Bitcoin Backed
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 October 2018
⏱️ 6 minutes
🧾️ Download transcript
Summary
- In January, a new token is being launched on the ethereum blockchain that will be backed one-for-one by bitcoin.
- An advisory committee to the U.S. Internal Revenue Service (IRS) believes the agency should provide clearer guidelines on how cryptocurrency transactions may be taxed.
- An arbitration body in China has ruled that despite the country's central bank ban on cryptocurrency trading, bitcoin should still be legally protected as a property with economic values.
- Shipping giant Maersk and tech provider IBM are wrestling with this problem with TradeLens, their distributed ledger technology (DLT) platform for supply chains.
- The four biggest agricultural corporations in the world plan to utilize tech such as blockchain and AI to bring the global grain trade into the digital age.
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Transcript
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| 0:00.0 | A group of companies is creating a new Ethereum-based token that's backed by Bitcoins. |
| 0:06.4 | Good evening. I'm Nick Day. You're listening to Late Confirmation by CoinDesk, |
| 0:10.5 | bringing you to top stories from October 26th. Also on today's show, IBM and Marisk are |
| 0:15.9 | suffering from what might be called an empty ship problem, and an arbitration court in China is making |
| 0:20.7 | ways following a recent ruling about Bitcoin. Stay tuned. For more might be called an empty ship problem, and an arbitration court in China is making ways |
| 0:21.1 | following a recent ruling about Bitcoin. Stay tuned for more on these stories on today's show. |
| 0:29.6 | In January, a new token is being launched on the Ethereum blockchain that will be backed |
| 0:33.9 | one for one by Bitcoin. The companies behind the initiative include decentralized exchange startups, |
| 0:39.1 | Kiber Network, and Republic Protocol, |
| 0:41.1 | as well as cryptocurrency custody company Bikgo. |
| 0:43.9 | What's more, a number of Ethereum-based projects |
| 0:46.4 | are also reported to support adoption of the token once released. |
| 0:50.0 | Decentralized cryptocurrency exchanges |
| 0:51.7 | and finance-focused blockchain projects |
| 0:53.5 | participating as |
| 0:54.4 | launch members include MakerDAO, Dharma, AirSwap, NOSIS, IDX, radar relay, compound, D-Dex, |
| 1:02.3 | hydro protocol, set protocol, and pricto. |
| 1:05.4 | Aimed at broadening the use case of Bitcoin to act as more than strictly a peer-to-peer payments |
| 1:09.5 | tool, deraft Bitcoin, or WBTC token, will facilitate the use of Bitcoin to act as more than strictly a peer-to-peer payments tool, the Rapt Bitcoin, |
| 1:16.1 | or WBTC token, will facilitate the use of Bitcoin for any decentralized application running on Ethereum. Calling it the best of both worlds, CTO of BitGo Benedict Chan characterized WBT as |
| 1:22.4 | possessing both the stability of Bitcoin and the flexibility of it therein. |
| 1:28.3 | In advisory committee to the U.S. Internal Revenue Service believes the agency should provide |
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