits blockchain related patent.
“Blockchain Logistics Race” Involves UPS As Latest Market Participant
As seen on Coindesk, the shipping giant UPS has applied for a patent that “…uses blockchain as part of a distributed system for sending packages worldwide.” Many projects have targeted logistics and shipping, feeling that Blockchain provides a disruptive technology to the current model. As for further details surrounding the patent, the company said, “…certain embodiments enable tracking of a first set of shipment units and a second set of shipment units associated with the first set of shipment units separately, thereby enabling the use of various smart contracts relating to shipping services and shipment unit handling in a bifurcated manner…”. UPS shipped more than 5 billion documents/packages last year, pulling in revenues of $54 billion.
South Korea Officially Sets Aside $4.4 Billion For Blockchain Investment
After ups and downs in South Korea, the government has finally (and officially) bought in to the Blockchain ecosystem. As reported by Bankless Times, the country has set aside $4.4 Billion to “…invest in distributed ledger systems and explore various administrative frameworks for the technology.” It is unclear what South Korea will target more specifically, or when investing will begin.
Mark Cuban Backed eSports ICO Sued In Class Action Lawsuit
In what could be a dangerous precedent set for ICO related lawsuits, the Mark Cuban backed Unikrn ICO is being sued in a class action lawsuit, lead by John Hastings. As seen on Bitrates.com, the lawsuit claims that Unikrn sold its Unikoin Gold Tokens as securities, thus harming the contributors’ investments in the project. Specifically, Hastings is calling into question the SAFT (Simple Agreement for Future Tokens), which has been questioned by lawmakers and market participants before. The project raised $30 million in ICO and a further $16 million through the SAFT. If the lawsuit is enforced it could set a dangerous precedent for other ICOs in the space using SAFT fundraising methods.
