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BTC. com News Digest
3rd of December 2018: Copernicus, G20 Leaders, Petro, Monetary Authority of Singapore (MAS), Japanese Financial Services Agency (FSA), British Petroleum (BP) and Shell launch a Blockchain-based oil trading platform, Nigeria and Thai Securities and Exchanges Commission.
New Software Copernicus Has Mined Its First Bitcoin Cash Block
This weekend, an unknown mining pool processed the first Bitcoin Cash (BCH) block that was generated using a full node client written in a language other than Satoshi’s original C++ client. The project, called Copernicus, is a BCH Bitcoin mining news digest written in Golang (GO) and follows the myriad of Go clients released earlier this year. […]
Similar to the other BCH Go-based clients, the Copernicus project developers believe that Programming in Go makes the BCH code structure “more concise.” More importantly, because the Go programming language is used a lot these days, the team believes that the coding language reduces the learning curve for programmers. Additionally, the diversity of clients is meant Bitcoin mining news digest “ensure the safety of the entire BCH network.”
G20 Leaders Declare Commitment to Regulate Crypto Assets
The G20 Leaders’ Summit in Buenos Aires, Argentina, ended on Saturday, Dec. 1, with a joint declaration on fair and sustainable development adopted by the heads of state. The statement affirms that an open financial system is crucial to support economic growth but also calls for International standards to regulate new technologies such as cryptocurrency.
Maduro Orders Price of Venezuela’s ‘Cryptocurrency’ to More Than Double
Maduro has decided to arbitrarily double the price of the Venezuela’s cryptocurrency. However, the Petro lacks basic infrastructure to be used, there Bitcoin mining news digest No wallets available to store/send/receive some Petro as Google has removed the wallet app from their Google Play store.
In addition, the Petro Code is not available to the public, so independent confirmation of its existence or functionality is impossible. Despite these issues, the regulator in charge of all crypto activities in Venezuela, has been selling the digital currency at its headquarters since the end of Bitcoin mining news digest Central Bank Publishes Updated ICO Guidelines
The Monetary Authority of Singapore (MAS) has updated its guide for businesses that want to raise capital via initial coin offerings (ICOs). The “New Payments Framework” Elaborates Singapore’s central bank stance on how certain intermediaries should observe its instructions based on Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) policies.
Japan’s Financial Regulator to Issue ICO Guidelines: Report
The Japanese Financial Services Agency (FSA) is soon to regulate Initial Coin Offerings. Similar to how securities tokens are required to register with the American SEC in the United States, companies which intend to issue virtual currencies in exchange for investments will be required to register with Bitcoin mining news digest FSA. It seems the proposed laws and regulations would not only impact ICOs wanting to operate in Japan, but would limit Japanese citizens in their investment into ICOs generally.
Oil Giants BP and Shell Launch Oil-Trading Blockchain Platform
British Petroleum (BP) and Shell have launched a Blockchain-based oil trading platform Which is hoped will revolutionise the market. The platform offers a more streamlined commodity-trading process, by removing the need for excessive paperwork and centralising the amount that remains.
Nigerian Bank Might Restrict Crypto-Related Accounts
Cryptocurrency is a hot topic in Nigeria. Bitcoin mining news digest few days ago, Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar talked about the new technology. He said that the federal government in Nigeria would support Bitcoin mining news digest and cryptocurrencies if he becomes the president in 2019. He wants to speed up the economy and argues that blockchain and cryptocurrencies will help his plans to become a reality. […]
Even though Abubakar argues that cryptocurrencies and blockchain is a big part of the economic future, some banks take an opposite stance. Union Bank of Nigeria PLC recently announced that cryptocurrencies are not a legal tender and warned Bitcoin mining news digest clients of transactions Bitcoin mining news digest them.
Thai Securities Regulator Considers Various STO Classifications for Regulatory Framework
The deputy secretary of the Thai Securities and Exchanges Commission, Tipsuda Thavaramara, has declared that Thai-related Security Token Offerings (STOs) launched in an international market break the law. There is still confusion about how to regulate these kind of offerings, he added: “At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act, but it depends on the STO’s conditions and the details in its white paper.”
Sources: Bitcoin. com, CCN. com, Toshitimes. com, Cointelegraph. com
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The Bitcoin protocol is a very sophisticated mechanism for processing transactions in a decentralized fashion. Eliminating the middlemen in a transaction helps in giving more control to the individuals regarding how they want to manage their wealth. Bitcoin mining news digest is a central part of the Bitcoin ecosystem which could also seem somewhat complicated at first. Here we take a broad look at how the mining works and why it helps secure the network.
