Category Archives: Bitcoin News

Auto Added by WPeMatico

South Korea’s Shinhan Bank Considers Blockchain to Mitigate Human Error in Banking

Shinhan Bank Considers Blockchain to Mitigate Human Error in Banking

South Korea’s second-largest commercial bank, Shinhan Bank, has begun working on a blockchain-based angle in reducing human errors in banking processes.

It is the latest in a string of blockchain initiatives being pursued by a growing number of financial institutions as information technology pursues tighter integration with traditional financial services.

An initial step was taken to integrate blockchain with interest rate swap – a complex financial contract – involving the exchange of fixed interest rates from a floating rate or vice versa in order to mitigate the risks of exposure to fluctuations. It appears that Shinhan Bank is the first as a local financial services firm to implement the technology adopted last month.

The bank has found a use for smart contracts in automated processing of derivative transactions, such that tasks handled by bank staff are now conducted through a computer program. The Korean Times reported that this “leaves no room for error thereby improving accuracy and reliability of work products”.

Now, the bank wants to resolve to handle financial record-keeping on the blockchain, as a ledger with immutable and accurately efficient properties. This is expected to improve the overall efficiency of banking operations.

Shinhan Bank has been investing months of research and training of its staff via its blockchain lab department, familiarizing them with blockchain and its applications.

The bank declared: “The program will be expanded after it proves to be stable. We will continue to develop new technology that can be put in place for various departments.”

Some of the departments the bank is seeking to apply the technology to include financing businesses with export or import, lending, derivatives, stocks, bonds, foreign currency exchange or remittance and pension, as well as processes “that require frequent data sharing and verification with outside bodies”.

As reported by another local media outlet about a year ago, Shinhan Bank announced that it was creating a cryptocurrency wallet service for its customers and that it was doing so to leverage the “strong security of the bank and the advantages of cryptocurrency”. It had also formed a partnership with KT platform service in August to develop blockchain technology service.

The blockchain use case in South Korea continues up the trend with expansion from fintech to other industries. Continuous developments in both cryptocurrency and blockchain-related affairs seem to be happening because of the country’s pro-industry policies and incubation support.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post South Korea’s Shinhan Bank Considers Blockchain to Mitigate Human Error in Banking appeared first on BitcoinNews.com.

Abu Dhabi Oil Joins IBM to Explore Blockchain for Supply Chain

Abu Dhabi Oil Joins IBM to Explore Blockchain for Supply Chain

The Abu Dhabi National Oil Company (ADNOC) has announced its collaboration with IBM to develop a blockchain-based supply chain system for its daily output of 3 billion barrels of oil and 10.5 cubic feet of natural gas.

The announcement was made at the recent World Energy Capital Assembly event in London, where ADNOC Digital Unit Manager Abdul Nasser Al Mughairbi said, “We believe this could be the first application of blockchain in oil and gas production accounting anywhere in the world.”

The pilot project as reported in the release will involve the development of an automated system to integrate financial accountability of oil and gas production throughout the “full value chain”. This implies that the corporation will be able to track transactions and volumes of oil produced within its system.

The objective of the collaboration is to enable ADNOC to explore blockchain potentials in improving cost and time efficiency between operating companies. According to the state-owned oil company, the new technology will shave off valuable time for ADNOC operating companies when executing transactions.

ADNOC’s adoption of blockchain will improve cost tracking activities of oil and gas products, as well as by-products such as condensates, natural gas liquid and sulphur, which are “exchanged between ADNOC’s operating companies and also exported to customers overseas”.

IBM’s Chemicals and Petroleum Solutions VP Zahid Habib said, “With this pilot, ADNOC takes a massive leap forward in asset provenance and asset financials… reinvent [its] hydrocarbon value chain… accelerating ADNOC towards their 2030 vision”, which includes cost efficiency.

ADNOC is one of the world’s leading diversified energy and petrochemicals groups and according to Oil & Gas Journal, it holds a major portion of the seventh-largest oil reserves of the world located in the UAE.

ADNOC CEO HE Dr Sultan Al Jaber, at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), said, “… the world is on the verge of an era of unprecedented prosperity. This will be driven, he said, by rapid advances in technology and a global middle class, which will grow to five billion people by 2030.”

Despite the cryptocurrency market downturn this year, blockchain development with the UAE industries continues in a steadfast manner.

