Remaining Libra Association members sign charter, appoint board members and staff

The Libra Association yesterday announced the signing of a new charter, a new board of directors, and its new executive board⁠—following recent high-profile departures from the Facebook-led stablecoin network.

Following Paypal’s Libra-exit (Librexit?) earlier this month, Visa, eBay, Mastercard and others followed suit, cutting down the Association’s members from 28 members to just 21. 

The remaining members met in Geneva, Switzerland yesterday to sign the Libra Association charter, which governs the currency. The new charter confirmed the purpose of the Libra Association: it “provides basic governance structure and decision-making framework for the Association members to advance the Libra project workstreams,” according to a fact sheet.

“Satoshi” added to Oxford English Dictionary

The “Satoshi”, Bitcoin’s smallest unit, will be included in subsequent editions of the Oxford English Dictionary, according to a quarterly update pushed out last week by Oxford University Press. 

“Satoshi is the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the—probably pseudonymous—developer(s) of Bitcoin,” reads the update. Other new words included the slang “chillax,” “whatevs”, and “Manhattanhenge”.

So the official definition is in: Satoshi is “The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.”

The Oxford English Dictionary first introduced the word Bitcoin back in 2014, long before it went mainstream, but several years after the earliest reference.

Here are the biggest stories in the cryptoverse:

• Bitcoin sextortion malware is also mining Monero.
• Wales to launch its own crypto.
• Analysis of dead crypto projects explains why most die.  
• New bitcoin scam proffers bogus celebrity endorsements. 

Have a disruptive idea but can’t seem to find investors? Here’s a 10-step guide to building your next million-dollar (or should we say million token) idea on blockchain technology. We’re going to use "CarCoin"—a totally hypothetical, made-up crypto token—to walk you through the process of tokenizing a business that would fund a self-driving car for the burgeoning gig economy.

NBA's Spencer Dinwiddie heads for showdown with league over STO

What you need to know

Basketball player Spencer Dinwiddie is heading for a showdown with his employer, the National Basketball Association (NBA), over a token offering which was scheduled to start today and has been postponed by a week. 

Why it's important

The Brooklyn Nets point guard’s security token offering (STO) for accredited investors planned to raise $13.5 million by tokenizing part of the income promised from his $34 million, three-year contract. The offering will allow him to earn cash upfront by soliciting funds from investors. In return, they will get “SD$8” tokens, guaranteeing a check and interest from his future earnings. Dinwiddie has earmarked $2.5 million this year as interest payments from his $16 million paycheck.   

Gamer's paradise

Mario, Link, Solid Snake, and Vault Boy are just a few examples of gaming characters that have endured throughout gaming history. But while these characters have featured in dozens of different titles, each individual character is trapped inside its own game. Buy a new game? Your character has to start all over again.

Wouldn’t it be cool if you could take your favorite video game characters from one game to the next? So that each time you started, you had all the power-ups, skins and weapons you'd worked so hard to get in the last iteration? Well, Adam B Levine thinks this is the hottest use case for crypto tokenization today.

Read more and watch the video here.