TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Google answers CCN allegations about traffic losses. Telegram first public token sale to happen on Liquid exchange. Justin Sun wants to show Warren Buffett crypto tech advancements. Korea’s KB Kookmin Bank will launch a custody solution. New SLP Payment Protocol proposed. Lightning Network watchtowers might introduce Ecash reward token, and Tether mints $150 million on Ethereum’s blockchain.
Google Answers CCN Shutdown Declarations
After yesterday’s news of CCN’s demise and putting the blame on Google and its search algorithm update, an explanation of what really happened was still needed. And this is just what Google offered to Benjamin Pirus, a Forbes contributor. A representative explained that “with any update, some sites might not perform as well as in the past, while other sites might perform better.” Pirus also measured the effects of this update on other popular cryptocurrency sites, and did not find a similar behavior with any other outlet.
Telegram’s Cryptic First Token Sale Incoming
After having raised more than 1.7 billion dollars on a private ICO sale, Telegram is at last offering their token, called Gram, to a set of public investors on an exchange called Liquid, scheduled for July 10th. Despite all the buzz started by the ICO last year, this development has happened without much fanfare from the CEO of Telegram, Pavel Durov. Liquid, the exchange organizing the token presale, does announce it on its web page, however, stating this is “the world’s most anticipated token sale, available to the public for the first time.” The token will be available for Liquid customers only.
Justin Sun Wants to Bridge Crypto and Traditional Investing Using Warren Buffet’s Lunch
Justin Sun, CEO of Tron and the winner of a $4.6 million bid to have lunch with Warren Buffet, the Oracle of Omaha, shared some details about this strange lunch and its purpose. Sun informed the lunch will take place in Smith & Wollensky in New York City, but the seven attendants Sun can take with him are still a mystery. He stated the goal of this lunch was to “show [Buffett] the recent progress of cryptocurrency and blockchain technology,” a difficult task considering Buffett has called bitcoin “rat poison squared.”
Korea’s KB Kookmin Bank to Launch Crypto Custody Solution
South Korea’s biggest bank, KB Kookmin, is now foraying into the cryptocurrency business in partnership with another startup called Atomrigs Consulting. Together they will launch a cryptocurrency custody system, Lime, a proprietary solution to offer security their potential institutional customers. This could help bring cryptocurrencies further as a new asset class, with the possibility of being custodied by a regulated banking institution. KB Kookmin stated they will “continue to cooperate with various technology companies in the digital ecosystem to expand our offerings.”
Vin Armani Proposes New SLP Payment Protocol
— Ⓥin Ⓐrmani (@vinarmani) June 11, 2019
SLP tokens just got more useful on the Bitcoin Cash network. Vin Armani, CEO of Cointext, proposed a new payment protocol that contemplates using SLP tokens issued on top of the Bitcoin Cash blockchain to pay for services and goods. The purpose of this new protocol is to enable “a better customer experience and better security against man-in-the-middle attacks on the payment process.” His proposal is an extension of the BIP 70 protocol to allow easier app porting.
Lightning Network Watchtowers to Introduce Reward Token “Ecash”
With a Lightning Network next big release announced for later this month, something called the watchtower element is being introduced. Watchtowers feature security improvements for the whole network, but also introduce new challenges into the mix. Now, programmers are thinking about creating a token potentially called “Ecash,” in honor of a precursor of Bitcoin, with the objective of rewarding these actors for their policing on the network.
Tether Issues $150 Million USDT on Ethereum’s Blockchain
Tether, the company behind the most popular stablecoin in the whole cryptocurrency market, minted $150 million USDT on top of Ethereum’s blockchain, a sign they can be aiming to break from the bitcoin based Omni protocol used to mint regular USDT tokens. With this new move, Tether’s market cap goes to $3.3 billion with a really strong demand from China-based customers, as reported in the latest Diar report. These tokens could be directed to be introduced soon into the market to quell the Chinese thirst for Tether and avoid a possible shortage in the future.
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