Top Shelf

The sun rises on the last day ofConsensus: Distributed, our first foray into the world of virtual events.

We've heard from former Treasury Secretary Lawrence Summers describe the current monetary system astoo private, Governor Harvesh Seegolam of the Bank of Mauritius inch closer to acentral bank digital currency and World Economic Forum Blockchain head Sheila Warren say digital cash mightopen the doorfor niche privacy coins.

So where does that leave us? With a full day of programming.

This is what my colleague Leigh Cuen will track throughout the day:

Weve finally reached the last day of Consensus: Distributed and theres still so much going on.

If you havent perused the Sponsors section of Brella and talked with companies such as eToro, CME Group and Kraken, many of which are hiring, thats a great way to start the morning.

Then theres a show on cryptocurrency in Japan, starting at 11 a.m. ET with experts from the Financial Services Agency Japan, Coinbase and Soramitsu Holdings. Japan is the quiet juggernaut in Asia, home toBTCPayfounder Nicolas Dorier, the Bitcoin Core contributors of DG Labs, and a careful regulatory climate ever since the infamousMt. Goxhack. As such, the market arguably has fewer scams coupled with a robust bitcoin community.

Japans cultural impact on the global crypto industry shouldnt be underestimated. After all, Satoshi Nakamoto is a Japanese alias.

Next, I recommend Bailey Reutzels show about bitcoin mining, with Edge CEO Paul Puey and Alejandro De La Torre of Poolin at 3:30 p.m. ET. Its titled Subsidies and Secret Messages: All About Mining.

Then your brain will probably need a break from all that blockchain chatter. Luckily, weve got an after-party led by a group including the artist Josie Bellini, Travis Blane of ConsenSys and Reckless VR founder Udi Wertheimer. Starting at 5 p.m. ET, the virtual reality meetup will open with a panel about spaces, both virtual and physical. After that there shall be much avatar revelry, merrymaking and networking.

If youve got a VR headset, check it out and post your experiences on social media using the hashtag #ConsensusDistributed.

Thanks for joining us for the first virtual New York Blockchain Week!

What to Watch

9:30 - 11:00 a.m. ET Content: Reimagined - Hosted by Davis Wright TremaineThis workshop will explore the use of decentralized systems for media in the age of disinformation.

12:00 - 12:30 p.m. Beyond DAOs and Foundations: The Decentralized Autonomous Association (DAA) ModelLawyers, tax advisers and blockchain experts gather to discuss the emergent model of the decentralized autonomous association.

1:00 - 2:00 p.m. Econometrics: Securing Your Blockchain Through Economic AnalyticsLearn how real time data analytics can boost the economic security and increase the usability and functionality of your blockchain network.

3:30 - 4:00 p.m. Filecoin, IPFS, and The Future of Web3Juan Benets Protocol Labs is building a better internet through decentralized systems and cryptographic hacks. In this program Benet will look into Protocol Labs two biggest projects, Filecoin and IPFS.

5:00 - 5:30 p.m. A VR Meetup To Talk About VR MeetupsConsenSys Travis Blane, "Crypto Twitters" Udi Wertheimer and CryptoMondays Lou Kerner are joined by the crypto artists Jin and Josie Bellini to discuss the future of conferences: VR.

The CoinDesk 50

The CoinDesk 50is an annual list celebrating the most important organizations in crypto. We've been announcing five nominees per day, and have highlightedBinance,Cosmos,Brave,Bitmain,MakerDAO,Besu,Silvergate Bank,Bitcoinand thePeoples Bank of Chinaas particularly noteworthy. Today we look at Bakkt, the first U.S. firm to offer physically settled bitcoin futures. Read about the final companyhere.

CoinDesk COVID Response

#NYBWGivesCoinDesk has joined Gitcoin, The Giving Block and Ethereal Summit to support charities helping communities in difficult times. We're raising $100,000 and giving you a voice through the quadratic funding model.Learn how it worksand how to donate.

In addition,New York-based abstract artist Mr. Star Citycreated an original piece of artwork, shown above, as a part of Consensus: Distributed. The art, inspired by love, unity and technology, will be up for auction this week. Follow@coindeskon Twitter to find out how to bid the proceeds will go to the same cause.

Consensus Magazine

Generation CryptoFreelance journalist Jess Klein writes about an emerging psychographic of people who see the world through the lens of decentralization. In a series of eight profiles, Klein examines Generation Crypto, a diffuse grouping of people of all ages, races and sexes, bound together as children of Satoshi.

This excerpt examines the life ofShanga Mbuli, a father of six living in Kenya, who uses the little-knownsarafu cryptocurrency in daily life.Read thefull series here.

