Dubai wants to be blockchain powered by 2020. Image credit.

Weekly crypto-news recap (May 2, 2017)

Sign up here to receive world news for cryptocurrency investors, delivered weekly. Courtesy of Iterative Instinct.

Dubai Aims to Be a City Built on Blockchain (WSJ)

“The goal of Dubai’s government is to conduct a majority of the emirate’s business using blockchain, which it expects will make government services more efficient and help promote enterprise in Dubai as it will become easier to do business there. ‘We want to make Dubai the first blockchain-powered government in the world by 2020,’ says Aisha Bin Bishr, director general of Smart Dubai, a government office tasked with facilitating innovation in the emirate. ‘It is disruptive for existing systems, but will help us prepare for the future,’ she says.”

Blockchain and Internet of Things Consortium Progresses Ecosystem Protocol (Allcoinsnews)

“Skuchain and Chronicled, in collaboration with the members of five enterprises and six start-ups, have announced the launch of an IoT ‘thing’ registration API supporting Ethereum, Quorum, and Hyperledger blockchain implementations. The protocol allows users to register multiple kinds of weaker identities, including serial numbers, QR codes, and UPC code identities, and bind them to stronger cryptographic identities, which are immutably linked across both physical and digital worlds using blockchain technology.”

Inside Bank of America’s New Microsoft-Powered Blockchain Project (Coindesk)

“To build the prototype, [Microsoft lead blockchain engineer Marley] Gray and his blockchain engineers first worked alongside several Bank of America team members to calculate the number of steps the counterparties in a standby letter of credit transaction need to conduct, from handwritten notes to phone calls and faxes.”

The market in Initial Coin Offerings risks becoming a bubble (The Economist)

“These are just three of a new wave of what are called Initial Coin Offerings (ICOs). Nearly $250m has already been invested in such offerings, of which $107m alone has flowed in this year, according to Smith+Crown, a research firm. But it was in April that ICOs, or ‘token sales,’ as insiders prefer to call them, really took off.”

SEC Orders Review of Winklevoss Bitcoin ETF Rejection (Coindesk)

“As previously reported by CoinDesk, the SEC shot down a bid by the Winklevoss brothers to get the ETF listed on the Bats BZX exchange in March. Specifically, the agency declined a rule change proposed by Bats that would have cleared the path for the ETF, citing a lack of market surveillance and regulation.”

Google’s Ethereum-Based Digital Book Uses Cryptography to Prove Ownership (BTCManager)

“Google employee Tea Uglow-authored digital book A Universe Explodes developed by product design company Impossible Labs and Editions At Play was released on April 4, to demonstrate the concept of digital ownership.The book is unique and different to most digital books in many ways. Started as an Ethereum blockchain-based experiment, the original copy of the digital book can only be owned by 100 people. The original owners can then send the book to their friends, and the book can only be shared 100 times per owner. Therefore, in the end, there will only exist 10,000 copies of A Universe Explodes.”