Coinbase is advancing its push into developing a secure digital identity platform by acquiring San Francisco-based startup Distributed Systems.
Michael Terpin is suing AT&T, claiming the company’s failure to protect his cell phone data lead to hackers stealing $24 million in cryptocurrencies.
The ethereum price clawed its way back to $300 on Wednesday as the wider cryptocurrency market experienced a double-digit recovery. Ethereum suffered a colossal sell-off during the early part of the week, dipping as low as $249 on Monday and leading many to wonder whether the second-largest cryptocurrency’s status as a launchpad for initial coin
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Could another exponential cryptocurrency bubble be on the horizon? The co-founder of Ethereum believes so, and that each new bubble brings in a wealth of talent to build on fundamentals.
Joseph Lubin Comments on the Bubble Effect
The meteoric rise of Bitcoin and subsequent growth in Ethereum, fueled by the initial coin offering (ICO) boom, caused the entire globe to take notice of the emerging cryptocurrency industry. As investors spoke of significant gains, the mainstream caught wind and an irrational, greed-fueled bubble was created.
When that bubble popped in early 2018, prices tumbled to one-year lows, and speculators feared the worst. Ethereum co-founder Joseph Lubin, however, sees bubbles as beneficial in the sense that they raise awareness and lure in new developers interested in the disruptive new technology.
Developer Interest Increases with Each New Bubble
While speaking to Bloomberg’s Erik Schatzker on Bloomberg TV, the Ethereum co-founder and developer said that the cryptocurrency and blockchain ecosystem is stronger than ever as a result of the bubble, despite prices suggesting otherwise.
“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart.”
The ConsenSys CEO added that the “growth has been exponential” and that each bubble brings entrepreneurs, developers, and money to the space.
“With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now,” Lubin said.
Ethereum Price Reaches 2018 Low, Lubin and Ecosystem Unfazed
In the same segment, Schatzker further pressed Lubin for his thoughts on the cryptocurrency bubble in relation to Ethereum’s prices. He also asked if the decline was causing developers and entrepreneurs, who entered the industry as prices rose, were existing as they fell. Lubin says “no, we’re not seeing that” and attributes the massive price swings to “trader types.”
This week, the price of Ethereum broke critical price support at $300, falling to a 2018 low of $251 before making a rebound. Ethereum’s price peaked on January 13 at $1,400 per ETH, and has since reached prices not seen since before the parabolic rise began in November. Lubin says the bubble was “expected” and that even Ethereum’s November and December price was viewed as “incredibly high” at the time.
More Cryptocurrency Bubbles Incoming, Exponential Gains
Citing the six bubbles that have occurred since Bitcoin launched in 2009, Lubin stated that bubbles are “expected” in the cryptocurrency space and will “absolutely” turn into another bubble. This potential will get “even more impressive,” he said. Lubin believes that the growth in base fundamentals will cause another “astonishing” rise.
The Ethereum co-founder sees the next growth phase coming from “layer 2 technologies” that’ll enable “exchanges and games to have hundreds and thousands of transactions per second” and expects these solutions to be released before the close of this year.
Featured Image from Shutterstock.
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Paragon, a blockchain company that develops seed-to-sale tracking solutions for the marijuana industry, is joining hands with Civic Technologies Inc., a digital identity firm, to bring secure and trusted identity services to Paragon’s digital community. Customers can now provide their state-issued IDs or driver’s licenses to verify their identities on Paragon, making it even more accountable to government regulations and bolstering compliance with the platform’s age regulations.
“By using ID verification, we’re holding users accountable, which brings an added level of transparency and trust to the industry. The ability to easily identify yourself through Civic provides easy access to our users in situations such as age verification at a dispensary,” Jessica VerSteeg, Paragon’s CEO, told Bitcoin Magazine.
In our interview, she continued to explain what inspired her to build the company in the first place.
“When I was running Au Box, a monthly subscription service that provides members with a curated box of cannabis products, I came across a huge issue,” she explains. “A parent called me asking about the lab results for one of the products in the box because they wanted to give it to their child with epilepsy. I ended up calling the lab and noticed the results didn’t match what the supplier was claiming, which made me realize how many companies could be providing false lab results — offering flower that tested positive for mold and being sold as ‘god weed,’ or flower that had been sprayed with pesticides and is being sold as ‘organic.’”
She continued to say, “I did not feel right supplying clients with any products that weren’t clean and top quality, so I started tracking everything on the blockchain for Au Box, and later I realized I was creating something that the entire industry could benefit from, so I built Paragon.”
One of the biggest issues the cannabis industry is facing is that current seed-to-sale tracking softwares can be compromised. VerSteeg says this problem affects the entire supply chain, and consumers can be given inaccurate product information and, at worst, the wrong consumables entirely.
She says that, by implementing a blockchain solution and utilizing smart contracts, there’s now an immutable ledger and a full library of records verifying every move the industry makes. Not only will this make the industry’s supply chain more reliable; it will also make it easier to be more compliant with federal and state regulation.
“With recreational and medicinal cannabis legalization becoming more widespread, it’s now more important than ever that those in the industry are licensed and compliant,” she asserts. “What we’re doing is providing a safe and reliable platform to ensure that every user in the supply chain, from the cultivators, to the labs, to the manufacturers, etc. are being honest about their products and services, thereby bringing ease to consumers, doctors and the government.
In addition, Paragon is also preparing to launch the first phase of its new mobile application. Users will soon be able to access a Paragon (PRG) wallet in the app, where they can send and request payments from both businesses and individuals within the cannabis space.
This article originally appeared on Bitcoin Magazine.
The Bitcoin market on Wednesday attempted a decent bullish recovery, extending the recent marginal gains to an impressive 10% upside from the previous lows. The Asian trading session witnessed an influx of buying orders in an attempt to pierce through $6,500-resistance. As we hiccuped through the European course, the bullish sentiment weakened and pulled the
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The legal woes of biotech company-turned-crypto miner Riot Blockchain don’t appear to be slowing down.
Throughout the past two months, investors in the local crypto market of South Korea have continuously expressed their optimism towards a drastic change in the regulatory landscape of crypto. Since early February, the crypto market has endured the third-worst correction in its history, experiencing a 78 percent decline in price. Despite the bear market, the
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The American Association of Insurance Services is turning to IBM Blockchain to support a new automated insurance reporting tool.
When Arthur Hayes has an opinion, he doesn’t tend to mince words. The BitMEX CEO and noted pot-stirrer stayed true to form on Tuesday when using a few, err, colorful illustrations, he predicted that the ethereum price is on track to plunge to double-digit price levels. Writing in BitMEX’s “Crypto Trader Digest,” the exchange operator’s
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