Crypto & Blockchain Recap: 7th December, 2018

The crypto and blockchain world moves fast. Go to sleep one night, and the entire market is in a frenzy the very next day. Here are some of the major happenings of the crypto world that you probably need to know about.

ConsenSys 2.0

The well-renowned development studio of ethereum recently announced that it will be readjusting the direction of its operations. It was suggested by the founder of ConsenSys Joseph Lubin that the studio will now be focusing more on projects that have viable business models instead of focusing on the ones which are “cool”.

The firm is trying to reorient itself in order to make itself more sustainable. And in order to do so, the company is laying off 13 percent of its employees. Previously, we have seen various other crypto projects struggle with their financial situation owing to the bear market that has been seen over the past few months.

Recently, ETCDEV shut down all its activities linked to Ethereum Classic owing to the financial trouble that was being faced by it. So this news of ConsenSys laying off employees does not come off as shocking at.

Personal Control

Coinbase is now on an exploration to find out ways by which users could be given more control over their personal information online. B Byrne, who is the product manager of the firm’s identity team suggested that the firm wants to give people more authority regarding their sensitive and personal self in the digital space.

The aim is to give users the hold of their information instead of Coinbase holding and storing know-your-customer information across its products. The efforts are expected to be scaled up by the organization over the next year so that people can have an easy access to the products.

BitGo Trust Company

The cybersecurity startup which goes by the name of BitGo recently hired a retired banking veteran Richard Corcoran so that he could lead the newly-born BitGo Trust Company. This division of the company is linked with institutional custody related matters.

Richard already has a lot of experience in this arena as he previously led the trust department of First National Bank in Sioux Falls, South Dakota. An additional advantage is also gained by BitGo due to the fact Richard is already familiar with the regulatory workflows of the state.

It sure seems likely that this move will help the company progress and flourish overall.

The R3 Ripple Relationship

R3, which is a distributed ledger technology provider, recently launched Corda Settler. Corda Settler is an application that aims at smoothening the procedure of making global crypto payments within enterprise blockchains. And in addition, XRP has been added as the first token that it will be supporting.

R3 and Ripple were previously entangled in a legal dispute but this surely comes off as a news of them getting closer. It will be interesting to see how this global crypto payment platform flourishes from here on and how many more tokens does it add.

SEE ALSO: Crypto & Blockchain Recap: 5th December, 2018

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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