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If Bitcoin sticks with its current consensus algorithm, miners will need to subsist with just transaction fees as an incentive.
In brief
There is a hard cap of 21 million Bitcoin that can be mined, with the final coins being minted in around 2140.
Once the circulating supply reaches its maximum, Bitcoin miners will no longer receive block rewards.
They will instead be rewarded with transaction fees, assuming there are no major protocol changes to Bitcoin between now and then.
There are 21 million Bitcoin. That’s it. Once they’re all mined, which should occur in around 2140, no new Bitcoin will enter circulation.
The Bitcoin blockchain was designed around the principle of controlled supply, which means only a fixed number of newly minted Bitcoin can be mined each year until a total of 21 million coins have been minted.
Once all 21 million BTC have been mined, the network will largely operate the same as it does now, but with one crucial difference for miners.
When will the last Bitcoin be mined?
Approximately every ten minutes, Bitcoin miners ‘discover’ a new block, solving a cryptographic puzzle that allows the successful miner to add the newly discovered block to the blockchain. This block is filled with transactions that were previously waiting in the Bitcoin memory pool, usually chosen based on the size of the transaction fee they provide to miners.
In return for discovering a block, the miner receives a fixed Bitcoin block reward. When Bitcoin first launched, the reward was set at 50 BTC—but it halves periodically, after 210,000 new blocks have been discovered. That happens roughly every four years, reducing the reward to 25 BTC, 12.5 BTC, 6.25 BTC, and so on. Three halvings have been completed so far; the most recent Bitcoin halving occurred on May 11, cutting the block reward to 6.25 BTC.
Bitcoin miners will be able to continue earning block rewards until a total of 21 million BTC has been minted, after which no new Bitcoin will enter circulation. Currently, around 18.4 million BTC has been produced, equivalent to minting 87.6% of the maximum supply in just over a decade. But it will take another 120 years before the last Bitcoin ever is minted, due to the gradual reduction that occurs every four years as a result of the halving process.
What will miners do when all the Bitcoin has been minted?
Once all 21 million Bitcoin have been minted, Bitcoin miners will still be able to participate in the block discovery process, but they won’t be incentivized in the form of a Bitcoin block reward. That’s not to say they won’t be rewarded at all, though.
As well as block rewards, Bitcoin miners also receive all the fees spent on the transactions included in each newly discovered block. Currently, transaction fees make up a small proportion of a miner’s revenues, since miners currently mint around 900 BTC (~$8.5 million) a day, but earn between 30 to 50 BTC ($285,000 to $475,000) in transaction fees each day. That means transaction fees currently make up as little as 3.3% of a miner’s revenue—but in 2140, that’ll shoot up to 100%.
"Changes to the Bitcoin ecosystem could drive significant changes in miner adoption even after the block rewards stop"
Simon Kim
Losing the block reward won’t disincentivize miners, according to Simon Kim, CEO of VC fund #Hashed. “Changes to the Bitcoin ecosystem and its place as a key currency in the virtual world could drive significant changes in miner adoption even after the block rewards stop,” Kim told Decrypt.
Another possibility on the cards is that the reward mechanism for Bitcoin could change some time before the final block is mined. Luka Boškin, CMO of crypto trading platform NewsCrypto, argued that as the number of BTC produced through mining decreases, Bitcoin will undergo “significant changes” to its protocol. “That could eventually include a switch to a more environmentally friendly consensus mechanism like Proof of Stake or another successor to Proof of Work,”
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Ethereum’s price has seen a notable rebound from its recent lows, but it still remains caught within its wide multi-week trading range
Its present lack of strong momentum has been surprising to many investors, as it has been garnering massive utility in recent times
This has led one prominent data analyst to explain that it’s becoming “do or die” time for ETH
He notes that a failure for it to post a swift rally in the near-term could throw a wrench in its chances of seeing any type of intense upwards momentum in the years ahead
Ethereum’s price action in recent times has been closely associated with that of Bitcoin. This has caused to fall into a massive trading range between $230 and $250.
