Thursday Afternoon Check-Up: Blockchain for Data Security, Wu-Tang Enters the Crypto, Wikipedia Founder Not Fond of ICOs
Good evening crypto-ologists and curious readers alike. Every Thursday we like to just check in with you and see how things are going in general. Do you have a crypto portfolio going? How’s it doing these days? Maybe not as great as others… Do you check up on it at work, take a quick peek when you know your boss isn’t looking? Well in case you don’t have time to scour the internet during the totality of your work day, rest assured that we do, and we are out there hunting for the most valuable information you need to know about.
Blockchain for Sensitive Data Security
Somewhat ironically, it turns out the transparency of the blockchain might be exactly what is needed to genuinely secure the privacy of personal data and information. The decentralized nature of the blockchain makes it immutable, basically removing the risk of identity theft or fraud. Oracle recently announced plans for a blockchain-based company systems security solution citing the need for a revolution of security storage in the wake of the giant Equifax data breach.
Ninja ICO Launch, Wu-Tang Style
Ghostface Killah of legendary rap crew Wu Tang Clan has launched his own cryptocurrency firm, hoping to raise $30 million in its opening venture according to CNBS. While not offering many specifics on how the flashy MC plans to make money, the symbol for the coin, CREAM (Crypto Rules Everything Around Me), has already been granted a trademark by the US patent office. The coin is unique from only a few others because it aims to peg itself to the current value of $1. This leaves some investors turned off because obviously a purchase commission or any other fee would put the cost obtaining 1 CREAM above $1, essentially rendering it a novelty.
Wikipedia’s Wales: Say “No” to ICOs
The philanthropic founder of Wikipedia, Jimmy Wales, had a strong enough opinion about ICOs to call them “absolute scams,” citing evidence from China and Korea that pointed to the loss or theft of millions of dollars through cryptocurrency related ventures. In an interview with CNBC yesterday, Wales stated:
“I think blockchain is a super interesting technology but there are a lot of fads going on right now … There are a lot of these initial coin offerings which are in my opinion are absolute scams and people should be very wary of things that are going on in that area.”
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