Weekly Recap (7/2/18 – 7/8/18)

Australia Goes Blockchain

(cryptona, 2018)

IBM made headlines last week when they signed a five year $740 million contract with the Australian government. IBM will provide blockchain services to federal departments as well as secure networks for citizens. According to the head of Asia Pacific at IBM, Heather Green, the updated technology will allow Australia to take a place among the top three digital governments in the world.

However not everyone is quite content with the contract. There have been skeptics on the project which come two years after IBM paid $30 million in restitution to the Australian government after being blamed for a failure with the Census 2016. Other concerns include allowing IBM to ‘lock out’ the competition and prevent any innovation in the field.

IBM has however made a name for itself in the industry working with various networks including food safety and luxury goods. With the names signed on the dotted lines and the contracts notarized, it looks like we are all left with bated breath to see if the project flops or sets a new standard for operating governments.

Binance’s Chase to a Billion

(Boxmining, 2017)

A bear market may seem troubling to the majority of bitcoin users but that’s not stopping Binance from their hope of reaching 1 billion in profits this year. CEO of Binance, Changpeng Zhao, stated in an interview with bloomberg that the company aims to reach the target profit within the fiscal year.

The company began as a China based exchange in July of last year, and has since branched out to become the largest cryptocurrency exchange in the world. The company’s latest move has seen an exchange opened in Uganda last month marking its first fiat trading pair. With big moves under the company banner, the profit goal doesn’t seem too off target. Zhao pointed out that the user base has tripled since January increasing from 2 million users to an astounding 9 million in a short period, and it appears that the base will continue to grow at a steady pace.

Stifling the company success however is the bitcoin market which has seen a 70% drop in the past year. Dramatically falling from $20,000 to $6,500. The exchange is still hopeful however revealing that they have already made $300 million in the first two quarters. Unfortunately it does not compare to the $200 million they made in the 2nd quarter of 2017 alone.

With a continued growth in user base, the company still holds fast to their goals. All eyes are on binance in the next two quarters to see if they make the goal.

Coinbase CEO Is Working to Give Back

(TOSHI TIMES, 2018)

Coinbase CEO, Brian Armstrong, is inspiring the cryptocurrency community with an ambitious charity GiveCrypto.org. Armstrong’s aim is to provide direct funding for the poverty stricken population using the cryptocurrency exchange and direct cash transfers.

Inspired by the Gates Foundation, Armstrong hopes to bring all forms of cryptocurrency together to support the project and move away from a ‘bros in lambos’ public image. The CEO explained that he wants to showcase what cryptocurrency can do for the public and that success can be more than just a status symbol in the form of a shiny new car.

With the project still on the whiteboard, Armstrong gave insights to how he would like to see funding decisions handled. Decisions for funding will be made through local ‘ambassadors’ in hopes to bypass any chance of ‘gaming’ the system. Those local ambassadors will be appointed and charged with determining recipients and passing out the funding.

While Armstrong is still unsure on the details of the funding decision-making process, he is moving forward and striving to get the funding needed to kickstart the charity. His ambitions are high hoping to be up to $10 million by this year and $1 billion within the next two. Armstrong is starting off strong already accumulating $3.5 million for the project while putting in $1 million of his own. It looks like the sky’s the limit and Armstrong is ready to go above and beyond.

Author: Jordan Darling

Revisor: Ken TrubaJay Jie


References

[1] Huillet, M. (2018, July 09). IBM Signs $740 Million Deal With Australian Gov’t to Use Blockchain for Data Security. Retrieved from https://cointelegraph.com/news/ibm-signs-740-million-deal-with-australian-gov-t-to-use-blockchain-for-data-security

[2] Wilmoth, J. (2018, July 06). $1 Billion: Cryptocurrency Exchange Binance Eyes Record Profits in 2018. Retrieved from https://www.ccn.com/1-billion-cryptocurrency-exchange-binance-eyes-record-profits-in-2018/

[3] Russell, J. (2018, June 28). Coinbase CEO unveils crypto charity fund targeted at $1 billion. Retrieved from https://techcrunch.com/2018/06/28/coinbase-ceo-unveils-crypto-charity-fund/

[4] Cryptona,. (2018, May 11). Australia logo [Digital image]. Retrieved from https://cryptona.co/wp-content/uploads/2018/05/australia.png

[5] Boxmining. (2017, December 16). Binance logo [Digital image]. Retrieved from https://i0.wp.com/boxmining.com/wp-content/uploads/2017/12/binancelogowhite.png?resize=900,500&ssl=1

[6] TOSHI TIMES. (2018, June 28). [Digital image]. Retrieved from https://i1.wp.com/toshitimes.com/wp-content/uploads/2018/06/Coinbase-CEO-Launches-a-Crypto-Charity-Aimed-at-Emerging-Markets.jpg?w=1024&ssl=1

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