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Enterprise Ethereum Alliance Unveils Token-Enabled Blockchain in Action at Devcon 5



Enterprise Ethereum Alliance Unveils Token-Enabled Blockchain in Action at Devcon 5

October 8, 2019

The Enterprise Ethereum Alliance (EEA) today announced the organization will demonstrate how EEA standards are contributing to drive the token-based blockchain economy at the Ethereum Foundation’s conference, Devcon 5, October 8-11, 2019, in Osaka, Japan.

October 8, 2019

New EEA Specifications, Demonstrations, and Mainnet Initiative Highlight Maturation of Real Deployments of Enterprise Ethereum Applications  

OSAKA, JAPAN [Devcon 5: EEA Table 14] — Oct. 8, 2019 — The Enterprise Ethereum Alliance (EEA) today announced the organization will demonstrate how EEA standards are contributing to drive the token-based blockchain economy at the Ethereum Foundation’s conference, Devcon 5, October 8-11, 2019, in Osaka, Japan. The EEA will lead several sessions, including a co-hosted Open Forum with the Ethereum Community and its first EEA Mainnet Initiative meeting, to discuss the commercial market requirements needed for businesses to deliver services on the Ethereum mainnet.

The EEA also published new versions of its specifications; documents available for free, public download on the EEA website at

“2019 has been a year of growing market acceptance, and at Devcon 5 will be where attendees will experience how Ethereum – enabled by EEA member-driven standards – delivers real-world value through tokenized enterprise solutions,” said EEA Executive Director Ron Resnick. “Join us at our co-hosted Open Forum with the Ethereum community and our Mainnet Working Group meeting to define the building blocks needed to drive the ecosystem forward.”

Attend the First of its Kind Reward Token Trusted Compute Workshop

Day 2 – Wednesday, October 9, 3:30-5:30 p.m. (120 min) in B8 Theater

Learn how the first EEA standards-based trusted compute system with trusted reward tokens (reputation, reward, and penalty) offers a unique look at how to incentivize membership participation within an organization. Developed by the EEA Trusted Execution Task Force  —  ConsenSys Solutions, PegaSys, and Kaleido; Envision Blockchain; iExec; Intel; and Microsoft, the system and interactive workshop enables attendees to:

  1. Learn how the development of multi-vendor applications benefit from EEA standards, Token Taxonomy Framework definitions, and Open Ethereum (ERC) and W3C web standards
  2. Experiment with roles: within a consortium, as an enterprise, and as an enterprise employee
  3. Utilize self-sovereign identity and credentials as an enterprise; earn, share, and redeem token-based rewards; and earn a tokenized reputation

Attend the Open Forum with the Ethereum Community: Ethereum Roadmap 2020

Co-Hosted by the EEA, Ethereum Magicians and Cat Herders

Day 1 – Tuesday, October 8, 10:00-11:30 (90 min) in Convention 1

All attendees are invited to the Devcon 5 Open Forum to discuss ways the EEA and Ethereum community can foster collaboration, strengthen relationships, and build a bridge for future communications. EEA Executive Director Ron Resnick and EEA Director of Community Paul DiMarzio will represent the EEA in this interactive discussion focused on advancing best practices for using the Ethereum mainnet to build commercially viable business applications.

Attend the EEA Mainnet Working Group Overview Meetup

Day 3, Thursday, October 10, 12:15-13:00 (45 min) in Devcon Park Amphitheatre

Join the EEA for an interactive discussion around the new Mainnet Working Group initiative. Co-Chaired by John Wolpert, ConsenSys Senior Product Executive, the Mainnet Working Group will look to harmonize the way industries and ecosystems work on the blockchain. RSVP for the first EEA Mainnet Working Group call, October 22, 2019, open to EEA members and non-members.

Meet with EEA at its Devcon 5 Table 14

EEA Executive Director Ron Resnick and EEA Director of Community Paul DiMarzio will be available to discuss the EEA’s strategy, vision, and specification roadmap. Devcon 5 attendees, EEA members, developers, and enterprise leaders are invited to network with the EEA at our stand on Tuesday and Wednesday, and throughout the conference.

