CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! EOS Startup Block.One Is Using Its Billions to Buy Back More Equity Brady Dale Brady Dale Jun 6, 2019 at 16:00 UTC Block.one, the company that built the EOS blockchain, is in the middle of another equity buyback in order to bring on more strategic investors, a source familiar with the matter told CoinDesk. The company has previously conducted equity buybacks in order to resell those shares to new investors that it sees as helpful to its business, the source explained. The source declined to provide further details about who would be joining Block.one’s list of backers. Still, it’s helpful to revisit a previous instance of Block.one repurchasing equity from prior investors in order to bring on new ones. A recent report from Bloomberg – which cited a March 19 email to the startup’s shareholders – noted that some investors had received a 6,567 percent return on their Block.one holdings. However, the Bloomberg report may have been unclear about which investors stood to gain so much. “The buyback was designed for seed investors, who had been in for a long time, and it made room for potential future strategic shareholders in a way that didn’t unnecessarily inflate our balance sheet,” Brendan Blumer, Block.one’s CEO and one of the largest shareholders in the company, told CoinDesk. “I did not participate,” he added. Citing an email sent to shareholders on March 19, the Bloomberg report emphasizes the involvement of PayPal co-founder Peter Thiel, along with noted investors Alan Howard and Louis Bacon. The source told CoinDesk that Thiel, Bacon and Howard are strategic investors that came on in July 2018, much later than the seed investors. As such, the source said, Thiel, Bacon and Howard saw a 30 percent gain on their investments – a healthy return but nowhere near the 6,567 percent trumpeted in Bloomberg’s headline. Block.one declined to share with CoinDesk the investor email that Bloomberg reviewed. It also declined to give CoinDesk a timeline for its seed investments. Still, the source said Block.one actually goes back several years. The company’s balance sheet is “stronger than ever,” the source told CoinDesk. Bloomberg reported that the company had $2.2 billion, mostly in U.S. government bonds. The investor letter said it also held 140,000 BTC. If Block.one still holds that much, it would be worth over $1 billion at face value. On Saturday, the company announced a new social media platform called Voice. The company plans to use its reserves to market the service aggressively to the public. A spokesperson for Howard declined a request for comment. Bacon and Thiel did not reply to requests for comment. Peter Thiel image via CoinDesk archives The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Venture CapitalPeter ThielEOSBlock.one About Blog Press Jobs Events Editorial Policy CoinDesk logo Terms & Conditions Privacy Policy Advertising Newsletters

CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! Marshall Islands Sets Up Non-Profit to Oversee National Digital Currency Benedict Alibasa Benedict Alibasa Jun 6, 2019 at 09:30 UTC Updated Jun 6, 2019 at 09:32 UTC The Marshall Islands has set up a not-for-profit organization to oversee the Pacific nation’s digital legal tender, the “Sovereign” (SOV). Called the SOV Development Fund, the entity will develop, implement and maintain the infrastructure for the SOV, including the digital currency’s management and upgrade, according to a press release published Tuesday. The government said it expects the fund to promote the use of SOV both domestically and internationally, and to establish an environment in the Marshall Islands that is conducive to the growth of crypto-based industries. Dr. Peter Dittus, chief economist for SOV and former secretary general of the Bank for International Settlements, said: “The SOV Development Fund’s mandate is to maintain the SOV infrastructure long term; to seed the ecosystem around the SOV; to promote the SOV and its uses, both domestically and internationally; [and] to smooth the volatility of the SOV by selling and buying SOV against USD.” The fund will be governed by a board of directors with seven members. Two will be nominated by the government and another two by SFB Technologies – the company hired by the government to develop SOV’s blockchain infrastructure. These four directors will then appoint three more from a list of nominees from “internationally recognized luminaries in the fields of blockchain, banking, and monetary management.” The non-profit will also be endowed with 30 percent of the circulating SOB to fund its operations, according to another document from Dr. Dittus. The SOV is planned to be used as legal tender alongside the U.S. dollar. Early last year, the Marshall Islands announced its plan to establish the SOV as a national cryptocurrency, making it the first country in the world to move to adopt a digital legal tender. According to the release, Minister In Assistance to the President, David Paul, said at a recent U.N. blockchain summit: “We are designing SOV in a way that will not place any burden on the government’s finances. The currency funds itself.” Intriguingly, the release also added that, after the SOV is launched, the aim is “to transition to an alternative governance model based on blockchain. Specific technological solutions are still being investigated.” The launch of the SOV is proceeding in spite of a warning issued by the International Monetary Fund (IMF) last September, in which it raised concerns over the “significant risks” the digital currency poses to the country’s macroeconomic and financial stability. The IMF further warned that the SOV can be misused for criminal purposes, and the issuance would worsen the country’s money laundering and financing terrorism risk profile. Marshall Islands flag image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Marshall IslandsCBDCs About Blog Press Jobs Events Editorial Policy CoinDesk logo Terms & Conditions Privacy Policy Advertising Newsletters

CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! The SEC Can’t Keep Kik-ing the Crypto Can Down the Road Diego Zuluaga Diego Zuluaga Jun 5, 2019 at 18:45 UTC Diego Zuluaga is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives. The Securities and Exchange Commission, the most important regulator for the largest capital market in the world, has been grappling with the question of how to regulate cryptocurrencies for more than two years. Yet as of mid-2019, more than 10 years since the birth of bitcoin, it cannot claim to have made much progress. The latest example of the SEC’s ambiguous approach is the launch of an enforcement action against Kik Interactive, Inc. Kik is a social media platform that began issuing its own cryptocurrency (Kin) in mid-2017. Before the enforcement action, Kin’s market capitalization was $40 million – tiny by comparison to the wider crypto market ($245 billion), which is itself a tiny fraction of the $65 trillion market value of U.S.-listed stocks and bonds. The SEC has a mandate to bring actions against individuals and firms that issue securities without registering the offering or adhering to an exemption. But the Commission has so far failed to provide any reliable guidance as to which criteria it uses to determine whether a token qualifies as a security. Important spokespeople for the SEC, such as its Chairman Jay Clayton and the Director of Corporation Finance Bill Hinman, have made divergent statements. More generally, the SEC has repeatedly stated that it will judge future cases by their individual “facts and circumstances,” which has not helped market participants understand its general approach. What has been lacking is a clear statement of the circumstances in which a token offering is not a securities offering. The SEC has failed to provide an avenue for crypto issuers who – as seems to be the case with Kin’s promoters – do not wish to offer a security and want to make that clear from the outset to prospective buyers. Mixed signals As recently as last year, Chairman Clayton claimed that “all ICOs [initial coin offerings] [he’d] seen [were] securities.” Yet, in the more than 12 months since, the SEC has pursued three dozen enforcement actions against digital asset issuers. That’s less than 10 percent of the 434 ICOs that the SEC’s own complaint against Kin cites for 2017, using figures from CoinDesk. What’s more, many of those three dozen involve outright fraud, not just unregistered securities offerings. Clayton has not yet, to my knowledge, amended his previous statement. Meanwhile, Hinman almost exactly a year ago said in a speech that if a cryptocurrency was decentralized enough, it would not meet the SEC’s definition of a security, which involves a common enterprise and profits generated solely from the efforts of people other than the owner – the so-called Howey test. A long-awaited guidance on digital asset offerings sought to outline, in plain English, the SEC’s procedure for deciding whether a token offering is an investment contract regulated by the SEC. Unfortunately, the guidance turned the 70-year-old, four-pronged Howey test into a 40-point-plus list of potential reasons why the SEC might consider a token offering to be an offering of securities. The guidance also introduced new concepts, like that of an “active participant,” which arguably broaden the reach of the Howey test beyond what the courts have previously interpreted. Even SEC insiders have been critical of this guidance. Commissioner Hester Peirce, one of the loudest voices for innovation and clarity currently holding a top office at the SEC, has warned that the guidance risks unduly expanding the Commission’s remit in cryptocurrency regulation and discouraging innovators from doing business in the United States. Fleeing the US Indeed, major industry players like Binance and Circle have already either fully or partially geo-blocked United States IP addresses from using their services. Companies and talent have relocated to friendlier jurisdictions, such as Singapore and Switzerland. U.S. consumers and investors have been forced to forgo participation in what could be beneficial innovation in which they have a right to partake. Given America’s pre-eminent status as a financial and technology hub, and the large size of U.S. consumer and investment markets, this shift in geographic location appears to be mainly due to a failure of regulation. As the main regulator and the most aggressive when it comes to cryptocurrencies, the SEC has, however