The token economy just gained an organized structure for collaborating with world leaders.  The World Economic Forum revealed its Presidio Principles on Friday, a “blockchain bill of rights,” according to the nonprofit focused on fostering diplomacy and international business partnerships. The document includes signatories from the Government of Colombia, Deloitte Consulting LLP, ConsenSys, Electric Coin Company, CoinShares and the United Nations’ World Food Program, just to name a few.  “We supported the creation of the Presidio Principles – as well as guidelines and design principles for public institutions – because we wanted to ensure that progress can continue rapidly and responsibly, ensuring that basic characteristics like security and data privacy are secured for our citizens,” Vic...

caption Representations of virtual currency Bitcoin and U.S. dollar banknotes are seen in this picture illustration source Reuters An investor in cryptocurrency hedge funds saw nearly 99% of a $250,000 investment wiped out after his chosen fund collapsed during the market meltdown. “I don’t really know what happened,” Vlad Matveev told the Financial Times. Matveev detailed Cryptolab Capital’s explanation in a Medium blog post: the fund took a leveraged position in March, and a lack of liquidity and rejection of sell orders stopped it from pulling out when crypto prices tanked. Crypto hedge funds lost an average of 26% in March, while traditional hedge funds lost about 8%, the Financial Times said, citing HFR data. Visit Busines...

China-based bitcoin miner manufacturer Canaan has reported a net loss of $5.6 million for Q1 2020, even though it had cut down the prices for its hardware by more than half in an effort to sell more machines. In an earnings report released on Friday, the firm said it made $9.4 million in revenue for the first three months this year with a growth of 44.6% compared to the same period last year. But it also incurred $9.3 million and $5.9 million expenses in cost of goods sold and R&D, respectively. For that revenue, Canaan sold 0.9 million terahashes per second (TH/s) of Bitcoin computing power, which accounts for less than 1% of the network’s current total. That means Canaan had cut down the prices for its mining hardware sold in the first three months by more than 50% to just $10 per ...

The latest implementation of bitcoin (BTC) on the Ethereum blockchain quietly went live this week. There are 1.24 renBTC live on the Ethereum mainnet now, according to Etherscan. Three sources with knowledge of the project have confirmed this is the Ren smart contract, live ahead of its launch announcement. Kain Warwick of Synthetix tweeted Wednesday that he was the first person to hold a full bitcoin in renBTC. However, there’s no way yet for members of the public to mint additional renBTC, the CEO of the company behind the project told CoinDesk in an email. “While the smart contracts have been deployed on Ethereum, RenVM itself is not actually on mainnet. This is because RenVM is a distinct network separate to Ethereum. The final mainnet subzero version of RenVM won’t be deployed until ...

The kin cryptocurrency is exploring a move from its own fork of Stellar to the Solana blockchain.  To recap, the mobile app company Kik ran a $98 million initial coin offering (ICO) for kin in 2017, which was made on the Ethereum blockchain. Then the company said that it would use Ethereum for security and Stellar for transactions. Then it forked Stellar and ran its own chain. Now that’s proving to be inadequate so the cryptocurrency will port over to Solana in a matter of months, pending adequate support from app developers in the Kin ecosystem. “The fork of Stellar enabled Kin to reach millions of consumers, but we knew it would not be a long-term solution,” a Kin Improvement Proposal shared with CoinDesk reads. “Stellar has five-second block times, so irrespective of network load, a con...