05-12-2018: Civic Unveils Crypto Beer Vending Machine At Consensus

Most millennials, people born between 1981 and 1996, are not saving for retirement. In February 2018, the National Institute on Retirement Security released a study, which concluded that 95 percent of millennials are not saving adequately for retirement. However, a growing number of millennials are investing in cryptocurrencies. For 21.2 percent of college students, the urge to buy cryptocurrencies even involves using their financial aid money, concluded a survey conducted by The Student Report. Rachel Wolfson wrote on Bloomberg “Interestingly enough though, one of the main reasons millennials are investing in cryptocurrencies is to save for retirement funds.”  According to a survey conducted by CREALOGIX, millennials are increasingly turning to cryptocurrencies, while rejecting traditional methods of banking and payment (bitcoinist).

Facebook may be considering creating its own cryptocurrency in order to afford its billions of users the possibility of making electronic payments. The company has apparently been keeping their mouths shut in regards to any future plans for a cryptocurrency. Insiders familiar with the situation also claimed that Facebook — unlike Telegram — has no plans to hold an initial coin offering (ICO) and will almost certainly not launch any cryptocurrency in the coming year. Furthermore, one source explained that Facebook will most likely acquire existing blockchain and cryptocurrency developments in an effort to create its own. In addition to allowing for payments, blockchain technology could also assist the company in identity verification and data encryption (bitcoinist).

The San Francisco-based startup Civic has announced that they will unveil the world’s first “crypto beer vending machine” at Consensus 2018. Civic sees the prototype, built and branded in partnership with beverage giant Anheuser-Busch, as a way to demonstrate the utility of blockchain-based identity verification schemes. In short, any conference attendee will be able to walk up to the machine with their Civic app, where they can verify whether they are of legal age and make a purchase. Looking ahead, the demo also provides a glimpse of how a wide range of devices could soon be connected to Civic’s identity marketplace, now scheduled for a Q3 launch. Announced last June, Civic sold $33 million-worth of its CVC tokens to investors ahead of an initial coin offering (ICO) for its protocol that saw more of its custom cryptocurrency dispersed to users. Today, the value of the network is $113 million according to CoinMarketCap (Coindesk).

Bitcoin prices fell to three-week lows of around $8,340, as markets reacted to a flash investigation of South Korean exchange Upbit and a fresh Mt.Gox funds liquidation. Traders appeared to react to news that Upbit, Korea’s largest cryptocurrency exchange and a subsidiary of communications giant Kakao, had received a visit from the country’s Financial Supervisory Commission (FSC). According to local media, authorities suspect Upbit had “deceived customers” by providing false information about its balance sheets. At the same time, executives in charge of refunding users of former Japanese exchange Mt.Gox have evidently sold a new chunk of about 8,000 BTC (about $70 mln at press time) in four batches of 2,000 BTC. Such actions in the past had reportedly affected global prices several times since November. As of press time Friday, Bitcoin had lost around $800, or 8.5 percent, in the past 24 hours, hitting the lowest price the coin has seen since April 20th (cointelegraph).

On May 8, 2018, Colorado passed Senate Bill 86, which focuses on eliminating barriers to the use of distributed ledger technology (DLT). In particular, the bill outlines methods for storing and transferring sensitive government data, makes sure counties and cities in Colorado do not levy high taxes against businesses that use this technology, and encourages the introduction of blockchain technology to college curricula within the state.

According to the bill, “In 2017, the cyber threat to the Colorado Government included six to eight million attempted attacks per day.” According to supporters, the bill would reduce the threat of such hacks on government data. It requires the chief information security officers of the governor’s Office of Information Technology (OIT) to “annually assess the data systems of each public agency for the benefits and costs of adopting and applying distributed ledger technologies such as blockchains.” The Department of State and the executive director of the Department of Regulatory Agencies will also be required to explore DLT and blockchain solutions for encryption (ETH News).

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