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Next week the ethereum classic (ETC) community is expecting to receive coins from a ‘snapshot’ fork called ‘callisto’ (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins.
The First High Profile Hard Fork Is About to Get Forked
The funny thing about ethereum classic is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to ‘bail out’ the DAO, an ETH application that lost $ 150Mn that year. Some individuals firmly believe that ETC is the ‘one true’ Ethereum network. Callisto, however, is not quite like the ETC hard fork as it’s a snapshot much like bitcoin gold, bitcoin diamond, and the other clones that appeared over the past year.
Callisto Developers Believe CLO Will Have Better Smart Contract Security
Essentially CLO coins will share the same history as the existing ETC chain but from block 5,500,000 and forward the network will be its own. The cloning is expected to happen next week sometime on or after March 2. The reason behind the snapshot is because CLO developers believe there are issues regarding ETC’s smart contract design. According to the CLO white paper ETC is susceptible to smart contract hacks much like the DAO platform. The CLO developers plan to create a “Official Smart-contract Auditing Department of CLO & ETC,” so one could assume the snapshot may be considered an extension of the ETC community.
“The main goal of callisto is to research and develop a reference implementation of self-sustaining, self-governed, self-funded blockchain ecosystem and development environment,” explains the CLO white paper.
Callisto aims to establish a secure and contribution-friendly environment for further protocol development and improvements. It will rely on a built-in system of smart-contracts to achieve this goal.
Cold Staking and a Developer Called Dexaran
There’s little information on the creators of the ETC clone other than the Github page that describes the callisto network project in more detail. The developer working on the project goes by the name Dexaran, and he also has worked on an ICO called ‘DEX.’ Another aspect of the project is the introduction of ‘Cold Staking’ which acts similarly to the Proof of Stake consensus system that rewards currency holders.
“It should be noted that the ETC does not have any incentives for coin holders — The whole emission is completely controlled by miners, and their influence grows with the growth of the network. Callisto introduces a Cold staking protocol that rewards coin holders for being network participants,” explains the callisto team.
Cold staking is a smart-contract based process that allows CLO holders to earn interest in a total CLO emission when they hold CLO coins at their balances for long enough period of staking time (1 month by default). Cold stakers are not required to run a node to participate in cold staking process. Cold stakers are not validating transactions and the whole system can remain fully PoW (Proof of Work) which is important since ETC adheres to POW consensys.
The ETC Snapshot Follows the Recent Birth of the Litecoin Cash Network
The upcoming ethereum classic snapshot has boosted the price of ETC quite a bit, and the currency had reached a high of $ 45 two days ago. It also follows the recent litecoin (LTC) snapshot called litecoin cash (LCC) which came to life on February 20. Before the LCC fork, the price of LTC spiked considerably as well but has since lost those gains. The clone has minimal infrastructure and is only worth 2 percent of LTC’s price at $ 4-5 per LCC.
What do you think about the upcoming ETC snapshot called callisto? Let us know what you think in the comments below.
Images via Shutterstock, and Pixabay.
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The post An Ethereum Classic Fork Snapshot Is Coming Next Week appeared first on Bitcoin News.
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This Friday the Japanese exchange Coincheck has announced the resumption of yen (JPY) withdrawals will begin next week. The news follows the trading platform halting operations on the 26th of January. That day Coincheck was hacked and lost a total of 523,000,000 XEM, but the exchange promised to pay back the 260,000 customer accounts that were compromised. JPY withdrawals will be enabled for the trading platforms users beginning February 13, 2018.
Coincheck Plans to Resume JPY Withdrawals Next Week
According to the Japanese exchange Coincheck, the platform will resume yen withdrawals next week. The exchange says that a temporary suspension of JPY operations was put in place to protect the assets of Coincheck customers. The company says that “outside experts” are working with the trading platform to ensure withdrawals are ready for February 13th. Right now Coincheck reveals customer assets are being held by another party.