Last week, Abu Dhabi financial institutions completed Phase 1 of blockchain e-KYC aimed at testing the operational and technological values of a blockchain-based KYC system while adapting its infrastructure to current businesses with sustainable models.

Not too far back, the UAE Bank performed its first Sharia-compliant bonds transaction on the blockchain, paving the way for innovative digitized Islamic Sukuk.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Abu Dhabi Oil Joins IBM to Explore Blockchain for Supply Chain appeared first on BitcoinNews.com.

Australian Farmers Can Look to France for Blockchain Advice

Australian Farmers Can Look to France for Blockchain Advice

As the Australian food industry passes through a rough period in 2018, blockchain endorsements in the French supply chain industry might offer some routes to recovery.

Perhaps the most significant impact of DLT has been on supply chain networks as companies discover a new took for offering customer satisfaction through a transparent and accountable transfer of goods across borders.

Both the US and Europe have locked into this in a big way with retail giants Walmart and French supermarket chain Carrefour both finding initial positivism in blockchain and its functionality. There, even the sacred turkey now travels to the Thanksgiving table via blockchain.

On the other side of the world, Australia is beginning to look at how its supply chains can be protected with the added security that DLT is providing elsewhere. The food industry there did not have a good year, exacerbated by the news that fruit contaminated by sewing needles were found in strawberry punnets in a supermarket chain, resulting in the potential loss to the industry of AUD 130m a year. Tons of unwanted fruit have been dumped due to the sudden unpopularity of supermarket fruit as a result and one customer was hospitalized.

Apart for the obvious repercussions for sales in Australia, the country has taken a double hit as the tampered Australian strawberries then landed on New Zealand’s supermarket shelves causing two retailers to put up a ban on buying strawberries from Australia.

Unsurprising then that supermarkets are now looking to blockchain with a little more immediate interest than previously. The Australian market needs to regain the trust of the public, something which can be achieved by careful monitoring of the supply chain from farm to supermarket shelves, something that was clearly breached in these incidents down under, albeit by an extreme case of mismanagement.

The French model employed by Carrefour demonstrates that DLT can offer simple solutions for producers, manufacturers, and buyers across supply chains. This system provides customers with a blockchain-based traceability program, currently limited to some poultry in the chain’s Auvergne stores. The system offers a record of the chickens’ life from egg to supermarket. Shoppers can use a smartphone to scan in a code on the packaging to obtain details on each stage of production, including origins, earlier location, feed and where the meat was finally processed.

Around the world, growers are finding success in change. From Queensland cane growers tracking the movement of sugar around Australia, to growing and tracking organic rice in Cambodia, and cocoa in Ghana, blockchain is providing farmers with a way of tracking their products from field and farm to table.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:

The post Australian Farmers Can Look to France for Blockchain Advice appeared first on BitcoinNews.com.

PR: EOSBet Becomes First Licensed On-Chain Blockchain Casino

Bitcoin Press Release: Decentralized fintech platform WORBLI is leveraging the EOS network to deliver the first compliant financial services network (FSN) in the world, built on blockchain technology.

Nov 30th, 2018, Valley Point, Singapore – There are many barriers preventing the mass-adoption breakout phase of blockchain technologies. Areas such as compliance, regulation and real-world application are all presently having degrees of effect on industry growth.

Traditional Meets Blockchain

WORBLI is looking to reshape this landscape by introducing a globally compliant platform, packed with traditional financial tools and applications from enterprise banking and equity finance, to charitable donations and personal finance.

The blockchain industry has been in dire need of a platform that bridges the gap between traditional financial and blockchain technology. Startups, enterprises, and individuals who require a robust and supportive FSN can find it with WORBLI; the platform is designed to structurally “reduce friction, provide exponential scale and reach, develop and innovate products only possible as a result of blockchain technology”

Built on a forked EOS chain, WORBLI is host to decentralized applications (Dapps) that are focused intently on delivering financial innovations, reliability, compliance and security. Furthermore, those Dapps are backed by several key features of the WORBLI platform, creating a practical space for users.

Features include full AML and KYC user account verification for Enterprises, ease-of-access for startups exchange listing and merchant processing services, as well as the WORBLI blockchain infrastructure that is built on an independent EOS blockchain, allowing for built-in developer tools, and reversible, feeless transactions.

