Key Developments in Blockchain
International Blockchain Summit Attracts Tech Giants
The 2018 International Digital Economy Expo, featuring the Blockchain Industry Integration Summit, will convene in Shijiazhuang from September 20–22. Highlighting the event:
- Keynote speeches by Tencent’s Blockchain Lead Cai Yige and Baidu’s Blockchain Lead Liu Yao.
- 500+ global attendees, including industry leaders and policymakers.
AEF Ecosystem Fund Sells Out in Minutes
AEF (AISI Ecosystem Fund), the world’s first tokenized fund, sold its initial 6,000 ETH quota on BitMart in under 6 minutes.
- Strategic partnership announced between BitMart and AEF to strengthen blockchain community consensus.
Market Insights
Bitcoin’s Declining Payment Utility
Chainalysis reports:
- Bitcoin is less viable for small purchases (e.g., coffee) due to high transaction fees.
- Freelancers and suppliers still use it for cross-border payments.
South Korea’s Regulatory Focus
The Financial Supervisory Service (FSS) will host a 16-nation conference in September to discuss:
- ICO regulations
- Virtual currency oversight
Industry Perspectives
Challenges in Blockchain Gaming
Cocos-BCX founder Chen Haozi notes:
- Asset tokenization (e.g., in-game items) requires 1–2 years to mature.
- Key shifts needed: Game economies, profit models, and player education.
Cryptocurrency vs. Fiat Dynamics
Joel Telpner’s Sullivan Worcester predicts:
- Bitcoin ETFs will gain SEC approval as adoption grows.
- National digital currencies may emerge, but crypto won’t replace fiat.
Legal and Security Updates
Arizona Bitcoin Trader Jailed
Thomas Mario Costanzo sentenced to 41 months for laundering $164,700 via Bitcoin in drug-related transactions.
Blockchain in Insurance
MVL partners with Vietnam’s PTI Insurance to integrate blockchain for driver/passenger coverage and repair services.
FAQ
Q: Why is Bitcoin usage declining for payments?
A: High fees and slow transactions make it impractical for small purchases, though it remains useful for larger transfers.
Q: What’s the focus of South Korea’s ICO meeting?
A: Balancing innovation with consumer protection in crypto fundraising.
Q: When will blockchain gaming mature?
A: Experts estimate 12–24 months for full ecosystem development.