Earlier this week the cryptocurrency did face some intense momentum that caused its price to decline down below the lower boundary of this trading range. From here, however, buyers stepped up and catalyzed some intense buying pressure.
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ETH has been under the spotlight as of late, primarily due to the explosive popularity of DeFi.
Despite seeing a massive growth in utility and usership, its price has not yet reflected this.
That’s why one prominent data analyst is noting that it is now or never for Ethereum to see an intense rally.
ETHEREUM’S FUNDAMENTALS GROW STRONG, BUT PRICE REMAINS STAGNANT
At the time of writing, Ethereum is trading up under 2% at its current price of $242. This marks a notable surge from recent lows of roughly $230 that were set yesterday.
It also marks a climb from lows within the $220 range that were set last week.
This upswing came about in tandem with that seen by Bitcoin and has not been enough to propel the cryptocurrency past its key near-term resistance that sits around $250 to $255.
There are many strong fundamental factors currently working in Ethereum’s favor, despite these not being reflected in its price.
Avi Felman, the head of trading at BlockTower Capital, explained in a recent tweet thread that there are only a few risks to this fundamental strength.
“Some wrenches: 1. Wrapped BTC could become widely used, proving that no one cares about ETH if btc is available 2. A very volatile BTC could hurt the ETH/BTC pair 3. While there is locked ETH, most new locked assets are actually stablecoins,” he noted.
WHY IT IS VITAL FOR ETH TO RALLY IN THE NEXT SIX MONTHS
Ceteris Paribus, a respected pseudonymous data analyst, recently noted that it is vital for Ethereum to rally in the coming six months.
He points to a few key factors to warrant this
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South Korean economists aren’t happy with the government’s proposal to tax Bitcoin and other cryptocurrencies, days after reports suggested the latter.
Any “cryptocurrency tax” must be abolished and not implemented, the country’s academics told local reporters over the weekend.
The reason was singular and simple — taxes on an emerging asset class and disruptive technology sector may block broader industrial growth in the country; one that suffers from an ongoing employment crisis.
Taxing Bitcoin is “premature”
South Korea’s economy hinges on slow-growth and a family-run business system called “chaebol,” making the job market notorious to enter into and condemned for poor wages.
With th
e above in mind, Korean economists believe cryptocurrencies are a burgeoning asset class, while blockchain technology presents long-term growth opportunities for the country.
Ask Sung Tae-yoon of Yonsei University. The Harvard-educated professor says implementing crypto-taxes is a “premature” decision, considering the digital asset market is still developing and is not as established as other sectors.
Sung believes cryptocurrencies have a long way to go before being regulated similar to fiat currencies. The professor has a point — Bitcoin’s been around since 2009, but cryptocurrencies have gained widespread prominence only since after 2018.
The above means cryptocurrencies are, in all regards, still a nascent development and not a decade-old. Sung explains:
“Any rash taxation or introduction of regulations can be a stumbling block for sustainable growth of the industry.”
BTC gains to be reported
Korea’s cryptocurrency tax decision came late last week after years of deliberation and parliamentary exchanges. Until the date, cryptocurrencies were considered a “tax-exempt safe haven” in the country, with regulators and experts fiercely opposed over their legality.
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KPMG Chain Fusion is set to help traditional financial companies and fintech startups provide well-managed crypto asset services.
Aiming At Institutional Clients
In a recent announcement, the company presented KPMG Chain Fusion. The project aims to help the management of crypto and traditional assets over public and private blockchain networks for institutional clients.
The new set of capabilities will be able to assist customers in managing and addressing global regulatory considerations for strong system controls and processes for crypto and digital assets. It will also help clients in solving a variety of complex foundational problems, facing organizations, which compete in the institutional market of crypto assets.