WORBLI: Enabling Better Business

The WORBLI Foundation is a not for profit organization, committed to supplying a transparent FSNwith applications for consumers, small to medium sized enterprises (SMEs), and institutions to relieve pressure from developers, allowing them to focus on their project. There are hundreds of businesses across multiple industries such as Insurance, Crowdfunding, accelerator, and Venture Capitalists, that will benefit from the platform’s offerings.

Presently the WORBLI platform already has two Dapps ready to launch, the Gamma Bank, an application designed to reduce entry barriers for the average user, is a fiat and digital currency bank with debit cards, trading and much more to offer. The second is Surepeer, a peer-to-peer (P2P) decentralized insurance market that will be another stable in the emerging needs of the blockchain community.

Industry Expertise

A firm backbone within the WORBLI team is COO, Craig Kellogg. He’s spent almost 20 years leading banking technology with numerous fintech firms, he’s also been at the helm of strategic initiatives with Wells Fargo, US Bank, and GE Capital where he was previously the Vice President of Technology.

ShareDrop Event

WORBLI is currently ShareDropping 1,000,000,000 (40%) of its 2,500,000,000 WORBLI token supply to EOS holders. Similar to the conventional AirDrop campaigns, the ShareDrop will be available to participants who create a WORBLI user account as opposed to tokens being received in existing EOS wallets.

Don’t miss out on the action – All users who held EOS tokens from the 7th of September 11:159 pm UTC qualify for the token sharedrop which can be claimed by signing up to the Worbli Portal athttps://worbli.io/

Media Contact Details
Contact Name:Frej
Contact Email: frej@eosbet.io

Visit the EOSBet Official Site – https://dice.eosbet.io/#
Chat on Telegram – https://t.me/eosbetcasino
Follow on Twitter – https://twitter.com/eosbetcasino?lang=en
Read the Medium – https://medium.com/@eosbetcasino

EOSBET is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:

The post PR: EOSBet Becomes First Licensed On-Chain Blockchain Casino appeared first on BitcoinNews.com.

PR: MinexPay Announce Web Wallet Public Test for MinexPay Crypto Cards

Bitcoin Press Release: Chain2Pay, a MinexSystems blockchain solutions company subsidiary, has launched a Minex Web Wallet public test for MinexPay and invites Minexcoin holders as well as all cryptocurrency enthusiasts to take part in it.

December 4th, Tallinn, Estonia – Currently, there aren’t any cryptocurrency banks that allow customers to hold funds in cryptocurrency such as Bitcoin, for example, it is not yet possible to own a cryptocurrency bank account with a balance available to spend in crypto, the same way as fiat. Though, there is a way to use cryptocurrencies as the regular money with a special service. To be effective, this service should be seamless, fast, smooth and secure.

Introducing the Minex Web Wallet

MinexSystems’ team created the Minex Web Wallet, especially for the MinexPay’s case. Smooth operation of Minex Web Wallet is the most important element of the MinexPay ecosystem. It is designed to ensure all the processes involved in converting cryptocurrency into fiat to be spent as a regular fiat bank card work seamlessly.

Boris Shulyaev, CEO of MinexSystems, said:

“We want to provide a seamless service for any customer, wherever he or she is. MinexPay is the only solution designed to work globally. We believe that cryptocurrency holders want to use their crypto funds as ordinary money. This is why we focused on the MinexPay Web Wallet service first, with the card as a financial management instrument.”

In other words, a plastic card itself is not a critical component of Minexpay but Minex Web Wallet.

The MinexSystems’ team designed the Minex Web Wallet to work efficiently so that MinexPay users can make fast payments. In addition, the whole MinexPay’s system can work with virtually any type of bank payment and be connected to the Minex Web Wallet as the card issuer does not matter

Boris Shulyaev also stated:

“We may consider connecting users’ existing cards to the MinexPay system in the future”.

To ensure that the whole MinexPay process is smooth, user-friendly and bug-free, MinexSystems have launched a public beta test with cards issued by Ukraine’s PrivatBank. Strictly speaking, they are not cryptocurrency cards, as cryptocurrencies will not be sent to users’ bank accounts. Instead, MinexSystems’ liquidity providers will facilitate the exchange from cryptocurrency to fiat. This allows them to conduct a test whilst ensuring that the MinexPay is fully legally compliant.