unwittingly, prolonged regulatory uncertainty. Kik and its supporters see the SEC’s enforcement action as a chance to provide clarity for the crypto industry, and they have established a legal defense fund to that end. They argue that Kin was not marketed as an investment of money, but rather as a medium of exchange on the Kik platform and as a reward for performing certain activities on that platform. Kik also disputes the SEC’s claim of centralization and denies that users could have had an expectation of profits based on the efforts of the promoters. Whether these arguments will persuade the court is an open question. Kin’s offering certainly shares some features with other ICOs, such as Munchee, that have previously settled with the SEC and returned the funds raised to their investors. The language used by Kin representatives and in documents relating to the 2017 token offering also arguably hint at a common enterprise and the possibility of quick returns, two prongs of the Howey test. Those statements might strengthen the prosecution’s case that Kin meets the Howey test. Regardless of the outcome on the question of a securities law violation, a court might take a stab at defining decentralization, at last providing a reliable standard to establish which crypto projects fall under the SEC’s remit. The court is not the sole path for greater certainty. Legislative efforts, notably the Token Taxonomy Act, look to provide a legal definition of a digital token that would, in specific and clearly defined circumstances, fall outside the purview of the securities laws. I have also offered a framework that would treat functional cryptocurrencies as commodities and provide an off-ramp from securities registration for non-functional tokens that meet certain conditions, while retaining existing rules for tokens that meet the Howey test. Over the last two years, the SEC has missed several opportunities to give clear and consistent guidance about the regulatory status of cryptocurrencies. This inaction has needlessly prolonged uncertainty and instilled distrust and fear among market participants. The effects of this failure on America’s leadership in financial innovation are likely to be long-lasting. Kicking the can down the road image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. 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CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! $1 Billion Valuation May Elude Ethereum Co-Founder’s New Blockchain Polkadot Leigh Cuen Leigh Cuen , Wolfie Zhao , Jun 5, 2019 at 16:30 UTC Blockchain project Polkadot’s bid for a $1.2 billion valuation has hit a snag. Since January, the Web3 Foundation, the Switzerland-based nonprofit behind the project, has been trying to raise up to $60 million through a private token sale. According to people familiar with the situation, three Chinese funds have agreed to invest $15 million in the project’s DOT tokens. However, these three investors agreed to pay prices that, on average, valued the project below $1 billion, the sources said – falling short of the unicorn threshold Polkadot was reportedly seeking. (The agreed-to prices may vary from investor to investor.) While it’s unclear how many tokens the three Chinese funds bought, or how many investors besides them participated, one source said Polkadot has been able to sell only 70 percent of the intended 500,000 DOT. Rather than closing the private round now, Polkadot will continue trying to sell the remaining tokens to accredited investors and distributing them freely to community contributors, sources said. Assuming other investors participate at similar valuations to the three funds, selling the remaining 30 percent would not bring in the targeted proceeds. To raise the full $60 million, then, Polkadot would need to increase the allocation of tokens for sale. In a statement, Web3 said it could not comment on any private sale, “but we’re looking forward to making that information public as soon as possible.” Proceeds from the sale are to be used for testing Polkadot’s mainnet, incentivizing developers and funding Web3 Foundation’s research and operations, sources said. Chain of chains Stepping back, Polkadot is one of the most hotly anticipated blockchains that have yet to launch. Created by Gavin Wood, co-founder of ethereum and founder of Parity Technologies, Polkadot aims to build a blockchain network that can enable other blockchains to work in conjunction with each other. A rival network with a similar goal of interoperability, Cosmos, launched in March. In a separate statement, Parity CEO Jutta Steiner said the firm is “excited about the new possibilities Polkadot brings to the table,” adding: “True interoperability delivered in a scalable, governable protocol has real potential to push the dream of an open internet forward. We’ve been hard at work over the past year building [custom-blockchain platform] Substrate and development on Polkadot has progressed as hoped.” Steiner’s statement did not address the ongoing token sale. The market’s appetite for such sales has trended upward in recent months, with Blockstack setting out to raise $50 million in a regulated offering, and other startups raising smaller amounts. The Web3 Foundation garnered $145 million through a public sale of half the