Top Crypto Stories for October 5, 2017
There is a lot going on in the crypto world. We've curated some of the top stories you should be aware of so you don't miss anything:
AdEx Announces Partnership with Video Distribution Company Flixxo
A promising blockhain-based ad platform, AdEx is gearing up for its beta release in January, so announcements like this one tend to get the community excited. The fact that AdEx is good at marketing itself is a promising sign, but of course execution is the key here. Flixxo is a "community-based video distribution" platform set to offer an ICO later this month (Oct. 24), and while it looks promising, it's still an unproven platform as of yet. Nonetheless, partnerships between the two projects show a level of investment on both sides, and the accountability factor could be something that spurs each one on to better things. (See also the actual announcement on AdEx's Medium blog.)
Finance Companies Join IBM/UBS Blockchain-Based Trade Finance Platform
Several international banks have signed onto a project started by tech company IBM and financial firm UBS last year to develop a blockchain-based platform for trade financing. Called "Batavia," the new platform is being designed to help facilitate international trade operations regardless of transportation method (air, land and sea – perhaps even space, if companies like SpaceX successfully get rocket travel going). Traditionally, it can take weeks or months to finance trade operations, and the hope is that a blockchain platform will be able to improve that timeframe significantly, making it easier (and cheaper) for suppliers, manufacturers, and distributors to ship products around the globe. The new trade finance platform will leverage IBM Blockchain and Hyperledger.
Japan to Track Wild Game Meat on a NEM-based Blockchain
Maybe not the weirdest use of blockchain technology yet, but certainly this one ranks pretty high. Japan appears to be suffering from an overpopulation of certain types of wildlife, which itself seems kind of bizarre given the size and population density of the island nation. To address this situation, a division of Japanese Ministry of Agriculture, Forestry and Fisheries has announced that it will use blockchain technology to track wild boar and deer along the supply chain from processing to…well, organic processing.
UBS Chairman Says Bitcoin Doesn't Fit Currency Definition
Even as UBS is partnering with several other banks and IBM to develop a blockchain-based trade finance platform, the chairman of the company is criticizing Bitcoin for not fitting the definition of a currency. At a conference organized by the Swiss Finance Institute, Axel Weber claimed, "Bitcoin is only a transaction currency," noting that it failed to meet other criteria for being a form of currency, including as a means of payment, a store of value, and general acceptance. With these remarks, Weber joins banking executives like Jamie Dimon of JPMorgan Chase, who recently called Bitcoin a "fraud."
Ethereum Client Update Sets Byzantium Hard Fork Date
Geth, the most popular Ethereum client on the market right now, has updated its code to enforce the Byzantium update scheduled to go live later this month. Designed to address privacy on the Ethereum network, Byzantium is the first of a broader update known as Metropolis. Given the implementation of this update in the largest client bodes well for adoption of the new features overall, and more clients are likely to be updated similarly in the coming weeks.
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