TWEET OF THE DAY
“Where did all the ‘it’s not a loss until you sell’ people go?”
THOUGHT OF THE DAY
“The current state of the web3 world is such that:
- Your browser has a wallet (Metamask).
- Your mobile browser has a wallet (Toshi).
- Your finance apps all have wallets (Coinbase, Robinhood, Square Cash).
And all of these wallets need to be separately topped up which is kind of like having a different metro card for every line of the NYC subway. So, my Request for Project is a unifying wallet protocol that encompasses tokens and collectibles, as well as identity and account recovery.
If you buy a cryptokitty on your laptop, you can use it right away to play games on your phone. And if you buy some ETH on Coinbase and then login to Square Cash, your ETH would be there. Quite eager for this to exist.”
- Dani Grant, USV
Other members of the crypto community (like Elena Nadolinski) agree this is a serious problem. Elena notes, “In order for this unification to happen, there needs to be standardization for all assets to some extent. There’s a huge opportunity to be the Segment solution for this industry. (e.g. to be the middleman translating all protocols to standardized apis)”
NEWS OF THE DAY
📱 Kik-kin’ it. Cryptocurrency Kin went live today in the Kik messaging app. Powered by Stellar, the blockchain can reportedly handle 1.2 million transactions per day. Posted on Token Daily last month, here’s a run-down on what Kik/Kin do.
⚖️ EOS is rehauling its constitution. So far, the project’s governance system has been dubbed a failure mainly due to its unpredictable and irrational nature. If you’re curious, here’s a comprehensive, all-encompassing guide to EOS’s rocky start. cc EOS Community Forum
🏝 Malta passes a trio of bills. as part of the “Blockchain Island plan.” Making it one of the first jurisdictions in the world to officially pass legislation around blockchain. The bills cover everything from ICO regulations to blockchain industry growth.
💰 $4.2m Founders’ Reward backlash. Before we jump in, if you’re unsure how Zcash Founders’ Reward works, it’s basically a fundraising mechanism in Zcash’s protocol where 20% of newly minted ZECs are given to the project’s investors, developers, and a non-profit foundation in the first four years.
Lately, Zcash founder zooko has been facing backlash for profiting $4.2m/year from the Founders’ Reward system. But the mechanism’s only active for four years, meaning — at current rate — Zooko will have made $16m in total for creating a $700m cryptocurrency. $3.5b if you count coins that haven’t been issued yet.
Zooko’s supporters have been quick to point out that he’s been transparent about the company’s financial reports, Founders’ Reward was created before Zcash appreciated 170x, the system’s similar to how founders earn options over a vesting period, and users who are unhappy with the system are always welcome to fork (or use another privacy-focused coin).
READ OF THE DAY
📖 Blockchain Security: Will it scale? In his latest post, Decentraland’s Esteban Ordano walks through what makes a blockchain secure, problems he finds with EOS, and how his team plans to scale without sacrificing security.
🚀 GiveCrypto: Led by Coinbase CEO Brian Armstrong & HandUp.org founder Rose Broome, GiveCrypto aims to raise funds from cryptocurrency holders and distribute small payments (in crypto) to people in need all over the world. So far, the fund’s raised $3.5m and aims to reach $1b in the next two years.
QUESTION OF THE DAY
Two months ago, Timothy Black asked Initialized Capital’s Garry Tan:
What’s one trend you see emerging that others are missing?
THING TO KNOW
💰 Dollar Cost Averaging
Or “DCA” is an investment strategy where you make regular incremental investments over time instead of making a one-off lump sum investment. The goal? To reduce the effect of asset volatility on your returns. It’s a strategy that’s commonly used when markets are in a downward trend.