Market overview: May 11 — 15, 2020

New weekly digest is waiting for you. This week we’ve collected the biggest stories of cryptocurrency and blockchain spheres: Telegram closed TON, Visa has filed a ‘Digital fiat currency’ patent, and 3rd Bitcoin halving. Read it right here.

Telegram shuts down TON

On Tuesday Pavel Durov, Telegram founder, announced that the Telegram Open Network (TON) project would be closed. He noticed that this decision was taken after company’s long-lasting legal fight with the U.S. Securities and Exchange Commission.

Durov pointed in his post that American “decision-makers” get their mandate from a 4% of those living in the country. He added that “the 96% of the world’s population living elsewhere” depend on the decisions taken by the U.S.

Moreover, Telegram founder referenced third-party efforts to launch independent versions of the TON blockchain. He added that no Telegram employee is involved with these projects.

Third Bitcoin halving

One of the most anticipated events in the cryptocurrency industry for 2020 occurred on May 12. The total number of bitcoin mined by miners per block slid down from 12.5 to 6.25 BTC. When bitcoin first appeared, the block reward was 50 BTC.

Learn more about this event, the way Bitcoin halving affects BTC price, and why is it so important for the entire crypto community, right here.

Visa applied for ‘Digital fiat currency’ patent

According to Forbes, the U.S. Patent and Trademark Office published information that Visa has filed a patent described as ‘Digital fiat currency’. Financial company plans to create blockchain-based digital currency. This patent applies to digital versions of fiat currencies, and was initially filed by Visa on November 8, 2019.

Visa’s patent is described as a central entity computer that collects requests including the serial number and denomination of a currency. The creation of the digital currency and the removal of the physical currency from circulation in a fiat currency system will be recorded on a blockchain.

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