Day: May 13, 2018

Despite cryptocurrencies becoming a lot more appealing, spending them is still problematic. Very few retailers accept Bitcoin or cryptocurrency payments these days. That situation is slowly coming to change. Basepay is bringing Ethereum payments to over 11 million locations, with an option to connect this particular solution to Apple Pay.

Big News for Ethereum

Basepay has successfully surprised virtually everyone in the cryptocurrency world. The firm announced today how their app makes it possible to spend Ethereum at over 11 million retailers. There is support for nearly 400 million retailers in total, as online payment support is also built in. Bringing Ethereum payments tor retailers and consumers is a big development for the cryptocurrency industry as a whole.

The team is confident this new solution will yield some great results. Although usability will depend on location and phone OS, the target release is set for Q4 of 2018. Android users will receive access to this application first and foremost. iOS Support is coming later, as Apple usually takes longer when it comes to vetting new applications. This is especially true when said application is linked to cryptocurrency.

Contrary to what people expect, the technology itself isn’t the big hurdle. Instead, it is the potential regulatory impact in various countries. Not every region is pro-cryptocurrency. this has become painfully apparent in China, India, and a few other countries. Additionally, there is no active cryptocurrency regulation in most of the world today. Applications such as Basepay may speed up the need for guidelines, albeit its real impact has yet to be determined. It could spell a bright future for Ethereum.

An Uphill Battle Awaits

Despite the initial enthusiasm, the Basepay team is aware the real battle has yet to begin. Especially in the United States, seeking money transmitter licenses for individual states will be a major hurdle. The team has a compliance expert on their payroll to speed up this process accordingly. Other countries may pose similar challenges along the way, depending on how the regulatory situation evolves.

As is usually the case, the Ethereum community is both excited and wary of this project. Given the growing list of dubious companies in this space, a cautious approach is more than warranted. Not too long ago, the LitePay project went up in smoke because of a shady individual. Basepay will – hopefully – fare a lot better in this regard. Some scrutiny regarding these projects is healthy, at least until the service is officially launched.

Future plans for this project include spending in all cryptocurrency wallets and the launch of an API. Open sourcing the code may occur as well, but not until the project is “perfected internally”. Furthermore, there will be an issuance of a native Stellar Asset through the Stellar Decentralized Exchange.  No specific details regarding this asset have been announced at this time.

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The Blockshipping GSCP ICO (Initial Coin Offering) opens for public sale on Monday, May 14, and while the main focus has been on achieving a successful ICO, the Blockshipping team has also achieved significant progress on the product development side.

Delivering the Global Shared Container Platform in time as promised has top priority, and Blockshipping now launches the first in a series of prototype videos showing some of the platform’s services and functionalities which are under development.

In parallel with the ICO preparations, Blockshipping is working determinedly to reach the first milestones of the development of the Global Shared Container Platform (GSCP).

When fully developed, the GSCP platform will include more than 34 different products and services all related to the global handling of freight containers for a wide range of shipping industry partners. But to allow future users of the platform as well as ICO contributors to visualise some of the services and functionalities of the GSCP platform Blockshipping is now producing a series of easy to understand demonstration videos.

The initial prototype video launched today offers a glimpse into one of the earliest GSCP prototypes concerning the so-called ‘street turn’ method, also known as ‘triangulation’. Due to lack of a neutral, trusted platform street turn cost savings opportunities for carriers to the tune of USD 750 million per annum are not being realised today and the GSCP platform will radically change that.

The street turn strategy allows for the container shipping industry to significantly increase the efficiency of the handling of empty shipping containers. And by utilising the street turn method through the GSCP platform users will easily be able to find street turn matching opportunities, enabling empty containers to be moved directly from local consignees to local shippers and thereby significantly reduce the number of truck trips to and from container terminals.

The first Blockshipping GSCP prototype video launched today can be seen on Blockshipping’s YouTube channel:

First client and promising partnership announced

Due to the fact that Blockshipping is determinedly focusing on fulfilling the development plan for the GSCP platform and because the reception of the GSCP platform in the shipping industry so far has been overwhelmingly positive, Blockshipping has already been able to attract a global container carrier as the first customer and user of the GSCP platform. Blockshipping’s CEO, Peter Ludvigsen says:

“I am extremely proud to say that a few days ago Blockshipping obtained confirmation from a global container carrier that they will join our GSCP platform as our first customer. This is a carrier in the 10-20 global ranking who has also confirmed that they will join our Customer advisory board.”

