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Buterin Considers zk-STARKS, Plasma, Casper, Bitcoin Cash for Enhancing Ethereum’s Efficiency

The developers of Ethereum (ETH), the world’s largest platform for building and deploying decentralized applications (dApps), have been experimenting with different approaches for effectively scaling the smart contract platform. Ethereum Co-Founder Vitalik Buterin has considered using other blockchain platforms as data layers for the Ethereum network. These platforms include Bitcoin Cash (BCH), Ethereum Classic (ETC), and potentially a few other crypto networks with relatively high throughput rates. Bitcoin Cash Blockchain Has Up to 7x Greater Throughput than Ethereum  At present, the BCH blockchain can handle 32 MB of data in about 600 seconds (appr. 53,333 bytes/second). This is nearly 7x greater than Ethereum’s current throughput capacity – as the ETH blockchain can only process about 8 kilobytes/sec (8192 bytes/sec). Although Bitcoin (BTC) has the most secure cryptocurrency network, its transaction processing fees might be too high for it to practically serve as a data layer for Ethereum. Due to its significantly lower transaction fees, Buterin feels that Bitcoin Cash’s blockchain may temporarily serve as a data layer for ETH. Buterin Looking for Short-term Scalability Solutions However, the Russian-Canadian programmer expressed concerns over Bitcoin Cash’s 10 minute block times, and considers this to be the main weakness when trying to use the BCH network for data handling purposes.  Buterin also mentioned that he was currently exploring short-term solutions to enhancing Ethereum’s network capacity. The dApp development platform is expected to transition to Ethereum 2.0 in the foreseeable future, although no exact date has been confirmed yet. Ethereum 2.0 will consist of major system-wide upgrades to the cryptocurrency’s blockchain that are aimed at significantly improving the overall efficiency of the platform. Ethereum’s Throughput Recently Fell As Low As 7 TPS While Ethereum’s developers currently expect the crypto platform to process around 25 transactions per second (TPS), its throughout has not exceeded 11 TPS this month. On some days, ETH blockchain’s throughput has been as low as 7 TPS.  Notably, the Ethereum network has recently experienced the largest number of pending transactions – which indicates that the ETH developers must soon find an effective way to increase the crypto network’s throughput rate.   Transitioning from Proof-of-Work to Proof-of-Stake In order to address these issues, Buterin has developed a comprehensive roadmap for Ethereum (until 2020), which includes periodic updates to the crypto’s network. One of the main changes to Ethereum will involve transitioning from the present, energy-intensive proof-of-work (PoW) consensus protocol to the proof-of-stake (PoS) consensus algorithm. Additionally, Ethereum’s developers will implement various network sharding techniques, and have also worked on several layer-two solutions such as Plasma and Raiden. After PoS goes live, ETH transactions are expected to be substantially cheaper and new block generation times will become faster. Meanwhile, second-layer solutions like Plasma could potentially make Ethereum more scalable. Using A “Shadow Chain” During a recent interview with CoinSpice, Buterin discussed various approaches to scaling and improving the Ethereum protocol. The founder of Bitcoin Magazine suggested the use of a “shadow chain”, which shifts the computation process off the main blockchain. However, state transition functions are being registered on-chain after every 100 blocks.  As Buterin explained, this technique allows the network to be validated in a selective manner, as the ETH node that validates a block must guarantee its authenticity with their Ether deposits. If the validator does not perform their task properly, then their funds are burned (destroyed).  Buterin referred to this method as the “interactive computation game” approach. zk-STARKS May Be Added in Future Updates Another option being considered is called Zero-Knowledge Scalable Transparent ARguments of Knowledge (zk-STARKS). As noted by Buterin, zk-STARKS allows network data to be validated without having to disclose the data (contents) itself. Buterin further mentioned: “In the long-term, we expect that the data layer for these schemes to be Ethereum 2.0 itself. Until Ethereum 2.0 exists, what you have is first of all the existing Ethereum chain but the existing Ethereum chain is already basically 100% full and it has been full for a while.”  He continued: “And we could do marginal things to increase its scalability but it’s still relatively expensive and so there’s other strategy you could consider. To do some short-term things is basically to just use these second-tier blockchains as extra data layers.” The post Buterin Considers zk-STARKS, Plasma, Casper, Bitcoin Cash for Enhancing Ethereum’s Efficiency appeared first on Ethereum World News.
