Guide: Blockchain has set off a new industry boom in China. Babbitt's weekly election will review the major events that can change the industry trend in the past week from the perspectives of policy supervision, editorial, project ecological landing, technology progress, platform construction, and investment. Investors and users can provide a basis for grasping blockchain development trends and opportunities.
In the past week, the blockchain industry has made positive progress in areas such as supervision, project implementation, platform construction, investment and financing. On the one hand, the China Mutual Fund Association released the latest ICO and "virtual currency" transaction risk tips; on the other hand, in terms of central bank digital currencies, the technical route of China's DC / EP seems to have been determined, and it is not far from the pilot. Shenzhen and other places are expected to take the lead in trials.
I. Policy and regulatory trends
China Mutual Fund Association released "Reminder on Preventing Risks of ICO and" Virtual Currency "Trading Activities in the Name of Blockchain"
- Business Insider predicts that Libra will not be officially released in 2020, and China will release digital currency
- Highlights of the week review | Libra white paper quietly updated, central bank digital currency fever continues
This is the second risk warning issued by the China Mutual Fund Association for ICO and "virtual currency" trading activities. The last time was August 25, 2018. The popularity of blockchain technology has attracted a group of criminals to carry out fraud and illegal fundraising under the banner of "blockchain", which has caused national and local regulations to frequently speak out recently to prevent resurgence.
Shanghai Pudong will launch a “supervisory sandbox” to create a “test field” for fintech innovation
News on December 12th, Pudong will create a "test field" for fintech innovations to be tested first. With the support of the regulatory authorities, a pilot "regulatory sandbox" system will be launched to create a good business environment for fintech innovations. Both earlier this month, with the support of the Central Bank, Beijing will become the country's first fintech "regulatory sandbox" pilot area. As one of the hottest fintechs, blockchain has recently been considered the most likely to enter this type of sandbox.
New York Department of Financial Services (NYDFS) plans to update BitLicense terms for the first time in 5 years, currency exemption list + listing template
As one of the first regions in the world to establish a license system for cryptocurrency transactions, the New York Department of Financial Services pioneered the launch of the BitLicense cryptocurrency transaction license 5 years ago. Now NYDFS has updated the terms of BitLicense and will provide a list of currencies. Enterprises do not need to obtain prior permission from the institution to start business activities related to these virtual currencies. This is undoubtedly the relaxation of cryptocurrency trading regulations.
Ukraine officially legalizes cryptocurrency payments and will strictly abide by FATF regulatory rules
The Verkhovna Rada of the Ukrainian Parliament has approved the cryptocurrency amendments, new legislation aimed at translating the standards of the Financial Action Task Force (FATF) into national law, and identifying who is responsible for regulating the country's cryptocurrency industry. The bill was amended to include "virtual assets," which are described as property, a digital value carrier that citizens can trade, transfer, use for payment or investment purposes. In other words, cryptocurrency payments have been legalized in the country.
Second, editorial talks with big coffee
China Business Daily: Blockchain Application Breaks First, Supply Chain Finance Focuses on Alliance Chain
"Being able to get customers that others can't," unique resources and local characteristics of the economy and government support are the reasons why different alliance chains can survive and grow.
Xinhua News Agency Review: How will blockchain affect daily life?
Writing, online shopping, invoicing … Blockchain technology is getting rid of the tags that only professional technicians can use, and is entering daily life.
People's Daily Observation: How Manufacturing Plants Blockchain
Data can be traced and reports can be verified. Blockchain builds a "credit network" for manufacturing. The anti-tampering of data brought by the blockchain will "lock" manufacturing equipment and promote the speed of intelligent transformation.
The vision of Twitter CEO's social network: Decentralized network is the original intention, and the advent of blockchain rekindled the "hope" in my heart
Jack Dorsey, CEO of social network Twitter, published a series of tweets expressing the future development of social networks. To this end, Dorsey announced that Twitter will fund a small five-person independent research team to create an open decentralized standard for social networks, and Twitter wants to be the implementer of this standard. Dorsey said that when Twitter was founded, it had an open mind and wanted to become a decentralized Internet standard like SMTP. But the reality was cruel, and eventually Twitter went central. The advent of blockchain technology allowed Dorsey to see that the original vision was expected to be realized.
Blockchain and entities
Babbitt Exclusive | A quick glance at 6 practical cases, how do medical, energy, and financial fields combine blockchain?
How exactly is the blockchain applied? To be sure, the concepts are familiar and the technology is not well understood. Only applications are the ones that entrepreneurs and ordinary users are most concerned about, most understandable, and most looking forward to. Take a look at the results of blockchain integration through these 6 real-world blockchain application cases.
Brand value on the chain, Nike blockchain anti-counterfeiting patents can still play like this?
The world ’s top 500 company NIKE ’s blockchain sneaker “CryptoKick” patent has been approved by the US Patent Office, and the company may also issue ERC 721 or ERC1155 tokens on the Ethereum public chain. So how does this patent work?
Ethereum public chain has achieved milestone application again! Bank giant Santander successfully redeems $ 20 million in bonds
Spanish multinational banking giant Santander has used the Ethereum blockchain to redeem $ 20 million in bonds. This shows that the Ethereum public blockchain can be applied to securities issuance throughout the life cycle of securities.
Fourth, the progress of blockchain technology
Ethereum 2.0 is hopeless in the short term, and unexpected complexity may delay "full launch" for several years
Ethereum is making progress, but the timetable for the full ETH 2.0 release is not approaching. According to a recent official blog post, we can expect "it will take many years before the full rollout of" Ethereum 2.0. "
Lightning Network ushers in "the most significant technological progress" in 2019, and multi-path payment is about to go online, solving the problem of large payments
Bitcoin development company Blockstream announced that it is close to solving one of the biggest problems currently faced by the Bitcoin extension solution Lightning Network, and has completed testing for interoperability of multi-path payments. This allows large payments to be split into smaller parts so that large amounts of bitcoin can be sent quickly and cheaply.
