Change is an ever constant in life. In the world of technology, the rate of change could be quite challenging for those not really following. This is especially true in the crypto industry.
Bitcoin Cash, the most successful fork of the Bitcoin blockchain has successfully completed an upgrade to its blockchain. The upgrade adds three new features to the network.
The three new features were added to the Consensus Rules in the network upgrade which occurred today May 15th, 2020. The first of the three new features was a new upcode support, Sigcheck implementations that allows an improved counting of signature operations and a chain limit extension.
According to News.BTC, the upgrade went into effect immediately the first next block was mined after the chain initiated at block 635,258.
The first of the new features allows for faster re-spending of unconfirmed transactions as developers have increased the chained transactions limit by 100% that’s from 25 to 50.
The second feature which was the new opcode supports OP_Reversebytes which reverses the bytes of the top stack item. The third feature of the upgrade was the Sigcheck. Sigcheck essential idea “is to perform counting solely in the spending transaction, and count actual executed signature check operations.”
This upgrade is one of two which occurs twice yearly. That’s May and November. The upgrade comes after the bitcoin network halved which reduced miners’ reward by 50% from 12.5 BTC to 6.25 BTC. The impact of which has made the business unprofitable for some miners and has resulted in the hike of bitcoin transaction fees.
With the reduction in the continuous supply of bitcoin from mining, elementary economics presents a likely increase in price. An idea that history has validated post halving.
What may be the position of the bitcoin network in terms of bitcoin transaction fees may not be so friendly, however, Bitcoin has shown resilience over it’s years of existence and things may just go back to ‘normal’ very soon.
Crypto Exchange, Cashaa loses 336 BTC to Hackers
A crypto exchange based in the U.K, Cashaa said hackers stole 336 bitcoins from one of its crypto wallets. The company stopped all crypto related transactions since the time of the incident. However, it was reported that the company said users were not affected by this occurrence. According to the company, it has filed a report on cybercrime to the Delhi crimes Bureau as it was said to have suspected that the hackers who launched the attack were based in Delhi, India. It was filed under the cryptocurrency crimes category.
Cashaa suspects that a malware was installed into the system by the hackers. This malware monitored the exchange transfers, user withdrawals among others. This malware notified the hacker on 10th July when a Cashaa employee logged into the account and made two transfers from the blockchain.com wallet that Cashaa was using to store and send BTC.
“We are still investigating the damage caused by the incident and suspend all the withdrawals for 24 hours. We have called the board meeting to decide whether the company will bear all the losses”, Kumar Gaurav, the Exchange CEO told cointelegraph.
Cashaa is making efforts to prevent the hackers from selling the bitcoin. The company has published the Bitcoin address of the hackers in a tweet. Crypto exchanges in India have agreed to assist Cashaa in getting the hackers by monitoring addresses and report any suspicious transactions. WazirX, cryptocurrency Exchange’s CEO has said they’ll help Cashaa in all manner and that security standards would be set for exchanges. He assured Cashaa that any funds that reach them from the hacker’s wallet would be locked and that Binance team has been notified already about the incident to take necessary measures too.
Libra’s Policy Director says Libra hasn’t abandoned multi-currrency Stablecoin
A Libra top executive has said Libra has not lost its vision of launching a stablecoin backed by different local currencies. Julien Le Goc, Libra’s director of policy speaking at the Global Digital Finance virtual summit on Wednesday has said the facebook backed project was still looking at its former plan;
“we have not abandoned the multi-currency stablecoin, drawing its DNA from the IMF’s special drawing fund, which remains an important design feature”.
Libra’s vision from its inception in 2019 was to release a multi-currency stablecoin that would be backed by a number of fiat local currencies. But this plan was disturbed by government officials who saw it has a challenge to their monetary system as well as taking over their sovereignty.
However, Libra seemed to have returned to its plans with an updated Whitepaper early this year and it claimed that series of stablecoins backed by a single currency would be created first, instead of the former plan of multi-currency stablecoins.
