Each Monday, Newconomy media provides readers with the interesting news of the past week, along with the hottest events and Initial Token Offerings (IEO) for the upcoming week.
First, the brightest opinion. In an interview with Bloomberg, Donald Tapscott expressed a conviction that eventually, China will convert its national currency Renminbi, or Yuan, into a cryptocurrency rather than adopt Bitcoin.
In this case, a person is no less important than the statement itself. Tapscott is not a regular “analyst.” On the contrary, he is the true visioner and business strategist, and also a co-author of the famous book titled “Wikinomics: How Mass Collaboration Changes Everything”, which is probably stored somewhere on your bookshelf. Currently, he serves an Executive Chairman of the Blockchain Research Institute. That’s why (at least) his opinion matters.
Tapscott explained his point, reminding that the Chinese government warmly supports the technology itself, but has a malevolent attitude towards cryptocurrencies and mining operation. This is caused by a prohibition of any “alternative” financial system that is not controlled by the central government.
Speaking about Asia ― this week Singapore will become a center of the blockchain community for a few days. We mean that a Blockchain Life conference will be held there on April 23-24. The list of speakers includes top-tier influencers: Roger Ver, Tim Draper, Head of Binance Labs Ella Zhang, CEO of BTC.com Zhong Zhuang, and many others.
Special for members of our DAO Club, we will have a live stream from Blockchain Life and discuss in details the conference’s outcome during our online meetup on April 24, so don’t miss our weekly broadcasts!
Now, let’s move to the Initial Exchange Offerings (IEO) that deserve your attention.
We’ll begin our IEO section with the gambling project. The distributed ledger is known to fit the needs of the gambling industry, so many online casinos, betting or predicting services use the technology. Soon, new projects will enter the stage.
Blockbuster is developing a decentralized lottery service with the winnings being “instantly” derived from Etherium hashes, that as we know transparent and verifiable at any moment, so becomes the betting service. Automatically, an outcome is instantly produced, resulting in the award for a winning player, who has an option to withdraw funds without a delay.
How does this mechanism work? Every time a player draws a lottery, a transaction in the Ethereum blockchain incurs, yet without Gas. It is achieved by utilizing hash value from live blockchain on a centralized server. Specifically, winning numbers are taken from the last four digits of the hash value. For the detailed scheme, take a look at the project’s whitepaper.
Nevertheless, Blockbuster plans to start a presale of its BBX token on the Coineal Launchpad platform on April 22, promising to allocate 70% of future revenues for regular buybacks.
Crypto Neo-value Neural System
Recently, another major trading platform has entered the IEO field ― Gate.io. It is an Asian-focused crypto exchange, popular enough to stay in the TOP-50 platforms by adjusted trading volume, according to CoinMarketCap.
On Monday, Gate.io is going to launch its first tokensale together with the South Korean project dubbed Crypto Neo-value Neural System (CNNS). Its mission is reflected in the corporate motto: “To make crypto investing easy.” Aside from being yet another trading platform, CNNS focuses on the qualified information terminal and data analysis for traders.
Another feature is a creation of the social platform for influencers and users who could connect with them, but also learn new skills. The official website claims that the startup community already has over 3 million members from 150 countries, while more than 200 influencers have registered as CNNS Nodes.
On April 24, acknowledged Binance Launchpad will start the tokensale of Matic Network (don’t forget that this exchange has become a first to practice the lottery mechanism as a way to distribute tokens on an IEO).
Matic is a Layer 2 Ethereum platform that enables “scalable and instant” off-chain transactions for payment transactions and generalized off-chain smart contract. Sounds familiar, right? Lightning network addresses some resembling issues for Bitcoin.
To become the LN for Ethereum, Matic leverages Plasma protocol added with the PoS algorithm. In its turn, Plasma is undeservedly forgotten solution, rolled out in 2017 by Vitalik Buterin and LN co-developer Joseph Poon.
Roughly speaking, in Plasma it is possible to create numerous “child blockchains” connected to the “root blockchain” (Ethereum network) that act as channels in Lightning. Child blockchains do most of the computations required for a transaction to process, thus enhancing the entire throughput. To learn more about the project, read the Binance Research report.