“Currently, all customer JPY assets are being stored in a customer-specific account in a major financial institution,” explains the Japanese exchange.
We plan to resume normal operations for JPY withdrawals from the following date and will process customer requests in the order in which they come in.
The Resumption of JPY Withdrawals Is Unrelated to XEM Reparation Payments
Coincheck also notes that the withdrawals of JPY and the date mentioned is completely “unrelated to reparation payments for the XEM.” Just before the first of February Coincheck had announced that approximately 260,000 affected accounts ($ 423Mn USD) would be reimbursed. Balances will be repaid in JPY via the Coincheck Wallet the firm has stated and will be valued at approximately $ 0.81 USD per token. At the moment that price is much more than the current rate XEM tokens are being sold for as the spot price is $ 0.56 per coin.
Withdrawal requests will be initiated on a first come — first serve basis, and Coincheck says the company may contact certain customers separately in order to confirm withdrawal details. As far as cryptocurrencies operations are concerned the exchange plans to lift withdrawal restrictions as soon as the company feels they are “able to guarantee the secure resumption of operations for each feature.”
“If further complications preventing the safe resumption of withdrawals are discovered, the resumption date may be extended in order to guarantee customer asset security,” Coincheck concludes.
What do you think about Coincheck preparing to resume operations after the recent hack? Do you think the exchange will fulfill its promise to pay back the XEM at $ 0.81 per coin? Let us know your thoughts on this story in the comments below.
Images Shutterstock, Coincheck and the NEM/XEM logo.
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The post Coincheck Announces JPY Withdrawals Will Resume Next Week appeared first on Bitcoin News.
Boston Beer Co., where Chairman Jim Koch remains closely involved in operations, has been looking for a replacement for current Chief Executive Martin Roper almost a year.
WSJ.com: US Business
It’s been six months since the inception of the Bitcoin Cash (BCH) network, and the decentralized currency’s infrastructure continues to grow. Over the past week, there’s been many new announcements surrounding the BCH chain and its ecosystem.
Six Months In, the Bitcoin Cash Network Celebrates a Successful Hard Fork and Address Serialization Change
Six months have passed since the birth of the cryptocurrency bitcoin cash, and so far the protocol and economy continues to thrive despite the coin’s adversaries. Since the August 1st hard fork that produced the network, there’s been over 36,000 blocks mined, and the BCH chain is 8406 blocks ahead of the core chain. The Bitcoin Cash network recently had a successful hard fork which changed the protocol’s difficulty algorithm, and has kept mining profitability more consistent ever since the implementation. At 12.76 percent of the core chain’s difficulty, BCH is currently 5.6 percent more profitable to mine than BTC. Additionally this month BCH wallet providers and businesses implemented a new address format making it very difficult to send BCH to a BTC address.
Bitcoin Cash Compatible Bitcoin Unlimited 18.104.22.168 Released, While Kucoin Exchange Launches BCH Trading Pairs
Lots of infrastructure and support was added to the BCH ecosystem over the past seven days. This week the Bitcoin Unlimited development team released its Bitcoin Cash compatible client version 22.214.171.124. The release adds a few optimizations like a new and more performant logging system. In other news, the exchange Kucoin added BCH pairs section to its trading engine, bringing more liquidity to the BCH environment. The exchange details that the new BCH pairs section stemmed from lots of “community demand.”
The Village Catalog, an Online General Store, Focuses On Bitcoin Cash Acceptance; a New Woocommerce Plugin for BCH Released
Another addition to the BCH economy was the announcement from the Village Catalog an online general store that focuses on bitcoin cash acceptance. The Village Catalog sells a wide variety of healthy food products and cooking accessories for bitcoin cash.
“The Village Catalog is a place to find a quality product and have it shipped quickly and at a reasonable price — We use bitcoin cash because it’s peer-to-peer electronic cash in its original form: it is easy and cheap to transact with and secure to use,” explains the Village Catalog.
