Gitcoin Starts Facilitating Ethereum Classic Payouts

Gitcoin Starts Facilitating Ethereum Classic Payouts
March 19, 2020


The cryptocurrency market is trying to rebound after the massive sell off that took Bitcoin (BTC) below $5,000. At the time of writing this article, Bitcoin is trading at $5,338.16, almost unchanged from previous day. Ether (ETH) is trading almost flat at $117.20. Ripple’s native currency XRP is trading at $0.1456, down 1.2% from prior close. Other major (top 20 by market cap) altcoins, which have declined in the past 24 hours include Monero (XMR-$36.51, -0.1%), Huobi (HT-$2.95, -1.8%), Tezos (XTZ-1.37, -1.0%), Bitcoin Cash (BCH-$179.68, -2.7%), EOS (EOS-$1.97, -0.7%), Litecoin (LTC-$34.13, -0.9%), ChainLink (LINK-$1.89, -0.5%), Tron (TRX-$0.01, -0.3%), Stellar (XLM-$0.0370, -1.0%), Ethereum Classic (ETC-$4.53, -2.5%) and OKB (OKB-$3.58, -0.7%). Altcoins which have appreciated in the past 24 hours include IOTA (IOTA-$0.1257, 3.7%), Cardano (ADA-$0.0258, 0.2%), Binance Coin (BNB-$10.36, 0.1%), Cosmos (ATOM, $1.79, 0.7%), Dash (DASH-$57.47, 24.8%), LEO (LEO-$0.9668, 2.8%).


Government level initiatives

Ministries in South Korea commit funds to domestic blockchain startups

South Korea’s Ministry of Science and ICT (Information and Communications Technology) and the Ministry of Information and Communication Industry Promotion have committed $3.20 million to foster domestic startups focused on blockchain technology. In this regard, the ministries will together unveil “Blockchain Technology Validation Support in 2020” to execute its funding plan.

The idea is to choose nine projects and award 450 million won (~$360,000) to each of them. Projects are selected based on criteria such as proven performance, the viability of the project, the possibility of validating the technology, business objectives, anticipated results, and the number of jobs anticipated to be created. Selected firms should provide services that would generate social and economic value via blockchain technology.

Regarding the initiative, Park Yoon-Kyu, Minister of ICT, stated as follows: “We plan to support domestic specialized companies to rapidly grow and activate the ecosystem in the early stage of the blockchain market.”

Other than blockchain, the program also supports projects related to artificial intelligence (AI), big data, and the Internet of Things (IoT). A total of five patents have been filed by companies that were selected last year. Furthermore, two investment rounds and nine copyright registrations were completed.


Private sector initiatives

Gitcoin now accepts ETC from contributor payments

Gitcoin, a platform offering cryptocurrencies as bounties, has started accepting contributor payouts in the form of Ethereum Classic (ETC).  In collaboration with Ethereum Classic Labs, claimants of bounty now have the choice of receiving payment in the form of ETC for the job they carry out on several open-source projects. However, there is no clarity as to whether bounty seekers will be able to receive ETC for all the work they perform in the future or only for the work related to the Ethereum Classic ecosystem.

Gitcoin, an Ethereum powered platform, facilitates developers to work as freelancers and receive bounties for the work performed.

Gitcoin founder and CEO Kevin Owocki explained the benefits of the integration: “We’re thrilled to bring our suite of tools to the ETC community with native ETC support. This technical interoperability matches the already present cultural interoperability between the projects. This integration is a step forward towards Growing Open Source and creating more economic opportunity for hackers in both communities.”


European financial institutions looking to launch a blockchain platform for the investment fund sector

Several top European financial institutions are partnering to roll out a blockchain-powered platform for the investment fund sector. The idea was initially put forth by Luxembourg Stock Exchange and its affiliate Fundsquare. Later on, Credit Suisse Asset Management, Clearstream, and Natixis Investment Managers took steps to conduct a Series A investment round for the platform named “FundsDLT.”

The FundsDLT platform is built on Ethereum (ETH) blockchain. The platform facilitates asset managers, marketing associates, asset service providers, and supply chains to minimize overhead expenses. Cost-cutting is achieved by avoiding needless measures while offering transparency and permitting digital fund distribution.

A representative of Credit Suisse Asset Management issued the following statement: “FundsDLT is a platform for the investment fund industry using distributed ledger technology (DLT), with the aim to streamline fund distribution. The company will use DLT and smart contracts to provide register and account management, transaction processing, as well as cash settlement/reporting.”

The Credit Suisse spokesperson also pointed out that while the platform is powered by Ethereum blockchain, it utilizes the Quorum system as a private blockchain to guarantee privacy and efficiency. The representative also highlighted that the venture does not offer any exposure to cryptocurrencies and is only adopting distributed ledger technology to provide services that are already offered by third-parties in an inefficient manner.



Morning Post journalist uses the Ethereum network to dodge censorship

Sarah Zheng, a journalist for the South China Morning Post, has used the Ethereum network to circumvent censorship and post an interview with a doctor (Dr. Ai) treating coronavirus patients. At the time of writing this article, over 3,150 have lost their lives in China, and nearly 81,000 have contracted the disease.

Zheng tweeted that she has published the exact statement made by Dr.Ai who takes care of patients in Wuhan (the epicenter of the COVID-19 disease). The interview posted on Ethereum, according to The Straits Times, contains intentional typos, with backing in PDF files, QR, and Morse code. Additionally, emojis have been purposefully included in the article.

Notably, the article was initially published in Renwu media but was immediately prohibited by the domestic messaging platform WeChat. That made the task of sharing the news virtually impossible. There are several versions of the interview, including the one published using the Hanyu pinyin writing system, which translates Chinese letters into Latin alphabets.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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