Priced In? Ether Sees Cautious Boost as Blockchain Upgrade Underway

Ether prices rose to a six-week high of $350 today as ethereum, the second largest blockchain by total value, appears to have successfully executed a widely anticipated software upgrade.

The first part of a larger technology update called "Metropolis," the "Byzantium" code was enacted this morning Eastern Standard Time with minimal contention as anticipated by developers. For now, this means ether's price has put a serious headwind behind it – the next so-called hard fork, a risky software upgrade that opens up the possibility new blockchains will be created, isn't expected until 2018.

In response, the ether-US dollar (ETH/USD) exchange rate surged in value in the run-up to the event.

Prices rose from $298 to $345 on Oct. 13 reportedly due to a high degree of confidence among investors, though the record rally in bitcoin could have pulled ether prices higher as well.

At press time, however, indications are the upgrade is unlikely to be winning new market interest. Despite the smooth implementation, ether prices are struggling to break above $350 levels. The loss of bullish momentum indicates the market may have priced-in the implementation.

Furthermore, ETH bulls might be staying on the sidelines in search of more evidence the software has achieved stability.

Still, the price action analysis favors upside in ether. At press time, ether is trading at $342; up 5.5% in the last 24 hours. Week-on-week, the cryptocurrency is up 13.15%, while month-on-month, it is up 30%.

Dayli Chart

The chart shows:

Dip demand: Sunday's candle had a long lower body (also known as lower shadow or wick). Prices usually move in the opposite direction after a long wick makes an appearance. No wonder, ether rose to $350 levels today.

Bullish break of the sideways channel.

Bullish 14-day relative strength index.

View

The outlook remains constructive – it may be only a matter of time before ether breaks above $350 and extends the rally to $370-380 levels.

On the downside, only an end of the day close below $320 (previous day's low) would abort the bullish view on the daily chart. 

Source: Coindesk

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Bank of America Report: Bitcoin's True Value 'Impossible to Assess'

A potential move by global brokerages to offer products around cryptocurrencies could have a big impact on the wider market, analysts at Bank of America Merrill Lynch wrote.

In an Oct. 16 research note entitled "Introducing cryptocurrencies – what are they good for?", the analysts tackle bitcoin as well as other cryptocurrencies such as ethereum and XRP. The note both covers the basics of the market and dives more specifically into the growing galaxy of open blockchain networks in operation today.

Notably, the report touches on the possible factors that could shape the cryptocurrency market's future progression – including financial products based on the tech.

On this point, the bank's analysts suggest that a move by brokerages to begin offering such services to their clients could affect both the overall liquidity of the market as well as the market capitalization for the relevant cryptocurrencies.

 "The coin universe is dynamic and innovative and volatile; while a true value for cryptocurrencies may be impossible to assess, one factor which we believe could affect their liquidity and market capitalisation would be if one or more global broker/dealers decided to offer institutional-like products," they wrote.

The past year has seen a number of high-profile efforts to build cryptocurrency-tied investment products, and firms like CBOE have described plans to take part in what is still a nascent ecosystem. Even so, regulators in the U.S. have reacted coolly to such proposals thus far.

And according to the Bank of America analysts, it remains far from certain how the market will develop in the months to come.

"At present, these impacts are too far off, and too unpredictable, to form part of an estimate or an investment recommendation," they wrote.

Source : Coindesk

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Ethereum's Byzantium Hard Fork Is Running Smoothly, Developers Say

While it's still perhaps too early to deem ethereum's Byzantium upgrade a success, developers indicate the software update, is running smoothly so far.

An official release manager for Byzantium, Hudson Johnston, noted that the new software is now stable, and steadily rolling out across the distributed network, a fact he said can be attributed to "the hard work (of) developers, users and miners across the ethereum ecosystem."

But while the impact on ethereum's infrastructure will be substantial, it looks like the network is undergoing an adjustment period. Currently, some blocks are being mined in as little as 1 second, though others are dragging out to nearly a minute – substantially longer than the long-time average of 25 seconds per block.

Further, blocks are filling with relatively high numbers of transactions. That's good news for scalability, as ethereum can, in theory, continue to grow without slowing down the network.

According to the ethereum forktracker, mining on the old blockchain with the older ruleset has ceased. This is also positive news for ethereum, as it means a relatively low chance that a competing currency will be introduced, as happened last summer when a split produced the rival asset, ethereum classic.

That said, according to ethereum developer Afri Schoedon, there's still a chance that someone is mining the old blockchain, but probably at very high cost.

In the days prior to the fork, developers and node operators (such as mining pools) were given some last-minute toil, as faults found in Byzantium software led to continuous re-releases. The issues saw ethereum developers working around the clock to get the corrected software out on time, and node operators working over the weekend to install the updated software.

At press time, a high proportion of nodes are yet to install the Byzantium update, though the figures are slowly changing and an ongoing trickle of nodes is arriving to the hard fork fashionably late.

Although the price per dollar of ether dropped somewhat in the run-up to the fork, prices peaked close to the monthly high of $350 immediately after, according CoinMarketCap. At press time, ether prices have dropped back to $337 – the same level seen immediately prior to the fork.

Source: Coindesk

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Hours to Go: How to Watch Ethereum's Fork as It Happens

With $30 billion on the line, all eyes are likely to be on ethereum tomorrow as it seeks to navigate one of its biggest-ever updates.

Will all software users upgrade to the updated blockchain? Or will a new, competing token be created? That's exactly what the market is watching and waiting to see when etheruem hits block 4,370,000, scheduled to occur tomorrow at around 6:00 UTC at press time.