Ethereum World News

ETH 2.0 Serenity Explained; How Does it Relate to aelf?

Currently, Ethereum ranks as the second-largest crypto or blockchain. It is exceeded only by Bitcoin. For years, it has encountered scalability issues managing just 15 transactions every second. If all goes to plan, all these issues will end in the next three years. Ethereum is set to undergo its biggest facelift since inception. Serenity will impact all blockchain layers enhancing security, scalability, and interoperability. What does Ethereum 2.0 comprise of? Vitalik Buterin presented the concept of this upgrade in 2018 but ConsenSys officially announced it with its roadmap in May 2019. It features several smaller upgrades to be implemented in the next 3 years. Its architecture will be broken up into 4 main components: PoW Main Chain The current Ethereum blockchain as we know it will remain in use as it is. Beacon Chain The chain is currently under development and will become the first component of Ethereum 2.0. It is the main coordination layer that will implement the Casper Consensus (PoS). Under Casper, miners will be replaced with Validators. All validators need to deposit a constant amount of ETH into the Validator Main Contract (VMC). The contract will be stored on the main chain and checked often by Beacon chain to add new validators. The Validators are expected to function in random groups assigned to specific shards. Furthermore, regular reshuffling of every group will be done to minimize collusion risks like 51% attacks. Shard Chains These will come after Beacon Chain and they will deal with scalability issues. Every shard will execute Smart Contracts and store their data performing similarly to a side chain structure. The shards will only execute transactions after the infrastructure and security are tested and confirmed. All account balances, ethereum addresses, and smart contract data will be divided among these shards. Whenever any transaction is sent to the network it will end up in the shard that holds the address that signed the transaction. It will be executed and the validators assigned to the shard will include it in the next block. Thus, it is not mandatory for all validators to confirm the transaction which will increase the confirmation speed. VM (s) This layer makes up the final major component that will feature in the Ethereum 2.0 upgrade. It will provide for the execution of Transactions and Smart Contracts. Serenity Roadmap Since 2015, several Ethereum upgrades have come; Frontier (2015), Homestead (2016), Byzantium (2017), and Constantinople (2019). The last fork, Istanbul, is scheduled for October 2019. Istanbul It currently consists of 30 proposed EIPS, including the controversial and famous EIP 1057 [ProgPoW]. This EIP is designed to eliminate the advantage that Application Specific Integrated Circuits (ASICs) have over other mining hardware. ASICs work with only one hashing algorithm. ASICs are inefficient in the long-term since they can easily become obsolete if a hash is changed like what is planned for Ethereum. They are also quite expensive and hard to get which results in a more centralized network than desired. Although ProgPoW will let ASICs operate, it will remove the advantage they have in performance. Thus, they will become less cost-effective than general-purpose GPUs. 4-Phase Structure The first of the four phases will get implemented after the network becomes ready to initiate Serenity. Phase 0: Beacon Chain – 2019 The phase will see through the roll-out of the Beacon Chain that is the Proof of Stake blockchain expected to oversee and organize the validator network. To avoid disruptions to the continuity of chains, it will run alongside the current PoW blockchain. Its main responsibilities will be processing Crosslinks, managing the proof of stake mechanism, and directing consensus and finality. Beacon Chain offers finality via PoS and Casper FFG. PoS dictate that 67% of validators must stake ETH on the next block. Thus, the financial incentive is riskier for the potential malicious actors. The idea for the beacon chain came from a consensus protocol adopted by Dfinity blockchain project. Phase 1: Shard Chains – 2020 Serenity’s shard structure will split the responsibility for data processing of a database across multiple nodes. Thus, the parallel processing of multiple transactions is possible while simultaneously storing and processing information implemented by multiple shards. That is an improvement from the current Ethereum blockchain that needs each node to process and validate every transaction in a linear process. In this phase, the focus will be on consensus and finality on the shards instead of the full release of shard functionality and it could be treated as a ‘test run.’ The block time is 16 seconds; validators will have to stake 32 ETH while every shard will have 128 validators. 