Libra Forms 21-Member Libra Association / Inside Ernst & Young’s Nightfall / Blockchain Payment…

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Libra Forms 21-Member Libra Association / Inside Ernst & Young’s Nightfall / Blockchain Payment Tests in Cars

October 16, 2019

What a week. Let’s start there. Libra gave the blockchain community plenty to pain attention too as the latest continued to follow with notable exits, the formation of a 21-member association, and several providing their thoughts and/or support (Foxconn, etc.) for the yet to be launched project. Not to be outdone, Ernst & Young (EY) revealed their bigger plans for blockchain (Etherum for now) speaking about Nightfall and launching new blockchain-enabled tools. Automakers BMW, General Motors, Ford, Renault, and Honda, are now testing blockchain-enabled solutions in vehicles. If that wasn’t enough we dive, the IRS issued its first cryptocurrency tax guidance in 5 years, DApp transaction volume dipped last quarter, blockchain governance proposals, zero-knowledge proofs, collectible cats, methods to scalable DApps, and we even found room to cram in plenty of research along with insights on infrastructure, DApps, Bitcoin, Economics, and Stablecoins. For MORE and to keep you up to speed, here’s a snapshot of the top stories this week around the industry.

📖 Facebook-Led Libra Forms Governing Council After Big-Name Departures

Source: Libra Association Members — October 2019

After a slew of high-profile withdrawals from the cryptocurrency project started by Facebook, twenty-one organizations have signed the Libra Association charter. The Libra Association also named its board of directors and formalized the consortium’s executive team…read more — more on the 100 Members by Launch & Foxconn’s Founder on Welcoming Libra

📖 Facebook’s Libra Association crumbling as Visa, Mastercard, Stripe, and others exit

One week after PayPal announcement of its withdrawal from Facebook’s libra cryptocurrency project, Mastercard, Visa, eBay, payment system provider Stripe, and South American partner Mercado Pago have also withdrawn from their participation from the Libra Association. Facebook CEO Mark Zuckerberg is set to testify on the currency at an October 23rd hearing before the House Financial Services Committee…read more

📖 Inside EY’s radical plan to get major businesses using Ethereum

Ernst & Young, an accounting firm, released a small advancement in Ethereum technology called Nightfall, designed for making private Ethereum transactions. In an interview with Decrypt at Devcon 5 EY’s Global blockchain leader Paul Brody stated that Nightfall is the first step in a greater process to get businesses creating agreements, settling invoices and making payments with each other using the public Ethereum blockchain and if it can create the technology that it needs it could drive a lot of companies to start using the public Ethereum blockchain in order to save time and money…read more

📖 BMW, General Motors, Ford to Start Testing Blockchain Payments in Cars

Automakers BMW, General Motors, Ford, Renault, and Honda, have partnered to test blockchain car identification and payment system in the United States. The partnership intends to test the vehicle ID system developed under the Mobility Open Blockchain Initiative. As part of the project, cars are consigned digital IDs linked to ownership, service history, and a wallet allowing the vehicle to pay fees without specialized hardware automatically…read more

📖 EY Launches Blockchain Tool to Help Bring Accountability to Public Finance

Professional services giant EY (Ernst & Young) is using blockchain tech to assist governments in improving transparency and accountability in the management of public funds. The firm, one of the Big Four accounting firms, announced the news Wednesday, saying its new “blockchain-enabled” EY OpsChain Public Finance Manager will compare government spending programs with the results of the expenditure, even when the money has passed through different layers of government and public service agencies…read more

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📖 UNICEF Launches Cryptocurrency Fund to Back Open Source Technology

UNICEF, the United Nations Children’s Fund, has launched a crypto fund to receive, hold and distribute donations of bitcoin and ether in its aim to back open-source technology for children around the world. The first contributions to the UNICEF Cryptocurrency Fund will be received from the Ethereum Foundation and will benefit three grantees of the UNICEF Innovation Fund — and a project coordinated by the GIGA initiative to connect schools across the world to the internet…read more

