TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. KIK loses support from Coinbase and Circle in their DefendCrypto initiative. YouTube to apply new hate content policies. Apple CryptoKit might precede its native cryptocurrency wallet. dApp universe filled with bots according to a new study. Lightning Network channel number slowly decreasing, and Bitkan manages to raise 60 BCH for Bitcoin Cash developers.
KIK’s DefendCrypto Initiative Loses Support From Coinbase and Circle
— Ouriel Ohayon (@OurielOhayon) May 29, 2019
The SEC lawsuit against KIK Interactive, the issuer of KIN, is getting actors in the cryptosphere to take action. KIK wanted to present the SEC’s demands as a crusade against cryptocurrency as a whole, but it seems this move is not working out. DefendCrypto, the initiative KIK took to raise more than $4 million for the legal battle ahead, is now falling apart because two of their most important members have decided to withdraw support. The logos of Coinbase and Circle were quietly retired from DefendCrypto.org.
YouTube to Apply New Policies to Filter Hate Based Content
YouTube announced they will apply harsher and stricter policies to censor hate and discrimination content. The news came from their official blog, where they state they are “prohibiting videos alleging that a group is superior in order to justify discrimination, segregation or exclusion based on qualities like age, gender, race, caste, religion, sexual orientation or veteran status.” Videos denying the Holocaust or the Sandy Hook shootings will also be purged. These new policies blurry the line of what is acceptable on YouTube, and their application will be controversial without a doubt.
Apple CryptoKit Might Bring Native Support for Cryptocurrency Wallets
CryptoKit, a new framework created by Apple to simplify cryptographic operations in their iOS, has been released quietly by the company on their website. The introduction of a native way of calculating keys, and performing private and public key operations, are hints pointing to the introduction of a native cryptocurrency wallet in their new OS release. Samsung, Apple’s biggest mobile rival, already offers an official wallet with limited cryptocurrency support.
dApp Users are Mostly Bots, AnChain Report States
AnChain, a cryptocurrency firm that uses artificial intelligence algorithms to detect bot activity, released a new report stating bots are responsible for most transactions in the EOS decentralized application (dApp) universe. According to their results, 51% of the unique users of the top 10 EOS dApps are bots controlled by these companies to inflate numbers. Also, bots account for more than 75% of the transactions made in the top 10 eApps, or as they state: “Every day the equivalence of $6 million USD in transaction volume is driven by bad bots.”
Number of Lighting Network Channels Slowly Decreasing
According to a Reddit post by user filozofik, the number of Lightning Network channels has been slowly decreasing during a high price, high fee period between March and June of 2019. Supposedly this is the result of high fees needed to open channels, and the general lack of adoption and use of Lighting Network payments. A Chainalysis report also recently discovered just a minuscule percentage of bitcoin is used as a currency, and that its main usage was speculative trading.
Bitkan Raises 60 BCH For Bitcoin Cash Development Fund
— BitKan (@BitKanOfficial) June 5, 2019
The Bitcoin Cash Chinese community in Bitkan, a cryptocurrency services provider, called to raise donations for the development fund started by Bitcoin.com to support tech innovations built on top of the Bitcoin Cash network, and the answer was strong. They managed to collect over 60 BCH so far, making this the biggest organized fundraising initiative until now. The fund has raised 13% of the goal, with 111.75 BCH donated in 616 transactions, but they are far from the 800 BCH final proposed goal by August.
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