1024 shards will be supported with the minimum exit notice for validators set at 97 days. Phase 2: eWASM – 2020/2021 In this phase, the new Virtual Machine will be introduced. The current EVM will be replaced by the brand new Ethereum-flavoured Web Assembly (eWASM). The shard chains will evolve to become fully functional enabling the scaling of the Ethereum network. Once eWASM is released, ethereum will theoretically support the execution of Smart Contracts written in any language. For now, only Smart Contracts written in Solidaroty are supported. Phase 3: Continued Improvement – 2022 After phase 2, the Ethereum timeline starts to become less specific. But developers are expected to work on any pressing matters that will arise with time to enhance the protocol to meet the growing blockchain technology demands. Coupling with mainchain security, light client state protocol, and super-quadratic or exponential sharding are among the continued improvements being discussed. Please note that the current PoW Ethereum blockchain will remain fully functional running alongside the Beacon Chain. At the end of these phases, the current platform will be assessed to determine whether it has become ‘computationally’ obsolete. What does it mean for aelf? The upgrade will have very little effect on aelf as a business and the technology since the targeted clients for the aelf blockchain are different from those of Ethereum. Most of the enterprises seeking to develop on aelf will need private or hybrid blockchains except customizability. That is technically impossible with Ethereum now and in the near future. Even though Ethereum will introduce sharding for the data processing performance enhancement, it will remain to operate as one blockchain. It will have limited customizability prohibiting users from creating private or hybrid chains. Thus, Ehtereum upgrades will not directly affect the market aelf is focused on. In fact, the only impact will be positive in general since it will increase mass adoption and enlighten the public mindset on blockchain benefits. Also, Ethereum’s scalability will not achieve considerable improvement until 2021. It is anticipated that in 2021 Ethereum will manage to increase performance to almost 15,000 TPS which aelf achieved in their testnet in 2018. Thus, Ethereum is almost three years behind. Serenity has the ability to parallel process with the eWASM allowing smart contracts in multiple languages to be built on Ethereum. That feature was not introduced on aelf in 2018 although language-agnostic functionality is scheduled for after their mainnet launch. Moreover, aelf will enable any consensus protocol and the selection of a private, public or hybrid blockchain setup. Therefore, aelf and Ethereum are different products that target different audiences. Ethereum has leveraged off the ‘first mover’ advantage for some time now. However, that may soon change. Even if the audience will be the same by the time Serenity is completed, aelf will already have launched a fully functioning testnet and had it running successfully for years. Thus, their advantage will turn into catch-up. Like what you're reading? Subscribe to our top stories The post ETH 2.0 Serenity Explained; How Does it Relate to aelf? appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes

ETH 2.0 Serenity — What to Expect & This Will Affect aelf

ETH 2.0 Serenity — What to Expect & Will It Affect aelf?Ethereum is the second largest cryptocurrency or blockchain to date, surpassed only by bitcoin. Even then, it has still been plagued with scalability issues for years, managing only 15 transactions per second. This and other issues are now coming to a close, well over the next 3 years, if all goes to plan. Ethereum will be undergoing, arguably it’s largest facelift since inception. Serenity will impact all layers of the blockchain, revamping the network to deal with scalability, security and interoperability.This article will breakdown the components of this major upgrade and explain the proposed roadmap. Following this, there will be a brief explanation of what this means for aelf. Ethereum is making waves in the blockchain space, but as you will see, they are, in reality, following aelf’s footsteps and are not in the forefront in terms of innovative development.What does Ethereum 2.0 Consist of?The concept of this upgrade was presented in 2018 by Vitalik Buterin, but was officially announced with a roadmap by ConsenSys in May 2019. It consists of a number of smaller upgrades to be actioned over a 3 year period, resulting in a completely new architecture.Ethereum 2.0 overall architecture. Original diagram by Hsiao-Wei Wang.The architecture will be broken up into 4 main components:PoW Main Chain: This is the existing Ethereum blockchain as we know it. It will remain in use as it is.Beacon Chain: This chain is currently under development and will be the first new component in Ethereum 2.0. This is the coordination layer and will