Once the testing process is complete, and any necessary improvements have been made based on the feedback that we receive, users will be issued with a new MinexPay branded card.

How to Participate in the Public Test?

MinexSystems welcomes applicants from all over the world. However, the team will hand test cards out personally in the MinexSystems’ office. For more details join MinexPay’s Telegram chat and contact support@minexsystems.com for assistance. Updates about the Minex Web Wallet, MinexPay and other company’s products will be posted in the projects’ blog.

For more Information, visit the Minexcoin website atminexpay.com
Connect on Telegram – https://t.me/minexcoin
Minexcoin on Medium – https://medium.com/minecoin-blog
Check out Minexcoin on Github – https://github.com/minexcoin/minexcoin

Media Contact
Contact Name: Liudmyla Tovstenko
Email: l.tovstenko@minexsystems.com
Location: Kyiv, Ukraine

Minexsystem is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:

The post PR: MinexPay Announce Web Wallet Public Test for MinexPay Crypto Cards appeared first on BitcoinNews.com.

Enrolment Race Pushes Business Schools to Update Crypto Curricula

Enrolment Race Pressures Business Schools to Update Crypto Curricula

Recent reports indicate that rather than course numbers dropping due to a market down, the numbers of potential new entrants into the cryptocurrency space from other sectors are swelling. With top blockchain developers in the US pulling down salaries above USD 250,000, it is hardly surprising that the recent cryptocurrency bear market has done little to deter those considering entering the industry.

For many, the main route into the burgeoning fintech space has now become via a growing range of courses being offered by major universities and business schools around the world.

Courses are now on offer from far and wide whether it be in the Scottish Highlands, Ivy League Cornell and Stanford in New England or in sunny Cyprus. For those wanting a cultural slant on life for a short period, Saint Petersburg’s State University of Economics and Moscow’s Institute of Physics and Technology (MIPT) also both run blockchain technology courses. However, there is already a waiting list.

Professor David Yermack from NYC Stern School of Business came early to the university’s MBA program for blockchain and cryptocurrency education. His class has already doubled over the past year and as a result, he has had to move his lectures to a larger auditorium to cater for the swelling numbers at Stern.

The prestigious New York University first established its School of Accounts and Finance in 1900; Stern is one of the oldest and most prestigious business schools in the world. It is also a founding member of the Association to Advance Collegiate Schools of Business.

A notable factor of the current surge to find a place on blockchain and cryptocurrency course is not the just amount of courses becoming available but the way in which some of the world’s most prestigious educational institutions have led the march towards fintech education. A recent Coinbase survey revealed that 42% of the world’s top 50 universities offer at least one course relating to blockchain or cryptocurrencies.

Some 22% of the universities offered more than one course, with Stanford listing ten classes and Cornell nine. The National University of Singapore ranked highest of the non-US universities with five blockchain-related courses. The US universities were far more likely to offer related courses than those abroad; just 5 of the 18 non-US institutions offered such classes.

Clearly, Ivy League universities appreciate the credentials of fintech, with Harvard University, the Massachusetts Institute of Technology (MIT), Stanford University, Dartmouth College, and the University of North Carolina (UNC), all making investments from their endowments into at least one crypto fund.

Finding a place at one of these and other universities won’t get easier though, particularly in the light of tech recruitment sites such as Toptal reporting a 700% increase in demand for skilled blockchain developers since the beginning of last year.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Enrolment Race Pushes Business Schools to Update Crypto Curricula appeared first on BitcoinNews.com.

Law Professor’s Paper Targets US Regulatory Confusion over Crypto

Law Professor's Paper Targets US Regulatory Confusion over Crypto

A professor from the University of Arkansas School of Law has written a paper essentially claiming that US regulators are in a state of confusion over exactly what cryptocurrency is.

The article, entitled ‘U.S. Law: Crypto is Money, Property, a Commodity, and a Security, all at the Same Time’, written by professor Carol Goforth for the Journal of Financial Transformation, has recently been published in the University of Oxford’s Business Law blog.

The article is raising eyebrows as it outlines what many some academics and lawmakers are already thinking across the US, that the SEC really doesn’t know how to proceed over cryptocurrency legislation as the commission can’t really classify it.

