Crypto Diaries: Bakkt Futures platform now slated for a Q3 launch
Will it revive another bull run in Bitcoin & Cryptos — this & more about new blockchain projects in today’s edition
The long-awaited physical futures began user accepted testing effective July 22nd. The original launch date of June could not materialize as the regulators are taking their time to approve the project. Many see Bakkt launch ushering in another round of institutional participation in the digital assets since unlike the CBOE & CME, Bakkt’s Bitcoin futures will be physically delivered via a process called Warehousing — the proposed cold storage solution for the private keys of digital assets.
If Bakkt is able to launch in Q3 as announced & anticipated, it might provide another lease of life to Cryptos in general & Bitcoin in particular. BTC, which saw highs of over $13,800 roughly a month ago has receded significantly with a correction of over 30% — trading around $9500 at the time of writing. Let’s see if Bakkt can pass through the regulatory hurdles of the United States Commodity Futures Trading Commission (CFTC), who have already caused several delays. Moving on…
Tokenizing the Moon
The space race to the Moon & beyond is again heating up as we celebrate the 50th anniversary of those famous words by Neil Armstrong “One small step for man, One giant leap for mankind.” Now a blockchain startup Diana is taking another giant leap by attempting to launch a Lunar registry. The surface of the moon will be distributed in cells that can be owned via the native Dia token, with the records placed on a blockchain ledger.
As more tokens get sold, the cost of registration will go up thus increasing the value of the tokens for the owners & preventing speculation. The breakup of the token includes 50% going to the public, with less than 2% reserved for the founders & development team and the balance acting as the reserve. How exactly are they selling Lunar property to private citizens when the UN Outer Space Treaty specifically states:
“Outer space, including the Moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means.”
Apparently, the international treaty has a loophole as it says nothing about private ownership. Makes sense considering Cash-rich corporations like Jeff Bezo’s Blue Origin & Elon Musk’s SpaceX are gearing up to explore & monopolize the Moon. So are you ready to own some real estate on the Moon?
Security-focused blockchain
The scalability trilemma — Decentralization, Scalability, and Security — as coined by Vitalik Buterin (co-founder of Ethereum) are the three main issues plaguing the blockchain technology. Now a blockchain company CertiK Chain aims to resolve one of these problems with the execution of smart contracts on a security-focused chain by employing CertiK Foundation’s unique Formal Verification platform.
The on-chain smart contracts can interact with each other check for cryptographic certificates which act as proof of verified security. Also, these smart contracts are created using the functional programming language, DeepSEA, which provides security within the code itself. The network’s nodes will run on CertiKOS providing military-grade security from hacker attacks.
Cannabis-backed token
Greek billionaire Alkiviades David and his Swiss consortium have launched SWX Coin — World’s first cannabis backed cryptocurrency. The consortium also launched Swissx Bank of Cannabis which will be based in Gstaad, Switzerland. The bank will provide a secure & transparent way to process Swissx’s financial transactions with its global partners with the commodity-tied coin. The digital token has been introduced on Bitcoin’s blockchain & pegged directly to the global price of premium hemp flower. Recreational cannabis use has been recently legalized in Canada & a few U.S states as well. The cannabis business has huge potential as it is expected to cross $24 billion in the U.S alone by 2023.
SWIFT for Cryptos
Japan has been one of the most forthcoming nations when it comes to Cryptocurrency regulation. It was the first country to regulate cryptocurrency exchanges in the country in 2017. Japan’s Ministry of Finance and the Financial Services Agency (FSA) have now proposed a Crypto network to be put in place over the next few years.
The project will have oversight from the inter-governmental Financial Action Task Force (FATF). The network will be devised on the same lines as the current international payments messaging system SWIFT, used by the majority of the banks for money transfers around the World.
The action has been precipitated by the increasing worry of money laundering via the decentralized cryptocurrencies & the recent launch of the Libra coin by the social media giant Facebook. Not much information has been made public, but this might prove to be a major step towards regulating the Crypto payments. How well this initiative sits with the users is anybody’s guess.