Peter Ludvigsen underlines that to have the first GSCP customer on board already at this early stage is extremely important also for the credibility and trustworthiness needed for Blockshipping to attract ICO contributors and complete a successful ICO.

“I really believe that people can see for themselves that Blockshipping is going to fulfill every promise and develop a truly revolutionary global platform that will highly benefit both the shipping industry, the global environment and the contributors buying our CCC tokens during the ICO.”

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Crypto market analysts estimate that until the third quarter of 2017, investment returns on cryptocurrencies were as high as 448%. This figure far exceeds investment returns from other assets like conventional market stocks, gold, and even real estate. Additionally, there are nearly 60 alt-assets that boast average daily trading volumes of $10 million each.

DAEX is an all-new blockchain-based clearing service that has been built using distributed ledger technology. Owing to its use of a decentralized ledger, DAEX is able to guarantee that all internal trades are facilitated correctly and that all accounts are safely cleared and settled.

All trader assets within DAEX are kept in their own accounts and are recorded immutably on the blockchain. To ensure a high degree of safety, the ecosystem is designed in such a way that no one else can access a user’s assets without their permission. As a result, most trader-based risks associated with existing centralized exchanges are eliminated.

Lastly, the DAEX platform is entirely open-source based and has been established on a public blockchain. This means that its intrinsic program code is open for public inspection, supervision, and scrutiny.

Overview of the platform

• DAEX is a cryptocurrency clearing service built upon distributed ledger technology.
• The platform makes use of a Clearing as a Service (CaaS) model to provide clearing services to cryptocurrency exchanges.
• The DAEX Wallet supports multiple signatures as well as a host of unique digital currency assets.
• DAEX is designed to access multiple crypto exchanges, facilitating virtual currency trading in a seamless manner.
• The clearing facility has been deployed within a public cloud. Exchanges and participating members can obtain clearing-related services via specialized APIs or clients.

Key Features

First and foremost, the DAEX ecosystem ensures that all participating exchanges adhere to business and technology requirements set forth by the developers of this platform. Consequently, a high level of trading quality is maintained at all times. Since all of a user’s assets are held on the blockchain, they cannot be moved or altered in any way without possessing pertinent authorizations.

Overview of the DAEX ecosystem

In the interest of customer safety, the DAEX ecosystem employs a private key as well as a recovery mechanism in case a customer loses his or her security clearance (i.e., access key).

Another important aspect of this platform is its use of smart contracts. They guarantee the correctness of clearing and asset settlement, as well as remove the need for trust between trading and clearing entities. The insurance fund contributed by participating exchanges also provides another layer of safety.

Lastly, DAEX is open to new asset trading platforms, and all of the participating exchanges are given permission to make use of the products and services that have been made available by the developers of DAEX. Not only that, participating exchanges are also allowed to make use of more value-added services that have been envisioned by the company in their roadmap—including cryptocurrency derivatives trading.

How it works

As is clear by now, the DAEX platform has been devised as a clearing service that is based on a unique technology that involves:

• Distributed ledger technology
• Centralized exchanges
• User wallets

Visual representation of how the system works

Customers can make use of their wallets to perform trades via various online exchanges, and after the trades are matched, these platforms automatically send the matched trades to the relevant clearing service.

It is also worth noting that the employed CaaS module is executed exclusively through the use of smart contracts as well as distributed ledger technology. During the initial phase of DAEX, cryptocurrencies will be serviced, but as time progresses, the company aims to also service crypto derivatives.

Transaction mechanism employed by DAEX

Here are some other key functional aspects of DAEX:

• DAEX automatically lists new clearing products so that participating exchanges can perform their trade activities in a seamless, hassle-free manner.
• The native DAEX wallet simplifies the trading of new cryptocurrencies across multiple exchanges.
• Using this platform, trading services can significantly expedite their product listing work and hence become more competitive within this rapidly growing industry.
• DAEX makes use of a token-reward mechanism for its users, thereby attracting more customers as well as generating more trades.
• The separation of trading and clearing activities helps exchanges focus more on their core competencies, thus maintaining their competitive advantages over similar services.

About the team

Benjamin Gu is the founder of this project. According to his professional bio, he possesses extensive management and professional experience within the Chinese and US financial markets. In addition, Benjamin previously worked as the associate CIO of Hua Tai Lian He Securities Corporation and has also served as the COO of several other financial services companies.  

Hana Zhang is the co-founder of this project. She is an active investor in various cryptocurrencies and was also an initial member of IDEL (International Digital Economic League). Hana is a graduate of Shanghai Jiao Tong University and has previously worked at companies such as A.T. Kearney, Dun & Bradstreet, and Euromonitor International as a strategic consultant.

