Your Crypto News on Steemit November 6, 2017

UK Department of Justice: Evidence backed by Blockchain!
Austria : Ministry of Economic Affairs launches Blockchain Initiative!
German Startup Slock.it presents new Sharing Economy Platform!
Dragonchain receives $ 13.7 Million through ICO!
ETH Course Analysis for Week 44/2017
BITCOIN COURSE CHALLENGE Week 5

The United Kingdom Ministry of Justice may in the future take the step into digital preservation of evidence. As government official Al Davidson writes on the official government blog this week, the ministry is eager to test appropriate blockchain solutions. This would make the United Kingdom, along with Estonia, the second country to use a distributed ledger register for evidence.

Proof e-mails, photos, videos, police bodycams and diplomatic correspondence - all this could be digitally archived and secured by blockchain solutions in the future. The Ministry of Justice is convinced of this on the UK government blog this week.

Government official Al Davidson says:

That is why we are testing the potential uses and potential of the technologies, for instance for police police record-keeping. Blockchain or distributed ledger technologies could become groundbreaking when information is challenged. And this is especially the case in evidence and assurance.

By having a "single source of truth" in the official register, Davidson said, "you want to take the wind out of your sails."

While experts see the opportunities of blockchain usage widely sown in public administration, countries so far rely most heavily on technology options in land surveying. In addition to the Swedish land registry Lantmäteriet, Georgia or the Indian state of Andhra Pradesh (PA) are currently piloting such projects.

E-Government Estonia, meanwhile, uses its judicial portal to provide information on the judiciary and judgments already issued using blockchain software. In addition, the portal provides access to court documents.

However, with blockchain software examining and collecting evidence, police videos and correspondence, Britain would be a pioneer in its own right. A corresponding push could thus become a trailblazer, copycat model and inspiration for other states to digitally upgrade their own judiciary.

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Austria is breaking new ground when it comes to blockchain and wants to establish itself as an innovation location with a comprehensive blockchain road map. The first step should be the establishment of a research focus on crypto-economics at the Vienna University of Economics and Business and a pilot project of the public administration.

The Austrian Minister of Economic Affairs Harald Mahrer has recently initiated an Open Innovation Process to find a blockchain strategy for Austria.

Harald Mahrer said:

The Ministry of Economic Affairs in Vienna is convinced that the blockchain represents a technology with enormous future potential. To exploit this potential, Mahrer pleads for "courage, curiosity and the will to change". A nine-point road map should help Austria to become one of the leading European sites for blockchain technology.

On the one hand, the Ministry of Economic Affairs wants to encourage companies to do more with blockchain: it wants to initiate pilot projects, promote existing blockchain activities and companies, form an Austrian blockchain cluster, connect stakeholders, and set up a task force in politics and administration to steer and support the blockchain industry.

On the other hand, the ministry wants to put the blockchain more in the focus of research and education: Interdisciplinary research priorities such as crypto-economics and law should prevent a brain drain to European or international countries, train new courses and courses the necessary specialist personnel, an information platform and a " Citizen Service Cryptocurrency and Blockchain "inform citizens and give an Austrian Crypto Report an annual overview of the blockchain industry in Austria.

The ministry is starting this ambitious roadmap with three steps: First, an interdisciplinary research focus on the subject of "crypto-economics" will be launched at the Vienna University of Economics. The fact that Austria is the possible home of the first professorship for crypto-economics, many supporters of the classical Austrian school is pleased.

Subsequently, the Ministry of Economy will begin to set up "Regulatory Sandboxes". These should give pilot projects the opportunity to have as much creative freedom as possible within a secure regulatory framework. Finally, the Department of Commerce will begin a public administration pilot project with the Federal Computing Center to explore and demonstrate the benefits of blockchain technology.

All this sounds so fantastic and you can already look forward to hearing more about the groundbreaking initiative of the Ministry of Economic Affairs.

The German blockchain startup Slock.it has recently set out its plans for building the next generation of a sharing economy. So in the future the sharing of objects should be simplified. Individuals and companies should be equipped with the possibility to monetize residential property or office buildings.

At the Ethereum Developer Conference Devcon 3 in Cancun, Mexico, the world's largest conference for Ethereum blockchain developers, CEO Christoph Jentzsch presented a prototype of the Slock-it application. The software developed by the start-up is the Universal Sharing Network, an Ethereum-based open source platform that allows renting, selling or sharing any desired Smart Object through the blockchain. For example, unused apartments and offices as well as machines or other equipment can be made into money. This opportunity is already being used by several large companies, including Innogy Innovation Lab and Siemens.