employ the Casper Consensus (PoS). Currently the Consensus Protocol uses ‘miners’. Under Casper, these will be replaced with Validators. Any Validator must commit some ‘skin in the game’ by depositing a fixed amount of ETH into the Validator Main Contract (VMC). This contract will be stored on the main chain and is regularly checked by the Beacon chain to add any new validators. Validators will perform in random groups and will be assigned to specific shards. In addition, each group will be reshuffled regularly to ensure collusion risks are minimized, such as 51% attacks.Shard Chains: This is the next component to be released after the Beacon Chain. This is the specific component which deals with the scalability issues. Each shard will execute Smart Contracts and store their data. Basically, each shard will perform similar to a side chain structure. Initially these shards will not execute transactions until the infrastructure and security have been tested and confirmed. All ethereum addresses, account balances and smart contract data will be divided among these shards. When a transaction is sent to the network it will be placed into the shard which holds the address that signed the transaction. It will then be executed and the validators assigned to that shard will then include it in the next block. As a result, not all validators will need to confirm the transaction resulting in a greatly increased confirmation speed.VM(s): This layer is the final major component to be included in the Ethereum 2.0 upgrade. This will provide for the execution of Smart Contracts and Transactions.Serenity RoadmapPrior to the launch of Serenity, ethereum must first complete the last of a series of hard forks. Since 2015, we have seen a number of upgrades — Frontier (2015), Homestead (2016), Byzantium (2017), and Constantinople (2019). The final fork, Istanbul, is planned for October 2019IstanbulThis hard fork is scheduled for October 2019 and currently consists of 30 proposed EIPS, including the controversial and well known EIP 1057 [ProgPoW]. This EIP has been a hot topic in Ethereum communities and has received much debate. It is essentially designed to remove the advantage that ASICs have over other mining hardware. ASICs are Application Specific Integrated Circuits, and are normally designed to work with only one hashing algorithm.There are two main problems with these, firstly that they are inefficient long term since they cannot be used on any other algorithm and can easily become obsolete if a hash is changed, such as what is planned for Ethereum. The second issue is that they are fairly costly and sometimes difficult to obtain resulting in a more centralized network than desired.ProgPoW will still allow ASICs to be used, but will remove the advantage they have in performance, resulting them to be less cost-effective than general purpose GPUs.4 Phase StructureOnce the network is ready to initiate Serenity, the first of 4 phases will be implemented:Phase 0: Beacon Chain | 2019This phase will see the roll out of the Beacon Chain, which is the Proof of Stake blockchain that will oversee and organise the validator network. This will run alongside the existing PoW blockchain ensuring there is no disruption to the continuity of chains.A visualisation of the Beacon Chain (blue) with 8 shard chains (aquamarine) and crosslinks (light blue lines). Finalised blocks on all chains are yellow. Time increases from left to right. Simulator by Casey Detrio.The Beacon Chain will initially have 3 main responsibilities:Managing the proof of stake mechanismProof of Stake is the consensus mechanism in which the network stakes ETH (as opposed to expending energy to mine) in order to continue finalizing blocks into existence.Processing CrosslinksCrosslinks are the main way that the Beachon Chain can determine and secure the state of shard chains. Shard chains will be released in Phase 1, so this update is in preparation for Phase 1.Direct consensus and finalityThe Beacon chain provides finality through PoS and (what was formerly known as) Casper FFG. PoS dictates that 2/3 of validators must stake ETH on the next block, meaning the financial incentive is much riskier for potential malicious actors.According to ConsenSys, they explain that the idea for the beacon chain came from a consensus protocol adopted by another blockchain project Dfinity:“The name Beacon Chain has its origins in the idea of a “random beacon” — such as NIST’s — that provides a source of randomness to the rest of the system, and the random beacon concept was adopted in a blockchain context by Dfinity.”Phase 1: Shard Chains | 2020The shard structure of Serenity will split the responsibility for data processing of a database across many nodes. This allows for parallel processing of multiple transactions, storing and processing of information by multiple shards. This is a clear improvement of the current Ethereum blockchain which