Crypto News: EOS, Waves, IOTA, Genesis Vision, Tezos, Citigroup (10th-16th of September)

Citigroup potentially enters cryptocurrency

On 10th of September some sources mentioned that U.S. multinational bank Citigroup is developing a cryptocurrency product to give institutional investors access to crypto markets without owning cryptoassets directly. Citigroup have over US$71B in revenue and over 200k employees.

Citigroup, which had previously taken a centralized approach to cryptocurrency, will reportedly use a revamped version of the American Depositary Receipts (ADR) – a type of security issued since the 1920s that represents securities of a non-U.S. company – to let investors indirectly trade crypto as Digital Asset Receipt (DAR) which gives U.S. investors a way to own foreign stocks or currencies that don’t otherwise trade on U.S. exchanges.

EOS dapp issues

On 14th of September it was annouced that a gambling application EOSBet that is based on the EOS blockchain has had a flaw in its smart contract system exploited. Hackers were able to make off with $200,000 worth of EOS due to the vulnerability.

An EOSBet spokesperson has stated: “[…] A few hours ago, we were attacked, and about 40,000 EOS was taken from our bankroll… This bug was not minor as was stated previously, and we are still doing forensics and piecing together what happened.”

This is following the attack from 10th of September, where it emerged that DEOSGames, another EOS-based betting platform was hit with a smart contract attack, leading to a series of strange payouts including 24 jackpot payments in less than one hour.

If it turns out that there is a common backdoor for EOS DApps, this could be a major problem so hopefully developers can sort it out.

Waves update

On 13th of September the corporation Rostec, the Russian state-owned manufacturing conglomerate, is entering the blockchain fray via partnership with Waves. Rostec was established in 2007 and has a revenue of $18.9 billion and over 450k employees

The project will look into the application of blockchain technology to Rostec’s operations – specifically, for standardizing, collecting and analyzing data about the products manufactured under Rostec’s supervision, which include both military and civilian goods.

They will also seek to develop solutions for so-called smart cities, which leverage data to manage urban resources more efficiently. To that end, the project would facilitate the sharing of data via blockchain between governments and citizens.

Waves also annouced that they is engaged in negotiations with the Maltese government in an effort to gain all the proper accreditation in order to run their operations on the island.

IOTA Qubic roadmap

On 12th of September IOTA has published the roadmap update for the Qubic project. Qubic enables Smart Contracts, Oracles, Outsourced Computing and lots more on IOTA.

It provides general-purpose, cloud- or fog-based, permissionless, multiprocessing capabilities on the Tangle. It will basically be the foundation of plenty more projects using IOTA and also a platform for the greater community and ecosystem.

IOTA team recently provided a lot of details on the Qubic programming language Abra. The roadmap shows Abra specification, compliers, development and libraries.

On top of that the roadmap covers qubic protocol, qubic tangle and the oracles. All of that information includes also progress level so project followers. On top of that IOTA provides regular blog updates.

Genesis Vision Updates

On 11th of September Genesis Vision has announced the release date of their platform. The platform will go live 30th of October.

Genesis vision is a platform for the private trust management market, built on Blockchain technology and Smart Contracts. They are trying to combine exchanges, brokers, traders and investors into a decentralized, open and honest network

The platform uses GVT token which recently increased in price but is still not in top 100.

Tezos Updates

On 14th of September Tezos has annouced that their mainnet will arrive on 17th of September. Tezos is a platform for smart contracts and decentralized applications that will allow for On-Chain Governance meaning a formal process through which stakeholders can efficiently govern the protocol and implement future innovations.

The betanet went live on 30th of June. It was a fully functional version of the network but still “experimental” in nature, with downtime and even emergency hard forks of the network possible. This however means that the main network should work without any major issues.

The team also published update on 10th where the president of the Tezos Foundation published an update about the last 6 months. XTZ token has been doing quite well recently and is currently in the top 20.

Not a financial advice.

Crypto News: EOS, Waves, IOTA, Genesis Vision, Tezos, Citigroup (10th-16th of September)

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Kane Dane