Filecoin launches testnet today, mainnet will be online from March to April 2020
The highly-concerned blockchain project Filecoin launched the testnet, and according to the Q4 roadmap published on the official website, after going through two phases of the testnet, the Filecoin mainnet is expected to be officially launched from March to April 2020.
Cross-chain project Cosmos completes second mainnet upgrade
The Cosmos mainnet was successfully upgraded to Cosmos Hub 3 on December 12, 2019 Beijing time. The upgraded Cosmos Hub 3 adds parameter change proposals, module refactoring, supply modules, high-level queries, and includes event refactoring and other legacy technology updates.
Five, investment and financing
Startup Proof of Impact completes Series A financing, led by asset management company Franklin Templeton Group
Blockchain startup Upvest secures $ 7.8 million in Series A funding, targeting "10 trillion euros" alternative investment asset class
Galaxy Digital and XBTO participate, Bakkt Bitcoin options contract completes first block trade
Reuters: Netherlands' largest bank to enter digital asset custody industry
Bitcoin dark web turnover exceeded $ 1 billion during the year, expected to double from last year
Bakkt Bitcoin Options and Cash Settlement Bitcoin Futures Officially Launched
From $ 20 million to $ 340 million in 15 seconds? MakerDAO plans urgent changes to governance rules
Researcher Micah Zoltu from Coinmonks recently disclosed the flaws in the MakerDAO governance system, saying that anyone with about 40,000 MKR (about $ 20 million) can steal all collateral from Maker DAO, including DAI, SAI, and from Compound , Uniswap, and other Maker integrated systems have significant assets totaling more than $ 340 million.
One article to understand why 2019 is the year of DeFi and 2020 is the year of DeFi
In 2019, Ethereum brought a new open financial system, established an agreement that will become the basis of a new financial economy, and major progress has been made in decentralized financial (DeFi) agreements such as MakerDAO. In 2020, new and existing companies will develop on the basis of loan agreements, which will increase efficiency and develop new products. There will be more development in 2020.
Bitcoin also needs DeFi application, startups launch Bitcoin version of MakerDAO
Based on the Bitcoin sidechain Rootstock (RSK), startup Money On Chain has launched a DeFi platform. The company is currently planning to transform into a non-profit trust, similar to MakerDAO's Maker Foundation, which is responsible for managing a lending system that locks cryptocurrency collateral.
Eight, central bank digital currency and Libra
Babbitt Column Deng Jianpeng: Risks and Regulatory Paths of Stablecoin Libra
Deng Jianpeng, a professor and Ph.D. supervisor at the School of Law of Central University of Finance and Economics and a columnist from Babbitt, said that Facebook ’s stable currency Libra project has caused the attention and vigilance of financial circles and regulators in various countries. Libra has advantages in technical maturity, stability, security, and application scenarios. It will also bring a variety of potential risks, increase the difficulty of foreign exchange control in various countries, weaken the implementation of monetary policies in various countries, and increase the anti-money laundering and anti-terrorist financing Difficulty.
Xiao Lei: Why do the two central banks around the world propose to fight for digital currency leadership
The impact of the word currency needs to be addressed squarely. If a simple attitude of rejection is used, then the use of digital currency will lag behind others. When the future has to accept the new global currency system, the entire discourse Power and influence will have to be given to others. In the future, who will be bolder in the currency field and who will make better use of digital currencies to complete the transformation of the financial industry and the transformation of the international financial discourse right, we still have to wait and see.
Swedish central bank partners with Accenture to launch e-krona e-krona pilot platform
Riksbank of Sweden has partnered with Irish professional services firm Accenture to plan to create a digital currency pilot platform called e-krona.
European Central Bank President: Suggests Digital Euro Targets to Ensure Central Bank Leadership in Digital Currency
European Central Bank President Christina Lagarde said at her first policy meeting that the European Central Bank should be "far ahead" in the digital currency field and hoped to set relevant targets by the first half of next year.
do you know? Libra white paper quietly changed this
The content of the Libra white paper has changed slightly since it was first released in June. Most notably, the narrative "Pay dividends to investors who provide funding to start the ecosystem" was removed from the white paper. One theory is that the change was to minimize the risk of Libra being considered a security.
The technical route of the central bank's digital currency may have been confirmed, and ICBC shoulders the heavy technical burden
Fan Yifei, deputy governor of the People ’s Bank of China, said at the “Eighth China Payment and Clearing Forum” that the central bank ’s legal digital currency DC / EP has basically completed the top-level design, standard formulation, functional research and development, and joint testing. Validate regions, scenarios and service scopes, and steadily promote the introduction and application of digital forms of fiat currencies. According to analysis, Industrial and Commercial Bank of China has undertaken some heavy technical support tasks.
The central bank's legal digital currency pilot project is expected to land in Shenzhen, Suzhou and other places
Led by the People's Bank of China, the four major state-owned commercial banks of Industry, Agriculture, China, and Construction, as well as the three major telecommunications operators of China Mobile, China Telecom, and China Unicom, are expected to land in Shenzhen and Suzhou.
Nine: Babbitt's original selection
Babbitt Interview | Jamie Burke, Founder of Outlier Ventures: We have been in the industry blockchain for 6 years
Babbitt Original | Starting domestic alliance chain, this is the best era for blockchain to help Chinese manufacturing
Babbitt Original | Return to the Securities and Futures Commission 22 years later, why did Yao Qian ’s “return” attract much attention?
Babbitt Exclusive | A quick glance at 6 practical cases, how do medical, energy, and financial fields combine blockchain?