Weekly, Apr 30-May 4 ’18

Iran coin, Error in EOS, IOTA and Kontrol Energy partnership, France lowers tax, Bitcoin.com fixes its webpage, Sharding is coming, South Korea explores crypto industry, Alexis Ohanian's prediction, Telegram abandons public sale, Ripple faces UK Parliament, Google adds BigInt to V8, IMF report, Goldman Sachs will trade BTC, Cardano and Ethiopia partnership

  • Despite the crypto ban, Iran has plans to issue its own coin.
  • There has been identified a critical error, called BatchOverflow, in EOS smart contracts, that could lead to unlimited creation of tokens on the platform.
  • IOTA teams up with Kontrol Energy which is built on the fact that one of IOTA members, Samuel Reid, was appointed to the advisory board of Kontrol Energy Corp. to help in their efforts to expand in the blockchain arena and in the DLT.
  • France lowers its tax rate for trading crypto from its current 45% to 19% defining such type of assets as property, thus making lower taxations possible.
  • Bitcoin Cash fixes its page but it's too late because the option that depicted Bitcoin Cash as Bitcoin, is gone, but the group in Telegram, created to oppose that non-stop long fraud, is still growing.
  • Vitalik Buterin shared a new repository code with a documentation that describes how sharding works in Ethereum network.
  • South Korea’s central bank is considering cryptocurrencies and blockchain applications for its project for a cashless society and plans to become a ‘cash-free society’ by 2020.
  • Alexis Ohanian, Reddit co-founder, is pretty sure that Ethereum will be at $15000 by the end of the year when it will be used to develop Web 3.0.
  • Telegram abandons its plans to conduct a public sale raising $1.7 billion from investors which will be used to continue the development of its blockchain.
  • Ripple faces UK Parliament on volatility, security and benefits of crypto confirming that 120 financial institutions are now using Ripple’s software.
  • Google adds BigInt to V8, which makes JavaScript more attractive as a general purpose programming language, thus attracting more programmers to the Lisk platform.
  • The International Monetary Fund reports that cryptocurrencies pose no threat to global financial stability due to lack of international consensus on cryptocurrency regulation.
  • Goldman Sachs is set to begin its bitcoin trading desk in Q2 of 2018 that would not trade ‘actual’ bitcoins, instead, dealing in bitcoin ‘contracts’.
  • The Ethiopian government has signed a memorandum of understanding with Cardano in order to apply blockchain technology to the country’s agritech industry.

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Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth

While the bitcoin hash rate has taken a downward shift during the latter half of last year, Zcash has been on a constant upward movement that could make it a crypto miners refuge. Miners Flocking to Zcash The reports of Bitcoin miners leaving the crypto mining scene has been doing the rounds since mid-2018 after the crash of 80 to 90 percent in cryptocurrency prices. Bitcoin is down about 82 percent from its all-time high at $20,000 to about $3,500. Around October, Bitcoin hash rate took a dip and only started upward descent in mid-December. According to Diar’s latest report, cryptocurrency miners are flocking to Zcash due its block reward halving period. “Cryptocurrency miners have found refuge in solving for Zcash with the block reward still two halving periods behind Bitcoin (Zcash follows the same controlled supply model with differing block times).” The privacy-focused cryptocurrency, Zcash is a code fork of Bitcoin protocol that uses  zero-knowledge proofs to “enable privacy-preserving transaction data.” It first came into existence in late October 2016. The hash rate of Zcash has been growing on a constant upward movement as can be seen in the 1-year chart above. “With 7200 ZECs up for grabs daily the networks mining hash rate has been able to sustain a 650% growth as other cryptocurrencies lose equipment in the face of the ongoing bear market and stiff competition.” Earlier this month, zooko Took to Twitter to share the ongoing developments in Zcash to share that “As expected, the GitHub thread about radically revamping Zcash mining is heating up. https://github.com/zcash/zcash/issues/3672 … It’s important because at today’s prices there is more than $400K/day of new Zcash issuance” The community is also working on Zcash blossom, a “dual-proof-of-work scheme, where one algorithm is backward compatible with current mining equipment, and another is designed to work well with GPUs on a temporary time scale.” Harmony mining will be affecting the miners as its goal is to make the Zcash ecosystem more resilient by “spreading issuance and political influence among distinct kinds of stakeholders.” The post Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth appeared first on Coingape.
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Bitcoin (BTC) Price Reaching $10 Million Could Assist in Solving the World’s Growing Debt Problems