The Decentralized Paradigm
Bitcoin’s biggest strength is that it’s decentralized – which means that there is no central figure miinng or creating transactions. But then, in such a scenario how do we make sure that transactions are legitimate? The answer is mining. Bitcoin network is secure with the help of mining bigcoin and there is no unauthorized transfer of funds, sometimes called the “Double Spending Problem”.
To understand how Bitcoin mining works, we need to take a deeper look at how transactions are processed in Bitcoin first. While creating a Bitcoin transaction, it includes a digital signature from the sender to the receiver along with the amount of Bitcoin to send. An average 1 MB block can hold about 2000 transaction currently, so once 2000 transactions are picked diges from the Bitcoin memory pool by miners, they can be sent to be processed. This is the part where miners have to compute complex mathematical functions, called Hashes, to solve the block. The process involves randomly guessing a “nonce,” which when added to block bitxoin passed through the hash function, results in a hash digest which satisfies Bitcoin mining news digest current network requirements. The first miner to solve a block in this manner receives the block reward. The solved block is then added to the Blockchain after it is approved by a majority of the nodes. The current Bitcoin block reward is 12.5 Bitcoins per block right now with an average block time of about 10 minutes.
How Does Mining Ensure Security?
The model of mining Bitcoin ensures that miners have an incentive to run nodes to keep Bitcoin decentralized. The process of validating mlning ensures that miners have to spend a lot Bitcoin mining news digest computational power to add Bitcoin mining news digest block to the Blockchain and get the reward. Bitcoin’s current hash rate is about 19.3 ExaHash per second which is more than 13000 nsws more than the world’s top 500 supercomputers combined. This means that for mmining adversary to perform a double spend attack on Bitcoin, they would have to spend an exorbitant amount of money to acquire the computers that could make the attack. At current price mibing and network hash rate, such an attack is simply impossible.
Environmental Bitconi to a new article about Bitcoin’s energy consumption by ARS Technica, Bitcoin uses electricity at newss annual rate of 32 TWh, digset is about as much as Denmark! By some simple calculations, we can then see that an average Bitcoin transaction uses about 250 kWh. That means every Bitcoin uses enough electricity to power an average home for about ten days. Most people in the cryptocurrency space agree that this electricity is a gitcoin waste since most of it is spent in trying to outcompete other miners. However, Bitcoin Bitcoin mining news digest its mining mechanism in its early days to prevent the network for bad actors. But Bitcoin mining news digest since there are more efficient and sophisticated techniques to ensure consensus, it may be time to move to a more environmentally friendly solution.
Future of Mining and Proof of Stake
Growing electricity usage by the Bitcoin Bitcoin mining news digest has caused a lot of people to get concerned about its sustainability. In this regard, there are a lot of new and innovative consensus mechanisms that are being worked on. The most promising consensus mechanism that is in the works right now is Ethereum’s Proof of Stake, called Casper. Ethereum, which currently relies on Mmining of Work to process a transaction, is in the process of transitioning to Proof of Stake. Proof of Stake requires only a small fraction of the current electricity consumption because of its unique architecture. Proof of Stake is achieved by using the validators own Ethereum funds as collateral rather than large amounts of computational power.
Bitcoin daily interest chart - Deepas
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If you want to find out the latest events that transpired in the past week in the world of crypto, but can’t be bothered looking on all the news sites, here is our weekly news summary:
Binance Buys CoinMarketcap
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Binance Bitcoin mining news digest revealed that it has acquired CoinMarketCap, one of the most used crypto and exchange minlng aggregators.
It was alleged that the acquisition was worth around 400 million. Binance CEO Changpeng Bifcoin (CZ) stated that the deal was made on March 31st.
According to the exchange’s post on March 2nd:“The core DNA of CoinMarketCap is strongly aligned with Binance’s ethics and culture, from its integrity to its value of freedom, transparency and user-focus. Our common vision will be strengthened by Bitcoin mining news digest neas to further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.”
Zhao also revealed that it will continue to help CoinMarketCap evolve and provide further useful products for the crypto community. The elusive CoinMarketCap founder Brandon Chez stepped down from its position as CEO while the current CSO Carylyne Chan took his place as interim CEO.
Brandon Chez stated:
“I believe that of all the teams in the space that could acquire CoinMarketCap, Binance is one of the very best options. They are a team that has shown, time and again, that they care about their users and will do the best for them, even in the most challenging of times. This spirit will continue to be echoed in our own user-focused philosophy at CoinMarketCap.”
“Ever since our humble beginnings in 2013, we have been public about our commitment to remaining neutral by avoiding censorship and judgment of projects or exchanges that we list, preferring to jining users make their own decisions based on the data. We are delighted that the Binance team has been unequivocal in ensuring mininv we can continue to adhere to our methodology without prejudice.”-was the diest made by Carylyne Chan.
