Blockchain Market Update – January 7, 2019

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January 7, 2019 by
Blockchain Market Update – January 7, 2019

Ethereum: Members of development community tentatively agreed to implement new algorithm that would block ASICs, pending further testing on proposed code. If accepted by network, the code change, dubbed “ProgPoW,” would block ASICs, such as those made by major mining firms like Bitmain, and would allow GPUs to compete for rewards on the platform—Project Development

Malta Gaming Authority: Successfully launches first sandbox framework for acceptance of cryptocurrencies, Virtual Financial Assets, and integration of distributed ledger technology into local gaming ecosystem, and has now implemented first phase of sandbox. MGA has updated its Licensee Relationship Management System to make it possible for new and existing operators in gaming world to secure approvals for using DLT Assets and seamlessly report VFA player liabilities via monthly Player Funds Report—Regulation

SwitzerlandUeli Maurer, who served as Swiss finance minister for past 3 years, is now starting term as President of Swiss Confederation. On Dec. 5, Maurer was elected by Swiss parliament for one-year term in 2019 with support of 201 out of 209 members. Given track record and liberal views on fintech regulation, Maurer’s election is considered a positive development for Switzerland’s expanding crypto industry—Regulation

Trace Mayer: Reported a number of exchanges have failed Proof of Keys tests to see if exchanges really hold their users’ assets by making all users withdraw their assets at once. So far, failures have been reported at HitBTC, PurseIO, Bitfinex, Poloniex, and Coinbase—Exchange

India: Reserve Bank of India quotes Financial Stability Board in recent financial report, titled “Report on Trend and Progress of Banking in India 2017-18.” The document reads: “Crypto-assets do not pose risks to global financial stability currently. The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with core of regulated financial system”—Regulation

ConsenSys, AMD: Ethereum development studio partners with computer chip maker to develop a new cloud computing infrastructure based on blockchain technology. They will also work with Abu Dhabi-based investment firm Halo Holdings on W3BCLOUD, a cloud computing architecture supported by AMD’s computing hardware designed for supporting decentralized applications. ConsenSys will provide expertise on how blockchain transactions may need to be processed, as well as use cases, through this partnership—Project Development

The Geek Group: Innovative technology hub closed down following raid by FBI and Homeland Security Agency. Chris Boden, president of National Science Institute on Leonard Street NW, said that computers, hard drives and other equipment was removed from office on Dec. 21 because he was commercially trading cryptocurrency without proper authorization. Boden said he believes he is facing federal prison and said he will spend more than $100,000 in legal expenses—Regulation

Gemini Dollars: Approximately $70.8M Gemini dollar, representing 78.6% of total supply, is currently held in Huobi’s wallets. In October, Huobi launched all-in-one stablecoin wrapper called HUSD, which allows users to deposit any of TrueUSD, Paxos Standard, USD Coin and Gemini dollar and then withdraw any of them regardless of which was deposited. Huobi has less than $7M of other three stablecoins combined, suggesting higher demand to withdraw non-GUSD stablecoins—Trading

ICORatingReleased Exchange Security Report that ranked over 100 popular crypto exchanges according to user security, domain and registrar security, web security and DoS protection. In 10pg report, three exchanges topped list as safest: Kraken, Cobinhood and Poloniex, with first two receiving ranking of ‘A’ and Poloniex receiving ‘A-‘—Exchange

Ethereum: In sample of 1,000 transactions on Ethereum network from Dec. 1, 88% of transactions did not send or receive ETH as part of transaction. Most transactions on Ethereum network are data exchanges rather than money exchanges, and few use smart contracts as automated replacement for traditional contract transactions—Other

ZcashPrivacy coin announces plans to reduce its rapid inflation rate, which is currently 0.1% per day. In absolute terms, this means that network is issuing miners $400,000 worth of ZEC tokens on daily basis. If proposal succeeds, new feature called Harmony Mining will be included in Zcash’s Blossom upgrade in Oct, changing way tokens are distributed to miners—Project Development

“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”

Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.

Name Price
Bitcoin (BTC)
$10,154.31
Ethereum (ETH)
$190.22
Bitcoin Cash (BCH)
$308.40
XRP (XRP)
$0.273181
Litecoin (LTC)
$74.14
Cardano (ADA)
$0.052397
IOTA (MIOTA)
$0.274210
Dash (DASH)
$92.53
NEM (XEM)
$0.055626
Monero (XMR)
$81.39
Stellar (XLM)
$0.070110
EOS (EOS)
$3.66
TRON (TRX)
$0.018100
Bitcoin Gold (BTG)
$13.88
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