Key Facts Of The Day 20.07.2018

Huobi Launch Crypto Exchange Builder-Cloud

The Huobi Exchange has announced the launch of a new platform Huobi Cloud, through which users will be able to built crypto-exchanges. According to Huobi, more than 10 international companies have already become partners of Huobi Cloud. They will be able to integrate the order management and wallets system, as well as mechanisms for asset management and clearing of Huobi Global platform.

WHY IS IT IMPORTANT?

1. By creating such platforms, Huobi shares experience with all members of the blockchain ecosystem. Such solutions contribute to the further development of the industry and ensure the mutually beneficial participation of all its representatives, according to Huobi Group.

2. Huobi is actively looking into possibilities of using distributed ledger technology and cloud computing that is tailored to the financial services, the Internet of things (IoT) and the scope of logistics. Especially for this, in late June the company entered into an agreement with JD Cloud, a division of China's largest online retailer JD Group.

Japanese Telecom Giant Calls Up Blockchain

Nippon Telegraph and Telephone is developing a new system for storing contracts and user agreements based on the distributed ledger technology (DLT). The Japanese telecommunications giant has already submitted an application to the U.S. Patent and Trademark Office.

WHY IS IT IMPORTANT?

1.The Nippon Telegraph and Telephone company is confident that DLT systems are required to be used in information and communication technologies because of the safety they provide.

2. Another telecom firm, Huawei, has filed a patent application for a copyright protection system. Blockchain should record all information related to verification.

UK Research Smart Contract Introduction

The U.K. Law Commission began work on reforming the legal system in order to introduce smart contracts to the widespread use. The agency's working paper says that research on this topic will begin before the end of summer.

WHY IS IT IMPORTANT?

1. The aim of the study is to provide flexibility and indisputability of the law that will be applied globally. According to the сommission, the legal system of the country needs to be adapted to new technologies, so that the UK would be attractive for business in this market.

2. Authors of the previous study on smart contracts note the advantage of the tool, highlighting the increased level of trust and efficiency of transactions between companies.

Maltese Firms, Regulators Partner Over Trade Platforms

Fundraising platform Neufund, which is a partner of the first decentralized bank of Malta Founders Bank, will launch a platform for issuing security-tokens together with the Binance crypto-exchange. The second platform will be called OKMSX. The Bank of Malta will launch it together with the OKEx exchange. Both sides say they would strive to complete the joint venture by the end of Q3 of 2018.

WHY IS IT IMPORTANT?

1. Firms based in Malta cooperating with local authorities should be a sign to investors that the ventures will be trustworthy.

2. The Maltese bank also plans to obtain a European license so that all services provided by the site are considered legal. If successful, it will become the world's first decentralized bank owned by the cryptocurrency community. The owners of the bank will be considered all holders of its tokens.

Indian Crypto Ban In Effect While Court Decides

The Supreme Court of India has postponed giving its verdict to the crypto-ban issued by the central bank. The Reserve Bank of India made all Indian banks stop crypto related opertains by June. The announced date of the next hearing is September 11, therefore the ban is still in place until the court’s verdict.

WHY IS IT IMPORTANT?

1. Crypto is banned in India at the moment. Due to the weariness of the increasing rise of crypto fraud the ban has been upheld in the past. However this attitude is not backed up by everyone, there are calls to reverse the ban and allow the industry in the country to develop.

2. The world continues to be torn between the crypto sceptic - India and the crypto friendly countries such as Malta and Switzerland. While others continue to sit on the fence in an attempt to come up with appropriate legislation to govern the rapidly growing industry.

CoinMarketCap Taking Measures After Voicing Volume Concerns

In a recent announcement on their blog CoinMarketCap.com (CMC), one of the biggest and most trusted sources that supplies price information about cryptocurrencies, voiced their volume related concerns. From now there will me no more minimum volume limit that was used to constrain the amount of exchanges on the site. This is one of the first measures that will address the problem of integrity of trading volume numbers on exchange sites.

WHY IS IT IMPORTANT?

1. CoinMarketCap is the largest crypto rating platform, with anyone who wants to find out what is happening on the market goes there to see the situation.

2. The information the users will be receiving will be more transparent with a higher level of integrity, therefore it will be a better representative of what is really happening on the market and allow the users to analyze the situation themselves.

At 20:20 (GMT+1) total cryptocurrency market capitalization stands at $283,67 billion

Bitcoin (+1,18%) showed the best growth in the top-10

Kin (+15,63%) showed the best growth in the top-100

The trading volume of cryptocurrencies for 24 hours reached $14,6 billion (-2,91 billion per day)

Click here for the full list of ongoing ICOs.

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