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EY Releases Nightfall on Ethereum, SEC Blockchain Forum and a $100K F1 Crypto-Collectable


Ethereum Stats

Ethereum Price: $259.99
Ethereum Price (BTC): 0.03082 BTC
Market Cap: $27.60B
ETH Network Dominance*: 74.87%
7 Day Candle**: $268.82 / $287.18 / $243.05 / $259.99

️ Nick’s Market Summary

Last week Ethereum experienced some of its greatest volatility in recent months, reaching a high of $287.18 (its highest price since September 2018) before crashing by 15% to $243.05. The volatility comes amid what appears to be the beginnings of crypto’s next bull run, with sentiment rapidly turning in favor of Ethereum and Bitcoin alike.

The biggest news last week came from EY, one of the world’s largest professional services firms and one that has long been considering the potential applications of blockchain. Delivering on their promise to release their “Nightfall” project in May (see this interview with EY’s head of blockchain), EY committed code to their GitHub repository which provides a framework for enabling private transactions on the public Ethereum blockchain.

The major talking point here is the use of public Ethereum. Banks and accounting firms are no stranger to private Ethereum networks. Famously in 2016, JPMorgan released Quorum – a private fork of Ethereum – which led to concern among Ethereum investors that the use of a private chain (which reaches consensus without the need for mining or Ether) would impede the growth/value of public Ethereum.

Public blockchains are inherently more secure than private ones, and many of the major benefits of using a blockchain over a database are eroded when moved to a private environment without a decentralized consensus mechanism like Proof of Work or Proof of Stake. EY’s announcement then, helps to validate Ethereum not only as a sound technology but in its application for institutions as a public network too.

In similar news last week, JPMorgan announced that they too are working on private Ethereum transactions for their Quorum network. The code is intended to be made open source and it is expected that much of the technology could also be applied to public Ethereum. Deloitte, who have also had a strong interest in Ethereum, announced that they had been testing data management software on the Ethereum blockchain.

We’ve known that banks and accounting firms have had an interest in Ethereum for some time, but to see these behemoths continuing to ship code is undoubtedly a testament to the value of the Ethereum protocol.

– Nick, Owner

⚖️ Crypto Firms Pushback On Regulators

The Kin foundation, issuers of the KIN token and owners of the Kik chat platform announced last week that they would be putting up $5M to go to court with the SEC in the hope of establishing a clearer framework for the regulation of cryptocurrencies. This comes at a time when crypto start-up Circle recently announced the laying off of 30 employees, citing “an increasingly restrictive regulatory climate in the United States” as a factor in the decision.

On the regulator side of the debate, the SEC’s first ever FinTech Forum took place last week which featured a dedicated blockchain discussion. Most notably, SEC Director of Corporation Finance William Hinman said that cryptocurrencies are capable of shifting from being a potential security to very clearly not being one; offering hope to token issuers who feel their native currencies should not be stifled by unnecessary SEC oversight.

️ Formula 1 Delta Time Launches Crypto-Collectibles

F1 Delta Time, a blockchain-based racing game from the Animoca Brand, has launched a line of ERC-721 non-fungible token collectibles which feature the likes of Cars, Drivers and Components with each having a different attribute to offer.

The game will also have an ERC-20 currency to run alongside its game. This currency will be used for paying entry fees and purchasing items.

The first collectible car, 1-1-1, also went up for auction and – in typical crypto-collectable style – fetched a price of $113K USD.

Time for Wine On The Blockchain

Ernst and Young (EY) one of the biggest professional services businesses in the world, is putting wine on the blockchain by developing a blockchain-powered platform based on their suit of tools called Ops Chain and will be able to “determine the quality, provenance, and authenticity of new and vintage wines.”

TATTOO Wine Platform, an acronym for ‘“traceability, authenticity, transparency, trade, origin, and opinion” will focus on markets in the Far East such as China, Japan, South Korea, Thailand, and Singapore. With 5,000 top class wines from France, Italy, Spain, Australia, New Zealand, South Africa, South America, and California.

The company has stated that the platform will leverage smart contracts to streamline wine sales from “vineyards to hotels, restaurants, cafes (B2B), and customers (B2C).”

Proxima Media Secures $100 Million For New Token, Proxicoin

Ryan Kavanaugh, the head of Proxima Media, the media company behind the movie The Social Network, announced that the company had secured $100 million for a token that will allow for investment in media content. The token, Proxicoin, obtained investment from the Central Wealth Investment Fund of Hong Kong and Step Venture in a Security Token Offering (STO)

“Proxicoin holders will also be partial owners of Entertainment Stock X (ESX), an innovative platform operating similar to a stock exchange for financing entertainment projects.  It utilizes Regulation A of the JOBS Act allowing each film or TV show to undergo an IPO, providing liquidity for each production through aftermarket trading. ESX takes advantage of the booming global demand for content while helping fill the need for new, efficient sources of financing for filmmakers.”

Proxicoin is built on the Ethereum platform and enables part ownership in different forms of media. The token is ready for release and the company announced they have signed a deal with the Fusang Exchange.

Kavanaugh said, “Proxicoin and this transaction eliminate many of the hurdles that have held back growth between the two countries due to heavy restrictions in currency conversion. Proxicoin removes those friction points while creating total transparency.”

* calculated as: (ETH Market Cap / Ethereum Network Market Cap)
** open / high / low / close

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