Morning Brief 31.05.2018
Main page Digest, Altcoins, China, Ripple, Blockchain, Bitcoin, Ethereum, TRON, Canada, Brazil, EOS, Cryptocurrency
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May 31, 2018

Tron Switches to Odyssey 2.0

Tron (TRX), the world’s tenth-largest cryptocurrency (by market capitalization), has begun its transition from the Ethereum network to its own blockchain. The mainnet, called Odyssey 2.0, was officially launched on May 31 at 00:00 UTC.

Tron will finish its transition on June 25 - a date that developers have dubbed “Independence Day”. Until then, Odyssey 2.0 will remain in beta, allowing for the configuration of wallets and browsers. Token migration is set to occur from June 21 to June 24, when Tron holders will have to transfer their ERC-20 tokens to the new mainnet and receive an equivalent amount of TRX.

Ripple CEO Predicts End of Bitcoin Influence

Ripple CEO Brad Garlinghouse thinks Bitcoin’s influence on the cryptocurrency market will wane as soon as the characteristics of other coins become common knowledge.

At present, cryptocurrency prices are highly correlated with bitcoin, the first and most famous of the thousands of digital currencies that exist. According to Garlinghouse, that relationship will become obsolete as soon as markets begin to acknowledge the differences between digital assets.

"It's still a nascent industry, the speculation in the market dominates the trading activity... I think it's a matter of time until people better understand the different use cases," Garlinghouse commented.

The CEO also predicted a seemingly inevitable market correction, stating that 99 percent of “[coins] that don't actually solve a real problem are going to get washed out”.

Hackers Hold Canadian Banks Data Hostage for $1 million XRP

The personal information of over 90,000 clients from two Canadian banks, BMO and Simplii, was stolen by hackers over the weekend. The hackers informed the banks via an email on Monday evening, and demanded $1 million worth of XRP in return for not disclosing sensitive personal data, such as client names, dates of birth and social insurance numbers. There is no information whether the banks have given in to the hackers’ demands. The ransom deadline, May 28th, has passed, and it does not appear that the institutions intend to pay.

Huobi to Open Branch in Brazil

Major cryptocurrency exchange Huobi is reportedly expanding to Brazil - the company has begun preliminary marketing activities, has set up an office in São Paulo and is seeking to hire local staff. Huobi representatives have been seen handing out business cards at VI Bitcoinf, a cryptocurrency conference in São Paulo, local news outlet Portal do Bitcoin reported today. According to the report, the company has also been reaching out to “well-known names in the Brazilian market” while setting up a new office in a co-working space in São Paulo. Staff positions such as chief compliance officer and digital marketing manager have also been advertised on LinkedIn. While no official announcement has yet been made, the company confirmed its intent to enter the Brazilian market in response to a enquiry from CoinDesk. Earlier, Huobi expanded its operations to Canada and San Francisco.

Chinese President Supports Blockchain Development For The First Time

Xi Jinping expressed support for blockchain-technology at the annual scientific conference organized by the Chinese Academy of Sciences. He said that blockchain is an important part of the technological revolution. The Chinese leader added that the country should develop this technology to achieve economic success. Xi Jinping also noted that his country is striving to achieve prosperity in the conditions of global economic competition.

Swissport To Use Blockchain For Cargo Handling

Swissport International AG, the global leader in airport ground services and air cargo handling, announced plans to use blockchain in the field of international cargo transportation. Swissport also plans to use blockchain for providing passenger service. As part of this initiative, the company will work with ‘Winding Tree’, a blockchain-based travel distribution platform

At 12:00 (GMT+1) total cryptocurrency market capitalization stands at $331 billion

Bitcoin (EXANTE: Bitcoin) $7 551 (+0,55%)

Ethereum (ETH/USD) $571 (+0,50%)

Ripple (XRP/USD) $0,61 (-0,97%)

Bitcoin Cash (EXANTE: Bitcoin.Cash) $1011 (-0,26%)

EOS (EOS/USD) $13,36 (-0,30%)

IOTA (MIOTA) (+6,92%) showed the best growth among the top-10 in the last 24h

Storiqa (STQ) (+168,84%) showed the best growth among the top-100 in the last 24h

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By Nadya Astam

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