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CLASSIC ATTACK: The ethereum classic mainnet suffered from a deep reorg attack over the weekend, with exchanges such as Coinbase and Poloniex disabling transactions as a result. It is unclear who is responsible for the attack, or even how severe the reorg has been.
However, at least one exchange, Gate.io, announced that it lost roughly $200,000 in ETC to the attack, though it would cover its customers' losses.
Security firm SlowMist and block explorers Bitfly and Blockscout all reported seeing reorgs on Monday morning, though there was some initial disagreement about how many blocks were reorganized or whether they qualified as a proper 51 percent attack. However, Coinbase later claimed that 88,500 ETC were double-spent (roughly $460,000).
In contrast, ethereum classic developer and advisor Cody Burns said the incident was a "selfish mining attack," rather than a 51 percent.
Fellow developer Donald McIntyre, however, told CoinDesk that the attacked appeared to be "a textbook 51% and double spend."
It is unclear how developers will respond, though Burns said they are discussing options while hoping to avoid making any mistakes. Full Stories
CLARITY CALL: Shenzhen-based miner maker Linzhi has pushed back against a "tentative" decision, made by ethereum developers Friday, to block specialized ASIC chips from the network.
Doing so would involve the implementation of “ProgPoW” in an upcoming ethereum upgrade, a code change that is optimized for graphic card (GPU) hardware.
In today’s statement, Linzhi said it was “shocked” by the decision, stating, “We reject arbitrary enforcement of rules, and request clear and equal guidelines to be established for all hardware makers.”
The firm further called upon ethereum’s developers to “publish rules and requirements for what constitutes a good ProgPoW ASIC maker.”
Elaborating on the statement in an email to CoinDesk, director of operations Wolfgang Spraul said that such rules could include more transparency, or even monthly audits of hardware companies by ethereum developers. Ultimately, though, he said: “That’s up to the ethereum developers to define.” Full Story
TOKEN LIQUIDITY: Telecommunications firm China Mobile wants to spur blockchain adoption by building a smart water purifier – that will let customers earn crypto tokens as they use the product.
The device includes a computing chip and internet of things module which will collect user data. As customers use the purifier, they will receive PWMC tokens, which can in turn be spent for replacement filters or to purchase other goods.
China Mobile product market director Xiao Yi told CoinDesk that this rewards system will incentivize usage, while simultaneously making blockchain more easily accessible to the general population.
“Our goal is to also attract those who are not in the cryptocurrency or blockchain community, who may have heard of this technology but not necessarily understand it,” he said. “To embrace a more mainstream adoption, we need to turn something that appears professional into something that’s very ordinary.” Full Story |
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 CoinDesk’s Crypto-Economics Explorer aggregates data points across the industry to measure the size and opportunity of crypto markets. In addition to price and market cap, CoinDesk’s explorer provides users with a comprehensive way to view the crypto-economic forces that shape an asset’s market maturity, growth, and potential. While there might be many different ways to measure the progress of cryptocurrencies, price and market cap are the tried and true metrics we all fall back on to watch. The top five coins by market cap today are: - BTC
- ETH
- XRP
- EOS
- BCH
BTC remains easily on top, with about five times the volume of ETH at second place. They are followed by XRP, EOS, and BCH. It’s important to note that market cap might not always reflect objective value considering lost coins, locked up supplies, etc. Always weigh one metric in context of others. For more research insights, check out the CoinDesk Crypto-Economic Explorer here.
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 The Oxford Blockchain Strategy programme is developed for business leaders, innovators, and future thinkers with an interest in blockchain. This programme gives you a fundamental understanding of blockchain, and its implications and effects on your business strategy. Visit the programme page to learn more. |
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| BULL BREATHER: Bitcoin's pullback from two-week highs is likely a blessing in disguise for the bulls, as it has resulted in the formation of a bull flag on the 4-hour chart. Alongside a number of other positive indicators, the bullish continuation pattern means bitcoin could soon see a sustained break above key resistance at $4,140. Full Story |
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BEST OF THE BEST CNBC: Analysts are touting potential of security tokens to bring a new boost to the crypto space after the launch of Estonia-based DX.Exchange on Monday, according to CNBC. The EU-regulated startup enables users to trade in shares of Nasdaq-listed companies, including giants such as Apple, Tesla and Netflix, in a number of fiat currencies and even when the traditional markets are closed. The exchange offers investors “convenience and liquidity,” one expert told the news source, though they expressed doubts over whether it’s acceptable to sell tokenized shares without shareholder consent. "However, we do think that the model can meet regulatory standards if executed properly," they said. THE REST FORBES: Over 70 percent of central banks are looking into central bank digital currencies (CBDCs), but it may be 10 years before anything is actually released, according to a survey by the Bank of International Settlements cited in a piece from Forbes. Release late last year, the research also indicated that around 25 percent of central banks have, or will soon have, power to issue CBDCs, as opposed to around 30 percent that do not. Roughly 40 percent were uncertain on that issue. The primary benefits of offering a CBDC are payment safety and efficiency, Forbes said, while the most positive attitudes toward the tech came from central banks in emerging economies. TECHWIRE ASIA: Despite the potential of blockchain tech to disrupt numerous industries, most use cases have so far failed to achieve scale, says a piece from Techwire Asia. As an example, internet of things investment is predicted to hit $745 billion in 2019, while blockchain will rise to $11.7 billion by 2022. “Despite billions of dollars of investment, and nearly as many headlines, evidence for a practical, scalable use for blockchain is thin on the ground,” they said, citing a blog post from consultants at McKinsey & Co. The authors say that, to succeed, blockchain projects need to “start with a problem, create a clear business case and target ROI, and agree to a mandate and commit to a path to (enterprise-wide) adoption.” |
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