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Blockchain Newsletter: Bitcoin Took a Major Dive then a Sharp Rebound [2017W38]

Altcademy Team wrote on 7 February 2018

This Week's Update on Bitcoin and Blockchain [2017W38]
Issue: Week 38 of 2017


  • Price per Bitcoin BTC is at ~$3870 USD (-8% from last Monday)
  • Price per Ether ETH is at ~$289 USD (-2% from last Monday)
  • Price per Bitcoin Cash BCH is at ~$464 USD (-18% from last Monday)


This week’s new initial coin offerings (ICOs)

  • SandCoin, a sand mining company, is raising initial operating funds for a sand quarry project in the Moscow region.
  • The total volume of sand is estimated to be 14.4 million cubic meters.
  • Average market price for 1 cubic meter of sand is $5.30 USD.
  • Total estimated earning is $76,320,000 USD.
  • SandCoin is offering a total of 3.4 million SandCoin tokens with each coin representing the 1 cubic meter of sand.
  • SandCoin had already sold 230k SandCoin tokens during a pre-ICO sale.
  • SandCoin is now selling the remaining 3.17 million SandCoin tokens at $1.25 - $1.35 USD.
  • SandCoin plans to buy back 50% of SandCoin tokens from the market starting from July 2018.

  • Goldmint is offering gold backed crypto tokens on it’s own privately run blockchain network based on the Graphene technology.
  • Goldmint’s crypto token GOLD is backed by both physical gold and ETFs.
  • Goldmint will actively buy, sell and repurchase GOLD at the market rate.
  • 1 GOLD is valued at the market rate of 1 ounce of gold on stock exchanges + 5% commission for fiat-GOLD-fiat.
  • To facilitate the consensus operation of Goldmint’s private blockchain network, a separate token is created called MNT to use as the utility token of the network.
  • Holders of MNT tokens can participate in the mining procedure of the network by downloading the official Goldmint mobile application.
  • Whenever a GOLD transaction is conducted, a random MNT holder will be chosen to create a new block.
  • 75% of the transaction commission in GOLD will be given to the winning miner.
  • 25% of the commission is spent on Goldmint’s maintenance needs.
  • Goldmint is issuing 10 million MNT tokens of which 7 million tokens will be offered in its ICO.
  • Each MNT token is priced at $7 USD.
  • The ICO begins on 20 September 2017.

Technical Updates

  • Geth 1.7 – Megara
  • Byzantium fork.
  • Performance optimizations in fast sync nodes.
  • The upgraded database cannot be used by previous versions of Geth.
  • Recommendation for production users is to sync from scratch with Geth 1.7.0.

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