Crypto Mining Mobile App Phoneum launched its ICO this week, while the Discon 1 Crypto conference meets in Boulder. Last week, Coinbase cleared itself of bitcoin cash insider trading investigation and the head of the CFTC said the federal agency can’t keep up with blockchain.
Phoneum Launches ICO, Smartphone Mining App
Ready to mine cryptocurrency?
Phoneum, which launched its ICO on Monday, has developed a mobile app it says will let users with no technical skills or high-tech equipment mine and earn its phoneum (PHM) coins. The idea behind the app is to widen participation in cryptocurrency by making it accessible to anyone with a mobile phone.
The ICO earned high trust marks from rating site ICOMarks.com, which gives it a 9.2 out of 10, and CoinSchedule, which gives it a Trust Score of B. Phoneum recently announced crypto exchange LAtoken will offer its tokens for sale.
Phoneum allocated 2.5 billion PHM coins to the ICO, which ends Sept. 30. Total supply will be 20 billion. Most of the remaining coins will be allocated to mining, according to its white paper.
Initially launching on Ethereum, coins will later be converted to Phoneum when the company launches its blockchain. The company will use 70 percent of funds raised for product development and support and 20 percent for business development and marketing.
Currently available in test form on Google Play or iTunes, Phoneum’s official app is expected to launch in the fourth quarter of 2018, according to the company’s white paper.
Founder and lead developer Ivan Likov expects Phoneum’s revenue to come from merchant transaction fees. In addition to functioning as a crypto wallet, Phoneum plans to offer access to a marketplace where merchants accept PHM coins as payment. Read more here.
Discon 1 Conference Rolls Into Boulder This Week
The Discon 1 cryptocurrency conference kicks off in Boulder, Colo. Friday. Among its speakers at the two-day show are U.S. Rep. Jared Polis of Colorado and Chelsea Rustrum, co-founder of Blox7.com and founder of Blockchain for Good, who will discuss the future of blockchain. Charles Hoskinson, one of Ethereum’s co-founders, will give the keynote speech.
The conference will cover a range of topics, including decentralized identity, informational sessions on setting up businesses to accept crypto payments, blockchain disruption of the real estate industry and delegated proof of stake and the future of tokenomics. Read more here.
Last Week’s Top News
Coinbase Clears Itself of Bitcoin Cash Insider Trading
Cryptocurrency exchange Coinbase concluded an internal investigation of possible insider trading in bitcoin cash (BCH) and found no wrongdoing took place, unnamed sources told Fortune.
The investigation was launched in December after the price of bitcoin cash surged just before the public announcement of its addition to the exchange’s roster of cryptocurrencies.
“We would not hesitate to terminate an employee or contractor and/or take appropriate legal action if evidence showed our policies were violated,” a company spokesperson told Fortune.
“We can report that the voluntary, independent internal investigation has come to a close, and we have determined to take no disciplinary action.” Read more here.
Blockchain Drags on AMD Second-Quarter Revenue
Not everyone makes a ton of money from blockchain. Case in point: Advanced Micro Devices.
During a conference following its second-quarter earnings report, CEO Lisa Su said approximately 6 percent of the technology company’s revenue came from selling its graphics processing units, or GPU, to cryptocurrency miners. That figure was down from 10 percent in the first quarter.
The quarter-over-quarter decline “was primarily related to lower revenue from GPU products in the blockchain market,” AMD said in its earnings report.
Blockchain is included in the company’s Computing and Graphics segment, where revenue was $1.09 billion, up 64 percent year over year, but down 3 percent quarter over quarter because of the blockchain decline. The report does not break out a dollar amount on the blockchain revenue.
While the blockchain business was down, the company said it expects sales in other areas to take up the slack. During the earnings call, Su said AMD is “expecting very little from blockchain” in third-quarter revenue, CoinDesk reported. Read more here.
CFTC Head: We Can’t Keep Up on Blockchain
The head of the Commodity Futures Trading Commission told Congress his agency is “falling behind” on blockchain compared with other nations, specifically calling out the Bank of England’s blockchain efforts.
Chairman J. Christopher Giancarlo, answering a question on blockchain during a hearing of the House Committee on Agriculture, said the reason the CFTC lags is simple: the CFTC’s own rules.
According to Coindesk, he told the committee the regulator couldn’t operate a node on a blockchain operated by a banking consortium because the sharing of information and data is considered a gift and therefore is something the CFTC can’t accept.
The CFTC is limited to regulating commodities and futures contracts, as well as fraud and manipulation, Giancarlo said. However, he added, the “amount of ink that’s devoted to [cryptocurrency] far outweighs their real role in the economy.” Read more here.