OKEx launches OK06ETT, its own cryptocurrency index fund

Hot on the heels of other leading cryptocurrency exchanges, OKEx has now joined the race with its own index fund dubbed OK06ETT.

The alphabet-soup name reveals that investors will be able to invest in a basket of six cryptocurrencies. Shares of the fund will trade on the exchange as a tokenized asset dubbed OKB.

Announced in an official release, OK06ETT is described as an “easy and efficient trading option for traders to replicate and tract the OK06 index, which reflects the performance of the digital asset market.”

OK06ETT will include Bitcoin, Ethereum, Bitcoin Cash, and EOS, and will trade against Tether (USDT). Investors will be able to redeem the fund for its underlying assets, while redeeming the fund for USDT would involve a 0.2% fee.

Should any of the aforementioned assets go through a hard or soft fork which OKEx supports, OK06ETT will automatically sell the newly created asset by proportion and apply the generated funds to different components of its basket.

The introduction of OK06ETT follows on from Huobi’s launch of Huobi Pro – a venture the company dubs as the first ‘cryptocurrency exchange-traded fund (ETF) targeted at retail investors’.

Earlier this year, Coinbase also introduced its own passively managed index fund, while popular brokerage application Circle Invest similarly introduced a “buy the market’ feature.

OKEx is scheduled for launch at 11:00 (Hong Kong Time) today, on June 5th. Initial subscriptions will be limited to two million units, while the fund will bear a minimum subscription quantity of 100 units, and will similarly carry minimum redemption quantity of 100 units.

The fund will be open from 11:00 to 14:00, Hong Kong Time.

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IOTA has finally released Qubic: the Oracle project

Rubik move over, a new cryptic project ending in “ubic” is the hot puzzling topic now.

IOTA has finally shed some light on the Qubiq project, a protocol which has been kept under wraps and rumors for several weeks now, and it is apparently to be “the most significant contribution to the IOTA stack” ever.

The new procedure is designed as a new layer to IOTA’s already existing ‘Tangle’ protocol and is set to target administering smart contracts, oracles, and external computational power in the most scalable and minimal fee manner possible.

IOT is upfront and bold in the fact that “Qubic is still a work in progress” but eagerly explains that the website is built to give clarity on the project and help “convey the enormous scope of the Qubic project.

Ridding any notion that Qubic is a new token, the team explain that the IOTA network has created the new protocol in order to offer fee-by-fee IOTA transactions which will allow:

    • A way to safely communicate with the outside world in a trusted environment;
    • A powerful, distributed fog computing platform for building complex IoT applications;
    • A new type of smart contract, which collects micro-payments in real time as it runs;
    • A reward system for incentivizing honest participation in the Tangle.”

IOTA’s price is down 4.39% day-on-day, and presently trades at $1.68 USD.

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Blockchain isn’t ‘very convincing’, says Kik CEO Ted Livingston

Despite raising over $100 million in Kin’s official initial coin offering (ICO), company CEO Ted Livingston has opined that ‘almost nobody should be looking at’ blockchain technology.

Speaking at the Truth North technology conference, Livingston explained that “unless you’re trying to build one of the most-used cryptocurrencies in the world, it’s very low odds that blockchain is going to create value for you.”

Speaking on his experience with Kin – the native digital token designed to underpin the Kik platform – Livingston went on to add that blockchain technology does not convincingly bring many benefits in terms of practical usage.

“What does blockchain do at the end of the day? It allows you to have a database that’s trustless. That can be applied in a bunch of ways, but most of those ways, you still need trust”, the CEO said.

Livingston balanced his view, however, by noting that digital currencies have created ‘enormous incentive’ thanks to the ecosystem developing around new projects and products. Underpinning Livingston’s ideology is an appreciation for the ‘genius’ of Bitcoin – which he attributes as the concept of digital scarcity.

Livingston’s pessimism is perhaps understandable in the light of the fact that Kin ran into ‘difficulties’ earlier this year – leading the release of its proprietary token delayed.

Earlier this year, Livingston confirmed that Kin will leverage both the Ethereum and Stellar blockchain – using the former platform for liquidity, and the latter for transactions. In a press release, Livingston opined that “Creating a bi-directional blockchain with stellar will drive mass adoption of kin by providing faster confirmation times, low transaction fees and scalability.”

Kik will introduce some 900 billion Stellar-based Kin tokens by the second semester of 2018 for in-app transactions, whereafter users will be able to convert Stellar-based tokens to ERC20 Kin tokens that could be traded on secondary markets.

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Augur founder unveils a new blockchain-based religion, 0xΩ

HODL may be a night-time prayer for some, but for Matt Liston – the founder of Augur – blockchain is now literally a religion.

On the back of legal disputes with Augur, Liston has now unveiled 0xΩ -a decentralized religion in which all reports, donations, and consensus will be carried out on a blockchain and through smart contract technology.

