Blockchain Market Update – October 22, 2018

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October 22, 2018 by
Blockchain Market Update – October 22, 2018

ING Bank: Launches Zero-Knowledge Set Membership (ZKSM) solution to improve blockchain privacy. Related to zero-knowledge proof, which proves that a number is within a certain range, ZKSM takes that idea and applies it to alphanumeric data. Practical application includes proving citizenship in the EU without disclosing the country. The work is open-source, and is subject to peer-review by other specialists—Project Development

Ethereum: The Constantinople upgrade is postponed. The developers have found several bugs in the code that was released on their test network. They have noted that moving ahead with their plans for a November release would be unwise on their part, and have determined that they would aim for a January or February release—Project Development

India: Trading volumes on exchange-escrowed peer-to-peer crypto trading platforms are rising rapidly, despite the banking ban by the Indian Central Bank. Indian crypto exchange Wazirx even reports a 35% increase in trading volume over the past few months, consistently reaching 50 BTC in daily trading volumes—Trading

Litecoin: Plans to reduce network and transaction fees by 10x in their next update, Litecoin Core 0.17. The recent increase in transaction fees to about $0.05 per KB was a concern for developers, especially during the crypto boom in late 2017, where it reached $1 per transaction. By lowering the fees, they hope to encourage more adoption and usage of LTC—Project Development

Trade.io: The Swiss blockchain company announces a hack on its systems, having lost 50M Trade Tokens (TIO), the company’s native currency. These are worth around $7.5M at their current price. 1.3M TIO were transferred to Kucoin and Bancor before trade.io asked those exchanges to freeze transactions of TIO. TIO trading is currently suspended on Kucoin and trade.io, and Bancor has removed it from its list permanently—Exchange

Hired: According to the recruitment firm, blockchain engineers are making between $150K and $175K in annual salaries on average and are among the top paid roles in software development, on par with specialists on AI. Even the demand for blockchain engineers has increased by 400% since late 2017—Other

FATF: The Financial Action Task Force, a Paris-based global watchdog for money laundering, will be creating its crypto guidelines by June next year. FATF notes that despite the financial innovation virtual assets can spur, it can also be used as a money laundering or terrorist financing platform. They are hoping that clear virtual asset regulation would reduce that risk. There is now way to determine how these FATF regulations would impact existing guidelines in other countries—Regulation

Quantreq: The crypto hedge fund expands, hiring several traders and bankers from Wall Street firms since it wants to increase the amount of managed assets which currently is over $1 billion dollars. Quantreq is a blockchain branch from the US fund administrator known as North Street Global. Hired David Goldstein, a veteran of HSBC, that will be working as Chief Operating Officer and Josh Gibson, who worked in the past for Citibank’s institutional FX desk in New York—Financial Institution

Armenia: Real estate investment company Multi Group Concern and Malta-registered Omnia Tech International Company opens up a new crypto mining facility in Yerevan, Armenia on Oct. 18. The $50M farm will extract BTC and ETH using 3,000 machines, with around 120,000 more miners expected to be added in the months to come—Mining

“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)
$3,669.10
Ethereum (ETH)
$123.23
Bitcoin Cash (BCH)
$130.05
XRP (XRP)
$0.328320
Litecoin (LTC)
$31.75
Cardano (ADA)
$0.044794
IOTA (MIOTA)
$0.315636
Dash (DASH)
$72.40
NEM (XEM)
$0.057036
Monero (XMR)
$45.58
Stellar (XLM)
$0.108528
EOS (EOS)
$2.50
TRON (TRX)
$0.025111
Bitcoin Gold (BTG)
$11.84
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