🗞 Daily Crypto News, January, 28th💰

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(Edited)

  • Blockchain Spending Plummets at Russian Giant Rostec as Hype Wanes ;
  • Coinbase and Ripple Execs Unveil Master Plan to Drive US Crypto Adoption ;
  • Wallet Creator Offers $250K to Anyone Who Can Crack the ‘Hack-Proof’ ;
  • Singapore Announces New AML Rules for Crypto Businesses ;
  • Who Funds Bitcoin Developers? ;
  • 🗞 Daily Crypto News, January, 28th 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Blockchain Spending Plummets at Russian Giant Rostec as Hype Wanes

The state-sponsored Russian technology firm Rostec aims to halve its blockchain research and development fund and now estimates smaller effects on the economy.

The company stated that it plans to spend RUB 28.4 billion (USD 453.2 million) on blockchain technology by 2024, Kommersant reported, citing Rostec. This figure is a far cry from the May report, which suggested sums from RUB 55 billion to RUB 85 billion.

The company also made clear that its forecast for blockchain economic impact is substantially less than previously thought (RUB 1.1 trillion, compared with RUB 1.64 trillion in May 2019).

🗞 Coinbase and Ripple Execs Unveil Master Plan to Drive US Crypto Adoption

Two executives at Coinbase and Ripple are leading a push for smart regulations and transparency in the crypto-sphere that would arguably drive adoption and take blockchain technology mainstream.

Market integrity must improve

The Market Integrity Working Group’s co-chairs want regulators to grasp how they can advance the cryptocurrency industry. In an official company statement, Coinbase senior director and associate general counsel Rachel Nelson, in conjunction with Ripple’s head of global institutional markets Breanne Madigan, wrote:

“To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of crypto markets.”

Projecting wider regulations, they added:

“Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”

🗞 Wallet Creator Offers $250K to Anyone Who Can Crack the ‘Hack-Proof’

Offline cold storage cryptocurrency wallet service provider GK8 is offering a bug bounty of up to $250,000 to the first person who can hack its product.

GK8 — which presents its solution as a “hack-proof digital vault” that needs no direct or indirect connection to the internet — will place 14 Bitcoin (BTC) (over $125,000 at press time) in its wallet. Anyone who succeeds in breaking into the wallet will pocket its proceeds, plus an additional $125,000 prize.

The bounty program will run from Feb. 3 (9:00 a.m EST) through February 4, 2020 (9:00 AM EST).

🗞Singapore Announces New AML Rules for Crypto Businesses

The Monetary Authority of Singapore (MAS) is updating its regulatory framework for digital payments.
Announced Tuesday, Singapore’s Payment Services Act 2019 (PSA) brings so-called Digital Payment Token (DPT) services – effectively covering all crypto businesses and exchanges based in Singapore – under current anti-money laundering (AML) and counter-terrorist-financing (CTF) rules.

As such, crypto businesses in Singapore are required to first register and then apply for a license to operate in the jurisdiction.

Similar to the Fifth European Anti-Money Laundering Directive (AMLD5), which went into effect Jan. 10, Singapore’s new rules are long-awaited: the PSA was passed back in January 2019. In the intervening months, Singapore has further cemented itself a forward-thinking jurisdiction in regulating the cryptocurrency industry.

🗞 Who Funds Bitcoin Developers?

Many, many developers have contributed to Bitcoin’s growth since its birth in 2009.

In other words, Bitcoin is the representation of a long line of programming work. Developers have had to look for bugs, write software updates, and assume the vital task of proposing how Bitcoin might evolve.

This is busy and very careful work, and one question that crops up in general discussion of Bitcoin development is: who funds it? Are developers mostly voluntary, or are they supported by funding from interested third-parties?

According to a developer who wished to remain anonymous, only a small proportion of programmers contribute to Bitcoin Core on a full-time and funded basis.
"In 2019, 150 people contributed pull requests to Bitcoin Core," he tells Cryptonews.com. "Of those, roughly 20-25 do it full-time and receive funding or salary to do so. It would be good to see this number closer to 100."

🗞 Daily Crypto News, January, 28th💰

  • Chiliz (CHZ)

PSG fan token offering begins.

  • PSG fan token offering begins.

"Don't miss the Project Hydro AMA on @Uptrennd, Ask about the protocols, #tokenization, #dapps, #blockchain or anything else...."

  • Syscoin (SYS)

"Syscoin Bridge, to and from Ethereum, will go live at block number 348,000, expected approximately January 28th, 2020."

  • Dash (DASH)

"Ryan Taylor ( @Rtaylor05 ) will be hosting an AMA session on Dash Tokenomics next Tues, Jan 28th at 4 pm UTC on the DashPay Subreddit!"

  • Zcash (ZEC)

"The monthly Zcash community call series kicks off TOMORROW, Jan 28."

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