Welcome to the Daily Cryptocurrency News Roundup 7th Nov, 2017 edition.
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#1 Coindesk – Why Segwit2x Is Doomed to Fail
- Deschapell argues that an upcoming proposal for changing the bitcoin software will fail to achieve its desired results.
- Segwit2x was not introduced as a Bitcoin Improvement Proposal, but rather through the New York Agreement.
- Without replay protection and with two chains maintaining independent monetary values, the loss of funds for many users on the network will literally be unavoidable due to accidental replay spending, replay attacks and sudden and widespread incompatibility between various software and services.
- Even more problematically, is the implicit assumption of Segwit2x that third-party services like Coinbase and BitPay can speak for their users, and can actually decide for them what token they would like to hold and use. Such thinking assumes the implicit consent of the users of all of these services to change the very definition of what a bitcoin is.
- This goes against the very ethos of bitcoin, which was from its inception meant to do away with the need for participants to delegate this kind of trust and power to third parties.
- Simply put, if these companies are successful in unilaterally changing the network rules without widespread consensus, then bitcoin would have failed.
#2 CryptocoinsNews – HCash Raises $53 Million in Record ICO
- HCash developers are also working toward securing the cryptocurrency against quantum attacks by developing teh technology against research partners in Melbourne-based Monash University, the Shanghai Jiao Tong University and the Hong Kong Polytechnic University.
- According to details on its website, the HCash sidechain connects traditional blockchains with blockless-based Directed Acyclic Graph (DAG) systems to significantly reduce transaction times at scale with enhanced privacy features.
#3 CryptocoinsNews – Genaro Network
- Genaro is a network that stores data and deploys smart contracts simultaneously. It is the first Turing Complete Public Chain plus a Decentralized Storage Network.
- A user will have a permanent and private method of storing their data, videos, documents and any type of file.
- This will be a secure way since one will be required to use a private key in order to access any data.
- Genaro provides a blockchain infrastructure for other blockchain based solution providers as a replacement for cloud based storage.
- The blockchain allows for security and safety of immutable transaction records.
#4 EthereumWorldNews – Top Bitcoin Exchanges Supportive Of Hard Fork
- Coinbase – Will support both BTC and B2X
- Bitfinex – T&C page: bitfinex.com/legal/cst/segwit2x
- Bittrex – No official clarity on how they will handle B2X
- Binance – Will support both BTC and B2X
- Cex.io – Will support both BTC and B2X
- Kraken – No official clarity on how they will handle B2X
- BTCC – One BTC can be split into one 1MB and one 2MB
#5 CryptocoinsNews – Iran to lay Groundwork for Bitcoin Adoption
- The Iranian government is reportedly laying the infrastructure for bitcoin users in a move that could see the cryptocurrency gain status as legal tender in the country.
- In 2012, global payments rail SWIFT removed Iran from its network of global banks, effectively disconnecting Iran’s banking system from global commerce. The impact was also felt on global businesses engaging in transactions with parties in Iran via bitcoin.
#6 The Cointelegraph – Bitcoin Needs New Proof-of-Work Chain After SegWit2x, Says Bitcoin.org Co-Owner
- Cobra, the co-owner of Bitcoin.org and Bitcointalk, has appealed to the Bitcoin industry to hard fork again should SegWit2x ‘win.’
- “The market and exchanges should be prepared to support three different forks of Bitcoin this November. The original chain, the 2x chain, and the new Bitcoin chain with a better PoW,” he concludes.
#7 The Cointelegraph – Bitcoin Ranked 32nd Global Currency by Physical Money Supply
- Jameson Lopp, the lead developer at BitGo, a Blockchain security company, has calculated that Bitcoin would rank 32nd globally for its value in circulation.
- He created a clone money supply aggregator M1 Index, similar to This puts it ahead of Singapore and South Africa, and just behind Finland and the UAE.
#8 NewsBTC – India’s First Major Blockchain Project and maiden Token Sale ends in few hours
- Indicoin plans to develop a platform where monetary benefits will be given for accomplishing task that benefits the society.
- During their ICO, Indicoin launched Indi Clean and Green Campaign where community users were given 500 INDI tokens for planting trees or cleaning their environment.
- The campaign has been a massive success with users participating in it from all over the globe.
- Indicoin will very soon launch the Crowdfunding for Social Service feature of its upcoming platform on its website where individuals will be able to initiate campaign on Individual and Organisation level and community members will be able to directly contribute in them.
- Visit https://www.indicoin.org.in/#about for more information.
Disclaimer: This is not “investment advice.” Coin Frog does not bear any kind of liability. Moreover, always do your due diligence and form your own opinions.