total 10 million supply of DOT in October 2017, valuing the tokens around $30 apiece. (The tokens currently run on top of ethereum but would be swapped for ones on the new blockchain once it launches.) It employs roughly 37 people and continues to hire in its quest to deliver a potentially lucrative technology for cross-blockchain transfers. The foundation still plans to do another public distribution of tokens “at or around” the time the Polkadot blockchain launches, its statement said. “Our goal is to ensure that DOT tokens make it into the hands of those that will actively participate in helping build out the Polkadot network.” According to Polkadot’s white paper, 30 percent of the total token supply was reserved for Web3 Foundation, while the remaining 20 percent was to be distributed prior to the mainnet launch, the date of which is still to be determined. Web3 has spent half of its allocation, leaving it with 15 percent of the total supply, said a source familiar with the situation. OTC trading Five percent of the total supply was allocated for the latest fundraise. The $60 million initially sought from the sale implies a target price per DOT of $100 to $120. The tokens are not listed on any major exchanges, as Polkadot discourages trading them. But a former Web3 employee said that over-the-counter (OTC) trading desks are currently swapping DOT tokens for anywhere from $75 to $120 each. Contributors to the project, the former employee said, are generally contracted to participate in governance after the launch and are obligated to hold the tokens for at least a year, while investors can liquidate immediately. When asked about OTC trades, Web3 director Ryan Zurrer said, “We don’t authorize them and they are very risky.” Some members of the ethereum community are critical of Polkadot’s similarity to permissioned blockchains, given how council votes will eventually govern the network when it launches. It’s unclear who will be on that council, with rotating seats. The former employee summed up the potential concerns by saying: “It’s basically a permissioned blockchain run by Gavin, Ryan and their friends.” Gavin Wood image via CoinDesk archives The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. EthereumICOParityToken SalesPolkadotWeb3 About Blog Press Jobs Events Editorial Policy CoinDesk logo Terms & Conditions Privacy Policy Advertising Newsletters

CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! Privacy Crypto Grin’s First Hard Fork Planned for July Christine Kim Christine Kim Jun 5, 2019 at 19:34 UTC Updated Jun 6, 2019 at 00:20 UTC Grin developers have reached a rough agreement on a block number and expected date of activation for the crypto network’s first ever system-wide upgrade or hard fork. Proposed by Quentin Le Sceller, a Grin core developer and software engineer at blockchain startup BlockCypher, during a developer call on Tuesday, the proposed activation block number is 262,080. The network is expected to hit this block height on July 17. On Wednesday, developers re-discussed Le Sceller’s hard fork timeline, which also calls for launching a private test network for the upgrade in the beginning of June and activation of the upgrade on the public Grin test network – called Floonet – on June 19. Taking a step back, Grin is a privacy-focussed cryptocurrency that leverages a technology called MimbleWimble to obfuscate transaction activity. Launched back in January, Grin raised roughly $65,000 from crowd-sourced donations in the months preceding its launch. After receiving a mysterious bitcoin donation in early May worth roughly $300,000, the project presently holds roughly holds about $420,000 in funds. During today’s impromptu meeting, Grin core developer Michael Cordner who goes by the pseudonym “Yeastplume” emphasized that while the proposed timeline could change, efforts should be taken to stick by the schedule. “If the date slips, we’ll communicate it closer to the time,” wrote Cordner in the developer chatroom. “But we should really try to keep to it, which is another reason [why] we should keep all non-[hard fork] related [pull requests] out until post [Grin version] 2.0.0.” Cuckaroo29 The scheduled hard fork in July is actually one of four anticipated system-wide upgrades in Grin’s two-year roadmap of the Grin blockchain, designed to keep specialized mining hardware from proliferating on the network. Most notably, Grin employs two different proof-of-work mining algorithms that dictate the efficacy of using ASICs versus more general computing devices called GPUs. One called Cuckatoo31+ is explicitly ASIC-friendly while the other, called Cuckaroo29, is designed to optimize for GPU-specific capabilities. Overtime the vision is to gradually phase out Cuckaroo29 in favor of Cuckatoo31+ given a philosophy that no mining algorithm can remain ASIC-resistant forever. But in order to ensure that the secondary mining algorithm – Cuckaroo29 – stays truly ASIC-resistant for the initial period of two years, Grin developers agreed to execute minor changes to the later upgrade every six or so months. Grin’s first upcoming hard fork will execute a change to the Cuckaroo29 mining algorithm designed to ensure its ASIC-resistant qualities on the network. However, Le Sceller emphasized to CoinDesk that in a