More DeFi Woes With Hegic; China’s National Blockchain; Andrew Yang Calls for $2,000/mo UBI

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Hegic platform fails to launch over a “typo.” China unveils a national blockchain system. Andrew Yang calls for a $2,000 universal basic income. Binance to launch BUSD on Elrond network. Riot Blockchain donates $100,000 to hospitals, and an Australian user is selling his house on local.bitcoin.com for bitcoin cash.

Hegic DeFi Platform Fails to Launch Over “Typo”

Hegic, an on-chain options protocol built on top of Ethereum, faced difficulties just moments after launching last week. Traders were unable to move or execute their funds locked in options contracts because of a “typo” in the code, according to a report on social media. Hegic recommended traders exercise their contracts be refunded, but the community felt the platform was downplaying its mistake. However, Molly Wintermute, Hegic’s coder, apologized, saying it was more of a bug or a security issue.

China Unveils National Blockchain System

Hegic

A group of Chinese state-backed companies launched the Blockchain Service Network (BSN), a blockchain-based platform that aims to connect all the cities in the country among themselves and also with other countries. The launch was at a virtual conference, where it was announced payments and interoperability will be the main focus of the platform. The platform will be open for everyone to build on top of it, but by adapting the apps to the rules of the encryption standards as proposed by the Chinese government.

Andrew Yang Calls for $2,000/mo UBI

Hegic

Andrew Yang, former Democratic Party presidential hopeful, asked US lawmakers to approve more comprehensive stimulus measures, including a universal basic income (UBI) of at least $2,000 dollars per month. Yang argued how after the coronavirus pandemic, it will be difficult for the average citizen to integrate back into normal life without more state help. “When the house is on fire, you don’t worry that much about the water you’re using to put it out,” he stated. Spain is also legislating to offer a permanent UBI to its citizens.

Binance to Launch Stablecoin on Elrond Network

Hegic

Cryptocurrency exchange behemoth Binance is planning to launch their BUSD stablecoin on top of the Elrond network, which will also launch in the coming days, according to a PR statement. BUSD will use the Elrond Standard Digital Token protocol, allowing users to make fast and cheap transactions in the same fashion as a native token. BUSD will be the first stablecoin launched on the Elrond network, as Binance develops a strategy similar to the one Tether used (bringing its stablecoin to multiple chains).

Riot Blockchain Donates $100,000 to Hospitals

Riot Blockchain, a NASDAQ listed cryptocurrency mining company, decided to donate $100,000 dollars to hospitals to aid in the coronavirus relief effort. The donations went to two hospitals near its mining operations and headquarters. $50,000 were donated to Mercy Hospital Oklahoma City, and $50,000 were donated to Castle Rock Adventist Hospital in Colorado. The two hospitals thanked the company for the donations and declared they would use these resources to prepare for a coronavirus-related patient surge.

Australian User Selling House for Bitcoin Cash

An Australian user is selling his home for bitcoin cash (BCH) in Australia, using the local.bitcoin.com platform, a decentralized P2P BCH exchange. The user, only identified as Noel, is asking $450,000 worth of BCH for his house, located in the Bitcoin Cash City (North Queensland), taking advantage of local.bitcoin.com marketplace feature. Local.bitcoin.com marketplace lets users post properties or services to be paid in bitcoin cash, and there are already offers of several vehicles and other goods on the platform.

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