Under the radar — digital currencies beyond Bitcoin & Ethereum
3-in-1: 3 digital news in 1 minute. On Monday. Episode 240
Discover 3 original digital news, invest one minute and be a better professional!
News 1: Diem, former Libra but completely different calibration
Libra, the Facebook crypto system announced in 2019 has been re-calibrated. A new name, Diem, mainly stablecoin (coin bound to an official currency like the Dollar), a new wallet in beta called Novi, and a limited ambition — just build an alternative system based on the blockchain for P2P payment and any new ideas for fintech to invent. Opinion for B2B: Facebook struggled with the Libra currency system, announced as a competitor to centralised bank system. Diem has narrowed the ambition to just build a new payment system build on blockchain, bound to the Dollar. Diem Association is the central body, Diem Networks the operator and Diem Dollar the currency.
Reasonable ambition, less of Facebook and in the new crypto mood of stablecoin — this is the new Libra.
News 2: Novi, the new Facebook wallet
Novi is the new name for the former Calibra wallet bound to the Libra initiative. Novi is only in beta but the functions are basically: peer-to-peer payment and online payment. An alternative to PayPal, but with cryptocurrency and blockchain behind. And lower transactions fees. Opinion for B2B: Novi will be the instrument to the new (former Libra) payment system with stablecoins bound first to the Dollar, the Pound and the Euro. First impression: very good, good UX, clear communication.
Will Facebook dare to push Novi aside its 5 products? (Facebook, Messenger, Instagram, Whatsapp and Oculus)
News 3: Free Digital Yuan for 100.000s in classic red envelop
Digital Yuan is the official Chinese digital currency, called eCNY. It isn’t based on the blockchain, but has a similar system. Expansion is ahead with state giving eCNY to 100.000s of people in Shenzhen and Suzhou (200eCNY, equivalent $31). Even a bank is testing the integration in an ATM for deposits and withdrawals. State-owned Agricultural Bank of China (ABC) is behind this. Opinion for B2B: China is ahead in building a digital currency, although it is only in beta. The system is not decentralised like bitcoins on the blockchain (decentralised ledger technology). Hence banks and state can monitor money flows. Analyzing this development gives mixed feelings — well, China ahead (again) in building a digital ecosystem, but with state control in mind.
Any view on digital currencies? Will we have an e€?
Author is the research team (10 trend scouters) at specialist Space and Lemon (Hamburg, Berlin) — scouting in main tech geographies, in AI development, virtual worlds and e-commerce. Excerpts of research are gathered here in original weekly news since 2016, always with a professional opinion — no re-write of TechCrunch. Research time: February 2021.
Come back next Monday and share your opinion.