“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto assets or traditional systems or anything in between. If you are a blockchain or digital asset-based business, you will have separate systems for everything,” said Sam Wyner, director, and co-lead of the KPMG Cryptoasset Services team.
How It Works
Chain Fusion’s basics consist of leveraging a structured information model to combine data, coming from both blockchain and traditional systems. Thus, it will support the necessary analytics for business, risk, and compliance objectives.
The capabilities and accelerators of Chain Fusion are built to support companies easily reach the adoption of fundamental crypto business capabilities. The core will also assist them in dealing with the challenges of cryptographic proof of assets under custody. It will help in the deployment and integration of core custody capabilities such as multi-party computational crypto asset wallets, and transaction monitoring for AML.
Leading cryptoasset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems,” Wyner explains.
As stated, Chain Fusion will “bring such systems together with a required processes and controls under one roof.”
Several financial organizations and fintech companies are offering crypto asset services for their clients already. It’s absolutely no wonder that KPMG is stepping into the field as institutional interest is on the rise when it comes to cryptocurrencies.
Most recently, the American multinational financial services corporation Fidelity Investments reported that 36% of institutional investors have exposure to Bitcoin or other types of cryptocurrencies.
Coinbase, the leading US-based cryptocurrency exchange also strengthened its institutional focus by recently acquiring leading crypto brokerage firm Tagomi.
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Initial coin offerings (ICOs) indicted by the U.S. Securities and Exchange Commission (SEC) may see a significant reduction in fines owed following a recent Supreme Court ruling.
Apex Court Caps SEC Disgorgement Ability
According to Bloomberg, the U.S. Supreme Court issued a ruling on Monday (June 22, 2020), placing a cap on the disgorgement sought by the SEC in fraud cases. As part of the court’s decision which came by way of an 8-to-1 majority, the Commission can no longer seek disgorgement above the net profits of the indicted party.
Commission Unrelenting in ICO Enforcement Efforts
The botched Telegram token sale event is perhaps one of the biggest victories for the SEC in its ICO enforcement activities. Despite carrying out one of the highest-earning ICOs, Telegram has been unable to move forward with its planned TON blockchain launch.
As reported by CryptoPotato on several occasions, the SEC has brought charges against several 2017-era ICOs. Even celebrities and other public figures have not escaped the SEC ICO enforcement net with the likes of Grammy Award-winning music producer DJ Khaled and boxing champion Floyd Mayweather getting into trouble with the Commission.
The SEC’s characterization of ICO tokens as securities might change if Congress passes the Token Taxonomy Act. This piece of legislation seeks to protect cryptos from securities laws while establishing a ‘de minimis’ tax exemption for profits on cryptocurrency trading below a certain limit.
The Cryptocurrency Act of 2020, another crypto-related bill before Congress aims to provide a framework for classifying digital assets while delineating the responsibilities of Federal regulatory agencies regarding cryptocurrencies.
Apart from restricting disgorgement to the net profits, Justice Sonia Sotomayor writing for the apex court declared that the funds recouped by the Commission must be geared towards restitution of affected investors. For situations where such transfers to investors is not possible, the Supreme Court recommended that the funds be sent to the Treasury.
For the SEC, the Supreme Court’s decision is a win for the Commission despite the reduction in its disgorgement powers. Some pundits say the ruling is preferable to the total eradication of the SEC’s ability to seek such fines and penalties.
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A large investment bank has launched a crypto custodian service for institutional investors.
Global investment bank Nomura, hardware wallet company Ledger and crypto investment fund CoinShares today launched a long-awaited crypto custodian service, called Komainu.
First announced in May 2018, Komainu will service institutional investors and support a range of cryptocurrencies. It is regulated by the Jersey Financial Services Commission.
Komainu is headed by Jean-Marie Mognetti, the co-founder and CEO of CoinShares. Andrew Morfill left his position at Santander, where he commanded its cyber defense unit, to join Komainu as Head of Operations.
