| August 31, 2018 | Read in Browser |
 QUOTE OF THE DAY  |
| "There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed." - Ray Goforth |
| COIN | PRICE | 24H |
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| BTC | $6,931.814672 | +0.78% |
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| ETH | $278.721376 | +0.05% |
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| XRP | $0.328828 | +0.23% |
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| BCH | $538.430885 | +1.4% |
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| EOS | $6.183366 | +5.04% |
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*Information as of 9:30 AM EST
Ethereum's ticking time bomb
Ethereum’s ‘Difficulty Bomb’ is Creeping Near, Here is the Dev’s Plan
DIFFICULTY BOMB
- Ethereum developers purposefully have placed what they call a ‘difficulty bomb’ in the code
- The bomb is predicted to go off in early 2019, if devs don’t act sooner
- If the difficulty bomb were to go off, Ethereum blocks would steadily become harder to mine all the way to appoint where transactions would not be able to be processed
RACE AGAINST TIME
- The difficulty bomb was purposefully placed in the code to force developers to innovate
- An upgrade called Constantinople is set for late October or early November that will push the detonate date for the bomb back
CONTROVERSY
- Currently there are four proposals for improvements that are being considered for the Constantinople upgrade
- Three of these proposals are unanimously accepted and have already begun testing
- One proposal is under debate: EIP 1295
EIP 1295
- The controversial proposal plans to lower the reward given out to miners
- Proponents of the proposal say that it will decrease inflation of ETH and those in dissent say that it will hinder the security of the network by pricing out miners
HOW THIS WILL PLAY OUT
- It is most likely that a compromise will occur and the mining reward will be set somewhere in the middle
- We won’t know for sure until October, when nodes chose which software they will run, if their is a split decision, a hard fork could result
- However, Ethereum’s difficulty bomb protects against hard forks, because if a fork does not have ample developer support it will become useless
Bitmain's BTC.com Will Launch an Ethereum Mining Pool
ADDING ETHEREUM
- BTC.com, which allegedly mined 21% of all Bitcoin blocks last year with its mining pool, is now expanding to offer Ethereum and Ethereum Classic mining pools
- This offering will be provided through its pool.BTC.com portal which will also have an Ethereum block explore and an API for functionality
- The firm announced that this move is part of an effort to "help ethereum scale its mining infrastructure"
MORE THAN JUST ASIC
- One notable feature of the new Ethereum mining pools is that BTC.com plans on offering GPU and CPU mining options
- This comes as a surprise as Bitmain released its first Ethereum-focused ASIC miner this year
- However, according to project leader Zhong Zhuang, GPU and CPU miners offer more versatility for investors during a bear market than ASIC miners and he advises for users to split investment into both
MORE POOLS TO COME?
- Though nothing has been officially confirmed, BTC.com may consider adding popular coins like Litecoin, Zcash, and Monero
- However, BTC.com would first have to examine the coin's network, code quality, development, and trading volume
Ethereum Wallet MyCrypto Just Raised $4 Million
SERIES A FUNDING
- Announced Thursday, Polychain Capital successfully led Ethereum wallet MyCrypto to raise over $4 million in its Series A funding round
- Investments in the wallet provider came from many notable names such as Boost VC Fund 3 LP, ShapeShift, Ausum BLockchain Fund LP and more
- The funding round was completed to help make MyCrypto's product more user-friendly
Taylor Monahan, MyCrypto's founder and CEO, told CoinDesk about the company's reason behind the funding round:
"Right now our team is really all engineers and customer support people and I think we need to build out a team that just advocates for the user more and has a ton of experience in user interface and design. Specifically, I'm looking for experts that don't have a cryptocurrency background to join the team because their strength is outside the space."
BEAR MARKET HELPS
- Monahan also pointed out the bear market has allowed MyCrypto to develop a much more thorough product
- With this investment, Monahan hopes to be prepared for the next cryptocurrency bull run
To conclude, Monahan told CoinDesk about MyCrypto's company size and its benefits:
"We are in the perfect position to build this super robust product, we're large enough that we can build things quickly but we're small enough that we can pivot quickly, adjust to things quickly."
Australia is Developing a National Blockchain to Promote Business Collaboration
ANB
- Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has begun to develop a new blockchain platform that aims to improve collaboration between the nation’s businesses
- This platform will be named the Australian National Blockchain (ANB) and is being developed as part of a partnership with IBM and law firm Herbert Smith Freehills
- The blockchain will allow businesses to create legally-enforced smart contracts and enable cross-industry data sharing
- Australia’s CSIRO has long been studying the potential of blockchain technologies, now all of their efforts are coming to fruition with ANB
WALK BEFORE RUN
- Blockchain is a very new technology and Australia is aware of this, they want to make sure the implementation goes smoothly
- ANB will be first piloted using IBM Blockchain, the pilot is expected to start before the end of this year
- If the trial is successful, Australia will begin rolling out the platform with Australian regulators, banks, law firms and businesses they have already been recruiting, as well as possibly expanding outside of their own borders
Paul Hutchison, vice president and partner, Cognitive Process Transformation, at IBM Global Business Services commented on IBM’s role for the project:
“IBM Blockchain and the IBM Cloud provide the highest level of security to support even highly regulated industries such as healthcare and government, and IBM has extensive experience building blockchain networks and convening large consortia focused around solving important business problems. Blockchain will be to transactions what the internet was to communication – what starts as a tool for sharing information becomes transformational once adoption is widespread. The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”
- Japanese e-commerce giant Rakuten acquired a domestic, local, crypto exchange.
- PricewaterhouseCoopers (PwC) will bolster its employees’ blockchain knowledge through a dedicated program next year.
- Initial coin offering advisory firm Satis Group believes bitcoin's price might jump to $96,000 over the next five years.
Today in Crypto is powered by coinmarketcal.com
Block Size
noun
Block size describes the amount of data that can be added to a given block on the blockchain. Bigger blocks allow for more transactions to be stored in blocks, but as a trade-off, more hash power is required to mine a block. This makes transactions faster, but one can argue centralizes mining.
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