Top Crypto News – 04/06/2018

BLOCK.ONE, SVK CRYPTO JOINTLY LAUNCH US$50M EOSIO FUND

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SVK Crypto, a City of London-based investor of blockchain technologies co-founded and headed up by Irishman Shane Kehoe, has partnered with Block.one, publisher of the ground-breaking EOSIO blockchain protocol, to launch a new US$50 million fund to accelerate the growth and development of the EOSIO blockchain ecosystem.

The fund is the fifth injection of capital through Block.one’s EOS VC initiative and will be managed by SVK Crypto. Kehoe is joined by his co founder, Hugh Cochrane, and together they have more than a quarter century of experience investing in successful early-stage technology companies and start-up enterprises.

It will invest in projects that are building on the EOSIO blockchain platform, with a focus on decentralized applications (DAPPs) for social media, data ownership, data control, technology platforms, supply chains and logistics. This includes established or early-stage companies that have started exploring EOSIO or are building software on the platform.

“Block.one has created the world’s most powerful infrastructure for decentralized applications and is the most forward-thinking company driving growth in the blockchain space,” said Cochrane. “SVK Crypto is thrilled to partner with Block.one to establish a fund that enables developers to thrive. We look forward to helping to produce innovative game-changing DAPPs in the coming months and years.”

“Working with a market-leader such as SVK Crypto is a positive step as we grow the impact and footprint of the EOSIO developer ecosystem,” said Block.one CEO Brendan Blumer. “This fund further strengthens our top-notch roster of VC partners focused on identifying and fostering projects that are building a decentralized, open future.”

Block.one’s Brian Mehler commented: “We aspire for our funds to be global leaders in blockchain venture investing. The teams at SVK Crypto and Block.one bring together broad leadership in the VC and funds space with blockchain expertise and exceptional go-to-market drive. This fund gives blockchain entrepreneurs and innovators reason to be excited about developing on EOSIO.”

The latest fund announcement follows Block.one’s December 2017 commitment to invest over US$1 billion in businesses leveraging the transformative capabilities of the EOSIO software through EOS VC.

Block.one’s EOS VC projects include: a partnership with Tomorrow Blockchain Opportunities to create a US$50 million fund managed by Derek Rundell, a managing partner of Eric Schmidt’s venture firm, TomorrowVentures; a joint venture to create the US$325 million EOSIO Ecosystem Fund with Mike Novogratz’s Galaxy Digital LP; a partnership to create US$100 million Europe-focused fund with FinLab AG, one of Europe’s largest FinTech investment groups; and a partnership with industry specialists Michael Cao and Winnie Liu to create a US$200 million fund to make strategic investments in Asia-focused EOSIO projects.

The new VC fund also comes on the heels of the May 15 announcement that former Commonwealth Bank of Australia CFO Rob Jesudason will join Block.one as Group President and Chief Operating Officer later this year.

The EOS VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOSIO. It provides support through venture capital partnership funds that primarily aim to achieve sustained utilization of the EOSIO ecosystem by investing in a concentrated and diversified portfolio of blockchain-focused companies building on the EOSIO software.

The EOS VC initiative is dedicated to fostering a global network of individuals from a number of disciplines through our engagement events. As part of the mission and vision, EOS VC engages with the blockchain developer community on a regular basis. Block.one is hosting a series of hackathons across the globe to help discover and encourage the most innovative EOSIO projects. This kicks off in Hong Kong June 9-10. More information about the hackathons can be found here.

SVK Crypto is an investment firm based in the City of London focusing solely on blockchain technologies. SVK Crypto invests in early-stage projects and blockchain based companies globally. SVK Crypto actively advise a multi-strategy portfolio that invests in the most liquid cryptocurrencies and the most promising ICO projects with a long-term view. SVK Crypto brings portfolio and risk management principles to an emerging digital asset class whilst recognising the power of the community.

Written by IrishTechNews.com

Crypto Markets Gain $25 Bln Over the Week, Ethereum Price Above $600

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Sunday, June 3: over the past 7 days, the total capitalization of crypto markets has increased by as much as $25 bln, with all of the top ten cryptocurrencies listed on Coinmarketcap (CMC) currently in the green.

COIN360

Market visualization from Coin360

Bitcoin (BTC) is slightly up today, currently trading at $7,704, having gained about 1 percent in 24 hours to press time and around 6 percent over the week. However, the cryptocurrency is still down 17 percent over the last month.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has gained around 5 percent over the 24-hour period, which places it above the $600 mark – the coin is trading at $621 as of press time.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total crypto market capitalization is currently just under $353 bln, having gained around $25 bln, or 8 percent over the past 7 days.

Total market capitalization chart

Total market capitalization chart. Source: Coinmarketcap

Bitcoin Cash has seen the largest gains over the past 24 hours out of the top-10 coins by market cap, up around 11 percent. The currency is trading at $1,158 at press time, according to Coinmarketcap.

