Greetings! In today’s digest – Bitmain has applied for an IPO, blockchain platform of “Chinese Google”, mobile voting app, natural evolution of money and stablecoin.
Bitmain has applied for an IPO
Bitmain’s draft initial public offering (IPO) prospectus – a step towards its much-anticipated listing on the Hong Kong Stock Exchange, the firms’ sheer size and blistering growth can now be parsed in significantly greater detail. The 438-page prospectus includes detailed information about Bitmain’s sales and profitability going back to 2015, as well as a breakdown of its revenues it takes in from different lines of business. It also includes a picture of Bitmain’s costs – which are particularly notable, given that they illustrate how much the company is investing in growth and how unpredictable returns on that investment can be due to volatile cryptocurrency prices.
Bitmain’s dominance of the global market for cryptocurrency mining equipment is common knowledge (its market share is 75 percent, according to the prospectus), and its financial statements show just how lucrative it is to be in that position.
Cryptocurrency is the ‘natural evolution’ of money
ConsenSys founder and Ethereum co-creator Joseph Lubin noted that much of Europe demurred on representative money until the 1600s and that it also took time for digital cash transfers and wires to gain acceptance. He characterized digital currencies as just the “21st century’s version of that flimsy paper money”. Lubin wrote that the use of cryptocurrencies could eventually lead to better distributions of wealth thanks to the power of decentralized networks.
Cryptocurrency is in many ways a natural evolution of prior representational systems, though one that favors truth over state-sanctioned power.
Blockchain-based mobile voting app
West Virginians have begun using a blockchain-based mobile voting app for casting absentee ballots in the upcoming midterm elections. The application — dubbed Voatz — will allow voters registered in 24 countries to cast absentee ballots via smartphone, mainly targeting military members stationed abroad.
Mobile voting is a horrific idea. It’s Internet voting on people’s horribly secured devices, over our horrible networks, to servers that are very difficult to secure without a physical paper record of the vote.
Thank you for attention! Have a productive day!