With Bitcoin (BTC) breaking the $12K barrier yesterday, and the world’s problems mounting by the hour, what can we expect from the “mothership” of cryptocurrencies?

2020 has been quite a year so far, to say the least, and its now clear the COVID-19 lockdown-induced global economic crisis is combining with social unrest in the US, growing geopolitical tensions in the South China Sea, Middle East, and Eastern Europe, and a host of environmental calamities, to form something of a perfect storm. 

Indeed, many are predicting that the current mix of crises will create an unstoppable “death spiral” for the traditional economy, as the effects of one crisis compound the effects of another, and so on.

The social economic death spiral of the traditional system

For example, in major western cities, the lockdowns prompted anyone who could to work from home. Now that lockdowns have been lifted, at least partially, people simply aren’t willing to return to expensive, time consuming, and polluting commuting, and companies have learnt they can trust their staff to be more productive remotely. 

While this initially seems like great news for workers, it is triggering a collapse in the service, retail, transport, and commercial property sectors. This is then triggering mass unemployment, which will mean higher public spending, lower consumer spending, and very likely, mass homelessness, crime and unrest. 

The same kind of compounding or death cycle can be observed across a myriad of industries and sectors right now. 

Of course, what makes this different to any previous economic crisis in recorded history, is the fact that it is happening everywhere in the world at the same time, and there are so many global crises overlapping. Unsurprisingly, in this maelstrom, the future isn’t looking good for traditional investment vehicles! 

Digital assets offer hope for a better system

But, among all the chaos, digital assets like cryptocurrencies are presenting an increasingly attractive alternative, and we’re seeing major cryptos like Bitcoin start to show signs of a significant upwards move. 

As President of AVA Labs, John Wu, recently observed

“The boom of decentralized finance is making a tangible impact on the demand and use of crypto assets. As returns from traditional investment vehicles reach record lows, crypto-savvy investors are finding yield in DeFi protocols and willing to trade-off the systemic risks they see in traditional finance for the product risks of this maturing ecosystem.

“It’s also apparent that there is overwhelming demand for hard assets. Gold has topped record highs, and the digital gold narrative around Bitcoin appears to be growing outside the world of crypto as investors weigh historic fiscal policy actions from monetary authorities. 

“With the backdrop of prolonged economic uncertainty wrought by COVID-19, many investors are taking the initiative to seek out alternative assets that are less correlated to the traditional markets, including the crypto markets.”

And, that is an important point. The COVID-19 crisis itself is obviously far from over, with some experts saying it could even continue for years. As we’ve previously pointed out, at the start of the crisis many expected Bitcoin to instantly become a “safe haven” asset, like gold. However, those people were disappointed, when for months it remained closely correlated with traditional markets. 

But, this hesitation can be explained by the fact that it is now clear that the majority of business leaders, traders, investors, and even policy makers, didn’t expect the pandemic to be as serious or prolonged as it has turned out to be. And, there still no end in sight… 

Maybe now that the gravity of the situation is inescapable to even the most blinkered, digital assets like Bitcoin will finally find their place as “safe haven” assets?

CEO of crypto trading and research platform DXone, Luciano Nonnis, noted: 

“Bitcoin is the mothership of all cryptocurrencies and an irreplaceable investment alternative for people looking for stable deflationary assets. 

“People keep waking up and thinking about why a printed dollar, which can be printed endlessly, can still be worth something. The important thing is to understand that there is a difference between money and currency: currencies are inflationary, money should not be. 

“The ever-decreasing interest in fiat currencies in general, as well as the anxiety regarding our financial system and rising inflation are increasing buyer interest in markets that offer stable commodities, including Bitcoin.”

Just last week, major US-based crypto exchange Kraken published a volatility report that predicted BTC could rally between 50% and 200% within months, and Virginia-based business intelligence software company MicroStrategy bet big on BTC with a $250 million purchase. 

And, of course, lets not forget, Frankie MacDonald also said “BIIIIIIIIIIIIIIIITCOOOOOOOOOOIN!”

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International intellectual heavyweight Paris Hilton has sold a picture of her pussy for $17,000 USD worth of ETH. 

Ok, I’m talking about a cat… what were you thinking? More precisely, a digital painting of her pet cat, Munchkin, that is now secured forever as a non-fungible token (NFT). 

The digital painting of Munchkin  attracted four bids and sold for almost $17K worth of ETH, on Ethereum-based auction platform Cryptograph, with funds going to support three US charities; The LA Food Bank, Meals on Wheels, and BB4Homeless. 

Today I am auctioning off my @Cryptograph of #Munchkin to benefit 3 amazing charities: @LAFoodBank @MealsOnWheels @BB4Homeless. The auction is live now for the next 72 hours at https://t.co/rCroea8vCg pic.twitter.com/XP18LGtHsi

— Paris Hilton (@ParisHilton) August 13, 2020

So, who coughed up $17K in crypto for Hilton’s digital pussy picture? All we know is their username is “Adirolls,”  and they seem to have a penchant for crypto-celebrity created artwork – having previously purchased art created by Roger Ver, Bitcoin.com’s founder, and Vlad Zamfir, Ethereum Foundation researcher. 

