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Vitalik Buterin Comments on HTC’s 1S Blockchain Phone, Says Mining on Phones is a Fool’s Game

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Creator of second largest cryptocurrency by market capitalization Ethereum, Vitalik Buterin has taken a swipe at the blockchain phone of popular electronics manufacturer HTC.

The latest device 1S which is termed a blockchain phone and able to mine cryptocurrency, specifically the privacy centric coin Monero XMR according to the manufacturer is designed to mine XMR when the device is connected to power source or not being utilized.

Buterin said mining on the phones is a fool’s game. And that the device goes against everything we know about hardware economies of scale and more likely to trick users with false hope than helping them.

The new of the device was recently reported by CryptoTVPlus which showed that the according to HTC, mining on the device will use a certain App called DeMiner to mine XMR.

The device which is expected to be available in the second quarter of the year worked by deactivating mining when the phone is in use or when it is not connected to a power source.

The firm handling the development of the App, Midas Labs compared mining in desktop computers to other powerful machines saying “mining monero (XMR), a privacy centric cryptocurrency, on desktops is not cost-efficient.” “………..a typical laptop can mine XMR of equivalent to around $0.06 per day by burning 65W of power, which costs roughly $0.0156 daily – a loss-making endeavour”.

Founder of Midas Labs also said the App (DeMiner) empowers EXODUS 1s users to mine at least $0.0038 of XMR per day on average, while the electricity cost is less that 50% of that. An endeavour which Vitalik Buterin called Fool’s Game.

Buterin said mining on mobile devices will likely trick users with false hopes than helping them. He continued further on staking on mobile devices is staking. In his words “*Staking* on phones, OTOH, is IMO quite promising…”

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Bitcoin Cash adds Three New Features in its Upgrade as Bitcoin Price Hike Post Halving

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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.

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Blockchain.com to lend Users USD pegged Stablecoins as it launches Borrow

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Blockchain.com has launched a new service called Borrow to enable users borrow USD pegged stablecoins. The service which is designed and built retail users allows its wallet users to fund their trade above the value of their holdings. 

Over the past year till now, the cryptocurrency lending market has been seeing some impressive activities from crypto financial firms. Exchanges are also not excluded as many exchanges now offer lending products and which they use to finance their margin trading platforms.

According to the company, Borrow works by allowing users to post their collateral, once this done, they receive their loan and can use it for whatever they desire. This presents an opportunity for retail traders to utilize funds to enter trades without having to close already opened positions. 

The decision to venture into crypto lending will no doubt have significant effect on the revenue of the popular wallet provider as it holds a large user base with over 40 million wallets already created as at today.

The service will allow its users across over 180 countries access funds above their current holdings collateralized by the cryptocurrency available in their wallets. 

Commenting on the launch of Borrow, Peter Smith, CEO of Blockchain.com said, “Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different,” 

He went on saying “Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their wallet.”

In August, 2019, the popular crypto wallet provider had launched an institutional lending desk which has gathered interest ever since. The launch of Borrow was mentioned and the company said both retail and institutional investors will be able to tap into the same liquidity pool. 

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MoneyGram’s New Time Remittance Technology backed by Visa not Ripple

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A new service introduced by remittance giant (MoneyGram) which allows users to send and receive money in real-time has been credited to visa and not the work of its blockchain-based partner (Ripple) in an announcement by representatives of the company.

The recently launched Fastsend, a new service which allows clients to send money in real-time to a phone number through a mobile application or dedicated website. While responding to enquiries from news sources about the latest concept, it was revealed to much surprise that MoneyGram did not make use of the technology of Ripple to achieve the latest product.

Do we need blockchain for real-time settlements?

MoneyGram Chief Operating Officer, Kamila Chytil informed news sources that FastSend makes use of Visa’s Direct Original Credit Transaction to send funds to bank accounts making use of Debit card deposit which is clearly not blockchain-backed or related.

Without the need for DLT, the dedicated website and app make use of an open-source cloud-based microservices. Chytil further stated that although Ripple is not involved in the new product, the firm still makes use of Ripple’s blockchain in other fields of the company.

Also, Chytil made mention of MoneyGram’s continuous effort on how to utilize blockchain in areas where it could assist to solve data privacy and regulatory obligations via distributed ledger technology. In her remarks, she spoke highly of DLT technology and cryptocurrencies, stating that the firm believes blockchain to be the future of global cross border payments and transfer of money.

As MoneyGram continues to research on the multiple use cases in order to tap into Ripple’s tools while integrating with the recent version of Ripple’s service suit to introduce cash-out service to all network members.

It is worth noting that Ripple is gaining increased support and approval among financial institutions to provide them with its DLT services in Africa with the National Bank of Egypt joining its network, this has been seen as a welcome development as it would do well for the inward remittance within the region the Ripple Network.

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TRON to onboard Steemit as it sets to join TRON Ecosystem

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Source: TRON

 

TRON has announced a strategic partnership with the largest blockchain based social media platform Steemit to onboard its numerous Dapps and user base into the TRON Ecosystem. 

 

The announcement which was made via a press release on TRON’s medium account revealed that both development teams of the two organizations will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.

 

According to TRON, “the partnership continues the beat of TRON’s rhythm in partnering with top firms like Samsung, Poloniex, Opera, and DLive to provide a dynamic value proposition to its users, investors, and community members.’

 

Steemit is a decentralised blogging platform built on the Steem blockchain and having its own token. It allows users to easily reward publishers by upvoting their contents published. 

The Steemit blockchain also houses several other Dapps such as DTube, APPICS etc which are designed to be censorship resistant. Built by Dan Larimer and Ned Scott, Steemit empowers anyone to create an account and earn crypto for published contents upon upvotes. 

 

Speaking on the partnership, Justin Sun, CEO of TRON and Bittorent said “We are very excited to welcome Steemit into the TRON ecosystem, together we will usher in a new era of decentralized social networking.”

 

TRON disclosed it will work with Steemit Inc, to create further value for its users and to augment their advancements in decentralised technologies. 

This will include migrating STEEM token to a new TRON based STEEM token and the creation of accelerator program for the developer community. 

 

TRON believes this partnership further empowers its title as the blockchain industry’s leader in distributed ledger technology with over 800 Dapps now in its ecosystem.

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