matter of two years, this mining algorithm “will disappear.” In addition, Grin developers are expected to discuss sometime this month potential delays or holds to the schedule of the Cuckatoo31+ mining algorithm taking effect in 2021 and beyond. Other changes Outside of the mining algorithm tweak, Grin’s first hard fork activation will also feature notable upgrades to the cryptocurrency’s wallet software aimed at increasing wallet flexibility and usability. One of the proposals going into the hard fork titled “improved bulletproof rewind scheme,” Le Sceller tells CoinDesk will basically enable new kinds of wallet including multi-signature wallets and “watch-only” wallets alongside regular ones. “A watch-only wallet is just a way to see the output of a wallet (i.e. the balance and the incoming funds) but you won’t be able to spend them,” detailed Le Sceller. “This is useful for a lot of stuff. [For example,] auditing or simply if you do not want to use your private key just to see your wallet balance.” Additionally, Grin’s wallet API will also get a boost to enable new functions such as transaction invoicing. Le Sceller highlighted: “Regarding the new API version, [Grin developer] Yeastplume has been working on it for some time now and it’s an enhanced version using JSON-RPC (compared to the previous one which was using REST)…A website using Grin [tokens] can create an invoice and the client only ‘need to sign it’ which reduces the number of back and forth.” Le Sceller added that mining pools, exchanges, and other users interacting with the Grin protocol will need to upgrade both their node and wallet software in order to accept new blocks and build transactions past the anticipated hard fork point. He also emphasized that while developers reached a consensus today around the hard fork timeline, “all the dates in the document that I shared are tentative and not definitive,” indicating potential for change after further discussion in months to come. Fork image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Hard ForksMimbleWimbleGrin About Blog Press Jobs Events Editorial Policy CoinDesk logo Terms & Conditions Privacy Policy Advertising Newsletters

CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! Privacy Crypto Grin’s First Hard Fork Planned for July Christine Kim Christine Kim Jun 5, 2019 at 19:34 UTC Updated Jun 6, 2019 at 00:20 UTC Grin developers have reached a rough agreement on a block number and expected date of activation for the crypto network’s first ever system-wide upgrade or hard fork. Proposed by Quentin Le Sceller, a Grin core developer and software engineer at blockchain startup BlockCypher, during a developer call on Tuesday, the proposed activation block number is 262,080. The network is expected to hit this block height on July 17. On Wednesday, developers re-discussed Le Sceller’s hard fork timeline, which also calls for launching a private test network for the upgrade in the beginning of June and activation of the upgrade on the public Grin test network – called Floonet – on June 19. Taking a step back, Grin is a privacy-focussed cryptocurrency that leverages a technology called MimbleWimble to obfuscate transaction activity. Launched back in January, Grin raised roughly $65,000 from crowd-sourced donations in the months preceding its launch. After receiving a mysterious bitcoin donation in early May worth roughly $300,000, the project presently holds roughly holds about $420,000 in funds. During today’s impromptu meeting, Grin core developer Michael Cordner who goes by the pseudonym “Yeastplume” emphasized that while the proposed timeline could change, efforts should be taken to stick by the schedule. “If the date slips, we’ll communicate it closer to the time,” wrote Cordner in the developer chatroom. “But we should really try to keep to it, which is another reason [why] we should keep all non-[hard fork] related [pull requests] out until post [Grin version] 2.0.0.” Cuckaroo29 The scheduled hard fork in July is actually one of four anticipated system-wide upgrades in Grin’s two-year roadmap of the Grin blockchain, designed to keep specialized mining hardware from proliferating on the network. Most notably, Grin employs two different proof-of-work mining algorithms that dictate the efficacy of using ASICs versus more general computing devices called GPUs. One called Cuckatoo31+ is explicitly ASIC-friendly while the other, called Cuckaroo29, is designed to optimize for GPU-specific capabilities. Overtime the vision is to gradually phase out Cuckaroo29 in favor of Cuckatoo31+ given a philosophy that no mining algorithm can remain ASIC-resistant forever. But in order to ensure that the secondary mining algorithm – Cuckaroo29 – stays truly ASIC-resistant for the initial period of two years, Grin developers agreed to execute minor changes to the later upgrade every six or so months. Grin’s first upcoming hard fork will execute a change to the Cuckaroo29 mining algorithm designed to ensure its ASIC-resistant qualities on the network. However, Le Sceller emphasized to CoinDesk that in a matter of two years, this mining algorithm “will disappear.” In addition, Grin developers are expected to discuss sometime this month potential delays or holds to the schedule of the Cuckatoo31+ mining algorithm