The IBM and Stellar partnership has been featured on many altcoin news sites and was praised as something that the crypto world needs. However, a series of disruptions have apparently put this partnership in jeopardy, the latest news show.
As a company that is always pro technology, IBM (International Business Machines) has been pioneering the adoption of blockchain and cryptocurrency in the Fortune 500 arena for some time now. In order to strengthen its presence, the American firm has teamed up with some of the biggest companies and showed them how its technology can be used to benefit their bottom line – and society as a whole.
The IBM and Stellar partnership was one of the examples of further innovation in the crypto and blockchain spaces. However, it all changed when a recent exclusive from a crypto-friendly news site known for its “scoops” and interviews showed that IBM has just lost its chief technology officer – Stanley Yong.
Yong acted as the company’s lead for its central bank digital currencies (CBOC) initiative. As reports in the coming altcoin news show, he was integral to the “Big Blue’s” ventures in the blockchain space. Now that he is gone (along with his connections), the IBM and Stellar partnership is in clear jeopardy.
Most importantly, no one knows why Yong left or where he is headed next. However, the latest cryptocurrency news show that IBM is concerned – as well as many other involved parties.
this article about @IBM CTO Stanley Yong, and the article veers off into a complete dismantling of the Stellar/IBM partnership. Based on what I'm reading, that partnership is dead in the water now. We need more articles on this. https://t.co/kvetQzxS2x— Michael Arrington (@arrington) June 16, 2019
Aside from Yong, the IBM and Stellar partnership is also concerned by the news (from weeks ago) that Jesse Lund, the Global Head of IBM Blockchain who made a $1,000,000 Bitcoin price prediction, suddenly departed the firm.
Both Lund and IBM gave very immaterial and confusing statements, with the former stating that he had left “but am still optimistic about payments innovation using Blockchain.”
With all of this in mind, the IBM and Stellar partnership is definitely in jeopardy. Anonymous news sources show that there is no one to laud the projects and lead the company and partnership in the right directions. Still, the good news is that IBM is unlikely to shutter its blockchain division because of the executive departures.
Stellar Development Foundation: 2 Billion Lumens Airdrop Cancelled
“This month will be our last of the Stellar Space Drop. On the week starting Dec. 15, we will distribute the final 100 million Lumens among all qualifying members.”Back in September, Stellar unveiled its largest airdrop to date with about $120 million at the time and the Stellar Development Foundation partnered with Keybase which is a file-sharing application that was willing to distribute the funds over the course of 20 months to verified users on the platform. Each user that was verified was eligible for up to $500 in XLM. Both Stellar and Keybase received a lot of press from the promotion and Stellar even received coverage from almost every major publication while Keybase gained thousands of new users signing in thus growing its user base by a quarter.Keybase claims that the fake sign-ups overwhelmed their capacity to verify the accounts and therefore they had to shut down. Although they say that the campaign ‘’ mostly worked’’ the cancellation of the airdrop will have a serious impact on the users who feel that were duped. That said, the Stellar Development Foundation said that it ‘’reserves the right to end this giveaway early’’ from the beginning of the promotion.After promising to give away 2 billion in XLM, the foundation’s remaining treasury will still represent more than 30 percent of the total token supply which is a major point of centralization. As per the reports, The Cardano chief Charles Hoskinson recently had a chance to talk about the Stellar Development Foundation (SDF) and its recent decision to burn 55 million XLM tokens which were worth around $4 billion at the time. Hoskinson noted that this move has created little in the way of value for Stellar's foundation and noted that the funds should have been invested in development. However, the token has gone into a mode of suffering along with Bitcoin and other cryptocurrencies which are deep in the red today during the most recent price tumble.
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Cardano Chief Charles Hoskinson On Stellar’s $4B Burn: ‘Insanity’
“What value did [the token burn] create for Stellar? There was a short-term price appreciation that the markets took back. And they've permanently lost all that value that could protocol development, or for community development.”The Cardano chief also claimed that the SDF had prioritized the short-term gains at the expense of the protocol and its integrity. In his opinion, token burns were intrinsically a bad idea. However, Hoskinson said:
“It’s like basically saying, ‘I can’t figure out what to do with this big pile of money, so I’m just going to set it on fire to make money scarcer, to give a small gift to everybody. It’s insanity. Burns never work – they’re market manipulation in the short-term for speculators at the expense of the future of the protocol.”The Foundation was in the news before and said that Stellar "is not mined, so the lumens now in public hands are there because we’ve worked hard to get them there over the last four years." They also pointed out that SDF "can be leaner and do the work it was created for using fewer Lumens."You can watch the full AMA session by the Cardano chief Charles Hoskinson below.https://www.youtube.com/watch?v=lSVNj3g6sDMThe Stellar Lumens news showed XLM rocking up to short of 19% after the burn. However, the token has gone into a mode of suffering along with Bitcoin and other cryptocurrencies which are deep in the red today during the most recent price tumble.While Bitcoin (BTC) is now below $7,500, Stellar's XLM token also lost 5% and is at $0.0589. Cardano (ADA), on the other hand, lost 6% overnight and positioned itself at $0.0369.
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