requires every node to process and validate each transaction in a linear process.During this phase, the focus will be on finality and consensus on the shards, rather than the full release of shard functionality, and as such could be treated as a “test run”.Block Time: 16 SecondsValidator Stake: 32 ETHValidators per Shard: 128No of Shards Supported: 1024Min Exit Notice for Validators: 97 DaysPhase 2: eWASM | 2020/2021This phase will consist of the introduction of a new Virtual Machine. The new Ethereum-flavoured Web Assembly (eWASM) will replace the current EVM. This phase will also see the evolution of the shard chains to be fully functional, allowing the scaling of the Ethereum network.With the release of the eWASM, the ethereum blockchain will theoretically allow Smart Contracts written in any language to be executed on it. Currently only Smart Contracts written in Solidarity are supported.Phase 3: Continued Improvement | 2022Beyond Phase 2, the timeline for Ethereum begins getting less specific. One this is certain — developers will continue working on pressing matters and improving the protocol to meet the growing demands of blockchain technology. Among the continued improvements being discussed: light client state protocol, coupling with mainchain security, and super-quadratic or exponential sharding.Original Ethereum Blockchain will not stop yetIt is important to note that during Phase 0–2, the current PoW Ethereum blockchain will still be fully functional. It will be running alongside the Beacon Chain. At the end of these phases, it will be reassessed if the original chain has become ‘computationally’ obsolete. During this process, the original chain will still receive improvements and upgrades.Are things on Schedule?According to a statement late last year, phase 0 was anticipated for as early as the end of 2018:“the technical specification declares itself to be 60% complete at the time of writing this, and there remains a fairly chunky todo list. Nonetheless, a finger in the air suggests that the spec ought to be reasonably complete by the end of the year, and that perhaps by the end of Q1 2019 we’ll be running a multi-client Beacon Chain testnet.”It is yet to be seen how far off this schedule they are running but the updated timeline now states, sometime in 2019.What does this mean for aelf?This will have very little impact on aelf as a business and the technology for a couple of reasons. First, the targeted clients or audience for the aelf blockchain are different to those of Ethereum. In fact, many of the enterprises that are looking to build on aelf will require private or hybrid blockchains with exceptional customizability, something which is technically impossible with Ethereum, both now and the foreseeable future. Although Ethereum will introduce sharding for the data processing performance improvement, it will still be one blockchain.This means it will still have limited customizability and will not allow users to create private or hybrid chains. So although, Ethereum are improving their system to eradicate some of the existing issues plaguing them, they will not directly affect the market aelf is focused on.In fact, if there is any impact, it will be a positive one as it will aid in the general adoption and public mindset on blockchain benefits.The second reason that this will not affect aelf, is the timeline. According to the roadmap, Ethereum’s scalability will not achieve a serious improvement until 2021, if everything runs to schedule between now and then.If we look at the past few years it is safe to say, that this will be an impressive feat as their track record is anything but running on schedule.It is anticipated that they will manage to improve the performance to around 15,000 TPS. aelf achieved this in their testnet as a base result in 2018. This puts Ethereum about 3 years behind.Another improvement in Serenity, is the ability to parallel process, not an easy task. I know it is not an easy task because it took a lot of effort for our developers to accomplish it. Yes, we also successfully developed a system that can parallel process transactions on blockchain in 2018.Let’s look at the cluster of validators (nodes) assigned to shards. That sounds awfully similar to the cluster nodes assigned to the aelf sidechains, again, developed in the testnet in 2018.One really interesting feature of Serenity is the upgraded VM. This eWASM will allow smart contracts from multiple languages to be built on Ethereum. Granted, this is not a feature that was introduced in last year’s testnet for aelf, but language agnostic functionality is scheduled for one of the early updates after mainnet launch. Not only that, but aelf will also allow any consensus protocol and the choice of a private, public or hybrid blockchain setup, among other customizable elements.So at the end of the day, aelf and Ethereum are different products with different target