There are several individuals and experts predicting Bitcoin (BTC) to reach new highs in the future. Most of the predictions tend to be between $20,000 and $1 million in the coming years. Nevertheless, Lucid Investment Strategies believes that Bitcoin could skyrocket up to $10,000,000 in the future. If that happens, the debt problem that the world is currently facing could be eventually solved. The asset management firm Lucid Investment Strategies is one of the most bullish companies on virtual currencies and Bitcoin. In a recent report released by the company, Bitcoin could reach $10 million and become the new gold standard. This could also have a deep and positive impact on the current world debt. Indeed, back at the end of 2018, the world debt was close to $247 trillion, compared to $317 trillion that the world has in total wealth. Although the wealth around the world remains larger than the debt, the gap between both is getting closer and closer every year. In this report, the company explains that this situation is not sustainable anymore and that the solution could be related to Bitcoin and cryptocurrencies. Two of the solutions could be to adopt a new gold standard or just start investing in Bitcoin. Although it might not be easy to happen, Bitcoin is the best alternative for it since it would offer a permanent fix to this debt crisis that the world is currently experiencing. For the company, Bitcoin offers the greatest benefits with the least collateral damage to the least number of parties. The company believes that Bitcoin could reach new highs close to $10 million. In this way, Bitcoin would provide enough res. On the matter, the company explained: “Why $10 million? At that level, Bitcoin would provide a sufficient reserve to alleviate the world debt burden. Bitcoin would be worth between $180 trillion and $210 trillion (depending on when that price was reached. Assuming world debt had reached $500 trillion at that time, remember it has grown by 394% over the past 20 years, Bitcoin would represent a 40% reserve against the debt.” Nevertheless, there is a long way for Bitcoin to reach these values. Indeed, now it is still in a bear market that started back in December 2017 when Bitcoin was traded close to $20,000. Now, Bitcoin is being traded around $3,581 and it has a market capitalization of $62.65 billion. Bitcoin would have to move from this bear market and try to reach the last all-time high. After it, the most popular cryptocurrency will have to keep growing. In order for this to happen, Initial Coin offerings (ICOs) will have to lose their value, however, Bitcoin would have to do it at a lower rate than its competitors in the space. After surpassing $20,000 the next step would be to reach $100,000, allowing Bitcoin to be a close rival to gold as an economic hedge. There might be a moment in which gold investors would move towards Bitcoin. The path to reach $10,000,000 would be faster if that happens. Scaling solutions will also play an important role in increasing Bitcoin’s value. When the largest cryptocurrency in the market reached $20,000, transactions were slow and a single transaction could cost $55 in fees. Now, Bitcoin developers are working on a solution for its scaling issues known as the Lightning Network (LN). In this way, Bitcoin would be able to process thousands of transactions per second without having to contest the whole network. Institutional investors are also going to play an important role in helping Bitcoin to reach its $10 million dollars’ goal. There are some companies that are trying to develop new platforms for institutions and larger investors that want to gain exposure in the market. This will be accomplishing the road to $1 million, reads the report. At $1 million per coin, Bitcoin will have a market capitalization of $18 trillion, which would make of it one of the major assets in the world. Pension funds, institutional money managers and other financial institutions will be paying close attention to this asset and ultimately reach $10,000,000. This is something that might be difficult to achieve in the near future, but not impossible to see it.
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