At Devcon 3, Jentzsch now presented the prototype of a home automation device that works through the blockchain. This device is intended to connect Smart Objects to the Universal Sharing Network without the need for any changes to the software or even the hardware. Key achievements of the presented device for revolutionizing the sharing economy are openness, security and simplicity. So the application of the Universal Sharing Network makes it as little necessary as possible to have to trust the other participants in the network. In addition, the peer-to-peer transactions in the network are particularly secure. In addition, nearly every object is supported by the software so that any interested network participant can monetize unused objects.

At the end of the presentation, Slock.it CEO Jentzsch announced that he wanted to make the code base of the Universal Sharing Economy available on an open source basis of the Trusted IoT Alliance. This would give their members direct access to the blockchain cutting-edge technology provided by the Universal Sharing Network. "With this article, Slock.it brings together all the elements of an IoT computer connected to Smart Contracts with the framework of the Trusted IoT Alliance," said Zaki Manian, Managing Director of the Trusted IoT Alliance.

The Trusted IoT Alliance consists of the leading companies in the IoT area and is dedicated to the expansion of the blockchain infrastructure in order to create good conditions for the IoT ecosystem.

Dragonchain, a Blockchain startup, which was founded as a prototype of Disney, received through an initial coin offering (ICO) 13.7 million US dollars.

The company's website lists the payments. Around 30,521 ethers and 622.47 bitcoins were used during the two-part token sale, which began pre-sale in August. The presale alone brought $ 1.4 million to 152.25 BTC and 2357.53 ETH.

Representatives of the company stated that the financial resources will be used to develop and establish the Dragon token.

"Our goal was to track a Dragon's market price and get enough money for our project plan," said Joe Roets, the company's CEO, in an email.

Dragonchain will distribute all of the 238,421,940 coins in proportion to the Bitcoin value paid. Investors who have paid with Ether will receive their share in proportion to the Ether value in Bitcoin at the time of payment.

During the ICO, 5388 transactions were received at the startup. On average, investors spent $ 290.77 on the Dragon tokens. The largest payment was worth $ 1,046,754.33. The company pointed out that the numbers could change over time.

The Dragonchain FAQ states that no identification or other formal requirements had to be met in order to purchase the tokens.

As other media reports indicate, Dragonchain was initially a Disney project. In 2016, however, the paths parted and the company decided to continue its work open-sourced. Since then, Disney is no longer involved in the project.

After falling to 241.13 EUR (280.18 USD), the price could rise to 263.98 EUR (306.73 USD), but fell again since then.

Image based on data from kraken.com

Summary

The Ethereum course has remained constant throughout the week.
The Triangle Pattern raised last week resulted in a pump that did not last long.
The short-term support is at 241.13 EUR (280.18 USD), the short-term resistance at 265.83 EUR (308.88 USD).

The sideways phase already mentioned in the last week continues: Although it came in the course of the mentioned last week Triangle Pattern to a brief eruption, but could not keep up with the achieved level. The price fell to 241.13 EUR (280.18 USD), but could recover again. After briefly reaching a value of 263.98 EUR (306.73 USD), the price is again in a downward trend and has fallen below the exponential moving averages over one or two days.

The MACD (second panel) is negative, as is the MACD line (blue) below the signal (orange).

At 45, the RSI (third panel) is slightly bearish.

The movements in the 60 mins. chart speak a bearish language. Most important support of the week is described by the weekly minimum and is at 241,13 EUR (280,18 USD). Most important Resistance this week is described by the weekly maximum and is 265,83 EUR (308,88 USD).

The long term course development

What can this bearish assessment mean for medium to long-term price developments?
Let's first look at the 240 mins. chart:

Image based on data from kraken.com

As you can see, the course has been following a Triangle Pattern since early September, and support was tested in early November. Currently, everything points to another test of the same. The Triangle Pattern will last until mid-November.

The MACD is close to zero or slightly above it. Currently, however, the MACD line falls under the signal. The RSI is also falling and currently at 47. In the medium term, the situation is therefore slightly bearish. Support and Resistance are described by the mentioned Triangle Pattern: Support is currently at 247.86 EUR (288.00 USD). The resistance is 275.12 EUR (319.68 USD).

Let's take a look at the 1D chart

All considered short- and medium-term price movements can be seen in the 1D chart in a slightly larger context:

Image based on data from kraken.com

The somewhat more familiar Triangle Pattern, which follows the course since June, still serves as a rough guide. Currently, however, worried that the Triangle Support support has been on hold for over a week now - one misses the rise to resistance.

The concern is confirmed by the indicators: MACD is slightly below zero, as is the MACD line below the signal. The RSI is neutral at 49 and slightly bearish at best.

Overall, the long-term forecast is slightly bearish. Both support and resistance are further described by the Triangle Pattern. Most important Resistance is 315.40 EUR (366.48 USD), most important support is 243.89 EUR (283.39 USD).

Disclaimer:

The course analysis is from the morning MUT time zone and can have changed since. The price estimates presented in this post are not a recommendation to buy or sell. They are merely an estimate of me.

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