Goforth claims that part of the problem which prevents correct legislation is the fact that a broad definition does not cover the requirements of the four entities in US government currently dealing with cryptocurrency. The Internal Revenue Service (IRS) defines cryptocurrency assets as property, the Department of Treasury through its Financial Crimes Enforcement Network (FinCEN) “very much like money”, the Commodity Futures Trading Commission (CFTC) as commodities, while the Securities and Exchange Commission (SEC) lumps cryptocurrency assets into its “securities” basket.

Here lies the problem claims Goforth; this diverse set of contradictory definitions make a broader definition impossible, in fact as she points out cryptocurrencies also have other functions not even covered by these four definitions.

Putting aside these four bodies, jurisdictions of individual US states are also bringing in their own guidelines regarding virtual assets, adding even more uncertainty to an already confused area, claims Goforth. Registering an exchange in New York, for example, will require a different process for completing the same activity in, for example, California.

The professor explains that in view of such a diversity of cryptocurrency functions a monolithic approach to defining and therefore regulating virtual currency should be abandoned to make way for far more nuanced thinking by government agencies; an approach which examines the functionality of the crypto asset along with the requirements of the agency issuing guidelines for its use.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Law Professor’s Paper Targets US Regulatory Confusion over Crypto appeared first on BitcoinNews.com.

Blockchain Gains IP Credence Among Chinese Legal Institutions

Blockchain Gains Credence Among Chinese Legal Institutions

Blockchain has found its way to an internet courtroom in Eastern China to get justice for writers, reports China.org.cn.

The painstaking effort exercised in getting justice for authors whose intellectual properties are misappropriated just got easier, as explained by a judge of an internet court in China,Wang Jiangqiao. He said:

“Writers used to resort to screenshots and downloaded content as evidence, which was hard to gain legal recognition as the process was not credible enough.”

But it seems with the perks of blockchain’s immutability and timestamp actions, the credibility of the facts stored on a blockchain is much more reliable. Wang added that:

“Blockchain guarantees that data cannot be tampered [with], due to its decentralized and open distributed ledger technology. Therefore, all digital footprints stored in the judicial blockchain system, [including] authorship, time of creation, content, and evidence of infringement, have legal effect.”

More so, plaintiffs have had to suffer the high cost of legal bills when seeking justice through the traditional method as Wang observed that “notarial procedures and hiring of professional lawyers push up the costs of seeking justice”.

The media outlet also reports that 107 prominent online writers have signed contracts to produce works in a “writers’ village” in the city’s Binjiang District of Hangzhou. Hangzhou is home to many, if not most, online writers in China.

Three internet courts have been situated in three districts: Hangzhou, Beijing, and Guangzhou. While internet-related cases are a norm because of the high internet activity in the country, Hangzhou appears to be in the front lead to adopt blockchain solution in solving copyright issues, first with writers.

The first time a case was solved through evidence brought forward on the basis of blockchain happened about five months back. A Chinese defendant successfully argued his innocence in the Chinese court at Hangzhou using blockchain timestamp data, clearing his name from charges of copyright theft.

It appears that writers are not the only ones who need the services of the internet court, as China is home to over 800 million internet explorers with online businesses at the heart of the activity. Other related case types being handled by the court include contract dispute arising from online shopping, product liability dispute arising from online shopping, disputes over internet service contract, disputes arising from the financial loan contract disputes and small loan contract disputes signed and executed on the Internet.

On the traditional side of things, other real-world courts are adopting the concept of blockchain as a reliable witness to intellectual property as seen in the case of the Russian Intellectual Property (IP) court successfully using a blockchain-based solution for storing copyright data.

Even though cryptocurrencies are banned in China, its Supreme Court seems to think blockchain evidence can be seen as legally binding material in court.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Blockchain Gains IP Credence Among Chinese Legal Institutions appeared first on BitcoinNews.com.

Upbeat Investors Maintain Bullish Predictions, Diversification

Upbeat Investors Maintain Bullish Predictions, Diversification

The likes of billionaire Tim Draper who is never short of making upbeat predictions regarding cryptocurrencies are not mainstream investors and are their observations are unlikely to have their desired impact on markets.

This is not to say that the next run on crypto markets could be a huge surge towards Bitcoin’s heady highs of 2017. This according to many is reliant not on input from players such as Draper and ex-hedge fund manager and CEO of Galaxy Investment Mike Novogratz, but more on historically-based theory.

