The Daily: Peak Blockchain and Stablecoin Drama
Differentiating truth from fiction isn’t always easy, especially in the realm of blockchain. We’ve got distributed ledger stories both real and fanciful in this edition of The Daily, as well as hardware wallet news, an update on bitcoin futures, and the obligatory smattering of stablecoin drama.
Blockchain.com Announces Airdrops
Bitcoin wallet and blockchain analysis service Blockchain.com has decided to host airdrops. The platform, whose 29 million wallets make it the industry’s largest bitcoin wallet provider, unveiled its airdrop program on Oct. 17.
“We think that airdrops, when executed properly, have the potential to meaningfully drive decentralization and supercharge network effects,” they explained. “That’s why we’re thrilled to share a set of guiding principles that will inform Blockchain Airdrops.”
The service promises to be good news for token creators, who can tap into Blockchain.com’s network of ready-made cryptocurrency users. It remains to be seen, however, whether wallet owners will take kindly to being showered with largely worthless tokens. Just as the Coinbase-owned Earn.com allows emerging ICOs to get seen by influencers, Blockchain.com will place ICO tokens in the hands of core users.
“Since Blockchain users self-custody,” the company explains, “they have immediate control, ownership and use of their newly-airdropped crypto. They can participate directly in the network without going through a cumbersome intermediary.”
The Onion Does Blockchain
From one blockchain to another, and satirical publication The Onion has published a short guide to the technology. From the site that brought us such gems as “Man Who Thought He’d Lost All Hope Loses Last Additional Bit Of Hope He Didn’t Even Know He Still Had,” we learn that blockchain “Provides a more efficient way for you to lose all your money at once.” Other choice responses from The Onion’s Q&A include the following:
Bitcoin Futures Volume Soars
Moving back into the realm of real news, CME has revealed that bitcoin futures volume rose 41 percent in the third quarter of this year. This trend attests to the growing interest in bitcoin from traditional financial markets.
In Q3, Bitcoin futures average daily volume rose 41% and open interest was up 19% over Q2 . Learn how market participants are using BTC to manage risk in changing markets. https://t.co/Yt41SzsHku pic.twitter.com/Kw4OX0QaKT
— CMEGroup (@CMEGroup) October 17, 2018
Coolwallet S Adds ERC20 Token Support
Coolwallet S, which we’ve previously reviewed, is a fly credit card-sized hardware wallet for storing BCH, BTC, ETH, and other cryptocurrencies. The distinctive wafer-thin wallet, manufactured by Taiwan’s Coolbitx, has just added support for ethereum tokens. Users can now add any ERC20 token to the wallet and manage it via the accompanying iOS or Android app. Due to its portability, the wallet has proven popular with cryptocurrency holders who desire access to their digital assets while on the go.
Stablecoin Spat Breaks Out
And finally, The Daily’s news roundup wouldn’t be complete without some sort of stablecoin drama to report. Tether, whose Twitter account sees activity approximately once a month, broke its silence to take aim at Cameron Winklevoss, owner of Gemini exchange’s rival GUSD stablecoin. A war of words over Tether’s inability to publish a full audit of its USDT dollar-pegged token has erupted, with Bitfinex/Tether defender Whalepool asserting that no fiat-backed stablecoins are fully audited.
“Thank you for continuing the long-standing tradition in crypto where the default position is to go out half-cocked w/out any expertise or knowledge in an area and pretend to know what you are talking about,” Winklevoss retorted.
Traditional systems take time to adapt to the pioneering work taking place in this space. https://t.co/ykapXrhEqJ
— Tether (@Tether_to) October 17, 2018
“While [other stablecoins] might not be able to get a full blown audit,” chipped in The Block’s Larry Cermak, the likes of Gemini, Paxos, and Truesd “are hiring real auditing firms. Now remind me what auditing firm is doing audits for Tether please. I forgot.”