The developers of the U Network have reportedly run out of their reserve of crypto tokens and intend to buy back some of its supply, CoinDesk reported. They had set a limit of 10 billion tokens for its UUU coins — and dedicated 40 percent of the tokens to future development and the founding members.
“The demand for UUU tokens has exceeded our current designated holdings,” the developers said in a Medium post. “We have decided to form a dedicated UUU Foundation Fund, in order to encourage and reward business partnerships and DApps building on our blockchain within the U Network ecosystem.”
In other news, German airline Lufthansa is teaming up with SAP for a blockchain competition dubbed the Aviation Blockchain Challenge, CoinDesk said. The goal is to drive the adoption of blockchain technology for the airline space.
“While many industries have found their first use cases, the impact on the aviation sector is not noticeable yet,” said Lufthansa Innovation Hub Managing Director Gleb Tritus in a blog post. “We want to change that together with SAP and see substantial potential in our industry to utilize blockchain and other plays of decentralized networks.”
On another note, the City of London Police plans to introduce a crypto course for its Economic Crime Academy, Crypto Disrupt reported. The course “is designed to provide delegates with the skills and knowledge required to recognize and manage cryptocurrencies in an investigation,” a spokesperson for the police said, according to reports.
The latest rally of bitcoin continued on Monday (July 23), with the popular currency coming closer to the $8,000 mark, CNBC noted. The digital currency had surpassed the $7,000 level after news that BlackRock would set up a crypto and blockchain working group. The price of bitcoin was $7,747.75 as of 5:53 p.m. on Monday (July 23).
In addition, MyEtherWallet unveiled a new mobile app dubbed MEW Connect, according to reports. The app, which will soon roll out as a limited iOS beta, will enable users to access their wallets without having to use a private key.