The Big Picture: BTCMANAGER’s Week in Review for May 15
BTCMANAGER is here to bring clarity – this week in particular. We bring you an interview with Alex Tapscott, co-author of the book Blockchain Revolution, which in turn is a fantastic overview of the blockchain space. We also help to sort out the ins and outs of DAOs and The DAO. You’re welcome.
Compiled from contributions by James R. Moreau, Diana Ngo, Michael Scott, and Jamie Holmes
Following the growth of The DAO’s token sale and the rise of the price and market cap of ETH, hackers have struck at what seems like the worst possible time for Hong Kong based crypto-asset exchange, Gatecoin. According to a statement released by the team at Gatecoin on the front page of their website, the entire Gatecoin exchange operations will be shut down until at least May 28th for investigation, re-building and inspection of the system.
The DAO movement officially took a significant step forward on April 30th through the launch of The DAO, the Ethereum-based hub allowing individuals to acquire tokens which will allow them to vote on the funding and direction of future projects. The milestone fueled a rush to set up new ether accounts, resulting in the highest number of Ethereum transactions ever. In fact, The DAO is now the second largest holder of ether, the crypto-fuel driving the ethereum network, overtaking the Ethereum Foundation for that distinction.
Michael Scott breaks down what a DAO is, what The DAO is setting out to accomplish and what lessons can be learned from the adventure thus far.
On May 10 Alex Tapscott and his father Don Tapscott released Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World. Alex is the founder and CEO of Northwest Passage Ventures, an advisory firm on the leading edge of the blockchain movement. A Certified Financial Analyst, Alex was formerly a senior executive with Canaccord Genuity, Canada’s largest independent investment bank. He is a faculty member with the Global Solutions Network Program of the Martin Prosperity Institute tied to the Rotman School of Management at the University of Toronto.
In this exclusive interview with BTCMANAGER, co-author Alex Tapscott talks about the Blockchain Revolution movement and how its influence is rapidly being ushered into our worldview.
The French government has passed a new ruling authorizing the use of distributed ledger technology for the issuance of mini-bonds and recording of trades. The new statute not only gives a clear definition of blockchain technology in French law, it also recognizes the technology as a recording tool that can be used for the transfer and authentication of ownership titles while providing legal validity to mini-bonds issued and traded via a blockchain infrastructure. The statute (no 2016-520, April 28, 2016) defines blockchain technology as a “shared electronic recording system allowing for authentication.”
It states that the issuance of mini-bonds can be recorded on a blockchain “under conditions fixed by a decree in Council of State.”
After attempting numerous times to break psychological resistance at $10.00000, ETH-USD looks as if it is preparing for a nosedive. In a comprehensive price analysis by BTCMANAGER’’s Jamie Holmes, he breaks down weekly statistics that hint towards a significant dive in the ETH-USD market.