📖 The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years

The U.S. Internal Revenue Service (IRS) on Wednesday published its first guidance for calculating taxes owed on cryptocurrency companies. According to the guidance, tax liabilities will apply when the new cryptocurrencies are recorded on a blockchain if a taxpayer has control over the coins and can spend them…read more

📖 SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering

The Securities and Exchange Commission (SEC) announced that it had filed an emergency action and obtained a temporary restraining order against ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds…read more

📖 Is Golem the Most Disruptive Blockchain you’ve never heard of? — Market Mad House

Daniel G. Jennings takes us through Golem (GNT), the distributed supercomputer which could be the most disruptive blockchain project you have never heard of it. To explain Golem’s ecosystem is a blockchain marketplace designed to let users rent out any amount of computing power. Theoretically, Golem could support any computer ranging from your desktop to a giant data center. Potential uses for Golem include computer-generated imagery (CGI), scientific computing, trading, and e-commerce…read more

More For Your Week:

📖 Blockchain Governance Proposal by Daniel Larimer

📖 A Simple Explanation of Zero-Knowledge Proofs by Hadas Zeilberger

📖 Ethereum Is No Longer a Monopoly Platform for Stablecoins by Alex Melikhov

📖 Report: The Legal and Regulatory Framework of Blockchains and Smart Contracts by ConsenSys

📖 Education in Blockchain and DLT: How to Acquire the Necessary Knowledge with a Workload of 10 Working Days by Philipp Sandner

DApps (Decentralized Apps) Watch

📖 Dapp market contracts despite huge DeFi growth

The decentralized app platform reported that dapp transaction volume has dropped on major blockchain ecosystems by almost 40 percent compared to last quarter. It analyzed six major blockchains — Ethereum, EOS, TRON, Steem, TomoChain, and IOST. As per the report, it dropped down from $3.28 billion to $2.03 billion…read more

📖 Blockchain can power move to monetize Big Data, experts say

Blockchain can open the door for manufacturers to be paid for their data, SIMBA Chain CEO Joel Neidig said. The company’s namesake product is a cloud-based, smart-contract-as-a-service platform, he said. “Manufacturers generate a ton of data,” he said. “There’s a lot of Big Data and artificial intelligence and people wanting to consume that data. Blockchain is a way of being able to share that data, and then getting a return on that data, for basically an incentive to share that data.”…read more

📖 Collectible cats: How Alan Carr helped bring tokenization to the masses

According to Alan Carr, the senior product designer at the company behind CryptoKitties — Tokenization is just a way of quantifying or encapsulating something which may generally be an abstract concept, like ‘ownership’ or ‘my wizard’s power…read more

📖 Horizontally Scaling Blockchain Apps with vCPU

Blockchain development firm LiquidApps is introducing a new blockchain scalability solution for decentralized application developers, called vCPU: a way to scale blockchain processing power horizontally while providing far more computing power per action than native blockchains can provide…read more

🎧 What I’m Rocking:

Source: CoinStructive

This week I’m listening to the latest episode of the LAB Radio by CoinStructive featuring guests Alex Mashinsky and Leah Jonas of Celsius Network. This episode does a great job of explaining Celsius and their most well-known feature of providing the ability for individuals to receive interest on the crypto they deposit. Twenty years ago it was commonplace for the average person to expect to earn interest on their money deposited at a bank. Celsius Network is bringing to the masses a new way to let your money make money. You’ll hear stories from both Leah and Alex reinforcing their beliefs on how blockchain technology can be applied to the world.

👉 Register now to receive the latest Blockchain for Infrastructure Landscape Q3 2019 edition

Q3 2019 Edition of the Blockchain for Infrastructure & Ecosystem Landscape

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Libra Forms 21-Member Libra Association / Inside Ernst & Young’s Nightfall / Blockchain Payment… was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.