EOS-Based DeFi, Equilibrium, Adds Binance, Eosfinex to EOSDT Stablecoin Governance Council

  • Binance and Eosfinex, Bitfinex’s decentralized exchange, are some of the big names in crypto to join Equilibrium’s EOSDT stable coin governance committee.

According to official reports, the two companies joined the council alongside independent block producers, EOS Nation and EOS Cannon, to provide oversight over approval of contracts and amendments made on smart contracts on the EOSDT stablecoin blockchain.

Equilibrium is an EOS based open finance platform that offers similar capabilities to Maker platform with EOSDT similar to the DAI stablecoin. With the new governance team in place, Alex Melikhov, CEO of Equilibrium, said this will allow the network to fully utilize the features on EOS in his statement,

“One of the main advantages of EOS lies in updatable smart contract code. In other words you can migrate to new versions of your application seamlessly without hard stop of the whole system.”

Binance involvement in the governance of the Equilibrium chain will see the exchange oversee every smart contract on the platform, granting access to upgrades or rejecting them. However, the governance council regulations require at least two parties to give their consent before the smart contract is implemented.

“You can also consider it as establishing a four-eyed principle for Equilibrium’s EOSDT.”

The decision to add the new members was voted by the existing council members not only Equilibrium, Alex said. This is to ensure the best and most reliable participants in governance are chosen for the slots. Such decisions are uncommon on Ethereum DeFi platforms whereby the founders hold the admin keys of the protocol giving them absolute power over the system.

Equilibriums governance council, while not fully trustless, offers the blockchain “decentralization by creating a proof-of-authority framework which consists of trusted counterparts that are independent according to their background.” Alex further said,

“Instead of a single owner who can potentially do whatever they want there is a group of reputable and known ecosystem participants who bid their reputation on the integrity/relevance of these updates.”

While the verdict remains unknown on why Binance joined the governance council, the possibility of BNB being added as a backing asset to the EOSDT stablecoin has improved. According to one spokesperson from the largest crypto exchange, top management is looking forward to BNB getting added as collateral on the Equilibrium DeFi platform.

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Author: Lujan Odera

Apple Co-Founder Steve Job’s Widow Invested At Least $5M Into Telegram’s Controversial ICO

Telegram’s Open Network (TON) Initial coin Offering saw a few well known names as investors in the Gram tokens (GRAM) ICO project, such as Mikhail Abyzov, former Russian Minister of Open Government Affairs, Russian-Israeli billionaire Roman Abramovich, and Laurene Powell Jobs, Steve Jobs’s widow.

According to BlockTV, she was an early investor in the blockchain project. She invested $5 million or more since $5 million was the minimum amount for an entry in the pre-sale funding round. Laurene Powell Jobs inherited around $20 billion from her husband. Today, she’s a businesswoman, the social change organization Emerson Collective’s executive and a philanthropist.

Telegram Raised Around $1.7 Billion from the ICO

In 2018, Telegram managed to raise around $1.7 billion with its ICO. The company that has Pavel and Nikolai Durov as founders encountered some problems with the (SEC) and no longer launched the project. The SEC states there are thirty nine investors that were committed investors of the TON’s ICO.

Telegram Didn’t Register the Token Sale

The charge brought by the SEC against Telegram is that the token sale was never registered, which represents a violation of the law in the US. 1 billion GRAM was bought by American investors, at a price starting somewhere under $1. The total of tokens bought by 171 people and organizations from across the world was 2.9 billion tokens.

The US Markets Saturated with Illegal TON

Last year, the SEC stopped Telegram’s token offering, saying it doesn’t want the US markets to be flooded with tokens that were sold illegally. Here’s what Stephanie Avakian from the SEC’s Division of Enforcement had to say about the matter:

“We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”

Telegram Still Launching a Blockchain Platform

In spite of all that happened, Telegram is still developing and planning on initiating their blockchain platform. In early 2020, the exchange released a notice of the TON and GRAM tokens to the public. Aside from Laurene Powell Jobs, Roman Abramovich, the Russian Israeli billionaire, and former Minister of Open Government Affairs in Russia, Mikhail Abyzov, also participated to the ICO.

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Author: Oana Ularu

Oracle Software Giant Sues Crypto Startup ‘CryptoOracle’ For Trademark Breach

The practice of adding popular brand names to the name of a startup is a method used to attract clients to a business. The blockchain industry has seen this practice several times over with startups adding popular words such as Bitcoin and Blockchain to their names in a bid to lure customers. Some startups even use parts of popular companies’ names for the same purposes.

CryptoOracle has taken to Court

One blockchain startup, CryptoOracle, has been sued by the software giant, Oracle, for cybersquatting and trademark infringement. The lawsuit claims that CryptoOracle LLC used Oracle’s brand name in a bid to ride on the popularity of the software giant. Cybersquatting is the practice of using an internet domain name in bad faith with the intention of profiting from the goodwill built by another brand or trademark.

