Market Update 10.05.18 – Medici Ventures Using Blockchain for Wine Futures Platform
Market News
Medici Ventures Using Blockchain for Wine Futures Platform
The venture capital arm of Overstock.com, Medici Ventures is investing in the technology startup VinX to create a Blockchain based platform for wine futures. According to the announcement, Israel based VinX will develop a token-based platform which will be based on the Bordeaux future model. This new platform will allow investors to trade in wine futures on a Blockchain.
The reason for using a Blockchain powered platform is so that a secure supply chain can be created that ensures that the provenance of the wine is trusted and that fraud in the wine industry is reduced. Currently, 20% of the wine that is traded globally has counterfeit labelling.
Read the details here.
Digital Street Starts Phase 2 of Blockchain Project
According to a press release, Digital Street, HM Land Registry’s research project is entering its second phase of development. HM Land Registry, the UK’s national land registry announced on Tuesday that it was entering into a partnership with Blockchain startup Methods.
The aim of the second phase of the land registry’s project is to develop, with Method’s help, a platform on R3’s Corda network that can store information on land registration and also streamline the buying and selling processes for properties. The government agency stated that it was hoping to store more “granular” or detailed information using Blockchain technology.
Read more here.
Alibaba Files Patent for Admin Intervention on Blockchain System
The Chinese e-commerce giant Alibaba has filed a new patent with the US Patent and Trademark Office (USPTO) which describes a new Blockchain powered system that allows administrative intervention in a smart contract in case of illicit activities.
The patent was originally filed in March this year, but the USPTO finally published it on October 4. According to the patent, a Blockchain based transaction mechanism will allow authorized third party administrators to freeze or stop accounts in case illegal transactions are identified.
Read the details about this story here.
Total Market Cap: Oct 05
The cryptocurrency market’s trading volume dropped by $0.98 billion to $12.08 billion in the last day. The market’s cap lost $1.76 billion to $218 billion.
Bitcoin Price Analysis: Oct 05
Bitcoin’s price is now $6569.46, losing 0.21% in the last 24 hours. The value of this virtual asset is now $113.57 billion and has a trading volume of $3.73 billion.
Ethereum Price Analysis: Oct 05
Ethereum’s price is $221.68, falling by 1.47%. The altcoin’s value also dropped since yesterday and is now $22.68 billion. Its trade volume currently is $1.45 billion.
State of the Top 10 Cryptocurrencies: Oct 05
Two of the top ten cryptocurrencies are in the green in trading so far today, however, the rest of the cryptos are trading in the red. EOS has gained 0.88% and Tether is up by 0.07%. However, the rest of the cryptocurrencies are in the red, with Ripple losing the most at 3.32%, followed by Bitcoin Cash, which has dropped 2.76% and Stellar, which has lost 1.92%.
- Bitcoin is now at a price of $6569.46, slipping 0.21%. Bitcoin’s market cap is $113.57 billion.
- Ethereum is now at a price of $221.68%, slipping 1.47%. Ethereum’s market cap is $22.68 billion.
- Ripple is now at a price of $0.523712, slipping 3.23%. Ripple’s market cap is $20.91 billion.
- Bitcoin Cash is now at a price of $513.22, slipping 2.76%. Bitcoin Cash’s market cap is $8.92 billion.
- EOS is now at a price of $5.73, gaining 0.88%. EOS’s market cap is $5.18 billion.
- Stellar is now at a price of $0.241669, slipping 1.92%. Stellar’s market cap is $4.54 billion.
- Litecoin is now at a price of $58.11, slipping 1.38%. Litecoin’s market cap is $3.40 billion.
- Tether is now at a price of $0.998617, gaining 0.07%. Tether’s market cap is $2.80 billion.
- Cardano is now at a price of $0.080894, slipping 1.92%. Cardano’s market cap is $2.09 billion.
- Monero is now at a price of $113.93, slipping 1.12%. Monero’s market cap is $1.87 billion.