Novogratz claims have done rather well from investing in cryptocurrency but the key is how much has he been able to lose. He stated in 2017 that 20% of his net worth was in Bitcoin and Ethereum, claiming that he made USD 250 million from cryptocurrency from 2016-2017.

It is worth considering then, the other 80% of his non-crypto assets. Like Tim Draper and any sensible investor, he diversified his investment portfolios early on, thereby enabling him to take the sort of hits that would be terminal for most other cryptocurrency investors.

Draper, holding an MBA from Harvard Business School, comes from a long line of banking venture capitalists and is far too canny to be totally crypto-asset dependent; another who can ride any storm with a 100% guarantee of survival.

This is obviously not the case for normal retail investors and individual traders, who take a deep breath with every dip in the market, waiting eagerly for the SEC to wake up and realize that cryptocurrencies are here to stay.

Jim Breyer, a billionaire venture capitalist, added that the world’s best computer scientists are heading to the blockchain space and this is where the future lies:

“So many of the very best computer scientists and deep learning PhD students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.”

Cryptocurrencies are clearly not a fad, but those warnings about not overloading one’s cryptocurrency portfolio but maintaining a sensible split between crypto and fiat remain true, at least until the market stabilizes. Billionaires are quite happy spending other people’s money. It may be more advisable to listen to Wall St which tends to be far more stoic, based on what horse racing pundits would call “form”.

The form is that over the past nine years, Bitcoin has survived five bubble-crash-build-rally cycles seeing it fall by about 85% on average and then recover to a new all-time high. From USD 19,500, Bitcoin has dropped about 82% in value and the 85% point would be at around USD 2,950.

So, another drop towards this figure shouldn’t surprise, nor should a bull run following that level. Bitcoin could still be first past the post. It’s early days.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Upbeat Investors Maintain Bullish Predictions, Diversification appeared first on BitcoinNews.com.

Ethereum Hard Fork at Block 7,080,000 in January 2019

Ethereum Hard Fork at Block 7,080,000 in January 2019

The Ethereum development team has come to an agreement to deploy the Constantinople hard fork at block 7,080,000. Currently, Ethereum is near block 6.86 million, so this fork should happen some time between 14-18 January 2019.

The Constantinople hard fork was supposed to deploy in November 2018 but when had failed when deployed on the testnet in October 2018. After the failure on testnet, developer Afri Shchoedon made the accurate forecast that a fork was unlikely in 2018.

Ethereum has declined from USD 1,400 to less than USD 100 during 2018, and numerous companies and platforms launched via Ethereum are facing increasing enforcement pressure from the Securities and Exchange Commission (SEC) for unregistered issuance and trading of securities. This perhaps makes January 2019 a less than ideal time for a hard fork of the Ethereum blockchain, but the developers do not have much of a choice due to the difficulty bomb.

The difficulty bomb is programmed into Ethereum to cause blocks to become exponentially slower after a point, which eventually leads to an ice age where no more blocks are mined. This forces the developers to hard fork Ethereum periodically, and the point of this is to make sure Ethereum keeps on getting updated with the latest technology. The difficulty bomb is not going to be removed in the Constantinople fork, just delayed another 18 months.

The Constantinople hard fork may cause contention between investors and miners since it lowers the block reward from 3 Ether to 2 Ether. On the other hand, investors should welcome a lower inflation rate of Ether supply. However, miners have been struggling due to the collapse of Ethereum’s price and slashing the block reward by a third during this time could be seen as inconsiderate.

Lowering the block reward is already a heated issue but the Ethereum developers are rushing to implement ProgPoW, which would make ASICs incompatible with Ethereum mining. This move is likely to disenfranchise most of the major Ethereum miners.

The debate over this fork will intensify over the next month as the fork approaches and an Ethereum split is not out of the question, since the developers appear to have different views from the miners who are securing the network. Ethereum has already split once due to a hard fork over the loss of the development fund, since some of the community did not agree in reversing any transactions even if it was a hack, and this is how Ethereum Classic was born.

Yet another version of Ethereum could easily be born if a fraction of miners coordinate and decide not to upgrade their nodes to Constantinople. Indeed, miners who use ASICs have nothing to lose by doing this, since if ProgPoW is implemented their hardware will instantly become worthless unless they can succeed at keeping the current version of Ethereum alive.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: pixabay

The post Ethereum Hard Fork at Block 7,080,000 in January 2019 appeared first on BitcoinNews.com.