CryptoOracle was founded by Louis Kerner in 2017. The blockchain startup is a cryptocurrency advisory firm which serves other blockchain startups and entrepreneurs in the industry. The company sells tickets to events they host at which those interested in blockchain businesses can get the information they need and meet with other players in the crypto space.

Oracle is one of the biggest software firms, and it is famously known for the Java software. They also provide a range of services such as database management and cloud services. Oracle hosts many conferences and educational seminars for different software categories and topics.

Before the lawsuit, a cease and desist order had been issued to Kerner and his brand as Oracle sought to settle the matter out of court. CryptoOracle responded with a filled-in trademark application for their brand name. Oracle said that they could not allow the use of their brand name in the defendant’s business.

A request to force CryptoOracle to change its brand name and withdraw the trademark application has been placed before a federal judge. Oracle’s attorney reportedly said that his client might be entitled to the profits CryptoOracle made during the time they’ve been using the name.

Oracle and Blockchain

Oracle has plans to move into the crypto business through its Oracle Blockchain Platform, and this may be another reason behind the lawsuit. If another company with a similar brand name already exists in the crypto space, it might cause confusion among customers because it is easy to mistake one for the other. Such confusion could cost Oracle some business and the software giant is trying to avoid that.

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Author: Ali Raza

Russia’s Former Minister’s Bitcoin T-Shirts Would Have Been Worth $9,000

Russia's Former Minister's Bitcoin T-Shirts Would Have Been Worth $9,000

In a recent interview, the Winklevoss Twins – two of the most prominent names in the global cryptocurrency sphere – revealed that they invested heavily in Bitcoin when it was trading at about $9. This means that anything that was bought for 1 Bitcoin at the time has probably multiplied 9,000x, if you choose to look at it that way. Another person that seems to fall comfortably into this category is a very prominent figure in Russia’s financial climate.

Gref and his Bitcoin T-Shirts

Herman Gref is currently the CEO of Sberbank, which is the country’s biggest state-owned banking and financial services company. Since he was also Russia’s Minister of Economy, Gref is obviously not a finance newbie and also knows a little something about crypto.

Recently, Gref revealed during an interview that in the early days of cryptocurrency, he tried his hands on Bitcoin even using it to buy a few shirts. The catch now is that at the time of purchase, Gref paid for the T-shirts in Bitcoin when one coin was worth between $1 and $5. Today, Bitcoin is valued over $9000 meaning that in retrospect, the former minister spent an arm and a leg on just a few T-Shirts.

Since it was such a long time ago, Gref admits that he’s not sure what exactly happened to those T-shirts and explained that he doesn’t look back on the buy with any remorse at all. He also added that he lost some funds when he lost his private wallet keys some time ago but discussing the losses now, especially with all the growth and development crypto has seen, Gref is still far from distraught about it, suggesting that he wasn’t the best participant in the game.

“It’s like a casino and I am not a casino player.”

Bitcoin Might Never Be A Store of Value

Most Bitcoin enthusiasts believe that Bitcoin is a good medium of exchange, making the internet of money easier and also a great store of value, especially as Bitcoin, is already offering better returns than gold. Gref, however, agrees that Bitcoin is a great way to handle transactions but disagrees that it can work as a store of value. According to him, Bitcoin and altcoins might never become the store of value everyone hopes it would be because no government would let any properly decentralized cryptocurrency grow so much that it undermines the power of their fiats.

This is an opinion that has been aired by some government officials in countries like the U.S. and China. Gref has earlier expressed his opinion that the earliest time any country would fully support any entirely decentralized cryptocurrency would be another ten years.

We Should Focus on Blockchain Technology

There are many applications for blockchain technology all over the world and even people who are less than enthusiastic about cryptocurrency, in particular, agree with this. The Sberbank CEO thinks that blockchain technology will have amazing potential and provide serious solutions to many different sectors but adds that at the moment, the technology is not ready for proper adoption.

No More Crypto for Sberbank

Sberbank had a few cryptocurrency projects it was working on but had to abandon them, especially since the Central Bank of Russia wasn’t very enthusiastic. According to Gref:

“We never had any extraordinary plans for cryptocurrency projects and never imposed digital money upon our customers. We just followed the trend. However, I am glad that the hype has gone, making way to the blockchain technology development.”

Last month, Sberbank publicly disclosed their decision to discontinue any cryptocurrency projects it was working on. One of the reasons for this was that the regulation/legislation for digital assets and its trading activities were unclear and wouldn’t have been clarified anytime soon.

Elvira Nabiullina, the governor of Russia’s Central Bank, clearly said last month that the apex bank wasn’t in support of cryptocurrency. According to her, trades and transactions with other countries are still better handled with fiat.

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Author: Tolu