taking effect in 2021 and beyond. Other changes Outside of the mining algorithm tweak, Grin’s first hard fork activation will also feature notable upgrades to the cryptocurrency’s wallet software aimed at increasing wallet flexibility and usability. One of the proposals going into the hard fork titled “improved bulletproof rewind scheme,” Le Sceller tells CoinDesk will basically enable new kinds of wallet including multi-signature wallets and “watch-only” wallets alongside regular ones. “A watch-only wallet is just a way to see the output of a wallet (i.e. the balance and the incoming funds) but you won’t be able to spend them,” detailed Le Sceller. “This is useful for a lot of stuff. [For example,] auditing or simply if you do not want to use your private key just to see your wallet balance.” Additionally, Grin’s wallet API will also get a boost to enable new functions such as transaction invoicing. Le Sceller highlighted: “Regarding the new API version, [Grin developer] Yeastplume has been working on it for some time now and it’s an enhanced version using JSON-RPC (compared to the previous one which was using REST)…A website using Grin [tokens] can create an invoice and the client only ‘need to sign it’ which reduces the number of back and forth.” Le Sceller added that mining pools, exchanges, and other users interacting with the Grin protocol will need to upgrade both their node and wallet software in order to accept new blocks and build transactions past the anticipated hard fork point. He also emphasized that while developers reached a consensus today around the hard fork timeline, “all the dates in the document that I shared are tentative and not definitive,” indicating potential for change after further discussion in months to come. Fork image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Hard ForksMimbleWimbleGrin About Blog Press Jobs Events Editorial Policy CoinDesk logo Terms & Conditions Privacy Policy Advertising Newsletters

somoy logo লাইভ টিভি ভিডিও অনুষ্ঠান বুলেটিন menu ksrm sonargaonuniversity মহানগর সময় অপরিকল্পিত শাখা-উপশাখা সড়কে অচল হবে ঢাকা শাতিলা শারমিন fb tw gp ln ভবিষ্যতের ঢাকার রাস্তায় গাড়ির সারি থমকে থাকবে, নাকি চলবে? সড়ক পরিকল্পনাবিদরা মনে করেন, নগরের প্রধান তিনটি সড়কের উপর নির্ভরতা যানজট কমাবে না, বরং অপরিকল্পিত শাখা-উপশাখা সড়ক দিন দিন অচল করে ফেলবে শহরকে। দেশের অন্যান্য জেলার সঙ্গে যোগাযোগ বা নগরের প্রবেশপথ হিসেবে ব্যবহার হয় গাবতলী, টঙ্গী, যাত্রাবাড়ি। বিপুল জনগোষ্ঠী ও যানবাহনের চাপে ধুঁকতে থাকা মেগাসিটি ঢাকার বড় দুর্বলতা- প্রধান তিনটি সড়কের উপর নির্ভরতা। এই তিনটি সড়কের উপরই নির্ভরশীল নগরীর অভ্যন্তরীণ যোগাযোগও। বিকল্প প্রবেশপথ হিসেবে কিছু প্রকল্প বাস্তবায়ন হলেও, তা যানজট সমস্যায় কার্যকর প্রভাব রাখতে পারছে না। রাজধানীর প্রধান যে সড়কগুলো রয়েছে তার উপরে সব নির্মাণ প্রকল্প ও মেগা প্রকল্পগুলো চলছে। পাশাপাশি যে শাখা সড়ক এবং উপশাখা সড়কগুলো রয়েছে তার দিকে মনোযোগ নেই সরকারের। সড়কমন্ত্রী ওবায়দুল কাদের বলেন, ‘যানজট নিরসনে একটা সামগ্রিক পদক্ষেপের সুফল আসা করতে পারি ২০৩০ সালে।’ পরিকাঠামোর পাশাপাশি সড়কের শৃঙ্খলার উপর জোর দিলেন সড়ক পরিবহনমন্ত্রী। somoy অপরিকল্পিত শাখা-উপশাখা সড়কে অচল হবে ঢাকা somoy ফাঁকা রাস্তায় বেপরোয়া গতি, তিন প্রাইভেটকারের সংঘর্ষ somoy এখনো ঘরমুখো ঢাকাবাসী somoy শিশু ধর্ষণের অভিযোগে গ্রেফতার ১ somoy পরিত্যক্ত অবস্থায় নবজাতক উদ্ধার somoy ‘বারান্দায় দাঁড়িয়ে গাড়ি দেখবো মানুষ দেখবো’ আরও সংবাদ somoy বিকেলে রাজধানীর বিনোদনকেন্দ্রে দর্শনার্থীদের ভিড় somoy এবারের ঈদযাত্রা নির্বিঘ্ন হয়েছে: কাদের somoy ঈদের দিনে হাসপাতালের বিছানায় somoy ‘সুশাসনের অভাবে ঈদের তারিখ নিয়ে সরকার সিদ্ধান্তহীন’ somoy বিদেশে থাকলেও মন পড়ে আছে দেশে: প্রধানমন্ত্রী somoy দেশবাসীকে ঈদের শুভেচ্ছা জানালেন ওবায়দুল কাদের somoy মুষলধারে বৃষ্টিতে নগরজুড়ে জলাবদ্ধতা somoy ঈদের নামাজে বৃষ্টির হানা, ভোগান্তিতে মুসল্লিরা somoy হাসপাতালে খালেদা জিয়ার প্রথম ঈদ, যা খেতে পারবেন আজ somoy বৃষ্টি ভেজা ঈদের সকাল somoy জাতীয় ঈদগাহে প্রধান জামাত অনুষ্ঠিত somoy বাংলাদেশের পাশে থাকার আশ্বাস ফিনল্যান্ডের প্রেসিডেন্টের somoy দেশবাসীকে ঈদের শুভেচ্ছা জানিয়েছেন প্রধানমন্ত্রী somoy অভ্যন্তরীণ নদীবন্দরসমূহে ২ নম্বর সতর্কতা সংকেত somoy ঈদ বৃহস্পতিবার somoy দেশের কোথাও চাঁদ দেখার খবর পাওয়া যায়নি somoy বৈঠকে জাতীয় চাঁদ দেখা কমিটি somoy ব্রাহ্মণবাড়িয়ায় সুবিধাবঞ্চিতদের মাঝে ঈদ সামগ্রী বিতরণ somoy যানজটে মহাসড়কেই সন্তান প্রসব somoy ঈদের দিনে বৃষ্টির পূর্বাভাস দিল আবহাওয়া অফিস somoy ৮ দিনের ভিসা নিয়ে দেশে এসেছিলেন টাকা চুরি করা বিদেশিরা somoy ঠাঁই নেই ট্রেনের ছাদে, অতিরিক্ত যাত্রী লঞ্চ-বাসেও somoy রুপগঞ্জে বাস-লেগুনা সংঘর্ষে প্রাণ গেল ৩ জনের somoy আঞ্চলিক মহাসড়কে প্রতি নজর দেয়ার তাগিদ বিশেষজ্ঞদের somoy জনগণের সন্দেহ দূর করতেই শাহরিয়ারের বদলি বাতিল, বললেন প্রতিমন্ত্রী somoy ম্যাজিস্ট্রেটের গাড়িতে আগুন দিল বিক্ষুব্ধ জনতা somoy ঢাকা-টাঙ্গাইল মহাসড়কে ৩০ কি.