Not only the start of the new year, January 2018 marks the official start of the Equibit blockchain (more on that in our development update). Following this theme, we also recently told the Equibit genesis story.It’s been a remarkable year for Equibit Group, defined most by the progress our team has made in bringing the Equibit blockchain and product suite to fruition. 2018 is going to be a milestone year for us as we share our vision for a decentralized securities network.
With regards to development, our strategy stayed the course through December, focusing on preparing to mine the genesis block of the Equibit blockchain, among other things. But our marketing focus did change gears slightly as started to focus more on our end users - companies and investors. We also look forward to showing you the results of a lot of our efforts come early February when we launch a brand new Equibit Group website and home to all community content.Our mining community continues to grow, as we welcomed several new miners in December bringing us to 30 signed letters of intent. Further inquiries should contact our Chief Blockchain Officer at firstname.lastname@example.org.
December marked the start of a new chapter for Equibit Group as the company signed a lease for new office space in downtown Toronto. The office is at 2 Carlton - with its front door across from the subway entrance. Equibit Group is growing, our team is expanding, and it was time to find a home that reflects our progress and vision for the future. We move in February 1st.
Speaking of a growing team, we're very excited to announce that starting January 8th, Kiarash Narimani will be starting with us as Development Director.
Kiarash has a very impressive background having worked as a Development Lead with American Express as well a Software Developer with BlackBerry and a Senior Software Design Engineer with Microsoft.
Kiarash has a PhD in Information Security - Communication from the University of Waterloo and a M.A.Sc., Electrical Engineering - Communication and a B.Sc. ECE (Electronics), both from the University of Tehran.
Development UpdateThis week the Equibit blockchain was officially started with the mining of the genesis block on Wednesday night. After years of dedication, it’s a significant development for the team and a milestone moment for the Equibit network. Paying homage to Bitcoin, whose protocol we have based our token on, we’ve embedded a significant news article into the “coinbase” parameter. Anyone with an Equibit node will be able to identify the article.
Development continued on Equibit Core, our application containing all necessary software to run a full node on the Equibit network. Soon we will release Core to a select group of miners to establish a critical mass of hashing power. This will take place before we launch the Equibit code to the public.
December also saw great advancements with Equibit Portfolio, our wallet and investment dashboard, the integration of SegWit with the Equibit blockchain, setting block size, and establishing the graphical user interface.
With proof of concept created for atomic swaps in November, December saw cross trading come to fruition. Atomic swaps make it possible for cross-chain trading so that users are able to exchange cryptocurrencies without need for involvement from a third party.
Highly critical of tokens that act like securities, the U.S. Securities and Exchange Commission (SEC) said on December 22nd that future regulation is on the way in the new year. Just a few days prior on December 19th the SEC halted trading of The Crypto Co. upon concerns of coin manipulation.
In Venezuela miners are being required to sign up for an online registry established by the first “superintendent of Venezuelan cryptocurrency,” Carlos Vargas. The government intends to develop a legal framework in order to tax and regulate cryptocurrency mining. In the meantime, miners are being arrested, accused of money laundering and illicit enrichment, among other things.
Highlighting the vastly different approaches being taken across the globe, in Belarus cryptocurrencies, smart contracts, and initial coin offerings (ICOs) have been legalized. The decree from President Alexander Lukashenko (Belarus’ first and only President), entitled, “On the Development of Digital Economy,” states that all crypto transactions and mining income will also be tax-free for five years.
In South Korea the spirit is decidedly less supportive. Earlier in December South Korea made it clear it was looking to “dampen crypto markets,” specifically wanting to reduce virtual accounts and trader anonymity. A ban was then introduced on anonymous virtual accounts in late December “as part of efforts to curb virtual currency speculation,” according to Yonhap.
Near the end of December some cryptocurrency traders in Australia found their bank accounts to be frozen. Several banks appear to be part of the account freezing, citing suspicious activity amongst the traders owning the accounts. The freezes appear to be triggered by specific cryptocurrency exchange websites, including Coinbase and BTC Markets, among others.The State of Bitcoin
In the month of December Bitcoin nearly doubled, flirting with the $20,000 mark for a short time before sliding back down to $14,000. Some speculators blame the contentious Bitcoin community for such volatile moves, naming unresolved issues with infrastructure (continuous block size and hard fork debates) and increasingly high transaction fees. In looking back on 2017, the original - and most widely adopted - cryptocurrency experienced a 1300% increase.
On the Blog
Trustless Institutions to a Trustless Network
Examining what makes trustless systems possible, we look at how Bitcoin was inspired by the 2008 crash of the financial system, and how blockchain is now transforming it:
“Unlike traditional capital markets that focus on the business of moving money belonging to others through the system, a blockchain-based capital markets system ensures that participants offering and transferring real value are the focus and beneficiaries - this is the future of finance.”
Read the full blog post here.
The Equibit Genesis Story
Equibit was founded after CEO Chris Horlacher left his position at a “Big Four” firm to become the CFO of a US securities brokerage establishing itself in Canada. Inspired by Bitcoin’s potential, Chris believed the cryptocurrency’s peer-to-peer system could be modified to serve as a suitable public securities register, both improving the efficiency of the industry and significantly reducing risks to the investing public.
Read the full genesis story here.
Why a Great Newsletter Matters to Your Blockchain Project
The difference between vaporware and a real world application is in the tech - and the communication. A detailed, transparent, and shareworthy newsletter is a valuable piece for your crypto community, here's how we create ours.
2017 was good - 2018 will be better!