A 42-year-old father of six, Shanga Mbuli lives in the small Kenyan village of Miyani, just a few kilometers from the ocean, where he catches shrimp to sell to fellow villagers. The nearest city is Mombasa, but Mbulis life as a rural farmer doesnt include many visits there. Most of his buying and selling takes place among other community members. Since 2017, hes been using a community currency, called sarafu, established by the non-profit Grassroots Economics to exchange local goods and services.

Sarafu is a digital currency built on blockchain technology so users can trade it with trust. It was designed for villages that are full of people with goods and services to offer but little government-issued currency to spend. In Mbulis 6,000-person community, nearly all are registered with the Sarafu Network. Mbuli accepts sarafu in exchange for shrimp he catches and maize he grows on his farm, and uses it to pay for rice and services like transportation and maize grinding. He likes sarafu because he finds it to be secure, and it makes his community more connected, he told me one evening in mid-March while walking to the nearby river to fetch water. Kids passing by and roosters calling sounded in the background.

At that time, Kenya had just one confirmed case of coronavirus, in its capital city Nairobi. By the time we caught up again on Sunday, April 4, no cases had made it over to Mbulis rural community, but people there were preparing. City dwellers from Mombasa were returning to their families in rural villages like his in time for a shelter-in-place order to go into effect on April 11, and some could have been carrying the virus. Most in Mbulis village were readying to be confined to their homes for at least 21 days. Mbuli had stockpiled enough food for at least two to three years.

People are now purchasing a lot of food through Sarafu so they can have a stock in their house to feed their families during the time of the virus, Mbuli says. The day before we spoke, Mbuli sold almost 100,000 Kenya Shillings ($94) worth of maize in Sarafu, compared to the usually 15,000 or 20,000 worth he might sell daily.

Sarafus user numbers have gone up, too, with the return of people from Mombasa to Mbulis village. Those in Mombasa werent registered, so more people have been registered this week and are using more Sarafu, he says, since the currency is local. The more you use Sarafu, the more you save Kenya Shillings, which are often the only currency accepted at institutions like schools.

Theres another upside to using Sarafu over Kenya Shillings during the Covid-19 outbreak users dont have to touch it. They can just send Sarafu through their phones, a convenience that will likely outlast its temporary usefulness during a viral outbreak.

Money Reimagined

Is bitcoin the answer for a global monetary system not longer served by the dollar standard? Airing Friday, May 15, episode 3 ofThe Breakdown: Money Reimaginedexamines bitcoin and permissionless stablecoins - both of which are forcing the global monetary system to examine deeply ingrained beliefs.

The Breakdown: Money Reimaginedis a podcast crossover micro series exploring the battle for the future of money in the context of a post COVID-19 world. The four-part podcast features over a dozen voices including Consensus: Distributed speakers Niall Ferguson, Nic Carter and Michael Casey. New episodes air Fridays on theCoinDesk Podcast Network. Subscribe here.

First Mover

Miners Hodl asBitcoin RalliesBitcoin is rallying again, though new data shows mining pools are hanging onto the cryptocurrency they mine rather than sending it to exchanges for a quick sale, according to the Korean analytics firm CryptoQuant.One possibility explaining this behavior is that the miner community might be expecting a big price rally at some point down the road, said Brad Keoun in the latest First Mover newsletter. Another is that miners might be worried the market is looking weak, or thin: If they transferred their bitcoins to an exchange en route to cashing out, the heavy surge in sell orders might cause prices to collapse. You cansubscribe to First Mover here.

Media Diet

First State-Owned Entity Joins Libra AssociationTemasek, one of Singapores two government-owned investment vehicles, is among thelatest companies to join the Libra Association, the consortium Facebook set up to create a global digital currency. The addition may help explain why the Singapore dollar has figured prominently in Libras plans from the early days. In the initial vision of a new currency backed by a basket of different sovereign currencies, the sing was included alongside the U.S. dollar, the euro and the British pound.

Telegrams TON Was Built on Sand. Its Failure Isnt All Bad For CryptoPreston Byrne argues in a CoinDesk op-ed the SAFT structure Telegram would have used to distribute coins from its ICO, once regarded as compliance best practice in the cryptocurrency industry, will begreatly diminished in its usefulness in the U.S. And thats a good thing.

Aggrieved Investors Mull Suing Telegram Over Canceled TON Blockchain ProjectInvestors in Telegrams TON project are in discussion tosue the companyafter it abruptly shuttered the blockchain effort earlier this week, according to four individuals familiar with the situation.

Who's Holding up the #Cryptoverse?

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Link:

Blockchain Bites: What You Need to Know About the Last Day of Consensus: Distributed - CoinDesk - CoinDesk