EOS continues growing steadily, up around 7 percent in 24 hours to press time, with an 18 percent increase in value over the week. The coin is currently trading at $15. Yesterday, EOS has skyrocketed by as much as 27 percent, following the release of EOSIO 1.0 blockchain and the announcement of a partnership with investment firm SVK Crypto to launch a $50 mln fund to support the development of the EOSIO “ecosystem.”

Written by CoinTelegraph.com

How to Watch the EOS Blockchain Launch

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Block.One is giving away its $4 billion code this weekend and it’s anyone’s guess what will happen next.

As profiled by CoinDesk, EOS is set to launch sometime soon, though the company that built its code is going out of its way to prove the software really will be open-source. This means it isn’t even designating an official launch. Rather, it’s up to potential users to take it from there (whether that results in chaos or not).

In some ways, it’s the latest unorthodox approach by EOS and its founding team, which has attracted controversy even for its architecture. (To process thousands of operations every second, EOS will rely on just 21 validators or “block producers” to verify each transaction, an approach the differentiate from bitcoin’s commonly copied model, in which any “miner” running the software on a certain kind of hardware can do this.)

Right now, though, the question is whether or not EOS can successfully launch.

Someone needs to launch the code. It needs to get tested and verified. Block producer candidates need to publicly identify themselves. One of them will need to be randomly chosen to create the genesis block, and then voting on the official first slate of block producers will take place. Even then, 15 percent of all the tokens in existence need to vote in order for EOS to turn on.

This mean there’s going to be a few interesting moments in this launch to watch for, which can be broken down into a series of questions.

These include:

  1. How long after the code release will it take before someone launches the software? A group of block producer candidates have committed to running a series of tests on the software before creating the first block, but it’s open source. Nothing is stopping someone else from running it.
  2. Will the genesis block get created without incident? When the initial block producers line up to win a position in the circle of validators, a random selection process will decide which create that first block. This has to happen in a way that everyone is comfortable with.
  3. Which block producers get voted in to the top jobs? Most people would probably agree that the best scenario ends up seeing some really sophisticated groups located all over the world getting chosen to serve as block producers. What happens if they are mostly located in one country, though?
  4. Will certain block producers be hit with distributed denial of service attacks? This is all but guaranteed. Who knows which ones will be hit, why or how well equipped they are to weather them.
  5. Do the choices for block producers stabilize? Voting will be continuous. Will users change their votes once they see the composition of block producers after it first goes live, or will that first group basically hold steady?

Still, crypto-enthusiasts are likely to want to follow along whether or not they see EOS as progress or not.

This is a huge new experiment for crypto, so those most invested in this technology will want to watch as closely as they can to see how this technological big bang spreads.

Unfortunately, because it’s so new, no one has created anything like a block explorer yet. There’s not user-friendly tools for viewing vote counts or even seeing which block producers get chosen. There’s also no official time for any of these events. And since different groups may attempt to initiate different launches, they might happen multiple times.

The best way to follow along in real time will be the social media channels these teams have been using the communicate so far:

Github Issues and Pull Requests

EOS is open source code, meaning it’s been publishing its work on GitHub all along. Block.One has released a few versions so far for teams to experiment with and develop on.

A quick skim of the “issues” page on the EOS code repository shows that the number of issues (bugs, vulnerabilities and other problems) identified has been accelerating as it gets closer to launch.

This is natural as the urgency becomes more severe and there are more eyes on the code, but if it explodes that could be a sign of serious issues.

Github issues on the EOS code repository. (Visualization: Josh Schneier)

Watch along with EOS Go

EOS Go has been the internet’s collective cheerleader for EOS, working primarily on Steemit and YouTube to provide education about the launch process. They have a lot of streams planned for this weekend and watching on there might be one of the easiest ways to follow along.

The group has already done live interviews with all the major block producer candidates, and they will be key to setting up the network. With lines of communication open to all those groups, they should know what’s going on, minute by by minute. It’s just going to be a lot of video to get through.

There are extended streams planned throughout the weekend. One for several hours on Saturday, two on Sunday and two on Monday. Look for them to talk live with block producers around the world as the code gets tested and then ultimately launched.

Telegram

We’re sorry about this, but yes: Telegram channels. The smart bet will probably be to go to the @EOSBlockPros channel, where block producer candidates (the groups vying for the lucrative spots validating transactions on the network) will discuss what’s going on.

There’s also a general EOS channel, but like most community wide Telegram channels that’s mostly people asking the same questions over and over again. This weekend, that will almost certainly be: “What can I do if I didn’t create an EOS wallet before June 1?”

Provided EOS (or a few versions of the software) launch successfully, it shouldn’t be long until developers spin up some more direct ways to peer into its governance system, such as portals for viewing transaction volumes, staked votes and the average size of blocks. During this launch, though, all of that will be hidden in the bowels of servers.

Dawn image via Shutterstock
Written by CoinDesk.com

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