EEA Member Supporting Quotes:

EEA Director of Community Paul DiMarzio

  • “I’m excited to have this opportunity to meet with Devcon attendees and discuss how everyone in the broader Ethereum community can get involved in the evolution of our technical work. I encourage all Ethereum developers to come to the workshop and open forum to engage with us and discuss how EEA specifications can help drive overall Ethereum adoption,” said DiMarzio. “Ron and I will be on hand for interactive discussions covering the most current Enterprise Ethereum advances, coming innovations, and real-world use cases.”

Chair of the EEA Trusted Execution Task Force Jean-Charles Cabelguen, iExec

  • “We have been able to leverage the skills of companies and startups from all over the world to build up a trusted compute specification answering to enterprise-level requirements. Our Trusted Reward Token demonstration to be unveiled at our Devcon 5 workshop illustrates how EEA standards can be articulated to sustain concrete projects,” said Jean-Charles Cabelguen, chair of the EEA Trusted Execution Task Force and iExec chief of Innovation and Adoption. “I would like to thank Banco Santander, Chainlink, ConsenSys, Intel, Microsoft, and all the EEA members that provided contributions to the Off-Chain Trusted Compute specification as well as those that help drive the trusted reward-token workshop.”
  • Read EEA Member iExec’s blog post on the specification.

EEA Founding Board Member Tom Willis, Intel

  • Intel is a contributor to the EEA Off-Chain Trusted Compute Specification and participant in the workshop demo. “We believe Trusted Execution Environments like Intel® SGX can help software developers build better multi-party compute solutions that protect data everywhere,” said Tom Willis, EEA founding board member, and a director at Intel’s Open Source Technology Center. “Intel is committed to helping solve the privacy and security challenges that will further enable blockchain adoption.”
  • Read EEA Member Intel’s blog post on the workshop.

EEA Trusted Execution Task Force Member Dr. Andreas Freund, ConsenSys

  • “The work on the EEA Trusted Reward Token workshop initiative was especially exciting and gratifying because it not only demonstrated that seven very different EEA members can successfully collaborate to combine emerging technologies in novel ways that enable new economic benefits for enterprises, but also that the EEA is maturing as an organization with a focus on co-creating real-world Ethereum based applications that deliver not only value to its members but also to the larger Ethereum ecosystem,” said EEA member Dr. Andreas Freund, Blockchain Swiss Army Knife, ConsenSys .

EEA Board Member Joseph Lubin, Co-founder of Ethereum, and Founder of ConsenSys

  • “In the past year, we have seen a significant acceleration in interest and adoption of Ethereum technology by enterprises. Major players, from big four consulting firms to major financial services companies have not only begun using public Ethereum but also are building infrastructure more tailored to enterprise uses-cases on the Ethereum mainnet. As stewards of the standards and growth of Ethereum, it has been a positive development to see the Ethereum Foundation and the Enterprise Ethereum Alliance continue to strengthen their collaboration at DevCon 5 and beyond. Both organizations are committed to evolving the technology so that it serves mainstream enterprise and government as well as the next generation Web 3.0-based decentralized digital economy,” said Joseph Lubin, EEA Board member, co-founder of Ethereum, and founder of ConsenSys.

EEA Board Member Aya Miyaguchi, Ethereum Foundation

  • “This is an exciting time,” said Ethereum Foundation Executive Director and EEA Board Member Aya Miyaguchi. “As blockchain adoption accelerates, it’s important that the Ethereum Foundation work to connect businesses with the latest research and development coming from our worldwide community, and that we convey our challenges and experiences while better understanding those impacting industries. I hope that this common understanding and cooperation will bring Ethereum technology more broadly and effectively to the world.”

EEA Board Member Marley Gray, Token Taxonomy Initiative Chair, and Microsoft Principal Architect

  • “The rapid acceleration of technology innovation around tokenization and the Ethereum mainnet is changing how consumer-facing industries will deliver value through peer-to-peer transactions and services. The EEA brings together a standards-based approach for tokenization and off-chain compute to define the building blocks needed to drive global interoperability,” said Marley Gray, EEA board member, Token Taxonomy Initiative chair, and principal architect, Microsoft.