Lastly, Jason Tang is the chief architect for DAEX. According to his LinkedIn profile, Jason has worked as a product manager for China Zheshang Bank and has also been associated with a host of blockchain projects related to commercial banks in China. He has two patents to his name and also holds a master’s degree in software engineering from Zhejiang University.

Token Performance Analysis

Since being introduced into the market over ten days back, the price of a single DAX token has remained relatively stable.

DAX token lifetime performance (courtesy of CoinMarketCap)

While initially trading at $0.17, the currency experienced a massive value dip on the 7th of May, when the price of a single token fell to $0.14.

Since then, DAX has recovered substantially, and as of May 11, the currency is valued at $0.166.     

Final Thoughts

DAEX provides the market with a clearing solution for centralized cryptocurrency exchanges that is based on distributed ledger technology. The clearing process is automated and cannot be interfered with by external, third-party actors.

Owing to its plethora of unique features, DAEX possesses good market value and can thus be expected to thrive within the blossoming crypto domain.

If you would like to start investing in DAEX, DAX trading pairs are currently available on LBank, Allcoin, and BCEX.

Despite reaching a moment in time, where the human society is heavily influenced by technology, the worldwide financial system has still not switched to a cashless economy. Some of the reasons include a high percentage of people remaining unbanked, debt financing, poor performance of financial instruments in certain regions and more.

Disclosure: This is a Sponsored Article

Blocnation represents a company that is actively trying to make cashless societies a reality, by providing consumers with a cashless payment solution, specifically tuned to serve emerging markets. The Blocnation solution is based on three core technologies, these being the Komodo platform, blockchain and partnerships with companies like PouchNATION (market leader for cashless payments at events and venues in Southeast Asia). Komodo will allow for an independent and highly-scalable blockchain network, perfect for Blocnation’s mission, while also providing an additional layer of security, and offering decentralized payment solutions. Last but not least, everything will be fixed into place by the benefits of blockchain technology, which include speed, low costs, immutability, and overall efficiency of the network.

The Blocnation mobile app will represent the key to the services, and hence allow consumers to access all of the company’s products and services, including, but not limited to: an exchange service for trading coins, wallet, payment gateway, BNTN token-based transactions and more.

The launch plan has been carefully thought out. Blocnation will first appear on the market under the form of an exchange, allowing digital currency users and traders to store and trade coins for 0% transaction fees, and fast confirmation times, thanks to the platform’s atomic and etomic swap technologies.  Following the release of the exchange, Blocnation will allow BNTN tokens to be used for ticket purchases at events in Asia, alongside with on-venue cashless solutions. Lastly, merchant adoption will begin shortly after, as Blocnation will partner up with merchants, hence giving users the ability to pay easily and cheaply pay via BTNT tokens.

At this time, the development team is busy planning out the world’s first decentralized ICO (dICO), to be held on the Komodo platform. The benefits of the dICO include full purchaser anonymity, alongside instant and cheap transactions for purchaser.

For more information about Blocnation, feel free to access their website, and white paper.  

Blockchain intelligence platform Chainanalysis revealed in November that 20% of Bitcoin currently in circulation has been lost at a value of about $25 billion. On May 11, Bitstamp used this data to advocate for offline storage and argue that this puts an upward pressure on the price.

Bitstamp: “That Makes Bitcoin Even Scarcer”

The data shows that around 20% of the circulating supply is inaccessible or has been destroyed. The price of a cryptocurrency depends on the ratio between buyers and sellers. If there is much more supply than demand, the price lowers and vice versa. As such a large percentage of the circulating supply is unable to be sold, there is less supply-side pressure. In theory, this adds momentum to the price rising.

Bitstamp said: “All of these losses could easily be avoided if people behaved with the same vigilance when storing Bitcoin as we do with traditional assets, like gold. In fact, just like with gold and paper money, the safest place to store crypto might be in a good-old safety deposit box.”

Bitcoins are lost when they are sent to incompatible addresses, including addresses for other cryptocurrencies. Alternatively, access to Bitcoins can be lost when a user no longer knows their private key. The Bitcoins are still in the network but will never be moved. James Howell hit the news when he asked his local council to dig up a landfill site to find his lost hard drive containing 7,500 BTC. This would have a current value of around $64 million.

