Most important stuff we’ve seen previous week in crypto world with personal thoughts
Major developments
Last week was very interesting from blockchains adoptions perspective. The 1-year long ICO from EOS did end. It was biggest ICO on Ethereum network. In the upcoming week if everything will go as planned new blockchain EOS will be started. So this will be the first of few recent ICO’s which raised funds on Ethereum and are planning to make separate blockchain. The same approach we will see for example for OmiseGo (OMG), Zilliqa (ZIL) and Tron (TRX) tokens. They also plan to launch separate blockchains.
There are few aspects worth to note regarding this
EOS team stated that they only made EOS.IO software and made it publicly available to the community. They didn’t want to take responsibility for new network launch probably to not be alleged by SEC (or other regulators) in future, to execute unofficial securities launch.It’s very interesting to observe what Block.One (the company behind EOS) will do with their earned Ether. They already have more than 10% of EOS supply so it’s not smart for them to accumulate more. Secondly, for a few days, EOS tokens are frozen in people’s wallets. Most people moved their ERC20 EOS tokens from exchanges to their wallets. Now they wait until EOS blockchain will be started, but it can take few days to finish. And even after that at the beginning, it will be hard to use these new EOS tokens, because of lacking apps. For example, there is no any fully tested and trusted wallet. Due to this, we can assume that remaining tokens on exchanges will be traded heavily and we could see very high volatility on EOS pairs. Lastly, from developer perspective, it looks like EOS is in early days of development and we could see a lot of bugs and problems with the platform. For sure in some near future, we would see hack and scam attempts on wallets and DDOS attacks on their 21 nodes.
PRICE ACTION
Prices recovered since previous week levels and we could see nice gains across main coins and tokens. Market capitalization is still within the area between 270 and 450 billion dollars. We should stay in that area for 1 or 2 weeks more and then we should see some more significant moves.
Weekly 28–6th June 2018 crypto performance (by coin360.io)
Major crypto events in week 28–4 May 2018
Microsoft Corp., acquiring GitHub Inc.The software maker has agreed to acquire GitHub, the code-repository company popular with many software developers. GitHub is kind of standard also for crypto projects and most of the projects are using it to host code and projects documentation etc. Estonia quits plans to create national cryptocurrencyThe Baltic country dropped plans to peg these digital tokens to the euro or offer them to all citizens, Siim Sikkut, an official in charge of the country’s IT strategy. Instead, they will be given as an incentive to e-residents, foreigners who use Estonia’s electronic identification to remotely sign documents and set up companies Bittrex.com has signed a banking agreement that allows corporate investors to trade cryptocurrencies with dollars. Bittrex will cooperate with the New York-based Signature Bank to launch the service. Poloniex (backed by Goldman Sachs), has suspended trading for clients until they finish verification. Until that time funds are frozen and unverified users are only able to withdraw funds. Huobi Pro has launched cryptocurrency exchange-traded fund (ETF) targeted at retail investors. Their index-based product it’s not traded on a regulated securities exchange as conventional ETFs do and cannot be held in conventional brokerage accounts. What sets this fund apart is that it can be purchased by retail investors with a very minimal initial investment.
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