During a launch party (or religious ceremony, depending which you prefer), Liston took to the stage in an event that was part of an exhibition hosted by the Rhizome arts group at the New Museum in New York.

Speaking at the event, Liston described 0xΩ as “a religious framework that could allow for belief sets to update much more quickly and also to democratize the relationship between membership and convergence on what everyone believes in this religion”.

Essentially the Decentralized Church of the Flying Spaghetti Monster, the new religion was baptized in a ritual that saw historically hyperinflated currencies (such as the Reichsmark) marked with public and private Ethereum keys.

During the event, Liston handed out several copies of a so-called “flame-paper” (a holy white paper) outlining 0xΩ’s governance model. Specifically, the religion will see participants identify, approve, and evolve “sacred texts” through a smart contract in a system not dissimilar to the manner in which a stockbroker might use a proxy vote to update laws in an organization.

0xΩ would supposedly enable parties to appoint leaders and fund symbolic projects – and those offering tithes could also fund religious artworks and temples using smart contracts.

It remains to be seen whether Liston himself will step into the limelight to champion the endeavor, or if 0xΩ will be led by a congregation of its own. Liston’s crisis of faith comes after the cryptocurrency-pundit launched a $152 million USD lawsuit against Augur following his removal from the project.

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eToro launches new exchange, Hilo adopts ID system, Genesis gains BitLicense – Daily News Roundup

When eToro makes millions, they need wallets in which to put the funds

eToro has just announced that they will be launching a new cryptocurrency exchange and mobile wallet in the United States.

Before the exchange is officially launched, users will be able to sign up on the waiting list where they can pre-verify their registration. At launch, the platform will only be supporting ten different cryptocurrencies, namely Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, EOS, Stellar, NEO, Dash and Ethereum Classic. The company also plan to add more coins by the end of this year.

This announcement comes just after the financial tech trading platform closed its massive $100 million USD series E round of fundraising.

No High-Low’s with Civic’s new ID system for social platform Hilo

Hilo is looking to adopt Civic’s newly launched blockchain verification system into their platform.

The social media network has integrated the system called “ID Codes,” to their website and are offering registrations for all levels of cryptocurrency traders (whether new in the game or a king player) and will be able to provide information on cryptocurrency coins and their prices.

With this initiative, Civic is hoping to reduce false listings of top industry figures as advisors on scam fundraising websites and this exact case point in mind sparked Hilo’s interest.

The CEO of the platform, Monica Puchner said that the team is excited about the ID Codes because is “allows [them] to authenticate [their] team members, [their] investors and [their] advisors on [their] website”.

Genesis first in NY to show their shiny new “license and registration”

Genesis Global Trading has been granted a BitLicense from the New York Department of Financial Services (DFS).

This will make the company the trading firm from New York to work with BitLicense and the fifth company globally. The license will allow Genesis to trade in Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Ripple, Litecoin, and Zcash.

Before gaining the license, the company had to jump through a number of DFS hoops. Genesis CEO of Global Trading Michael Moro said that although they “have operated under a safe harbor provision in recent years, today’s decision is an important step forward”.

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Blockchain project Zilliqa crushes the $1 Billion USD market cap

According to CoinMarketCap, Zilliqa has made the achievement of passing through “Go” and heading straight to the jackpot of $1 billion USD without threshold late on Monday and sitting presently at a value of almost $1.2 billion USD, the project is in the world’s top 25 most valuable cryptocurrencies.

The Singapore-based blockchain project has managed to gain favor where few other blockchain projects could. The initial coin offering it had to raise funds took place late last year and continued to gain success in this year’s first quarter. With a focus on high-throughput, the project is aiming to bring about new operations and various protocols in order to attain high transaction rates, which it seems to be doing. When tested, Zilliqa managed to crack an impressive throughput of 1389 transactions per second.

The company’s massive increase in growth and popularity happened to occur simultaneously with the announcement that the cryptocurrency is available for trading on OKEx, a massive central American cryptocurrency exchange.

The exchanges Coinspot, GOPAX, Binance, Koinex and Global Exchange also offer the coin for users to trade.

The project wraps itself up as the solution of the ever-spoken-of scalability problems that are prominent in blockchain cryptocurrencies. It does this through “sharding” which is a technique which aims to hike up the efficiency in blockchain transactions.

The development team, according to the project’s white paper, were hoping that “at ethereum’s present network size of 30,000 miners, Zilliqa would expect to process about [1,000] times the transaction rates of ethereum.

This might be successful for the moment, however, it is notable that the ethereum network also plan to launch the technique of sharding to their platform which might undermine Zilliqa’s innovative value proposition.

Despite potential future concerns for the project, Zilliqa is doing impressively well in the market currently – up by 12.64% in the past 24 hours and currently trading at $0.144 USD at the current time.

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