Mognetti said in a statement that: "What this partnership has highlighted is the need for credible and solid service providers to support industry participants. Komainu bridges the gap by bringing financial expertise and capabilities for institutional clients to feel confident their assets are in safe hands.
Mognetti told Reuters that the platform has been trialed with a small number of clients for four to five months. Komainu’s advantages over other systems are, it claims, that it can integrate with the technology systems of large financial institutions.
The CEO of Ledger, Pascal Gauthier, said in a statement that “Institutions are looking for compliance and security when it comes to the custody of digital assets.” He added that, without the proper security, “institutions' digital assets are weaponised against them.”
Nomura is the latest large financial institution to offer custody services. Fidelity also offers a custodian, as does Bakkt, the custodian and Bitcoin futures platform owned by the Intercontinental Exchange, which also runs the New York Stock Exchange.
Nomura in January launched a crypto-asset benchmark for Japanese investors. Called the NRI/IU Crypto-Asset Index, the benchmark tracks top cryptocurrencies, among them Bitcoin and Ethereum. Nomura is also on the governing council of blockchain network Hedera Hashgraph, where it lords over the network alongside Google and Deutsche Telekom.
The institutional investors, it appears, are here to stay.
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Crypto exchange Coinbase has announced the release of Rosetta, a set of tools designed to help exchanges and developers integrate any blockchain.
In brief
Coinbase released its blockchain integration tool, Rosetta.
It's aimed at exchanges as well as developers working on cross-blockchain applications.
Celo, Filecoin, and other teams have already contributed to the open-source software.
Popular San Francisco-based crypto exchange Coinbase has released Rosetta, a toolkit designed to make blockchain integration simpler and more effective, especially for exchanges working with new tokens.
In a blog post, Coinbase stated that Rosetta will be available starting today for digital currency exchanges and blockchain developers alike.
With the number of blockchains increasing—and with each blockchain featuring unique specifications—exchanges have to take time and care when integrating with different blockchains. Coinbase saw the need for standardization. Therefore, it says, Rosetta is designed to keep funds secure and take care of compatibility issues that can slow developers down.
In addition to exchanges, the company believes other cross-blockchain applications can benefit from Rosetta’s standard format, reducing the amount of code developers need to write.
Rosetta is open source, meaning anyone can contribute to its growth and development. Ventures such as Filecoin, Celo, Near, and Oasis have already added to its documentation.
“Rosetta is an exciting development in the cryptocurrency space that helps establish a standard API for integrating and building applications on blockchain networks,” explained Celo co-founder Marek Olszewski in a statement. “The cLabs team is excited to see applications use a common interface via Rosetta to build not only on Celo, but on other blockchains as well, opening up the potential for new developers and businesses to join our growing industry.”
Coinbase said that in the future, it’s aiming to support a full “ecosystem of Rosetta interfaces” for major blockchains like Bitcoin and Ethereum.
Today’s product news is already receiving plaudits from crypto audiences. That stands in contrast with a Coinbase move from earlier this month when the mega-exchange announced it was looking to issue its blockchain analytics software to government agencies such as the Drug Enforcement Agency (DEA) and the Internal Revenue Service (IRS).
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Buterin doesn’t think much of PlanB's stock-to-flow model, which says that post-halving scarcity will lead to Bitcoin's price skyrocketing.
In brief
PlanB's stock-to-flow model presumes that the price of Bitcoin will rise post-halving.
This model predicts that Bitcoin’s price could rise to $288,000 by 2024.
Ethereum creator Vitalik Buterin disagrees with the theory, arguing that it's unfalsifiable.
Vitalik Buterin, the co-founder of Ethereum, doesn’t think much of quant analyst PlanB’s “stock-to-flow” model, which holds that Bitcoin’s price will shoot up to $288,000 by 2024.
