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Daily Byte: Monday, November 19, 2018




Switzerland moves forward with crypto ETP, US Air Force goes full in with blockchain for supply chain, Thailand records primary election on blockchain. Plus, more Bitcoin Cash nonsense.

Here is some of what's happening, for Monday, November 19, 2018:

Switzerland Set to Approve First Crypto ETP

Financial Times is reporting that Switzerland's principal stock exchange, SIX Swiss Exchange, is set to start trading what is reportedly the world's first exchange traded product (ETP) tracking multiple cryptocurrencies.

The Amun Crypto ETP will track the indices of bitcoin, Ether, XRP, Bitcoin Cash, and Litecoin. There is no indication which of the two Bitcoin Cash forks will be included in the basket; Bitcoin Cash split into two competing chains last week. The first, commonly known as BCHSV, is a block size upgrade sponsored by CoinGeek and Craig Wright. The second is BCHABC, a scripting upgrade supported by Bitmain and

While crypto derivatives and futures are currently traded, and while Grayscale Investment Trust offers the Bitcoin Investment Trust (GBTC), there have apparently been no true ETPs publicly available before this announcement. A crypto ETP is a tradable asset composed of one or more cryptocurrencies whose shares reflect the value of the underlying assets.

The split will be 24.4 percent XRP, 16.7 percent Ether, 5.2 percent Bitcoin Cash, and 3 percent Litecoin, with the remainder being bitcoin. The ETP will have a 2.4 percent management fee.

US Air Force to Use Blockchain for Supply Chain, Logistics

The Department of Defense has signed a contract with SIMBA Chain, a cloud-based blockchain-as-a-service platform, for the platform to be used for supply chain logistics by the Air Force. SIMBA Chain was created from a Defense Advanced Research Projects Agency (DARPA) grant, to create a blockchain solution for its logistics and supply chain capabilities.

"The ability of the USAF to prevail in the highly contested environment of 2040 will be dictated by its ability to defend cyber-enabled systems, and the data within them, from compromise and manipulation," USAF major Neil Barnas wrote in defense of blockchain integration in 2016. "Yet contemporary cyber defense is faltering, and incremental improvements seem unlikely to overcome an exponentially growing cyber threat. Thus, an entirely new model for cyber defense strategy is needed. Blockchains are a new information technology that inverts the cyber security paradigm."

The Air Force has one of the most complex logistics chains in the federal government. The department moves millions of parts and shipments worldwide without the luxury of a transport breakdown. The Air Force intends to use SIMBA Chain to create a scalable component to its manufacturing supply chain, making it easier to track shipments from contractors.

In September, ETHNews reported that the US Navy was researching the potential of the SIMBA platform to be used for its supply chain needs.

Thailand Holds Primary via Blockchain

In the first primaries since the 2014 Thai military coup, over 120,000 voters participated in the Thai Democrat Party's primary election via e-votes recorded on IPFS and the Zcoin blockchain.

The election, which was held from November 1 to November 9, is also reportedly the first Thai primary election where a political party selected its leaders based on the input from the party's general members, rather than party officials. Voters were required to submit photo ID via a mobile app to vote, or vote at physical voting stations that were powered by Raspberry Pi single-board computers. The votes were encoded and transmitted using IPFS, a decentralized file storage system. The IPFS hashes were then recorded on Zcoin.

This reflects a growing trend toward blochchain adoption in the Southeast Asia nation. In June, the Thai government approved seven cryptocurrencies for trade via trading pairs and in July, the Thai government set up a regulatory framework for ICOs to operate in the country.

Dispatch from the Edge: "Satoshi Nakamoto" Emerges on Twitter to Denounce SegWit

In a departure from sanity, on Friday, a Twitter profile from a user calling themselves Satoshi Nakamoto, the pseudonymous creator of bitcoin, posted a tweet chain that seems to take sides on the developing Bitcoin Cash hash war.

The @satoshi handle tweeted a link to a bitcoin transaction involving coins from the ninth block reward. These coins are important in bitcoin history, as coins from this reward were the first to be transferred in the very first bitcoin transaction. The reward was won the day the Bitcoin network was launched, January 4, 2009.

This was followed by the following tweet: "I do not want to be public, but there is an issue with SegWit. If it is not fixed, there will be nothing and I would have failed. There is only one way that Bitcoin survives and it is important to me that it works. Important enough, that I may be known openly."

The tweet chain concluded with: "The message will be clear in Dec 2019."

The @satoshi account has since been suspended.

While there is no hard evidence suggesting that Craig Wright, the lead proponent of Bitcoin SV and a claimant to Nakamoto's identity, was behind the tweets, the community largely is calling shenanigans.

"I'm downvoting this as I believe this is just CSW up to mischief," said Reddmon2, a Twitter user, according to AMBCrypto. "It lines up with the things he's been saying recently. If it really is Satoshi, he could easily prove it in one tweet. There would be no need to speculate then."

This is but the latest in a hash war that has Bitcoin SV accusing Bitcoin ABC of "renting" its winning hash power from Bitcoin.

Be fast, be clever, be wise. Most importantly, be here tomorrow for your Daily Byte.

Frederick Reese

Frederick Reese is a politics and cryptocurrency reporter based in New York. He is also a former teacher, an early adopter of bitcoin and Litecoin, and an enthusiast of all things geeky and nerdy.

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