Indian Mobile Operator to Launch Own Blockchain

New network, which is going to be launched in a year with tens of thounds nodes operational will focus on the distribution and high privacy
12 August 2019   326

Indian mobile operator Reliance Jio Infocomm, owned by the country's richest man Mukesh Ambani, intends to launch its own blockchain within a year. This was stated by Ambani himself.

[The company will install] one of the largest blockchain networks in the world in India. [On the first day of its launch] tens of thousands of nodes [will be operational].
 

Mukesh Ambani

Owner, Reliance Jio Infocomm

New network will focus on the distribution of content while maintaining data privacy. Also, as reported, the company’s blockchain network will not only power industries but offer users data privacy as well.

Note that the company also entered into a partnership with Microsoft, involving the use of the Azure cloud platform for the "digital transformation of India."

Most likely, the Jio Infocomm blockchain will not have a native token, since, as you know, the bill on the complete ban on cryptocurrencies is already under consideration by the government.

In early 2018, it became known that Jio Infocomm intends to launch its own cryptocurrency to manage supply chains and loyalty programs called JioCoin. So, the announced project may be a variation of previously announced plans.

In the past, Ambani's conglomerate Reliance Industries also used the R3 Corda blockchain platform to conduct export transactions.

Goldman Sachs to Give Bullish BTC Forecast

Goldman Sachs experts expect to see bitcoin near the $ 13,971 mark
12 August 2019   311

While Wall Street representatives sometimes come back to criticize Bitcoin, the well-known investment bank Goldman Sachs gives its own forecast for the price of cryptocurrency. To the surprise of many, it turned out to be bullish.

A note for Goldman Sachs customers on Twitter shared by Three Arrows Capital CEO Su Zhu.

As follows from the publication, in the short term, Goldman Sachs expects to see bitcoin near the $ 13,971 mark.

An unnamed analyst builds his forecast based on the Elliott Wave Theory. According to him, with a high degree of probability, bitcoin will rebound from the level of $ 11,094 in the coming days. After this, the opportunity will arise “for at least one more leap to $ 12,916 and $ 13,971”.

On the other hand, a pullback from the indicated levels should be considered as an opportunity to buy cryptocurrency against the backdrop of weakness, if its rate does not fall below $ 9,084.

What is more surprising: that Goldman Sachs has a bullish target on BTC, that they have any target at all, or that they use Elliott Wave Theory? I'm personally most surprised they cant be bothered to use a chart that includes weekend price action.
 

Su Zhu
CEO, Three Arrows

Short-term stop orders for long positions should be placed at $ 10,791, according to Goldman Sachs.