Welcome to Daily Cryptocurrency News Roundup 1st Nov, 2017 edition.
Find the most important news of the day in brief along with insights. Subscribe us to stay informed.
#1 Bitcoin Gold implements full Replay Protection
- Replay protection is a safety feature that makes sure that transactions on one chain are invalid on the other chain, thus preventing transaction replay and the possible resulting loss of funds.
- Bitcoin Gold team will deploy a public testnet opens to miners from all over the world in a few hours. To learn more about testnet, please stay tuned in #mining Slack Channel.
Bitcoin Gold is a community-led project to create a hard fork of Bitcoin to a new proof-of-work algorithm to make Bitcoin mining decentralized again. BTG wants to stay true to one of the aims of Satoshi Nakamoto’s idealistic vision of “one CPU one vote.”
#2 Bitcoin Segwit2X Hard Fork: What you need to know
- Bitcoin rules restrict the maximum size of a block to 1MB. Thus, only a limited number of transactions can be validated in a given amount of time (Up to a maximum of seven transactions per second).
- A fork is caused by a change in the bitcoin rules about how transactions are validated and added to the ledger.
- SegWit2X goes a step further and proposes an increase in the block size to 2MB three months after SegWit is activated. This change requires both nodes and miners to accept the change to avoid causing a hard fork.
Though SegWit comes with a host of benefits, the bitcoin community is divided on the possibility of potential pitfalls with the implementation of Segwit2X. Some believe the implementation of SegWit2X could give bigger bitcoin mining pools an undue advantage in validating transactions, thus centralising bitcoin. There are also fears that increase in block size with Segwit2X could lead to network delays and might crash the system.
#3 Three Ways To Be Wrong About Crypto-Tokens
- If you see crypto-tokens primarily as currencies, you will be interested in their capitalization, circulation and adoption. You might also come to believe that there will be a single winner who will take all and emerge as the standard of reference for all other currencies. This view might easily lead to Bitcoin maximalism or Ether chauvinism, and it may well also be wrong.
- If you see tokens as successors to the equity model of the corporation you might well imagine that many flowers will bloom. However power laws will make some tokens far more successful than the mean and that many tokens will eventually be worth nothing in any denomination, crypto or fiat.
- If you’re looking at tokens as a kind of product license or as a means to advance pay for future goods or services, you might wonder what all the fuss is about. Because advance sales and loyalty points are neither novel nor deeply disruptive of existing modalities of venture funding.
Check out the complete article here
#4 Citizens of Zimbabwe look to Bitcoin to protect their wealth
- According to Yeuki Kusangaya of Zimbabwe-based bitcoin exchange Golix, an increasing number of Zimbabweans are adopting bitcoin as a means to access a variety of international markets.
- The increasing popularity of bitcoin combined with significant liquidity issues have led to heavily inflated prices in the African nation, with a single bitcoin currently trading for approximately $9900 USD on Golix.
It is intuitive that citizens of countries which lack a robust economic system and which are often subjected to instability would look forward to Bitcoin as a serious currency medium.
#5 Next Generation of Tech Geniuses what to Study Cryptocurrencies
- Youth of the globe are surging towards university courses that offer teaching in cryptography, as well as cryptocurrency.
- Security and cryptography represent the second-most popular subject in the university’s computer science department, behind only machine learning.
- Bitcoin, its underlying technology Blockchain, and the theory behind it, Cryptography, is big business as there has already been evidence of growth in the job market for the associated disciplines.
It is understandable thus that University students would want to align themselves with a burgeoning technology that is desperate for growth and can only benefit from additional human capital.
#6 Why Bitcoin’s Next Fork is very different from the previous forkes
- First and foremost, whereas bitcoin cash developers appeared content to create a new blockchain (with new rules), Segwit2x’s goal is to keep all bitcoin’s existing users on one blockchain.
- If only some miners upgrade their software for Segwit2x, it would creates two blockchains – a so-called “legacy” bitcoin, and a “Segwit2x” bitcoin. Both with different rules and unique cryptocurrencies.
- With Replay protection not in place, there is a chance of double spending when users might even end up with unconfirmed transactions.
Users of Bitcoin should sufficiently educate themselves and it is advisable to store the Bitcoins in a paper wallet much before the time of fork.
#7 Next Generation Alternative to PayPal Has Arrived
- ’UTRUST is the first cryptocurrency payment solution in the world that provides buyers with a purchase protection.
- The next-gen version of PayPal is Blockchain-based and designed to make online payments safer, faster and cheaper
- A comprehensive explanation of their platform can be found here.
Cryptocurrency transactions are irreversible and hence this service of buyer protection and seller protection makes both parties adopt the use of cryptocurrencies.
#8 Younger Americans More Interested in Cryptocurrencies, ICOs
- That’s according to the latest survey published by digital student loan servicer LendEDU, which asked roughly 1,000 U.S. citizens about ether and Ripple’s XRP token at the end of October.
- The questions ranged from whether people had heard of ether and XRP to if they would invest in the cryptocurrencies. According to the survey, 31.6 percent of respondents have heard of ethereum (with 18.2 percent planning to invest in it) while 22.2 percent have heard of XRP (with 14.8 percent intending to purchase some).
- After breaking the results down by age, the data shows that roughly a third of respondents between the ages of 18 and 44 planned to invest in ether, while another third did not. The final third was uncertain.
Young users are more keen to adapt cryptocurrencies probably because they see it as more decentralised and robust system and something that needs to be taken seriously.
#9 November 13 Hard Fork upgrade of Bitcoin Cash
- Bitcoin ABC development team has announced its plans for the November 13 Hard Fork upgrade of Bitcoin Cash.
- The upgrade is designed to stabilize the problematic difficulty adjustment algorithm (DAA).
- With this upgrade the blocks will be created in a much more stable way and BCC/BCH would become more attractive to miners.
We can hence look forward for a uptrend in BCC/BCH price to continue.
Disclaimer: Our views are only in good faith and should not be regarded as “investment advice” and Coin Frog cannot be subjected to any kind of liability.