The stock-to-flow model argues that the price of Bitcoin will rise post-halving because there’s a small supply shock to the market. With each Bitcoin halving the reward for mining new blocks halves. This, theoretically, cuts the supply of new Bitcoin in half—at least for a bit—as miners now have to work twice as hard to get their rewards.
What is the stock-to-flow model?
The stock-to-flow model was conjured up by an anonymous quant, PlanB, a little over a year ago; PlanB argues that Bitcoin is just like other commodities, such as gold or silver, whose value is tied to their scarcity.
Proponents of this theory note that the price of Bitcoin rose following previous halvings—after the 2016 halving, for instance, the price rose to highs of $20,000 at the end of 2017 (before crashing the month after).
Buterin disagrees. In a tweet yesterday evening, he argued: “the ‘halvings cause BTC price rises’ theory is unfalsifiable: Was the peak before the halving? Then it ‘rose in anticipation of the halving’ During? ‘Because of the halving’ After? ‘Because of…’ The last $20k peak was near the halfway point between the 2016 and 2020 halvings.
Put simply, Buterin thinks that the theory is impossible to disprove, because analysts can attribute any price as evidence that the stock-to-flow model is correct. Thus, it’s not particularly helpful.
PlanB, the originator of the stock-to-flow theory, disputed Buterin’s dismissal of the theory, arguing that peaks are caused by "greed and fomo" and that the average price level is more important. “I beg to differ,” wrote the anonymous quant. “Halvings make BTC scarcer (in S2F terms) and scarce assets (BTC, gold, silver etc) seem to have a higher value than non scarce assets.”
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Crypto exchange Huobi is among the largest players in the derivatives market.
Just a week after crypto exchange Binance started offering quarterly futures, rival exchange Huobi today introduced bi-quarterly futures. Touché!
A futures contract is a bet on whether the price of a cryptocurrency will rise or fall by a certain point, in Huobi’s case every six weeks. If the bet is correct, the person who made it wins. If not, they lose, and the money goes to the person they signed the contract with.
Huobi’s bi-quarterly futures product supports nine cryptocurrencies, among them Bitcoin, Ethereum and Litecoin, along with 36 trading pairs. Huobi’s futures platform already supports weekly, bi-weekly and quarterly futures contracts.
Huobi’s offering goes live the day after Huobi Futures launched version 4.2.0 of its platform. It also adds a feature called “locked margin optimization,” which lets users make the most of their money by lowering trading costs and reducing lag.
Huobi offers 125x leverage
People can also leverage trades by up to 125 times—an extremely high number that comes with a considerable amount of risk. Huobi wants to “provide users with wider choices and lower principal cost to open a position.”
“The higher the leverage multiples they apply, the less principal cost is required to open the position, so as to potentially earn greater profits,” it wrote.
Huobi is one of the stalwarts in the crypto-derivatives industry. Last quarter, it traded $438 billion, according to coin metrics firm TokenInsight. In March, April and May, Huobi had the largest volumes for derivatives trading among top exchanges, followed by OKEx and Binance, according to crypto analytics firm CryptoCompare.
Binance, the newcomer that launched in late 2019, is hot on Huobi’s heels. Huobi has been solidifying its market share ever since it launched its derivatives platform in early 2018 (then called Huobi DM), but Binance is quickly gaining. Between April and May, Binance’s volume increased by 58%; Huobi increased by just 29%.
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The number of people who trust Bitcoin over big banks has shot up by 29% over the last three years, while millennials are flocking to Bitcoin.
In brief
A new survey shows that the number of people who trust Bitcoin over big banks has increased over the past three years.
Millennials are leading adoption of Bitcoin, with 44% expecting to buy some in the next five years.
Over 45% of respondents preferred Bitcoin over stocks, real estate and gold.
People around the world are increasingly trusting Bitcoin over big banks, according to a new survey conducted by fintech news site The Tokenist. The survey, which polled 4,852 participants across 17 countries, found that 47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years.
