Remitano Weekly (3/5): The hunt is on for Satoshi’s Treasure of $1M in Bitcoin

Let’s all have a look at Satoshi’s new treasure hunt along with other interesting news, captured within this week by Remitano.

GOOD READS

The hunt is on for Satoshi’s Treasure—$1 million bitcoin prize
Those who wish to claim the treasure shall prove themselves worthy. A cryptic message broadcasted over the Blockstream satellite revealed a treasure hunt for a $1 million in bitcoin prize. It is a series of challeneges requiring feats of strength, travel, and certain subject expertise.

Here’s how blockchain is going to work at some of the world’s biggest enterprises
After years of development, enterprise blockchain applications are finally being adopted en masse by companies like Walmart, Foxconn, Amazon, and others. The technology is increasingly being accepted as a great way to improve business processes and transparency in tandem, and many businesses are taking an open-source approach to implementing it as well.

Big corporates are backing crypto’s “plumbing” despite currency concerns
Beyond just VCs, some of the world’s largest corporations are increasingly investing in crypto startups, while steering clear of dabbling in crypto themselves – for now. Corporations invested a record $2.4B in crypto startups last year, primarily as a technological hedge against future innovations they might be able to leverage.

COMMUNITY NEWS

Samsung developing Ethereum-based blockchain, may issue its own token

2019-04-29 (1)

South Korean electronics giant Samsung is developing its own blockchain network and eyeing the issuance of its own token further down the road.

An exclusive report citing a person “familiar with Samsung’s internal situation,” said that the company’s blockchain task force – part of its wireless division – is building a blockchain mainnet based on ethereum.  The work, however, is still at the “internal experimental” stage.

The source said: “It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.

When the development of the blockchain is completed, Samsung may also move to launch a “Samsung Coin” token, according to the report. The market expects Samsung Coin to come out, but the direction has not yet been decided.

If the company develops a public blockchain in the future, then Samsung Coin could be traded publicly on cryptocurrency exchanges just like bitcoin (BTC) and ether (ETH). Samsung could also bring blockchain technology to its payments app Samsung Pay, but the move is not yet decided, according to the source.

Amazon Web Services launches managed blockchain service

2019-05-02 (2)

Amazon Web Services (AWS), the cloud computing platform subsidiary of retail giant Amazon, has made its Amazon Managed Blockchain (AMB) generally available, according to an announcement on April 30.

The product will purportedly allow customers to set up blockchain networks within their organizations, and uses the Ethereum and Hyperledger open source frameworks. Notably, Amazon states that AMB can scale to support thousands to millions of transactions.

Amazon states that the blockchain-as-a-service (BaaS) will allow businesses to develop their own networks more quickly and at a lower cost, as it eliminates the need to “to provision hardware, install software, create and manage certificates for access control, and configure network settings.”

AWS initially announced AMB in November of last year along with the Amazon Quantum Ledger Database (QLDB). QLDB is a ledger database designed to provide transparent, immutable, and cryptographically verifiable log of transactions, which is overseen by a central authority.

Singapore and Canada central banks complete first cross-border blockchain payment

2019-05-02 (1)

The central banks of Singapore and Canada have successfully used their blockchain networks to send each other digital currency.

As part of the distributed ledger technology (DLT) projects being pursued by both banks, the Monetary Authority of Singapore (BAS) sent funds to the Bank of Canada (BoC) without a third party.

The process was made possible by linking up two DLT networks: MAS’ nascent Project Ubin platform and BoC’s Project Jasper.

JPMorgan and accounting giant Accenture, which assisted in the development of the platforms, also partnered with the banks to make the trade possible.

The next wave of central bank blockchain projects can make further progress by bringing technology exploration together with policy questions about the future of cross-border payments,” MAS chief fintech officer, Sopnendu Mohanty, commented in the press release.

As with other bank-initiated blockchain payments schemes at various stages of development worldwide, cost-cutting and efficiency lay at the heart of the central bank trade, which the participants claim is the first to be completed successfully.

Additionally, MAS and BoC subsequently released a summary report in which they discussed the merits of the joint network bridge.

Former CFTC Chair Gary Gensler says crypto market needs regulation in order to grow

2019-05-02

Speaking about the perspective on such services and products as custody and bitcoin (BTC) exchange-traded funds (ETFs), Gary Gensler – Former chairman of the Commodity Futures Trading Commission (CFTC) – argued that investors should know that they have both investor and consumer protection embodied in the law in case of market manipulation or losing of private keys, among other issues.

When asked whether a bitcoin ETF would be impactful if approved, Gensler stated “the Securities and Exchange Commission [SEC] is doing their work to ensure that if there is an exchange-traded fund, that the markets themselves for those exchange-traded funds and the underlying bitcoin or ethereum it’s referencing is not really susceptible to manipulation.”

According to Gensler, it is important to make sure markets are appropriately overseen and sufficiently mature, and that the chance of manipulation is small or very limited.

At the MIT Bitcoin Expo 2019 in March, Gensler delivered arguments in favor of extending national level regulation over a broader spectrum of crypto trading, coordinating money laundering prevention and addressing the current regulatory and enforcement discrepancies across different states.

Collected by Remitano