মি. যানজট somoy বিমান বাংলাদেশ এয়ারলাইন্সে চুক্তিভিত্তিক নিয়োগ শুরু somoy আড়ংকে জরিমানা করা সেই কর্মকর্তার বদলি স্থগিত, স্বপদে বহালের নির্দেশ somoy সৌদি আরবের সঙ্গে মিল রেখে রাজধানীর বিভিন্ন জায়গায় ঈদ উদযাপন somoy রাতে দেখা মেলেনি বিআইডাব্লিউটিএ-র কর্মকর্তাদের somoy সদরঘাটে লঞ্চ চলাচল সাময়িক বন্ধ ঘোষণা somoy ঘরে ফেরা মানুষের ভিড় স্টেশনে-টার্মিনালে somoy ফিনল্যান্ডে পৌঁছেছেন প্রধানমন্ত্রী somoy সারাদেশে বজ্রসহ বৃষ্টিপাতের সম্ভাবনা somoy ‘ঈদের জামাতকে কেন্দ্র করে নিরাপত্তা ঝুকিঁ নেই’ somoy কুমিল্লা ও ধামরাইয়ে সড়ক দুর্ঘটনায় নিহত ৭ somoy আড়ংকে জরিমানা করা সেই কর্মকর্তাকে বদলি somoy ঈদের শুভেচ্ছা জানালেন প্রধানমন্ত্রী somoy ডাচ বাংলা ব্যাংকের বুথে জালিয়াতি, রিমান্ডে ৬ বিদেশি somoy নারায়ণগঞ্জে চলছে বৃহৎ ঈদ জামাতের প্রস্তুতি somoy ঢামেকে ছাদের পলেস্তারা খসে পড়ে মাথা ফাটল চিকিৎসকের somoy অভিনব কায়দায় ক্রেতা ঠকাচ্ছে আড়ং, জরিমানা সাড়ে ৪ লাখ somoy পাখির সঙ্গে ধাক্কা, শাহজালালে বিমানের জরুরি অবতরণ সকল সংবাদ বাংলার সময় বাণিজ্য সময় বিনোদনের সময় খেলার সময় আন্তর্জাতিক সময় মহানগর সময় অন্যান্য সময় তথ্য প্রযুক্তির সময় রাশিফল লাইফস্টাইল ভ্রমণ প্রবাসে সময় সাক্ষাৎকার মুক্তকথা বাণিজ্য মেলা রসুই ঘর বিশ্বকাপ গ্যালারি বইমেলা উত্তাল মার্চ সিটি নির্বাচন শেয়ার বাজার জাতীয় বাজেট বিপিএল শিক্ষা সময় ভোটের হাওয়া স্বাস্থ্য ধর্ম চাকরি পশ্চিমবঙ্গ ফুটবল বিশ্বকাপ সংবাদ প্রতিনিধি বিশ্বকাপ সংবাদ Contact Address Nasir Trade Centre, Level-9, 89, Bir Uttam CR Dutta Road, Dhaka 1205, Bangladesh Email: somoydigital@somoynews.tv fb tw gp yt © Somoy Media Limited

CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! The SEC Can’t Keep Kik-ing the Crypto Can Down the Road Diego Zuluaga Diego Zuluaga Jun 5, 2019 at 18:45 UTC Diego Zuluaga is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives. The Securities and Exchange Commission, the most important regulator for the largest capital market in the world, has been grappling with the question of how to regulate cryptocurrencies for more than two years. Yet as of mid-2019, more than 10 years since the birth of bitcoin, it cannot claim to have made much progress. The latest example of the SEC’s ambiguous approach is the launch of an enforcement action against Kik Interactive, Inc. Kik is a social media platform that began issuing its own cryptocurrency (Kin) in mid-2017. Before the enforcement action, Kin’s market capitalization was $40 million – tiny by comparison to the wider crypto market ($245 billion), which is itself a tiny fraction of the $65 trillion market value of U.S.-listed stocks and bonds. The SEC has a mandate to bring actions against individuals and firms that issue securities without registering the offering or adhering to an exemption. But the Commission has so far failed to provide any reliable guidance as to which criteria it uses to determine whether a token qualifies as a security. Important spokespeople for the SEC, such as its Chairman Jay Clayton and the Director of Corporation Finance Bill Hinman, have made divergent statements. More generally, the SEC has repeatedly stated that it will judge future cases by their individual “facts and circumstances,” which has not helped market participants understand its general approach. What has been lacking is a clear statement of the circumstances in which a token offering is not a securities offering. The SEC has failed to provide an avenue for crypto issuers who – as seems to be the case with Kin’s promoters – do not wish to offer a security and want to make that clear from the outset to prospective buyers. Mixed signals As recently as last year, Chairman Clayton claimed that “all ICOs [initial coin offerings] [he’d] seen [were] securities.” Yet, in the more than 12 months since, the SEC has pursued three dozen enforcement actions against digital asset issuers. That’s less than 10 percent of the 434 ICOs that the SEC’s own complaint against Kin cites for 2017, using figures from CoinDesk. What’s more, many of those three dozen involve outright fraud, not just unregistered securities offerings. Clayton has not yet, to my knowledge, amended his previous statement. Meanwhile, Hinman almost exactly a year ago said in a speech that if a cryptocurrency was decentralized enough, it would not meet the SEC’s definition of a security, which involves a common enterprise and profits generated solely from the efforts of people other than the owner – the so-called Howey test. A long-awaited guidance on digital asset offerings sought to outline, in plain English, the SEC’s procedure for deciding whether a token offering is an investment contract regulated by the SEC. Unfortunately, the guidance turned the 70-year-old, four-pronged Howey test into a 40-point-plus list of potential reasons why the SEC might consider a token offering to be an offering of securities. The guidance also introduced new concepts, like that of an “active participant,” which arguably broaden the reach of the Howey test beyond what the courts have previously interpreted. Even SEC insiders have been critical of this guidance. Commissioner Hester Peirce, one of the loudest voices for innovation and clarity currently holding a top office at the SEC, has warned that the guidance risks unduly expanding the Commission’s remit in cryptocurrency regulation and discouraging innovators from doing business in the United States. Fleeing the US Indeed, major industry players like Binance and Circle have already either fully or partially geo-blocked United States IP addresses from using their services. Companies and talent have relocated to friendlier jurisdictions, such as Singapore and Switzerland. U.S. consumers and investors have been forced to forgo participation in what could be beneficial innovation in which they have a right to partake. Given America’s pre-eminent status as a financial and technology hub, and the large size of U.S. consumer and investment markets, this shift in geographic location appears to be mainly due to a failure of regulation. As the main regulator and the most aggressive when it comes to