LOST COINS: Research suggests that anywhere between 2.8 and 3.8 million #Bitcoin might be lost forever. That makes Bitcoin even scarcer, but also shines a light on the significance of safe #storage with HW #wallets like @TREZOR and @LedgerHQ. https://t.co/qIU4t8zxDD

— Bitstamp (@Bitstamp) May 11, 2018

However, while Bitstamp may be concerned with the safety of private keys, concerns have been raised over the storage of passport details by exchanges and companies running ICOs. Simon Lange, founder of Liberal Coins, said: “You can see with one of our competitors that they do Know-Your-Customer (KYC) checks in-house. I am very concerned with the passport data out there. Usually with exchanges, they secure cryptocurrencies in cold storage but with user data, we do not know how they store it.” In January, eight South Korean exchanges were fined for various privacy violations involving user data.

There are a lot of blockchain use cases, such as Datum, that are trying to solve the problem of user data and allow users the ability to sell their data and control who has access. With regard to exchanges, Yoti is trying to solve the problem by providing users with an encrypted ID. Mark Hindle, Brand and Communications Manager, said: “We believe the current process is outdated. If you are showing your passport, you are showing your details. It does definitely open you up to the potential of identity fraud.” They are currently working on integrating with a number of exchanges but have only recently moved into the cryptocurrency sphere.

Chainanalysis, who provided the data, is a company that focuses on compliance and investigations regarding blockchain technology. They work with businesses and governments to turn the obscure data of cryptocurrency transactions into usable data. This means they can help track criminal activity and suspicious behaviour. They have shown that although Bitcoin transactions are pseudonymous, in some cases users can be identified. The IRS has been using their software since 2015.

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National University of Ireland (NUI) authors of a study on the adoption of blockchain have approached the government to promote a more widespread use of the technology in the country, reports The Irish Times.

The new study involving 20 selected Irish companies, conducted in association with the Blockchain Association of Ireland examined the factors that influenced them in their decisions to adopt blockchain. On its website,  the association described its aims as, “facilitating Irish business leaders, educators, policy-makers and citizens in learning how blockchain technology can be applied to make Ireland the World’s most blockchain literate nation.”

The study is expected to receive much interest as it’s the first of its kind in the country that has examined how blockchain could be implemented and hopes to increase blockchain awareness and adoption more broadly across the nation.

Research leader at NUI Galway, Dr Trevor Clohessy, sees the need for a national initiative to promote the new technology, particularly in the light of, as yet undecided border rules, between Ireland and the north following Brexit

“…Beyond business, other beneficial uses of this technology would be in voting machines and ballot boxes to address electoral fraud and potentially looking at a blockchain enabled technology-controlled border identification system that could provide a possible solution to the current North/South Brexit border challenges.”

One of the findings of the study shows that only 40 percent of companies in Ireland have embraced blockchain technology, which the researchers felt was relatively low, despite Ireland’s 13th position on Bloomberg’s 2018 Innovation Index, with high productivity scores and advanced IT infrastructure.

In recent years, Ireland has promoted itself as a hub for fintech and blockchain business. A recent report by Financial Executives Research Foundation (FERF) released figures which indicated that 30% of global of financial executives had plans to commit to blockchain technology within the next 18 months.

The study is proposing that the Irish government promote the new technology to extend this level of interest within the country, overcoming executives uncertainties about embracing blockchain, such as lack of business cases and in-house expertise. It was noted in the report that association with ICO’s and digital currency was perceived negatively by executives.

In terms of awareness of the technology, five out of 20 company executives interviewed had a basic level of blockchain awareness, while six had a medium level and only nine were able to demonstrate a high level of knowledge.
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There is a gender gap in the blockchain, cryptocurrency, and tech industries. What can be done to get more women invested and involved?

Institutional investors were the initial topic of conversation during Michael Novogratz’s address at the Fluidity Summit in Williamsburg, Brooklyn on Thursday, when he told his audience that crypto had been… “a peoples revolution.”

Galaxy Digital’s Michael Novogratz, ex-Goldman Sachs partner, was at the venue to talk about cryptocurrencies after the dramatic price hike of 2017. Addressing the audience from notes scribbled on the back of a paper plate, he commented, “We have never had a market mania led by retail before.”

The former principal at Fortress Investment Group LLC spoke of the recent launch of his latest project, the Bloomberg Galaxy Crypto Index, which tracks the most liquid assets trading on blockchain:

“I’m hoping yesterday marks the beginning of the institutionalization of crypto as an asset class… big problems need big capital.”

