Market Analysis Report (14 May 2019)

Microsoft Is Building Identity Solutions on Bitcoin’s Blockchain

Microsoft is launching the first decentralized infrastructure implementation by a major tech company that is built directly on the Bitcoin blockchain.

The open source project, called Ion, deals with the underlying mechanics of how networks talk to each other. For example, if you log onto Airbnb using Facebook, a protocol deals with the software that sends the personal information from your social profile to that external service provider. In this case, Ion handles the decentralized identifiers, which control the ability to prove you own the keys to this data.

Christopher Allen, a crypto veteran and the co-founder of the World Wide Web Consortium (W3C) working group for decentralized identity (DID) solutions, stated:

“A lot of enterprise infrastructures use Microsoft products. So if they integrate this into any of their infrastructure products, they’ll have access to DID.”

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eToroX Launches Gold and Silver Stablecoins

Today, eToroX, the blockchain division of global investment company eToro, has announced the addition of two commodity-stablecoins – eToro Gold (GOLDX) and eToro Silver (SLVX), two further fiat-stablecoins – eToro Ruble (RUBX) and eToro Yuan (CNYX) – plus 15 fiat pairs to its crypto exchange. Commenting on the news, Yoni Assia, Co-founder and CEO of eToro, said:

“The blockchain brings transparency and a new paradigm for asset ownership. We believe this is the future of finance and we’ll see the greatest transfer of wealth ever onto the blockchain. One of the key obstacles that cryptoassets need to overcome for mainstream adoption is price stability. Stablecoins largely eliminate this hurdle.”

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Bitfinex and Tether Ask Court to Loosen NYAG’s Restrictions

Tether has asked a judge for more leeway to use its cash amid the New York Attorney General’s investigation of the stablecoin issuer and affiliated crypto exchange Bitfinex.

According to new court documents filed yesterday, the attorneys for each side failed to come to a consensus on what, precisely, Tether should be allowed to do with its holdings. The NYAG’s office wants to prevent “any affiliated entity” from touching funds in Tether’s reserve and a 90-day injunction.

On the other hand, attorneys for Tether and iFinex, the parent firm of Bitfinex, want a 45-day injunction and for affiliated entities that want to fairly redeem Tether to be able to do so.

Read more here

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