Your Qoin Podcast – December 4th 2017
Source content and transcript for this episode of the Your Qoin Podcast:
1. Dec 6th – DeBeers is putting diamonds on the blockchain
a. The world’s largest miner of diamonds, says it wants to use the technology to rebuild trust in the diamond distribution process. CEO Bruce Cleaver announced that the diamond traceability platform is underpinned by blockchain technology, which allows for a highly secure digital register that creates a tamper-proof and permanent record of interactions – in this instance, a diamond’s path through the value chain.
2. Dec 6th – Bitcoin mining electricity usage is steadily increasing
a. According to Digiconomist, the current estimated annual energy consumption rate for Bitcoin mining is approximately 31.6 Terawatt Hours, this surpasses the energy consumption rate of countries like Morocco which is 30.7 and Oman at 29.6 Terawatt Hours, so bitcoin mining now consumes 0.14 percent of global electricity. The steadily increasing complexity of blockchain transactions has resulted in Bitcoin entrepreneurs spending astounding amounts of electricity on cryptocurrency mining.
3. Dec 5th – Cats are making crypto cool
a. Crypto Kitties is a digital program where users through breeding, can unlock unique attributes. Each Crypto Kitty has a 256-bit genome that dictates its appearance and traits. The app launched six days ago and it is already using 16 percent of Ethereum’s smart contracts. The average cat is trading for $100 in ether and users have spent over $3M total on breeding, buying and selling the in-game items.
4. Dec 5th –The Winklevoss brothers become bitcoin billionaires
a. In 2004, the Winklevoss brothers sued Facebook founder Mark Zuckerberg, claiming he stole their ConnectU idea to create the popular social networking site, and ultimately received $65 million. In 2013, when the price of one bitcoin was worth $22 the brothers reportedly invested $10 million into the currency. from the $65 million settlement they received from Facebook in 2009. Five years on, the digital currency has upped in value by just under 10,000 percent, turning them into billionaires. It is thought to be the first billion-dollar return for a cryptocurrency investor.
5. Dec 4th – The petro dollar now has a digital equivalent
b. Nicolás Maduro, announced on Sunday that his country will create a national cryptocurrency called the Petro. In his speech, he said that new cryptocurrency will be backed by oil, gold, gas and diamond reserves. This is the government’s attempt to move towards new forms of international financing for the economic and social development of the country. The country’s hyperinflation has caused some Venezuelans to bitcoin mining in order to afford basic necessities.
6. Dec 4th – legislations are being introduced for block chain at the State level in the US
b. A Democrat lawmaker in New York has introduced four bills that will allow research into the use case for blockchain by the state’s government. The first bill aims to provide a legal understanding for digital signatures stored on a blockchain. The second bill directs the state board of elections to evaluate the use of blockchain to protect voter records. The third bill calls for a task force to determine whether a blockchain platform can be used by the state government to store records and share information quickly and efficiently. The fourth bill would, if passed, create a digital currency task force to determine the impact of cryptocurrencies on New York financial markets.
7. Dec 4th – Caribbean island uses blockchain to create a cheaper tourist services
b. Aruba gets 1.2 million tourists annually, but its travel industry is dominated by a few Airlines and Travel agencies like JetBlue and Priceline, they control prices and are able to retain a significant amount of revenue. The island’s government tech team has partnered with a Swiss startup to develop a marketplace for booking services on the Ethereum blockchain. The marketplace will connect tourists directly with travel providers, in an effort to eliminate the middlemen
8. Dec 3rd – Almost half of ICO funds goes to Europe
b. Token Data, a startup that tracks ICOs, states that, the EU might become the global leader in cryptocurrency and blockchain development over the next five years. Startups in Europe have raised more capital through initial coin offerings (ICOs) in the last three years than any other region on the planet. The region also has the greatest number of bitcoin nodes, with more than 5,000.
9. Dec 3rd – The white house is paying attention to cryptocurrencies
b. White House press secretary Sarah Sanders said during a press briefing session on Thursday that bitcoin and other cryptocurrencies are being monitored by the whitehouse. Her statement was in response to a reporter’s question on whether the U.S. government is planning to regulate these currencies. Sanders mentioned that there is no specific announcement on the topic but it has been discussed with members of the Homeland Security team.
10. Dec 3rd – Coinbase Ordered to Hand Data on 14,000 Users to US Government
b. Cryptocurrency exchange Coinbase has been ordered to disclose details of more than 14,000 customers to the IRS. Following a lengthy legal battle between the two entities, the San-Francisco district court ruled Tuesday that Coinbase must hand over user accounts at the exchange that bought, sold, sent or received sums of $20,000 and higher between 2013 and 2015.