Another announcement that adds more bitcoin cash merchant adoption is the new Woocommerce plugin called ‘Cryptowoo’ that offers an API to take orders paid in BCH. Woocommerce version 1.2.1 allows any merchant using Word Press the ability to accept cryptocurrencies much like Bitpay and Paypal integrations. Additionally, if BCH supporters want to wait for Bitpay’s plugin the company announced its Woocommerce, WHMCS, and Prestashop new implementations will include bitcoin cash support.
Tokenstars Organization Plans On Switching to Bitcoin Cash
Following the merchant plugin release the charity organization Tokenstars has announced it is making the switch from BTC to BCH because bitcoin core fees are “too expensive.” Tokenstars hosts charity auctions tied to luminary autographs, celebrity products and even a chance to dine with well-known individuals. During the company’s ‘Crypto Xmas Charity Auction’ the team decided to accept bitcoin cash.
“The projects we launched in December, ‘Tokenstars’ Team’ token sale and Crypto Xmas Charity Auction, have shown that bitcoin is being used less for payments now — When compared to our ACE ICO from fall 2017, there is a sharp decline in bitcoin transactions — Bitcoin became too expensive for making regular payments and instead, bitcoin’s volatility and high commissions turned it into an investment tool,” Tokenstars CEO, Pavel Stukolov explains to news.Bitcoin.com.
In order to expand the number of Crypto Xmas Charity Auction participants, we now accept bets in bitcoin cash. We will also start accepting bitcoin cash as payment currency for Team tokens during TokenStars’ ICO.
Bitcoin Cash: What’s In Store for the Next Six Months?
Overall bitcoin cash had a decent few weeks minus the downwards market action that most cryptocurrencies experienced this January. Bitcoin cash has remained relatively stable compared to many digital assets in the space. And as we mentioned in our last Markets Update BCH markets have been strongly correlated with BTC’s market action. Bitcoin cash has remained consistently between 12-15 percent of BTC’s value. Usually, for every $ 1,000 BTC price drop, BCH dips about $ 100 and vice versa during more bullish market sentiment. BCH supporters believe the price will regain strength as proponents wait for more infrastructure support like Bitpay’s upcoming BCH invoice conversion. However, even though the two markets share a relationship right now the Civic CEO and entrepreneur, Vinny Lingham thinks bitcoin cash will someday outpace bitcoin core.
“Bitcoin and bitcoin cash are focusing on two totally different markets right now,” Lingham said in a recent Fast Money interview on January 25.
When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold.
In addition to the past couple of weeks, the six months of life the Bitcoin Cash network has experienced has been very fruitful. The pace of transactions continues to rise while fees remain cheap and confirmation times come quickly for users. Moreover, BCH developers have released their roadmap recently which discusses some of the proposals going forward for the next six months. Bitcoin cash could see another hard fork that increases the block size, and a variety of other features like colored coins. Not only is Bitcoin Unlimited donating its resources, but developers and representatives from several projects including Bitprim, Nchain, Bitcrust, ElectrumX, Parity, and Bitcoin XT are also all collaborating to bolster the BCH protocol’s growth.
What do you think about the growth of bitcoin cash and it’s latest infrastructure additions? Let us know in the comments below.
Images via Crypo-graphics.com, Pixabay, Tokenstars, The Village Catalog, Coin Dance, and Bitcoin Unlimited.
The post Bitcoin Cash Supporters Prepare for the Network’s Next Six Months appeared first on Bitcoin News.
The European Central Bank could be enjoying a rare period of calm, after announcing a major reduction of its stimulus in October. Instead, the bank’s top officials have started squabbling publicly over their next move.
WSJ.com: What’s News Europe
The Senate on Tuesday overwhelmingly voted to confirm Jerome H. Powell to be the next chairman of the Federal Reserve, allowing him to take over when Janet L. Yellen’s term expires early next month.
Powell, 64, a well-respected Republican who has served as a governor on the Fed board since 2012,…