Hilton herself, though not exactly a crypto luminary, was previously associated with Singapore-based LydianCoin. However, she seems to have abandoned her support for the project following its founder, Gurbasksh Chahal, being convicted of domestic violence and battery.

The very first Cryptograph was created and sold by Ethereum co-founder Vitalik Buterin, and the platform has also sold artwork by celebrities including David Arquette, Bryan Greenberg, Nicky Whelan, Daisy Keech, Jonathan Scheach, Emmanuelle Chriqui, Shiloh Fernandez, Cary Elwes, Taylor Cole, Ryan Phillippe, Ashley Greene and many more.

In all seriousness though, kudos to Paris for raising money for such good causes, and the auction demonstrates the potential of selling original or limited edition digital art as NFTs. 

As for her painting skills, well, maybe she’s best sticking to… er… whatever it she actually does. 

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Malta-based blockchain firm Chiliz and fan engagement platform Socios.com are launching a Visa debit card. 

The new Socios.com Visa debit card is being pitched as enabling users to “be more than a fan”, allowing them to earn financial rewards, club-related benefits, and increase their fan status, among other benefits.

In addition to the regular version of the card, special limited edition club-branded cards will be made available for leading Fan Token holders, which will also give additional privileges. 

Enabled by London-based Railsbank’s open banking platform, the card is currently being tested by a small group of users, ahead of full launch early in the third quarter of 2020.

Socios.com VISA debit card users will be able to make deposits into their EUR or GBP wallet on Socios.com, to top up their balance and make payments for goods and services as with any traditional payments card. 

The card includes an IBAN, and will initially be available in 26 countries in the European Economic Area, before being rolled out to additional countries.

Commenting on the new card CEO & Founder of Chiliz and Socios.com, Alexandre Dreyfus, said:

“The Socios.com VISA debit card is the last mile between the club and its fans, through which fans can enjoy even greater recognition – receiving financial boosts and reward points while boosting their fan status for making purchases linked to the clubs they love.”

While Global Head of Sales, Railsbank, Louisa Murray, added:

“Fintech and football together, the dream ticket! We are very excited that Chiliz and Socios.com have chosen the Railsbank platform from which to launch this very exciting product and we will be working very closely with the team to ensure that it is a great success.

“This is a great example of when we say, any company, or product, can be a fintech. It also illustrates how fintech can liberate so many aspects of life and be a key part in the development of society.”

AYO.NEWS says:

This seems like a logical step for Chiliz and Socios.com, and a very promising way to increase convenience for users while driving further engagement. With the new crop of open banking platforms and simple APIs, like that provided by Railsbank, making offering cards like this easier than ever, we expect to see more engagement platforms follow suit. 

As for Socios.com, despite football being badly disrupted by the COVID-19 crisis, the platform seems to be going down very well with fans and clubs alike. FC Barcelona’s recently launched $BAR Fan Token, for example, generated $1.3 million in sales in under 2 hours. 

Other Socios.com partners include Juventus, Paris Saint-Germain, Atlético de Madrid, AS Roma, Galatasaray, CA Independiente, UFC and esports team OG.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

The BBC has is making its first entry into the blockchain gaming space, with Doctor Who: Worlds Apart. 

UK publisher Reality Gaming Group has secured an exclusive global license from BB Studios to develop and publish a blockchain-based digital trading card game based on the iconic Doctor Who. 

One of the world’s most popular and longest running television series, Doctor Who spans 56 years and has won more than 100 awards. It is estimated to have more than 9.6 million fans across social platforms and channels, and racked up over 100m video views on YouTube in 2019 alone. 

The partnership will give fans the ability to collect and trade digital versions of the favourite characters, before stepping into the Doctor Who: Worlds Apart game, playing the role of the Doctor, and battling against friends in turn-based contests. 

As with other digital trading cards, each one is a tokenised non-fungible token (NFT), secured and protected on the blockchain, and enabling genuine ownership. Just like traditional, physical trading cards, some will be rarer than others, and all will feature Doctors, companions, allies, and enemies from across Doctor Who’s expansive history. 

Limited Edition packs containing five digital cards will be available to buy from October 2020. Once they are sold out, they will only be obtainable through trading. The accompanying Doctor Who: World’s Apart trading game is set to be released for PC in 2021, with a mobile version following. 

Commenting on the news Co-Founder of Reality Gaming Group, Tony Pearce, said:

“We are tremendously excited to be working with BBC Studios to bring Doctor Who’s huge global community an exciting new digital experience based on a pastime we all know and love – trading cards. The cards used in Doctor Who: Worlds Apart are both functional and collectible, so fans can actually own a piece of the game while they play.”

