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A Proposal Has Been Made To Move ZCash from POW to POS

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A ZCash Improvement Proposal ZIP was submitted to the ZCash community to migrate the privacy focused blockchain from the Proof of Work protocol to Proof of Stake.
 
The proposal was made by a user rebekah93. According to the community member, “Zcash was launched using Proof of Work. This meant that as well as removing the risk of POS being in some way faulty, the developers could focus on snark development rather than proof of stake development. Now the situation is a little different, as POS is a little mature and shielded transactions in zcash have come leaps and bounds.
This means that we should be able to switch from POW to POS without diverting developers too heavily away from other protocol improving works.”
 
The motivation according to rebekah93 for the improvement proposal was “by not wanting to have ‘destroying the planet’ as one of zcash’s most prominent achievements.
This is related to the amount of power needed to maintain the proof of work blockchains with Bitcoin being the highest consumer as the largest pow blockchain.
In order to achieve consensus, the community will have to answer some questions such as:
what properties does it want from POW? BFT or not?, Which are the best POS protocols that satisfy the needed properties, who gets to have the loudest/definitive say, when will it be implemented, who will implement it, will there be a transition period, when will the transition go live?
The ZIP which is currently in draft stage has attracted comments from the zcash community with one member Faddat defending POW by saying it doesn’t harm the environment and that it is one of the most efficient uses of stranded energy. According to him, POS chains have more favourable performance characteristic, but POW is more secure.
 
Another member of the Zcash community by the name OliverNChalk is  of the opinion that the migration to POS should be put on hold and wait to see how the Ethereum imminent migration to POS goes as this would give an idea of how POS looks in the ‘wild’.
 
A member of the Zcash foundation by the name Sonya said concerning the ZIP “I like proof-of-work because the economics are straightforward and the model is battle-tested. I don’t think proof-of-stake has been around long enough that we should jump on it — maybe another couple of years.”
 
The proposal was created over 40 hours ago, it has received 1500 views and 12 replies. At current it is still a draft.

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Cabify Explores Blockchain to Track and Counterbalance its Carbon Emissions 

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Giant Latin American ride sharing company, Cabify is set to utilize blockchain technology to make up for its toxic carbon releases.  

Vide its recent disclosure just this previous week, the company has liaised with a Valencia Spain headquartered FinTech outfit, ClimateTrade, to trace its carbon discharges in real time as it goes about its business.   

ClimateTrade runs its business by tracking the carbon fume prints of its clients’ rides and counterbalancing the carbon emissions by giving sumptuous credits on its blockchain based market platform. Ana Karen, ClimateTrade’s CMO hinted on how ClimateTrade was chosen by Cabify as a result of the latter’s substantial carbon emissions.   

ClimateTrade’s business model exploits the need to balance offsetting carbon releases and investment in sustainability simultaneously.

ClimateTrade’s CEO, Francisco Benedito, notes:

 “This alliance will provide transparent accreditation of the company’s carbon neutrality.” 

A Wednesday press release stated that ClimateTrade is set to explore the nascent technology that is blockchain from Algorand (ALGO, +2.65%).

The Press Releases highlighted that:

“ClimateTrade and its customers will be using Algorand as its primary infrastructure layer and leveraging its capabilities for carbon offsetting.” 

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270k User Data At Risk As Australian Crypto Exchange Accidentally Sends Emails En masse 

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An Australian Crypto Market Overt dubbed BTC Markets, has by a mere twist of fate jeopardised the privacy protection of its customers by accidentally baring their personal information. This way, its users are at the mercy of phishers and identity thieves. 

Business Insider disclosed how the exchange had bared the identities (names and email addresses) of more than 270,000 users when it released emails en masse to the users all at once. 

The same mail was addressed to a set of one thousand email recipients. 

This unintended disclosure came to be due to the emails sent all at once instead of mails being sent to each user personally, or better still, opting to utilize the “blind carbon copy” feature.

Any would-be identity thief would already have access to about nine hundred and ninety nine other personal data from each addressed email.

Caroline Bowler  the CEO of BTC Market explained that: 

“all account holders were affected.” 

She continued that: 

“The email was sent in batches, rather than in bulk.”

The mails could not be reversed or cut midway once it was sent.

Although sensitive data regarding passcode, financial information were not compromised, the disclosed info puts users at risk of phishers, identity thieves, and fuels the menace of obtaining by false pretences, as potential scammers now know who and who have crypto accounts.

This unintended move brings to the fore the challenges of centralizing Crypto markets. Any error or system hack can give away non-sensitive and even highly sensitive data.

With the look of things, BTC Market has to undergo an internal evaluation and timely review so as to tighten its security. To observe necessary due process, BTC Markets will  have to register this inadvertent occurrence to the Office of the Australian Information Commissioner.

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I Didn’t Own Any Cryptocurrency Before Beam, Not Even Bitcoin – Beam CTO, Alex Romanov 

I did not have any relation or experience with any other cryptocurrency or blockchain.

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The Chief Technical Officer of Beam Alex Romanov has revealed the first cryptocurrency he ever owned. He said in the CryptoTvplus AMA Series on the 25th of November that Beam was the first cryptocurrency he owned. Not even bitcoin, he emphasized. 

He said the Beam project was the first blockchain related project he undertook. Before I started, he explained, “I did not have any relation or experience with any other cryptocurrency or blockchain. In fact, I didn’t even own any other cryptocurrency before Beam. Beam was the first cryptocurrency I actually first owned.”

This is like true for most of the team I think. We were new to this space and had to learn everything from scratch very quickly, which we did and eventually we produce Beam, Alex added. 

In the AMA session which was focused on the Beam Confidential DeFi Ecosystem, Alex also revealed the project did a hard fork in July and added a feature amongst others called Confidential Assets. 

This feature allows anyone to create a confidential token easily without special development skills. 

He also expressed his opinion on the future of the industry with emphasis on regulations as it affects privacy coins.

He said “we’ll see regulations moving forward to adapt to the new reality and understanding privacy is not something bad but something good that people need to be able to trade on blockchain”

You can watch the full session here. 

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