Japanese e-commerce giant Rakuten announced the launch of their own blockchain-based cryptocurrency called "Rakuten Coin" at the Mobile World Congress in Barcelona yesterday. The announcement (along with other interesting data) can be seen in Rakuten's "Founder, Chariman and CEO", Hiroshi Mikitani keynote.
The token will be built on top of their loyalty points layer, Rakuten Super Points. To put this move in perspective, since the company launched Rakuten Super Points, 15 years ago, they issued over 1 Trillion of them, basically worth of over $9 billion now. So the new token will probably have a real marketcap of over $9 billion from the first day of launch, pushing the token in the 6th worldwide position (at the current prices).
Also worth noting is that Rakuten acquired some intellectual property of a Bitcoin payment processor, BitNet, 2 years ago.
We don't have a launch date yet, nor do we know if the token will be listed in exchanges and freely tradeable, just like any other crypto currency.
In my personal opinion, this one of the most disruptive moves we've seen, both by psychological impact and financial magnitude. Especially taking into account the fact that Rakuten's competitors: Alibaba, Amazon or eBay seems to be sleeping in their slippers, so to speak.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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looks like Japan is spearheading the coin market adaption as more players get into the game , and people still believe that cryptos are a bubble that will fail. big ups to Rakuten,
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blockchain is changing everything and FIAT currencies are not the future of money , this will trigger more to follow suit
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changes are coming as more big organisation are begining to embrace cryptos, we are in for crypto future, i wonder how many will follow after Rakuten, the Asian tigers have gone big on crypto currencies
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Japan has been a pioneer of alot in technology and there recent announcement about starting their own crypto 'Rakuten' is really wonderful. This should bring good news into the crypto market and positively affects it future
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I doubt that Alibaba is sleeping.
They have their fingers everywhere.
Problem they are facing is the indifferent stance of Chinas gouvernment towards blockchain.
Good, Bad?
They change their opinion every day, close some mining farms, and the next day they praise some new blockchains, or open an exchange.
so, I guess Alibaba is just aiting.
In other news, did you see my article on Porsche?
They are deep into the blockchain, they are job hunting for new devs, it is amazing..if I would be a young developer;)
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_
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In fact this will be a centralized privately owned fiat substitute like tokens. I do not see any benefit for the crypto-community in this issuance. It is marketing using the hype to offer people a deception package which is nothing more than a token you are only able to use in one shop. This is much worse then fiat ! There is nothing decentralized or distributed in it.
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Nobody said it's decentralized. It's a cryptographic token, used in a retail business. The marketcap of such a token will be over $9 billion. If this token is freely exchangeable like any other cryptographic asset, this will give people the chance to balance their portfolio with a solid asset.
For me, this is a good use case of the blockchain technology per se.
For what matters, many tokens are not as decentralized as they are touted to be, Bitcoin itself being a good example. A few big miners are controlling the mining queue for years.
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I think this is the aim of cryptocurrency - t have the whole international market tokenized. Maybe Alibaba and other competitors will come up with theirs too soon.
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soon alibaba might copy the trend soon who knows big news from big players
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That can be very good for thier customers
Holding this coin will give great value to the users
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Looks like another big player is ready to enter the arena! Japan is already one of the most crypto friendly countries out there (the people, not the government necessarily) and this is just another great move to further that!
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This is great news as it Futher Fosters the acceptance of crypto worldwide. But why do people keep announcing the release of their own coin. Why can't they just adopt an existing one?
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i think because they want control and to have value on their blockchain, as long as you use their block chain you have to use their coin. consider the way we use steem blockchain
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A very amazing publication. Thank you for sharing. I appreciate your great effort and your generosity
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Woh another great news .
Thanks for this hot update .
That's why i always appreciate about you 😉
@dragosroua
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It would really be ok for them having their own crypto
Good one sir @dragosroua
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wow...great news @dragosroua Nice post beautiful presented and explained. detail oriented with nice information. thank you for sharing
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"Japanese e-commerce giant Rakuten announced the launch of their own blockchain-based cryptocurrency called "Rakuten Coin" at the Mobile World Congress in Barcelona yesterday. "by @dragosroua
This is the good news for blockchain of cryptocurrencies. it went to one step forward.
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I think .. You have created a nice news here ... I like it very much ... and waiting for the next post
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Wow exited about this coin.who does it launch its ico.
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my dear @dragosroua i like your post
i saw your post every one.thanks for sharing post
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rakuten is best in japon
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Japan leading the way forward in crypto again. I think Amazon et al almost have to release a coin of their own at some point. Interestingly, for many companies the right way forward would be to add an SMT to an existing rewards program and forego the development of their own standalone coin and network.
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