EEA Associate Member Brian Behlendorf, Executive Director, Hyperledger

  • “We are thrilled to see the evolution of the EEA and Hyperledger collaboration around the EEA’s Trusted Execution Task Force. Not only is the prototype implementation of those proposed standards being built within Hyperledger Lab, but the Devcon 5 EEA Reward Token Trusted Compute demo leverages Hyperledger Besu – the first Ethereum public blockchain on Hyperledger and one that conforms to EEA’s Client Specification. We expect developers building Enterprise Ethereum-related technologies to be motivated to submit projects to Hyperledger, and we hope that project maintainers will consider taking de-facto interfaces that are suitable for standardization to the appropriate Special Interest Group at the EEA,” said Brian Behlendorf, executive director, Hyperledger, an EEA Associate Member.

*Note to Editors:

EEA Rewards Token-based Trusted Compute Workshop Demo Contributors

The EEA rewards token trusted compute application runs in Besu, an EEA standards-based and Hyperledger-based enterprise Ethereum client, and connects to a Trusted Compute pool which conforms to the EEA Off-Chain Trusted Compute Specification. Kaleido is used to set up the blockchain network for this application and managing the Besu nodes on Microsoft Azure. The Trusted Compute pool is hosted on the Microsoft Azure cloud utilizing Intel® Software Guard Extensions (Intel® SGX). Envision Blockchain built the application administration front-end and back-end, iExec implemented the off-chain token execution logic and deployed the Trusted Compute pool while ConsenSys built the Smart Contract infrastructure for tokens and identity.

About the EEA

The Enterprise Ethereum Alliance (EEA) is a member-driven standards organization whose charter is to develop open blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide. Our global community of members is made up of leaders, adopters, innovators, developers, and businesses who collaborate to create an open, decentralized web for the benefit of everyone. To join the EEA, please reach out to



The post Enterprise Ethereum Alliance Unveils Token-Enabled Blockchain in Action at Devcon 5 appeared first on Enterprise Ethereum Alliance.



Bitcoin Price Eyes $12,000 Following US Fed Chair Powell Talks



  • Bitcoin’s price finally made a worthwhile move after surging to $11,840 on Bitstamp following days of stagnation.
BTC/USD. Source: TradingView
  • The price has since retraced a bit to trade at its current level of around $11,780. Nevertheless, this is a move in the right direction as concerns started crippling up that we might be in for a fill of the CME gap down at $11,100.
  • Bitcoin is trading approximately only $700 away from the $12,500 area – the 2020 highest level that was reached on August 17. The next major resistance for BTC now lies at $12,000 – $12,100.
  • The move came soon after the Chairman of the US Federal Reserve, Jerome Powell, spoke on a panel hosted by the International Monetary Fund (IMF).
  • During the event, he said that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC (Centra Bank Digital Currency) for the US economy and payments system.”
  • He also said that it’s better to be right than be first on CBDCs.
  • Interestingly enough, BTC’s move appears to be uncorrelated to the US stock market. At the time of this writing, the S&P 500 is down about 0.4%, while the Dow Jones Industrial Average (DJI) is down about 0.3%.

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Cryptocurrency charts by TradingView.


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33 Years Since Wall Street’s Black Monday: Have We Learnt Nothing? (Opinion)



They say that to see the future, one should only learn history. Oftentimes, though, we tend to ignore history altogether.

Exactly 33 years ago, on this day, October 19th, 1987, Wall Street and global markets tumbled in a massive selloff that saw the S&P 500 lose about 20% and the DJIA about 22%.

One might think that this is something that we don’t want happening again and that the economic policies would be structured in a way where massive national debt doesn’t mount up. Here we are, 33 years later, and the US national debt has increased by roughly 12 times.

But it doesn’t matter, right? The Fed can always just “print more money,” as the former Chairman of the US Federal Reserve has said.

Rolling Back to 1987: What Happened and Why it Matters?

The year is 1985. The United States policymakers and economists decided that the time is ripe for a shift in the direction. As such, they moved to a slower expansion approach, unlike the state of rapid recovery from the recession in the early 1980s.

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Fast forward a few years when on October 14th, 1987, the House Committee on Ways and Means introduced a tax bill that was aimed at reducing the benefits associated with financing leveraged buyouts and mergers.

October 19th comes, and traders, analysts, and economists found themselves dismayed as markets took a beating. The S&P dropped by over 20%, while the DJIA was down 22% in a single session. Additionally, markets from across the world were also bleeding out, making this into a global downturn.

Dow Jones during Black Monday of 1987. Source: Wikipedia

Back then, Nobel-winning economist Robert Shiller surveyed 889 investors right after the drops to find the reason, according to them. Most of them said that it was perhaps brought on by “too much indebtedness.”

