The week of 12/13 in brief – News regarding Bitcoin and cryptocurrency is in constant turmoil. It can happen that vital information gets lost in the daily news flow and you miss important points.
This format is there to remedy that. We come back to the news of the past week in the Crypto Weekly to keep you informed on the current situation of cryptocurrencies.
The must-see in the area
For the unmissable of this week, we find Ludovic on his favorite subject: Bitcoin. Through this new article, he traces thestory surrounding Bitcoin’s scalability debate from its origins.
Bitcoin’s Scalability: The War for a Single Item
At the beginning of the year 2016, the debate on scalability is intensifying. The average block size is around 600 Ko, and its linear growth suggests that the 1MB limit will be reached before the end of the year. The opposing forces are then divided into 2 main camps:
- The big bloc supporters, which support the direct increase of the limit on the size of the blocks through Bitcoin XT, and which are then in decline;
- The supporters of small blocs, which support SegWit and the implementation of the Lightning Network as a means of increasing transaction volume.
On January 3, 2016, on the seventh anniversary of the genesis block, Brian Armstrong, CEO of the exchange platform Coinbase, publishes 2 articles in which he formally declares to be in favor of the’increase in size limit blocks and where he calls for the vote of minors to break the deadlock.
This statement follows its announcement of the company’s use of Bitcoin XT and the removal of Coinbase’s wallet from the site.
bitcoin.org (which will be reinstated later).
See the full article for more details: Bitcoin and the block war: the impossible compromise on scalability
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News in brief
▶ IMF chief economist wants to ‘urgently’ regulate cryptocurrencies. For lack of being able to get rid of it, Gita Gopinath wishes to opt for global regulation in order to keep these unstoppable assets on a leash.
▶ The Arrow Glacier hard fork successfully deployed on Ethereum. This contained onlyonly one EIP, the 4345, which pushes back the date of the difficulty bomb. As a reminder, the difficulty bomb is a mechanism that will tend to make mining on Ethereum obsolete to prepare for the transition to proof of stake (PoS).
▶ Block.one in cold with the EOS Foundation. The company responsible for the development of EOS is singled out by the foundation as well as by the community. Following sterile negotiations, the network validators decided to cut the company’s funding, by stopping payments in EOS.
▶ Vulcan Forged project targeted by attack. In practice, the attacker managed to take control of many user wallets. This has in total siphoned off the equivalent of 140 million dollars in tokens and in NFT.
▶ World’s Largest Museum Gets NFT Fashionable. Indeed, the Hermitage museum in St. Petersburg is currently preparing a digital version of the museum in which will be exhibited works from Web3.
▶ An update on the state of the market with our Coin Trading experts.
The 5 metrics of the week
➤ 175 exahashes per second, it’s the current hashrate of the Bitcoin network. It has just returned to its past levels, after a significant drop following the umpteenth Chinese crisis. Indeed, this was collapsed at 84 pe / s last June, following the crackdown on Chinese minors.
➤ $ 32 billion, it’s the amount in ETH deposited on the Ethereum 2.0 deposit contract. These funds are, for the moment, blocked and can only be released via a hard fork. Hard fork for which no details have yet been discussed.
➤ 245 000 dollars, it’s here amount lost by an Internet user who has sold one of his NFTs 100 times below the price. Indeed, the NFT has been sold 0.75 ETH instead of 75 ETH because of a comma error. An error that will have cost this collector dear.
➤ $ 153 million, it’s the amount of grants allocated by the Ethereum Foundation to the development teams of Ethereum 2.0 clients. Thus, each team will have enough to operate 144 validator nodes to finance its activity.
➤ $ 77.7 million, it’s here amount stolen during the hack of the AscendEX exchange platform. The attacker had access to several hot wallets on the platform. Fortunately, the teams directly announced that they were covering all of the losses.
Have a good week on the Journal du Coin! 🙂
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