Weekly Rundown 1.1
News roundup from the blockchain universe
Owing to the tremendous response to our first blog in the Weekly Rundown series, we have compiled stories from the second week of April in this blog.
The cryptocurrency world is volatile and there is a lot of movement in terms of regulations, tax frameworks and use cases of blockchain technology. We have ensured that we list the highlights of the industry, to keep you updated.
Here’s our handpicked list of this week’s stories for you.
1. SARS (South Africa Revenue Service) declared a tax framework for cryptocurrencies
On April 6, 2018, South Africa’s tax regulator SARS declared that income from cryptocurrencies would be taxed under regular taxation rules. In their statement, regulators said that this arrangement is for now, implying there could be a change in the tax framework in the future.
SARS clarified in its statement that it considers cryptocurrencies as assets of intangible nature. It is expected that SARS will release the new framework before the end of December 2018.
2. Indian government plans to use blockchain to curb the supply of fake drugs
Niti Aayog, an Indian think tank has found a solution to curb the menace of fake drugs. They plan on using blockchain technology to complete “proof-of-concepts” (POC) by year-end and it is estimated to be implemented starting January 2019.
The company for working on the technology has been identified and now the government is looking for a partner to implement the PoC on blockchain.
3. Next generation lightning ready BTC wallet available for download on Google Play Store
Devices running 5.0 or a higher android operating system can now send lightning payments using the Eclair wallet. Released by a technology startup ACNQ, this wallet is available for download on the Google Play Store.
Sending lightning payments should notionally cost a fraction of regular Bitcoin network fees and confirm almost instantly. In the product description on GitHub, ACNQ announced that Eclair wallet supports normal as well as lightning payments on the bitcoin network.
4. Ethereum blockchain to be used to track energy data in Chile
The National Energy Commission of Chile has decided to use blockchain as a digital notary to store energy related data which includes consumption and prices, real time on Ethereum Blockchain.
Unlike most countries, Chile wants to use the Ethereum blockchain instead of a private blockchain.
5. Golem launched Beta version of their software on mainnet
On April 10, 2018, Golem announced the launch of their mainnet. Golem is a dApp (decentralized application) and it requires testing through a contained ‘laboratory’. There is a single installation procedure for the mainnet and the testnet version.
The main feature of Golem Brass Beta’s new release is the support for Ethereum mainnet. Users can now connect Golem to the Ethereum mainnet and earn/spend real GNT for computations (alongside a small amount of Ethereum).
Cryptocurrency Trivia
Crypto lingo from the trading world
Hodl :
(pronounced /ˈhɒdəl/ HOD-əl)
It’s a slang term used in the crypto community when referring to holding the cryptocurrency rather than selling it. Its origin can be dated back to December 2013, when a post on the Bitcoin Forum message board by an apparently inebriated user who posted with a typo in the subject, “I AM HODLING.”
Among traders, HODL has become a backronym for “hold on for dear life”.
Industry buzz
Media updates on cryptocurrency