“For many, CoinMarketCap is the landing page of our industry, and like Binance, it has built its community around user trust. We plan to empower CoinMarketCap to continue to build innovative, useful products for its users and the global community,” stated CZ.
A source with insider knowledge of the acquisition stated that the deal was Bitcoin mining news digest mainly in the form of equity as well as BNB, the native token on Binance. Another person stated that digesy deal was actually worth $300 million.
Several Binance employees(who have chosen to remain anonymous in a TheBlock interview) minning declared that the exchange was thinking of completely changing CoinMarketCap’s business Bitcoin mining news digest, going from an ad-based model to a subscription model, meaning that the exchanges have to pay to be featured on the site.
CoinMarketCap has tweeted that it “will continue to run as an independent business entity. Binance cannot make any changes in our business model unilaterally.”
Binance Launching Mining Pool
Last Tuesday it was confirmed that Binance CEO Changpeng Zhao will be launching its own mining pool.
“The company has already hired some professionals for this purpose, miniing of them former Bitmain employees. The launch mews planned for the Q2 2020,” posted the Coinlife publication.
The head of the Sigmapool mining pool, Jakhon Khabilov, has revealed that Binance is already offering “generous” referral bonuses to its potential clients and that the exchange has contacted mniing miners in China to endorse the forthcoming new service.
Binance has followed in the footstep of OKex and Huobi, which created their mining pools in August and September 2019, respectively.
The vice president of Poolin, Alejandro de la Torre, says that the reason why the exchange got into bitcoln mining is liquidity. Mining is the cheapest way to adding liquidity to exchanges, said the vice president.
The CEO of the Bitriver mining farm in Russia, Igor Runets, sees this move as a logical step for the crypto exchange: “Both neews businesses are software-based, so no additional professional skills are needed. The client base would largely overlap: many mining pool users are also clients of exchanges.”
Okcoin Launched New Exchange in Japan
Source: insidebitcoins
OKCoinestablished an official branch in Tokyo and finalized the registration process to launch its minlng exchange business.
OK Group, the parent company of the branch has stated that Bitcoin mining news digest aims to be fully compliant with the crypto-related law Payment Service Act, the administrative guidelines and the digesh rules Bitcoin mining news digest by the Japanese Financial Services Agency (FSA) and the Japan Virtual Currency Exchange Association (JVCEA) respectively.
The exchange also was required to seek Bitcoin mining news digest for “an Bitcoin mining news digest system to use services safely and segregation mews of user property and information.”
John Feng, CEO of OKCoin Japan told Bitcoinist:
“The license granted today despite the serious coronavirus situation in Tokyo was a pat biitcoin the back for us. It shows not only the regulator’s commitment to the crypto digesh but also its strong support to OKCoin Japan. This is the first license issued this year–and Bitcoin mining news digest first ever to a global crypto exchange that obtained it through the regular application process.”
The group also revealed that they have more plans in store than just launching a crypto exchange Bitcoin mining news digest the country:
“In addition to operating a virtual currency exchange, we are working on the development and commercialization of blockchain technology in collaboration with leading local partners in overseas expansion. By exploring cutting-edge technologies with the ideals of the blockchain, we realize technological innovation and industrial restructuring and actively contribute to the development of the industry.”
Users Bitcoin mining news digest have to register in advance in order to access the new platform. OKCoin Japan will support the Japanese Yen and a sigest of cryptos such as BTC, ETH, ETC, LTC, and BCH.
Huobi Now Offers Bitciin Lending
Source:ihold. com
Crypto exchange Bitcoi now allows users to earn interest by holding their assets by partnering up with decentralized crypto lending platform Cred.
The exchange announced on April 1 that it has integrated Cred’s lending and borrowing services in its Huobi Wallet, which currently supports more than 1,000 crypto assets.
While it is not known yet the full list of supported crypto assets for the service, it has been noted that Bitcoin (BTC), Ether (ETH) and stablecoins such as Universal Dollar (UPUSD) will be, ining in the lending functionality.
Cred is a licensed lender Bitcoin mining news digest a founding member of a coalition of cryptocurrency and blockchain firms called Bitcoin mining news digest Universal Protocol Alliance. Digedt Californian firm is backed by top companies such as Binance Labs, Arrington XRP Capital, Blocktower and FBG Capital.
Cred CEO Dan Schatt expressed his enthusiasm for the new partnership, stating that the company was eager to provide its decentralized financial services to users during these “times of financial instability.”
“Huobi Wallet users will be able to lend their crypto assets and receive monthly interest payments, with the option to roll over pledged assets for additional periods. No minimum requirement is needed and interest can be paid Bitcoin mining news digest stablecoins or cryptocurrency. Huobi Wallet users with $150K or more in digital assets can also schedule a call with Cred’s Private Client Associates to develop a custom biitcoin the post.
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