While Licensing Manager, Gaming and Interactive, BBC Studios, John Kavanagh, added:

“This is what BBC Studios does so well, exploring new technologies and bringing our most iconic brand to an area of the gaming industry which we’re sure will engage and thrill fans.”

Reality Gaming Group’s Digital Asset Trading (DAT) Platform uses blockchain technology to turn an IP into rate and collectible digital assets that can be traded between fans on dedicated marketplaces. 

The company’s debut title, mobile AR combat game Reality Clash, was released in 2019 and combined AR, VR, geo-location, and blockchain technology. 

AYO.NEWS says:

With Doctor Who being more akin to an institution than a TV series, we’re sure both the trading cards and the game will be well received by fans around the world. From a wider blockchain gaming perspective, it’s sure to be yet another catalyst for mainstream blockchain adoption. 

Staying with blockchain-based collectibles, last week Dapper Labs launched a marketplace for NBA Top Shot, giving beta users the opportunity to trade collectible NFTs. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

As the COVID-19 crisis turns long-term, blockchain adoption is rising across Asia as companies and institutions look for new solutions. 

With companies and institutions forced to conduct more of their business online, the threat from hackers and cybercriminals has increased significantly, prompting an urgent search for effective solutions.

And, with its ability to provide secure, completely transparent and immutable solutions, blockchain is proving ideal for a myriad of uses, from issuing educational diplomas and certificates, to enabling secure shareholder meetings and voting. 

According to a report in the Nikkei Asian Review, The Business Research Company expects the global blockchain market to be worth close to $16bn by 2023, and it seems the COVID-19 crisis has accelerated the technology’s adoption, especially in Asia. 

Speaking to Nikkei, senior manager of PwC Consulting, Tomohiro Maruyama, said companies were turning to blockchain to secure their data, business and online meetings, and that those companies not yet embracing blockchain should consider adopting it.

Enabling businesses and educational continuity 

The report provided some specific examples, like Japan-based startup LasTrust, which offers a blockchain service called ‘CloudCerts’, providing digital certificates to educational institutions, and has seen an increase in inquiries since the pandemic began. In response to demand, the company says it now plans to launch its services in Malaysia and Thailand.

While BitFlyer Holdings has developed an app to enable shareholders to hold meetings and vote securely online. The app, which is linked to the country’s ‘My Number’ national ID system, is slated to be launched in Japan in autumn. The company also hopes to roll its services out in other countries – though it will need to find ways to adapt to local circumstances and regulations first. 

Blockchain is also being adopted across the logistics and agricultural sectors. For example, Agrocorp International has partnered with Cargill, Singapore-based blockchain startup Dltledgers, and several logistics firms to monitor the disruption to agricultural supply chains caused by the various national and regional lockdowns. 

Healthcare: minimising fraud, reducing vectors, and speeding claims

Meanwhile, in China, Alibaba Group’s popular healthcare platform Xian Hu Bao, is offering a blockchain-based insurance plan that pays out a significant sum in the event of a COVID-19 death. As we reported in February, at the start of the pandemic, the blockchain-based system helps prevent fraudulent claims and speeds up processing. 

Bank of East Asia-owned Blue Cross Insurance has also introduced a blockchain-based medical claims app to streamline its claims procedure. By eliminating the need for physical paperwork to be delivered to clinics, the system also helps minimise the potential vectors for the virus. 

AYO.NEWS says:

While blockchain technology was already being adopted by many industries before the pandemic, there’s little doubt that the crisis has spurred adoption.

And, with the COVID-19 crisis look set to drag on for a long time yet, and the “whack-a-mole” approach of most governments creating a nightmare for businesses and individuals alike, it seems certain more companies and institutions will realise the advantages of blockchain solutions.

After all, they do say “necessity is the mother of invention.”

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

China has announced it will be expanding its digital yuan trials to Beijing, along with Tianjin and Hebei provinces. 

According to the Wall Street Journal, China’s Commerce Ministry has said the nation’s central bank digital currency (CBDC), which is already being tested in several areas, will be trialed in the capital plus Tianjin and Hebei, in addition to the previously announced nine cities, which include Guangzhou, Shenzhen, Hong Kong, and Macau.

The policy framework for the new CBDC is due to be complete before the end of this year, paving the way for what is expected to be the world’s first fully operational national digital currency. 

As we reported last month, DiDi, the Chinese equivalent to Uber, which has 550 million users across Asia, Latin America, and Australia, has revealed it is participating in trials with the digital yuan.

AYO.NEWS says:

With the rest of the world now distracted by the COVID-19 crisis, China is increasing its lead in the race to become the first major country to introduce a central bank digital currency. Whether this will be a boost for the crypto sector at large, or a step towards an Orwellian nightmare remains to be seen…

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020