Private Blockchains Occupy Uncertain Area Under EU GDPR Privacy Regulations
A new study that was undertaken by Queen Mary University of London and the University of Cambridge, UK, came to some interesting conclusions about how blockchain could fit into the EU’s complex regulatory structure.
Source: Private Blockchains: Uncertain Area Under EU GDPR Privacy Regulations
What is the economic potential and the risks of crypto assets? Regulators and supervisors have taken great interest in these new markets. This Policy Contribution is a version of a paper written at the request of the Austrian Presidency of the Council of the European Union for the informal ECOFIN meeting of EU finance ministers and central bank governors. Read fileClose
Source: The economic potential and risks of crypto assets: is a regulatory framework needed? | Bruegel
Following action against Decentralized Exchange EtherDelta, last week also saw the US Securities and Exchange Commission issuing settled orders against two companies, Airfox and Paragon, for the sale of unregistered securities after raising capital through an Initial Coin Offering. The regulator may have given class action lawsuits against token issuers much needed guidance, one of which was filed against Paragon earlier this year. On the flip side, Washington has also given those who raised capital through the contentious vehicle an opportunity to make good allowing for the retroactive filing of their token as a security.
Source: Volume 2 Issue 45 – Diar
The only female leader in the Pacific Islands is facing a no-confidence challenge after pushing ahead with the controversial introduction of a digital currency for the Marshall Islands.In February this year President Hilda Heine announced plans to introduce a cryptocurrency to operate as the country’s second legal tender alongside the US dollar, saying her country must not remain idle but “advance into the future”.The cryptocurrency, known as Sovereign or “Sov” was to be issued by an Israeli start-up company, which, according to the International Monetary Fund has “limited financial sector experience”.
Source: Plans for digital currency spark political crisis in Marshall Islands | World news | The Guardian
THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem.” The witnesses will be Dr. Nouriel Roubini, Professor of Economics and International Business, New York University Stern School of Business; and Mr. Peter Van Valkenburgh, Director of Research, Coin Center.All hearings are webcast live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
Source: hearing | Hearings | United States Committee on Banking, Housing, and Urban Affairs
Ethereum meanwhile has a different, albeit more high-class problem: Its developer community, some 250,000 strong according to Consensys, is large and ponderous—and that comes at the expense of innovation. On the other hand, the sheer number of developers may help them to wrap the issue up quickly.
A report has claimed that GDPR could hinder innovation in blockchain within Europe. If that is right, then this could be enough to ensure that the technology stars of tomorrow, the next Amazons or Googles, won’t be European. The report did hint at the opportunity, however. Blockchain could be as transformative for business as the internet, at least nine out of ten technology professionals think that, or so found a survey by BTL Group.
Source: Is GDPR an immovable block to blockchain? – GDPR.Report
Cryptocurrencies: Looking Beyond the HypeCryptocurrency technology comes with poor efficiency and vast energy use.Cryptocurrencies cannot scale with transaction demand, are prone to congestion and greatly fluctuate in value.Overall, the decentralised technology of cryptocurrencies, however sophisticated, is a poor substitute for the solid institutional backing of money.The underlying technology could have promise in other applications, such as the simplification of administrative processes in the settlement of financial transactions. Still, this remains to be tested.
Source: BIS Blasts Cryptos in Special Report: “Beyond the Hype” – Mish Talk
PoW 51% Attack CostThis is a collection of coins and the theoretical cost of a 51% attack on each network.
Source: Cost of a 51% Attack for Different Cryptocurrencies | 51Crypto
Cryptocurrency researchers from FECAP University in Brazil have shown that it would take only around $1.5 million to attack the ETC network and still pull a nice little profit. With $55 million dollars, you could effectively bankrupt the currency, netting nearly $1 billion in straight profit.If a party that controlled just 2.5% of the Ethereum hash rate switched to ETC, they’d instantly control over 51% of the total network hash rate. The attack wouldn’t even be absurdly expensive. It’d cost what you would earn mining on the ETH network with 2.5% of the hash rate, which equates to roughly 525 ETH, or $318,000.