Millennials embrace Bitcoin
The survey also showed a striking generation gap when it comes to Bitcoin and the banks. While over half (51%) of millennials trust Bitcoin over big banks, an increase of 24% over 2017, over nine in ten (93%) of over-65s trust big banks over Bitcoin.
The over-65s are wary of Bitcoin in general, with half of those polled thinking that it’s a bubble, versus less than a quarter (24%) of millennials.
Millennials’ embrace of Bitcoin is partly down to increased familiarity; 78% of millennials are “somewhat” familiar with Bitcoin, versus 61% of total respondents, and 14% of them have owned Bitcoin. In the next five years, 44% of millennials expect to buy some Bitcoin
Not surprisingly, then, the survey also found that 59% of millennials are confident that Bitcoin will see mass adoption within the next 10 years, and that most people around the world will likely be using it by that time.
Confidence in Bitcoin up across the board
While millennials may be leading the way in Bitcoin adoption, the survey found “increased knowledge of, and growing confidence in, Bitcoin among all age and gender groups surveyed,” its writers stated.
Six in ten (60%) of those polled felt that Bitcoin is a positive innovation in financial technology, an increase of 27% in three years. And over 45% of respondents preferred Bitcoin over stocks, real estate and gold.
“Three years ago, many of the largest BTC brokers were relatively new and were therefore accorded a low level of trust,” said the report’s writers. “Now, there appears to be an appreciation of the maturity, and stability, of these providers.”
With stocks and shares taking a beating in the wake of the coronavirus pandemic and subsequent lockdown, some Bitcoin advocates are arguing that this is the cryptocurrency’s moment. Though with Bitcoin’s price fluctuating in recent days, it clearly has some way to go yet.
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The ongoing COVID-19-pandemic has served as a defining point of modern financial markets.
The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.
Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.
No government bonds, buy Bitcoin
Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.
The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.
Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:
The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.
Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.
No government bonds, buy Bitcoin
Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.
The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.
Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:
However, with no access to cutting-edge risk tools that institutional investors apply, retail traders have been left “defenseless,” having little apart from equity options on IB or Robinhood to protect against risk. Hedge funds are facing trouble as well — the lack of positive government bond yields has made prosperous environments a distant dream.
Britton states the old 60/40 portfolio approach — one that includes treasury bonds to serve as insurance against equity risk — has plunged into “double jeopardy.” Dying or negative yield, has left equities as the only source of capital gains. And the latter is now under risk as well.
Meanwhile, the volatility hasn’t put off all investors. Paul Tudor Jones II, the famed billionaire fund manager, invested over $70 million in Bitcoin futures last month. Others, like Jim Simons’ of the famed Renaissance Technologies, are also reportedly eyeing the crypto market to capture and profit from volatility.
One part of the allure towards Bitcoin comes from reaping crazy, once-in-a-lifetime type returns. The other, however, is a bit more sinister. As Jones puts it, crypto provides a definite hedge against the “massively” inflated equity and currency market.
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China's state media frequently functions as bellwether for government policy, with its reporting prompting changes in policy from companies.
In brief
Reporting in Chinese state media has taken a markedly different tone on crypto exhanges Binance and Huobi.
Chinese state media often functions as a bellwether for the government's views, with its reporting prompting changes of policy by companies.
While Binance exited China in 2018, Huobi has opened a Communist Party of China branch within the company.
Two of the world’s biggest crypto exchanges are receiving markedly different coverage from Chinese state media. Binance, which exited the country in 2018, is facing negative reporting from local media outlets. By contrast, Huobi, which has opened a government relations branch, is being lauded.
State media outlet China National Radio (CNR) recently reported on Binance's accessibility in China, while also highlighting the China Internet Finance Association's recent "Risk Tips for Participating in Speculation of Overseas Virtual Currency Trading Platforms." CNR noted that the "risk tips" emphasized the dangers of virtual currency transactions and ICO trading—both illegal in China since 2017—while highlighting recent security breaches suffered by Binance.