cryptocurrencies, the SEC has, however unwittingly, prolonged regulatory uncertainty. Kik and its supporters see the SEC’s enforcement action as a chance to provide clarity for the crypto industry, and they have established a legal defense fund to that end. They argue that Kin was not marketed as an investment of money, but rather as a medium of exchange on the Kik platform and as a reward for performing certain activities on that platform. Kik also disputes the SEC’s claim of centralization and denies that users could have had an expectation of profits based on the efforts of the promoters. Whether these arguments will persuade the court is an open question. Kin’s offering certainly shares some features with other ICOs, such as Munchee, that have previously settled with the SEC and returned the funds raised to their investors. The language used by Kin representatives and in documents relating to the 2017 token offering also arguably hint at a common enterprise and the possibility of quick returns, two prongs of the Howey test. Those statements might strengthen the prosecution’s case that Kin meets the Howey test. Regardless of the outcome on the question of a securities law violation, a court might take a stab at defining decentralization, at last providing a reliable standard to establish which crypto projects fall under the SEC’s remit. The court is not the sole path for greater certainty. Legislative efforts, notably the Token Taxonomy Act, look to provide a legal definition of a digital token that would, in specific and clearly defined circumstances, fall outside the purview of the securities laws. I have also offered a framework that would treat functional cryptocurrencies as commodities and provide an off-ramp from securities registration for non-functional tokens that meet certain conditions, while retaining existing rules for tokens that meet the Howey test. Over the last two years, the SEC has missed several opportunities to give clear and consistent guidance about the regulatory status of cryptocurrencies. This inaction has needlessly prolonged uncertainty and instilled distrust and fear among market participants. The effects of this failure on America’s leadership in financial innovation are likely to be long-lasting. Kicking the can down the road image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. 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CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Stay Up to Date on Crypto & Blockchain With Our Suite of Newsletters. Subscribe Here! Bitcoin’s 2019 Price Run Driven By Real Transaction Growth, Analysis Shows Sam Ouimet Sam Ouimet Jun 6, 2019 at 04:00 UTC An experimental metric used to gauge the quantity and quality of activity on bitcoin’s network clocked a 28-week high last Saturday, signaling the cryptocurrency’s latest price rally may be more fundamentally driven than many expect. The Transaction Amount to Active Addresses Ratio (TAAR), first proposed by CoinDesk Contributor and Pugilist Ventures Founder Chris Brookins, divides bitcoin’s 24-hour adjusted transaction volume (USD) by the number of its active addresses to identify how much each active address spends in transactions per day on average. If TAAR is high, then it means each user (active address) is transacting in high notional values, in other words, the network “quantity” (how much is being spent i.e. transaction volume) is high per the “quality” (how many users are spending the funds i.e. active addresses). When the quantity and quality of bitcoin’s network are high, then one would expect a positive reaction in bitcoin’s market and vice versa when the ratio is low. Since April of 2013, the oldest data point available via Coinmetrics, this has proven to be the case as it has been made clear bitcoin’s price only enters sustainable trends when it is accompanied by a TAAR trend in the same direction. Bitcoin’s TAAR and Price As is shown above, bitcoin was only able to escape its bear market in 2015 once its network activity picked up pace, made evident by the TAAR finally failing to set new lows along with bitcoin’s price and beginning to trend upwards (highlighted in the red square). This, in a sense, added fundamental validation to bitcoin’s price growth at the time, which often falls victim to pure speculation. Interestingly, bitcoin’s TAAR is once again clearly rising along with its price in a similar fashion to that seen at the end of the previous bear market, potentially suggesting bitcoin’s latest price growth may be sustainable as long as the network activity continues to rise. Corrections in price should be expected, but according to this model, bulls should only be concerned when TAAR loses significant altitude. Now, the sample size is small spanning just six years, so combining this metric in analysis with other metrics would be fruitful in order to avoid outlier signals, but nonetheless, the TAAR does show an increase in bitcoin’s network activity not seen in several months regardless of its connection to prices. Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information. Bitcoin image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. PricesBitcoin About Blog Press Jobs Events Editorial Policy CoinDesk logo Terms & Conditions Privacy Policy Advertising Newsletters