He made the point that decentralized “revolution” is yet to make its most significant impact on markets. Novogratz explained that street level is where new technology will flourish where regular people do things like “rent rooms, ride cars and pay each other to do work,” Coindesk reported.

The entrepreneur talked of “three superhighways” to move decentralization forward, the first being computer science: “We have a bet on EOS because I think people like speed and convenience. We also have a bet on Ethereum, because it has the most developers…My intuition is: we don’t need 100 blockchains.”

He described the second key area as being the token economy, explaining that he felt that investors hadn’t thought deeply enough about ICOs and how they work, and if they actually have value, suggesting there must be a reason to hang on to a token, rather than just speculative investment. He cited ridesharing as an example of a how a coin can grow in value through company productiveness and user interest.

Reflecting on his third “superhighway,” Novogratz, said he prays every night that established players join the “custody game” to push the crypto industry forward, claiming, “The institutional herd is on the move.”

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LG Corporation’s subsidiary has launched its own blockchain service ‘Monachain,’ according to a report by local Yonhap News

People make agreements all the time. In general, these agreements tend to be either hopeful promises secured by a handshake and some goodwill, or they are the really intense kind of agreement that requires lawyers, contracts, and signatures.

One method is friendly and based on good intentions, while the other is intimidating and formalized. What’s more, because creating legal contracts requires a lawyer and all the accompanying cost, many people avoid this process if at all possible.

However, the emergence of blockchain technology and its accompanying platforms means that people don’t have to rely on handshake agreements or formalized contract negotiations any longer.

Agrello, a blockchain-based platform for creating legally binding smart contracts, makes it possible for anyone to create formalized contracts that are easy to build and maintain. Using just a mobile app and a graphical interface, smart contracts can be created and executed with just a few taps on the screen.

How It Works

The blockchain does a lot of things well, but its smart contracts are one of its most lauded and most compelling features. Governed by code, these contracts act as a digital, malleable escrow account that guarantees that the desired outcome will be achieved. With a smart contract, users can set predetermined stipulations that automatically execute when specific qualifications are met.

To make the process as simple as possible, the Agrello app is outfitted with several smart contract templates, and for those needing a more specialized production, there is a built-in wizard to help with the setup process. Because these template contracts are crowdsourced, the template library is always becoming more robust and diverse.

Once created, the smart contract is placed on the blockchain, and a subsequent, legally binding document is created and digitally signed. From there, an AI-powered agent counsels both parties through the smart contract by notifying users of their legal obligations and upcoming duties.

This process is simultaneously fully automatic and completely customizable.

The Implications of Smart Contracts

Smart contracts have implications for all sorts of activities. They can help someone power their participation in the sharing economy, they can create binding agreements between neighbors, or they can facilitate workplace promises.

A January report by NPR indicates that one in five jobs in America is completed as contract work that is either in addition to or as a replacement for a standard professional job. Those numbers actually increase as the worker’s age decreases. Nearly 50% of millennials are already completing regular freelancing work. For the broader sharing economy, experts expect it to balloon into a $335 billion industry by 2025, and that economy requires contractual guarantees.

In other words, a significant amount of the current and future state of work is contingent upon the ability to create and execute a contract. Agrello’s platform can power these agreements while also having use cases that far exceed just this one robust industry.

Demo Upcoming

Thousands of tech luminaries and blockchain experts are preparing to descend on New York City for the 4^th annual Consensus conference at the New York Hilton Midtown. The conference, which takes place from May 14^th – May 16^th, has more than 250 prominent speakers and a record attendance is expected.

Agrello will be right in the middle of the action. On Monday, Agrello CEO Hando Rand is providing a presentation on the platform’s features. In addition, the Agrello team will be on site in New York City until May 19^th, and anyone is welcome to sign up to meet with their representatives to learn more about the platform.

The Future of Contracts is Smart

The blockchain seems to be continually making headlines as more people discover its capabilities and disruptive potential. As new platforms develop on top of its technology, that potential is manifested in tangible ways.

When it comes to making agreements, Agrello is tapping into the blockchain’s best features to create a platform that anyone can use and that many people need. It’s the spirit of the handshake agreement with the legality of a formalized contract. It’s the epitome of “smart”.

Image: DepositPhotos

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There is still a fair amount of bearish pressure on the cryptocurrency markets as of right now. While all top currencies have noted overall gains in the past 24 hours, the one-hour candles look anything but impressive at this stage. Even so, the Tron price has noted some impressive gains, as its value has risen by just over 11%. A positive trend, although one that will be difficult to maintain.