The "risk tips", CNR reported, emphasized that some virtual currency trading platforms have set up servers overseas to continue to engage in related activities, posing a risk to users.
Binance hasn’t had a corporate registration in China since 2018, when the company exited the country, citing a “hostile regulatory environment”. The location of Binance’s corporate domicile is currently unknown, with CEO Changpeng Zhao claiming that the company doesn't have an office.China's state media is a bellwether for government policy, with its reporting frequently prompting changes in policy from foreign companies. In 2013, state media targeted Apple, with the company eventually capitulating to government demands to open up a data center within the country (making user data accessible to local law enforcement).
Huobi's charm offensive
Earlier this week, Binance's rival exchange Huobi was also the subject of a report from Chinese state media—but China News took a markedly different tone to CNR's reporting on Binance. Huobi was highlighted as an important part of the tech cluster in the recently established Hainan free trade zone.
In its relations with the Chinese government, Huobi has taken a different approach to its rival Binance. In 2018 it opened a Communist Party of China branch (a government liaison and lobbying office) within the company, a move that many organizations undertake to signal regulatory compliance and build a sense of legitimacy.
The CPC’s charter says that any enterprise in China having at least three party members as employees must establish its own party branch; setting up a party branch in Huobi demonstrates the exchange's loyalty to the Party and willingness to work under its supervision.
Huobi is also a stakeholder in China’s national Blockchain Service Network as one of the 14 founding members of the platform, and has participated in China’s Belt and Road initiative.
The question for exchanges in the region is: which approach will ultimately bear fruit?
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The tech corporation promised that its ION identity system’s users will always retain control over their own data.
In brief
Microsoft launched its decentralized identifiers network on Bitcoin's blockchain.
Dubbed ION, the network is a second-layer solution on top of Bitcoin's mainnet.
ION is using Bitcoin’s linear block chronology as its consensus mechanism.
IT giant Microsoft has announced the launch of its open-source decentralized identifiers (DIDs) network, dubbed ION, on Bitcoin’s blockchain.
The technology allows users to create decentralized digital credentials—such as driver’s licenses or university diplomas—that could
be used to identify them online. Alternatively these credentials could be used to log them into websites and apps. Additionally, DIDs’ decentralized nature ensures that people have full control over their data.
“We’re thrilled to see ION make the leap to Bitcoin mainnet for its public beta. ION is an open, public, permissionless ‘Layer 2’ network built on open source code that anyone can review, run, and contribute to,” said Daniel Buchner, one of the developers of the Sidetree protocol, on June 10.
DIDs are a new type of identifier that enables verifiable, decentralized digital identity. For example, “a DID identifies any subject (e.g., a person, organization, thing, data model, abstract entity, etc.) that the controller of the DID decides that it identifies,” according to one of the drafts published on the World Wide Web Consortium’s website.
Buchner added that ION was designed from the start to “operate independently of centralized parties and trusted intermediaries,” including Microsoft. As such, the network doesn’t rely on special utility tokens, trusted validator nodes or additional consensus mechanisms since “Bitcoin’s linear block chronology is the only consensus” ION requires, he continued.
Since the keys for your DIDs never leave your hands, and all ION operations are signed locally on your device, you have the assurance that only you can modify the state of your DIDs, no matter how you choose to interact with the ION network,” he noted.
Currently, ION’s users can already create their own DIDs and use OpenID Self-Issued DIDs to authenticate with sites, apps and services that support the corresponding specification. Additionally, companies and other entities could use ION to issue digital verifiable credentials to their users.
In the coming months, ION developers plan to grow the network’s community and garner additional feedback and contributions, including new use cases and hackathons. Users can track the project’s progress in Sidetree’s and ION’s repositories on GitHub. This all leads up the launch of the final version, this fall.