audiences. Ethereum has been leveraging off the ‘first mover’ advantage for some time now, but this will be changing very soon. Even if we had exactly the same audience, by the time Serenity has been completed, aelf will already have launched a fully functioning testnet with all these features and more, and had it running and perfected for years. So their advantage will turn to a catch-up.Am I excited about the Serenity upgrade to Ethereum — yes. Am I worried about how this will affect aelf — definitely not.https://medium.com/media/3c851dac986ab6dbb2d1aaa91205a8eb/hrefETH 2.0 Serenity — What to Expect & This Will Affect aelf was originally published in HackerNoon.com on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Ethereum Clears $300 On Futures Rumors And Block Reward Reduction

Ethereum is reclaiming lost ground as investors turn bullish over the prospect of derivatives hitting the market and major network changes.  Ethereum Could Soon Join Bitcoin Futures Starting the week with the second-best 24-hour growth in the top twenty cryptocurrencies, Ethereum now trades above $300. The last few days have revealed hints that big finance could soon begin pouring resources into the largest altcoin, specifically in the form of futures contracts already available for Bitcoin 00.  CME Group, one of the first Bitcoin futures operators, confirmed it would alter its reference rate for ETH, a move sources subsequently considered preparation for a futures rollout. “I think this is prep for an Ether future,” an anonymous source told cryptocurrency news outlet The Block on July 5. “They have to improve the robustness of their index.” The move could prove timely, coming after US regulator the Commodity Futures Trading Commission (CFTC) hinted it would be comfortable with such a product coming to market.  “I think we can get comfortable with an ether derivative being under our jurisdiction,” an unnamed official commented in May.  Talk of Ethereum futures has long pervaded the cryptocurrency industry, but attention continues to focus on Bitcoin, notably the US’ changing perspective on the idea of an exchange-traded fund (ETF) getting the green light.  As Bitcoinist reported, Bitcoin futures are themselves set for huge expansion this year, as several major offerings begin trading.  0.2 ETH Block Rewards Incoming? For Ethereum, increased institutional involvement would serve as a heavy endorsement of ongoing technological changes. As the network’s Casper overhaul takes shape, a recent suggestion to reduce the block reward by 90 percent also saw a bullish reception.  Reported by Trustnodes last week, Justin Drake, an Ethereum 2.0 researcher at the Ethereum Foundation, has set out a timeline for the issuance drop. “Here’s a possible timeline (dates likely totally wrong!) highlighting the key milestones,” the publication quoted him as writing.  “January 2020: beacon chain launch. June 2020: eth2 light clients production-ready. November 2020: eth1 fork #1 to have its fork choice rule honor eth2 finality (conservatively, no issuance reduced). March 2021: eth1 fork #2 to reduce issuance by 10x.” ETH performance had previously disappointed traders. ETH/USD languished while BTC/USD advanced several times over.  The pair’s return to $300 after almost a year’s absence, followed by a local high of $350, provided respite, but analysts remain concerned. As Bitcoinist noted, an increasingly common theory suggests altcoins, in general, will not match Bitcoin’s success in the 2019 bull cycle, leaving bagholders heavily disadvantaged.  What do you think about Ethereum’s near term price prospects? Let us know in the comments below! Images courtesy of Shutterstock The post Ethereum Clears $300 On Futures Rumors And Block Reward Reduction appeared first on Bitcoinist.com.
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Bitcoin Law Review - Blockstack's Reg A+, CFTC vs Bitmex, Gov't vs Libra/Crypto

https://ToneVays.com by @ToneVays https://twitter.com/ToneVays Topic 1: Reg A+ & Blockstack https://www.sec.gov/Archives/edgar/data/1719379/000110465919020748/a18-15736_1ex1a15addexhbd6.htm https://www.theblockcrypto.com/2019/07/12/blockstack-garners-reg-a-approval-but-that-doesnt-mean-crypto-icos-will-boom/ Leads into Topic 1a on Broker-Dealers & Custody https://twitter.com/philipliu/status/1149907881061302272?s=12 https://www.sec.gov/news/public-statement/joint-staff-statement-broker-dealer-custody-digital-asset-securities https://bitcoinmagazine.com/articles/op-ed-latest-finra-sec-security-token-custody-rules Topic 2: Government vs Libra/Crypto https://twitter.com/realDonaldTrump/status/1149472282584072192?s=09 https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://www.cnbc.com/2019/07/18/mnuchin-says-us-will-ensure-bitcoin-doesnt-become-like-anonymous.html https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://brianoflondon.me/2019/07/facebook-lied-about-the-cryptocurrency-industry-to-destroy-it/ https://www.youtube.com/watch?v=9-ZTkCNW0w8 https://www.cnbc.com/2019/07/16/i-like-bitcoin-says-house-gop-leader-mccarthy-hits-facebook-libra.html Topic 3: Crypto Exchanges https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades https://twitter.com/notsofast/status/1151864421414838274?s=21 https://www.coindesk.com/ex-ceo-of-crypto-exchange-wex-arrested-in-italy https://www.coindesk.com/mt-gox-founder-hit-with-lawsuit-over-alleged-fraudulent-misrepresentation https://www.scribd.com/document/414569311/Steinmetz-Jones-v-s-McCaleb#from_embed https://www.thedailybeast.com/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox?ref=scroll Topic 3a - Update on Bitfinex vs NYAG https://ambcrypto.com/new-york-ags-court-filings-written-in-bad-faith-and-riddled-with-false-assertions-says-bitfinexs-rebuttal/ https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod https://breakermag.com/crypto-capital-is-the-common-thread-between-bitfinex-quadrigacx-and-other-troubled-exchanges/ https://decrypt.co/6824/crypto-capital-follow-up-article Topic 4: Crypto & Taxes (Time Permitting) https://www.carltonfields.com/insights/publications/2019/how-state-remote-sales-and-use-tax-statutes-may-im https://twitter.com/cryptotaxgirl/status/1148370522775797760?s=21 Topic 5: Other - Time Permitting https://www.journalofaccountancy.com/news/2019/jun/virtual-currency-not-fbar-reportable-201921479.html https://www.justice.gov/usao-sdny/pr/us-attorney-announces-arrest-and-money-laundering-charges-against-dark-web-narcotics https://cryptoslate.com/chinese-court-upholds-legal-bitcoin-ownership-btc-protected-china-property-law/ Closing Moment of Zen: https://twitter.com/Horsebox_1/status/1117955111219867648 Honorable Mention: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets Please Support via Affiliate Codes: Unlimited Trading for $9 a Month at LVL: https://lvl.co/?r=kDpHhBmS Deribit to save 10% on Trading: https://www.deribit.com/reg-3221.4686 Buy/Sell Bitcoin at Paxful: https://paxful.com/?r=or4dNEDBBQX Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Ugly's Lifetime Subscription: https://uglyoldgoat.com/?rid=4xyuzu Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
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Reminder: Bakkt is Launching Bitcoin Futures in the Coming Day

Bakkt is Finally Here That’s right, Bakkt is finally here. After months upon months of deliberation, hype, and odd regulatory setbacks, the cryptocurrency venture that has been backed by the New York Stock Exchange, Microsoft, and Starbucks is launching. Starting Monday, July 22nd, the exchange will be testing physically delivered Bitcoin futures, which will be one of the first product of its kind to be regulated in U.S. markets. It is currently unclear who will be testing the product, or in which way the contract and custody solution will be tested. But, this development marks a huge step in the right direction for the cryptocurrency market. Bakkt confirmed the launch date for its testing period at a recent summit that was held in the New York Stock Exchange, whose chief executive is wed to the head of Bakkt. Per first-hand recounts of those in attendance, the cryptocurrency startup has also confirmed that it will be fully launching its Bitcoin futures product by the end of Q3, should nothing go wrong during testing of course. A Catalyst for Bitcoin & Crypto Growth In a recent Fundstrat Global Advisors research note posted to Twitter, Sam Doctor of the market research firm explained his thoughts on the conference. Citing the buzz being emanated by the over 150 investors and institutions in attendance, Doctor argues that there is “institutional anticipation” for the exchange’s Bitcoin futures. He expounded: “As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.” Doctor adds that “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch”, noting that the firm’s sales team is starting to ramp up discussions with everyone from brokers and market makers. He thus confirms that should the hype translate into actual investment, the long-expected launch of the Bitcoin product, which will give many institutions their first taste of so-called “physical” BTC, could be a “huge” catalyst for the growth of this already budding market. Institutions Are Buzzing Per Placeholder’s Chris Burniske, the venture capitalist author of industry primer “Crypto Asset”, the overall feel of the room was rather bullish. He wrote the following, making the case that Wall Street has its eye on the cryptocurrency space once again. All in all, the @Bakkt event signals great things for #bitcoin and #crypto at large, even if I did miss some of the funk of OG days.— Chris Burniske (@cburniske) July 18, 2019 Title Image Courtesy of Samson Creative Via Unsplash The post Reminder: Bakkt is Launching Bitcoin Futures in the Coming Day appeared first on Ethereum World News.
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