The multi-currency asset plan is still in motion according to the updated Whitepaper, but it would be backed by single-asset stablecoins. The plan would be changed and reviewed over time. The director of policy confirmed that Libra still wanted to attain the borderless payment for the World’s unbanked. According to Le Goc, a new regulatory compliance framework is in an ongoing dialogue with Central bankers. He included that Libra is making ways on how to make its policies and structures closer to a partnership on public-private basis with the national governments of countries.
The restrictions placed on crypto by the government of some countries puts a question mark on the potency of cryptocurrencies being the future of money. The way government of states have frowned at cryptocurrencies recently places a doubt on the statement that digital assets will replace fiat currencies. For instance, the Libra case is one, another is the recent news of bans placed on cryptocurrencies in some places.
John McAfee Launches Privacy centric Phone Service – Ghost Cell Phone Data Service
Bitcoin and privacy evangelist John McAfee has launched a privacy phone service called “Ghost Cell Phone Data Service”. The service is described as “the first 4G data service to make connections to the network untraceable”.
According to John, he said users of the Ghost Cell Phone Data will enjoy 4G data without using a physical SIM card and it’s compatible with major phones and works in several dozen countries. Though support for more devices will be added as eSIM technology gets added to lesser priced devices.
The Subscribers of the service were described by John’s website as “Invisible” and that “All traffic passes through multiple anonymized servers and cannot be traced back” to the subscribers.
As a privacy proponent, it’s understandable that John McAfee is trying to build a whole new system of complete privacy focussed products interconnected with each other.
According to the announcement,
“The Ghost Cell Phone Data Service is one component of a larger ecosystem, which also includes the Ghost cryptocurrency for private transactions and the Ghostx exchange for private cryptocurrency exchange”
John also said “The Ghost brand will encompass a range of practical, real world tools for people to protect our rights and take back our privacy. Privacy is a human right.”
The Ghostx cryptocurrency exchange and the Ghost coin which is based off the POS consensus algorithm is expected to work together with the Ghost Cell Phone Data Service to boost the privacy mission of John McAfee.
The Ghost Cell Phone Data will feature a base layer VPN protection and will encrypt all communications over the network. While the service is a data only service, it’s expected to provide support for VOIP and other IP communications platforms.
As a fully privacy focused product, the service will not require users to provide any personal identifying information/documents for sign-up, the service offered is prepaid and has a free App currently available on both Android and iOS devices.
Photo credit: Yahoo Finance
TRON to Launch three DeFi Products
The CEO of BitTorrent, Justin Sun has announced the launching of three new DeFi products that are built on the TRON blockchain network. This development is to make TRON greater in the Decentralized finance sector of the Cryptocurrency industry. Justin Sun announced the launch of the three DeFi products on 4th July via his social media platform (Twitter).
The three TRON-based DeFi products to be launched were JUST Swap, JUST Lend, and JUST BTC. He also noted that the JST token would be the token for the whole TRON-based DeFi ecosystem. He explained in the tweet that the token would cover areas in decentralized loans, decentralized trades and cross-chain.
Justin while explaining the three proucts said the first product, JUST Lend will be a place where TRON users can earn interests on borrowed assets against collateral. JUST Swap is a “fully decentralized on-chain protocol for token exchange” while the last, JUST BTC is a TRC20 token backed at 1:1 ratio by Bitcoin.
Justin Sun has also taken the opportunity to pitch TRON to Tesla and SpaceX CEO, Elon Musk after the latter dropped a tweet denying him being in connection with the world’s second largest cryptocurrency, Ethereum. Justin Sun invited Elon Musk to check out TRON in a tweet where he claimed that the prominent billionaire, Warren Buffet is a witness.
This announcement by Justin Sun has attracted some comments from “crypto Twitter”. One user claimed that TRON was not decentralized and it should be a “Centralized finance- CeFi”. Another said “it as a genius idea as there will be instant and free transactions of BTC”. However, there has been controversies about TRON’s decentralization since Lucien Chen, the company’s ex CTO and Co-founder stepped down from his role last year. He did this on the basis that TRON had become too centralized.
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