North Korea to launch its own crypto

North Korea is developing its own digital currency and hopes to use Ethereum-style smart contracts to set up a “U.N.-less” court system, according to people involved with the process. And to further these aims, the regime has been hosting conferences to attract top talent in the crypto industry and learn from them.

Unlike China and Venezuela, North Korea is not seeking to digitize its existing fiat currency, said Alejandro Cao de Benós, President of the Korean Friendship Association and longtime supporter of the North Korean regime. De Benós, who is an official at the DPRK’s Committee for Cultural Relations, as well as the point man for the country in Europe, organized North Korea’s first two crypto events and worked closely with government officials. 

In an interview with Decrypt, de Benós, a colorful character whose background is in IT, claimed that the country is looking to develop a “token based on something with physical value”—like gold—”in the international market.” He likened the project to Ripple and Paxos Gold, and said that it would operate as a proxy currency used to achieve a “more stable price for international settlements, between DPRK and other companies/individuals.”

Citizens will still use the regular Korean Won, de Benós asserted, emphasizing that “DPRK tokens” would be for its banks, companies and organizations. 

IBM, Citibank and Ubisoft partner with Singaporean blockchain accelerator

IBM, Citibank, and Ubisoft have partnered with Tribe Accelerator, a blockchain accelerator backed by the Singaporean government, for the second round of its four-month program, according to a report by the Straits Times yesterday.

The accelerator connects early-stage blockchain start-ups with leading corporations. IBM, Citibank and Ubisoft join the ranks of companies already on board including BMW Group Asia, Intel, and PwC. 

The first iteration of the program saw companies raise $12.1 million in three months. The second cohort, according to the report, will include companies from media, advertising, healthcare, cybersecurity, fintech and supply-chain management.

Start-ups include Torus, a digital identity and password management company backed by Binance; AID:Tech, an Irish company that delivers remittances and aid using blockchain technology; and Aquilliz, a platform whereby companies can manage customer loyalty initiatives.

Here are the biggest stories in the cryptoverse:

• UAE launches blockchain-backed medical database.
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• NEO launches NEO3 Testnet. 
• Arab bank's swiss arm launches crypto services.

Ethereum reveals launch dates for testing Istanbul

What you need to know

An Ethereum maintenance update released today, called Frozen Pyjack, locks in the dates that Ethereum's mainnet upgrade, Istanbul, will be deployed on Ethereum testnets. Istanbul is Ethereum's long-debated hard fork that promises to make the network more efficient. 

Testnets are testing environments used by developers to simulate the real Ethereum network before their code goes live on the mainnet. Developers can play around with smart contracts without having to pay the cost of gas.

Why it's important

The Istanbul mainnet fork will go out in two parts. The first update is projected for October 16, and the second, sometime in the first quarter of 2020. 

The second update will likely include the ProgPoW (Progressive Proof of Work) algorithm, which is supposed to remove the mining advantages given to purpose-built miners. ProgPoW was pushed back because it was still being audited by an independent group known as the Ethereum Cat Herders. A couple of weeks ago, they gave ProgPoW the go-ahead. 

Binance CEO says China a good thing for crypto.

Changpeng Zhao, the CEO of crypto exchange Binance, told Decrypt today that China’s central bank digital currency (CBDC) will be, “a very good thing for the industry.”

China is getting closer to releasing its own digital currency, which will be used for digital payments across the country. It has stepped up its progress towards a project it calls Digital Currency Electronic Payment (DCEP), because of the threat of Facebook’s Libra, which is closely connected to the US dollar. The DCEP will reportedly be issued by commercial banks and large corporations to China’s 1.3 billion citizens.

Read more here.