Tron Price Momentum is Rather Bullish

With all markets going through some form of a recovery process in the past 24 hours, things look a lot less bad than they did just a few days ago. It is evident there is still a  lot of work to be done before we can effectively speak of a proper market recovery, but things are certainly heading in the right direction. Short-term trends do not necessarily look all that good right now, but the bigger picture seems to be just fine, all things considered.

For the Tron price, there has been a pretty interesting trend to take note of during these past 24 hours. With an 11.39% Tron price increase, one could say the future is looking pretty interesting for this particular altcoin as of right now. It is a very positive trend in general, as Tron has noted the highest gains of any cryptocurrency in the top 10. This gain also pushes the TRX value back to $0.0709., which is pretty interesting to keep an eye on moving forward.

It is also worth noting how the TRX value has gained 10.74% over Bitcoin. While that is rather positive in general, there is also a 6.94% over Ethereum. This seems to confirm we may see some more bullish Ethereum price momentum compared to what Bitcoin is doing. Even so, the gains in both departments are pretty interesting for Tron, as it simply keeps pushing the value up even further.

With $602.55m in 24-hour trading volume, there appears to be a genuine demand for Tron right now. With the bulls in control of the market, it will be rather interesting to see how high the Tron price can really go in the next few hours. Given the bearish pressure on all markets still being in place, sustaining $0.07 may prove to be a big challenge.

Surprisingly, Upbit is leading the charge in terms of TRX trading volume. Its lead over Bithumb is quite spectacular, and Binance closed the top three with one-third of Upbit’s volume. Two fiat currency pairs in the top three is pretty significant for Treon, as it may result in more gains in the coming hours and days. With South Korea leading the charge in terms of trading volume, it seems the demand for TRX will now slow down anytime soon.

It is good to see the Tron price note some strong gains at this point in time. After all, the cryptocurrency investors and speculators need some good news, and the altcoins are certainly delivering in this regard. The industry is not out of the woods yet by any means, as the bearish pressure is still mounting. If this trend remains in place, however, the Tron price may very well rise to $0.08 in the coming hours and days.

Steve Chiavarone, VP at financial services firm Federated Investors, talked-up blockchain in an interview with CNBC May 11, calling the technology an “economic growth driver” and listing it among five “key technologies” that he believes will “drive this next industrial revolution.”

Blockchain: Economic Growth Driver

When asked whether blockchain will be a driver of economic growth, Chiavarone made note of the automatization and increased efficiency blockchain offers, saying: 

“When you think about it from an enterprise perspective, it has the ability to replace reconciliation — which is expensive and requires back office, and time, and paperwork — with more instantaneous verification.”

He continues, saying that:

“Companies can have more efficient supply chains and can cut their back and middle office costs.” That, Chiavarone says, “will allow business to flow more efficiently, and will allow costs to be cut and that saving to be passed along.” 

In addition, he states that “any company with a supply chain can benefit from this [blockchain].”

Driving the Next Industrial Revolution

Chiavarone ranked blockchain as one of five “key technologies” that will he believes will “drive this next industrial revolution.” Along with blockchain he noted automation, robotics, Artificial Intelligence, and the Internet of things (IoT).

The interviewer then asks how investors can “play” the potential of blockchain, and whether it’s best to simply buy Bitcoin, or whether one should instead lean towards companies that utilize the underlying blockchain technology itself.  Chiavarone says that “a lot of people went to Bitcoin first,” but then points to blockchain-related companies like Nvidia and Intel that “enable blockchain verification” (a nod to cryptocurrency mining) as being good bets for those looking to support the technology. 

He also notes how many of the largest banks in the U.S., like Bank of America, have started taking interest in blockchain and “are investing heavily.” Chiavarone claims that the bank “boasted at Davos that they were investing the most [in blockchain].” This boast is likely accurate: we reported back in February that Bank of America had already filed 45 crypto-related patents.

Although Chiavarone largely stays away from discussing the specifics of the coins, it’s worth remembering that cryptocurrencies themselves are an integral part of the blockchain ecosystem.

In other bullish sentiment this week, Fred Wilson, venture capitalist and co-founder of Union Square Capital, spoke about crypto and blockchain in a blog post. Wilson — responding to anti-Bitcoin remarks made my Warren Buffet —explains how cryptocurrencies are helping produce a global, decentralized technology infrastructure:

“They [cryptocurrencies] are the fuel that powers a new form of technology infrastructure that is being built on top of the foundational internet protocols.”

He goes on to say that blockchain-enabled smart contracts are “the most important innovation we have yet seen in crypto.”

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