Looking at historical data, the US national debt in 1987 was around $2.3 trillion, representing 48% of the country’s GDP.

Learn From History, or You’re Destined to Repeat It… Right

The year is now 2020, and we just saw the third quarter closing down. In March, there was another Black Swan event that saw global markets tumble in response to the outbreak of the novel coronavirus COVID-19. Countries were literally locked down, and economies suffered as a consequence.

The US was no exception. In fact, it’s the current leader in terms of total cases of COVID-19. However, it’s worth noting that this year, unlike back in 1987, there was an obvious trigger as global economies were virtually shut down in response to the outbreak.

Their response, however, was criticized by many. Data shows that the US national debt has grown to $26.5 trillion at the end of the second quarter of 2020. This represents 136% of the country’s GDP. In fact, the debt increased by around $4 trillion this year alone. For reference, it grew with that much from 2015 to 2019 combined.

When there’s an obvious uncertainty of how the world will handle the pandemic, US stock markets are charting all-time highs. And all of this was made possible by the trillions of dollars printed to bail out huge corporations.

This Time Could Be Different… But Will It?

Of course, this time, we have Bitcoin – a scarce digital asset that comes with pre-programmed inflation that will, eventually, disperse.

However, it also challenges the very essence of what banks are created for. It’s the first real attempt to separate money from state and … well, that’s scary for some.

Bitcoin’s censorship resistance, immutability, actual transparency, and, most of all, digital scarcity are just some of its inherent qualities that could make a change. However, it’s definitely questionable if and when that will happen.


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Bitcoin Miner Daily Revenue Slumps to $345K Amid Rising Wrapped BTC and HODLing Frenzy



It is a well-known fact now, that the Bitcoin blockchain is considerably processing fewer transactions than it’s ‘Ethereum’ counterpart. And this decline in transaction processing has significantly reduced the revenue of miners as well. How much? Well, on-chain analysis firm Glassnode points to numbers that are at a 5-month low.

Bitcoin Miner Revenue Touches 5-Month Low

As per the latest update from Glassnode, miner earnings on the largest cryptocurrency network dropped drastically to a 5-month low figure of 30 BTC/day.

This declining trend in bitcoin miner revenue clearly portrays the disinterest amongst traders and investors to conduct transactions on the BTC network. Since they have dropped, miners don’t have much to process. And why is that? Well, for starters, ultra-low volatility levels, even after BTC remaining above $10,000 for quite a long time.

Although there were some exciting price actions at the beginning of the year. And around mid-2020 (when BTC flew above $12k), the BTCUSD realized volatility has touched 33 percent in the last 1-Month, and 27 percent in the last 10 days, according to skew’s analysis below.

Folks don’t want to trade with their bitcoin holdings. Instead, they are moving to other avenues to put their BTC to much more ‘constructive’ use.

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Wrapped BTC Soaring Like As If There’s No Tomorrow

Multiple data sources suggest that bitcoin holders are tokenizing their BTC stash en-masse, in order to leverage the DeFi boom to reap ‘instant profits’. According to Dune Analytics, the total supply of Wrapped Bitcoin (wBTC) on Ethereum surpassed 100,000.

wrapped btc supply
Wrapped Bitcoin (wBTC) Supply Now Above 100,000, Source: Dune Analytics

This has led the total USD value locked in wrappedBTC to rally way past $1 billion throughout October, and it’s still steadily increasing with the current numbers approaching the $1.25 billion number.

Wrapped bitcoin valuation
Total USD Locked in WrappedBTC Surpassed $1 billion, Source: DeFi Pulse

It is the third most popular avenue only preceded by Uniswap and Maker. IntotheBlock that uses machine learning to arrive at significant blockchain data points, notes that wrappedBTC has experienced explosive growth throughout 2020. This can actually be seen from the chart above.

More ‘100+ BTC Owners’ Have Now Entered The Ecosystem

As mentioned above, people are not trading bitcoins. Either they are tokenizing them on Ethereum or they are buying more. The latest data set from Glassnode shows that the number of BTC addresses holding 100+ coins has been on the rise, and has reached a ‘6-month high’.

This explains why bitcoin miner fees have dropped to a ‘5-month low’ and also is a pretty bullish indicator as far as future market outlook is concerned.


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