Decentralized data storage, Chicago crypto, Bitmain's big IPO

"I did not anticipate that the regulators would put a dark cloud over all this innovation. I had hoped that there would be some clear simple rules and we could then get on with it. But I guess there are a lot of old-school banking lobbyists trying to cling to the status quo. Years from now, governments will be judged by how well they manage this transition from fiat to crypto.” — Tim Draper, venture capitalist and bitcoin bull

The Big Block

Data is becoming the world’s most valuable resource. In the Information Age, companies that control the ebb and flow of data are the power brokers. As humans continue to generate data — 2.5 quintillion bytes per day — deciding how it’s stored becomes increasingly important.

As the shift from on-premise data storage to cloud storage continues to accelerate, tech giants have begun to stake a claim in this $30B market. The ability to access your data and your files anywhere you want is massively beneficial in increasing productivity. However, this benefit is not without drawbacks. In a world where data is stored and managed by a handful of companies, the risk of centralization becomes apparent. With hacks and censorships becoming alarmingly common, new decentralized alternatives are popping up. Research from The Block, show that at least 30 projects are attempting to build decentralized data storage platforms.

Read More on The Block (4 Minutes)

Around The Block

Chicago crypto trading shops are going on a hiring spree

Long before bulge bracket banks like Goldman Sachs made headlines about dipping their pinky toes into the crypto market, Chicago high-frequency traders were taking bitcoin orders in the millions of dollars and cashing in on mouth-watering arb trades. 

And now, despite the bear market that has gripped crypto, a number of speed traders in Chicago are looking to hire more crypto talent.

Geneva Trading, a firm with offices in Chicago, Dublin, and Singapore, is one such firm looking to build out its crypto team, according to a job ad. As part of its expansion, the firm is looking to bring on a trading team lead. — More

Bitmain files for IPO on the Hong Kong Stock Exchange

The cryptocurrency chip manufacturer has filed an IPO prospectus in Hong Kong. Highlights include:

  • Bitmain generated $2.5B in revenue and $1.2B in gross profits in 2017. Revenue grew by more than 700% year over year.

  • This year, Bitmain’s top line is already $2.8B as of June 30, 2018. If maintained, that could lead to another year of astounding growth.

  • The company owns a 3% stake in internet browser Opera.


Samsung to manufacturer ASIC chips for Canadian crypto mining firm — More

Circle launches its stablecoin for trading — More

French watchdog blacklists 21 crypto related websites — More