The first part of a larger, multi-part upgrade, the so-called "Byzantium" code will make the blockchain lighter and faster, paving the way for better decentralized applications (dapps), while also enhancing network privacy.

New features aside, however, ethereum developers are mostly optimistic about the upgrade. Although developers on the most popular clients have had to iron out a pair of bugs in the days leading up to change, there's confidence that the upgrade will be smooth.

New and seasoned investors won't likely want to take others' word for it, however. So, if you're eager to see for yourself, here's how to monitor the update in real time:

Fork countdown

Adding uncertainty to hard forks is their reliance on block numbers as a way to signal upgrades. Simply put, rather than have everyone change their software at a specific time, users rely on the numbered blocks in the blockchain itself as a means of coordinating.

Because of this, no one knows exactly when the hard fork will take place. Yet, that doesn't mean there's no way to keep an eye out.

To track when this block number will be hit, Singapore-based smart contract company CodeTract has released a fork countdown, showing how many blocks remain and roughly, how much time is left until the fork occurs.

By current projections, the hard fork looks like it will execute on early Monday.

Mining hashrate

Once the fork happens, users will want to track how much of the ethereum ecosystem moves over, and how quickly they do so.

This is a key metric to track. As long as miners are mining on the old version of ethereum, it will remain operational (and valuable). If that persists for long enough, it could lead to a split (although ethereum developers think this is unlikely due to specifics in the code).

Developers aren't going in blind either – already, the Byzantium code has undergone testing to give an idea of how the fork would play out. For example, earlier this week, all minerson a test version of the network made the migration, a small (but encouraging) sign of what to expect.

The best way to watch this is on the Ethereum Foundation's website, which will show what percentage of ethereum miners that have moved over to the new blockchain when the fork happens.

Nodes

But, miners are not the only stakeholders in ethereum who need to upgrade; developers, users and companies running nodes, which store a full copy of the ledger, also need to download new software or risk falling behind.

Ether Nodes tracks how many node operators are running clients compatible with Byzantium.

Geth, the most popular ethereum client, released fork-ready software in version 1.7.2. And Parity, the second most popular client, released 1.7.6, which is compatible and fixes some consensus bugs.

Right now, 60 percent of Geth nodes and 27 percent of Parity nodes have upgraded to a hard fork-compatible version. With under a day left before the fork, most node operators still need to upgrade.

Price

Of course, there may be more immediate reasons you're worried about a split.

If money's on the mind, you can always be sure to monitor the price of ether. For that, you can turn to our ethereum price page, which will update in real time as the fork happens.

Source: Coindesk

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Ethereum Developers Find Geth Bug as Hard Fork Nears

The discovery of a denial-of-service (DoS) attack vulnerability led the developers of ethereum's Geth software to release a new version just days before the Byzantium hard fork.

On finding the bug, the team behind ethereum's most popular client published a newsoftware release, yet data from blockchain analytics site Ether Nodes shows a relatively low rate – only 1.9 percent of Geth nodes – of adoption at press time.

With Geth comprising about 75 percent of all ethereum nodes, the vulnerability could leave nodes running the previous Byzantium-compatible release more susceptible to DoS attacks after the hard fork.

Explained by ethereum developer Casey Detrio on Reddit, the vulnerability stems from an oversight in one of the new Byzantium features. The risk is that this bug could be exploited by an attacker who wants to take ethereum nodes offline – a form of attack that the ethereum community has dealt with in the past.

Bug fixes have been coming from other ethereum node software groups ahead of next week's planned fork as well.

Yesterday, the team behind Parity, ethereum's second largest software client, issued a new release of its software (the fourth iteration) that corrected a "consensus bug" – an error which could have caused the network to partition during the hard fork. Currently, less than 20 percent of Parity nodes have updated to the new release, according to Ether Nodes.

Hard forks are hard

The issues unearthed by the tests have been of an unexpected severity, leading some ethereum developers to question their approach to the hard fork release process.

Internal discussions are also underway about the possibility of postponing Byzantium, but this approach also poses risks. This strategy would require all nodes to update their software so that the software change is triggered at a later time – a complicated prospect with such little time before the fork.

Indeed, the Parity team tweeted out that, in their view, the fork should be delayed given the recently discovered issues.

Detrio explained that "updating is not necessarily a quick and easy process for users with extensive infrastructure," such as exchanges or mining pools, and requires ample time to be done correctly.

He added:

"The second concern is that there may be more undiscovered consensus bugs that could be found after the activation block, which would then result in needing to perform emergency client updates."

Source : CoinDesk

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State Bank of Mauritius Launches Lending Pilot With Blockchain Startup

A commercial bank in Mauritius has inked a deal with blockchain lending startup SALT to test the use of digital assets as collateral for loans.

The "exploratory" deal between the State Bank of Mauritius (SBM) and SALT, which offers a platform allowing users to borrow against their cryptocurrency holdings, will see the bank testing that specific application.

The development represents the latest step in a wider effort to make Mauritius – an island nation in the Indian Ocean with an estimated population of 1.2 million people – a hub for blockchain startups. That goal, advanced by local officials this past spring, was echoed in statements from the bank.

K.C. Li Kwong Wing, chairman of the SBM Group, said of the partnership:

"This relationship will go a long way toward achieving our nation's goal of becoming a hub for outstanding blockchain companies and fostering financial inclusion."

Notably, the chairman indicated that the bank was interested in potentially forming part of the startup's lending services, which could see SBM providing financing for the platform. That said, discussions on that particular point appear to be in the early stages.

"We are keen to explore providing banking services to this innovative company," he said.

As part of the Mauritian government's plans to develop the island as a blockchain center, representatives from ethereum startup ConsenSys visited the nation over the summer to meet with members of both the public and private sector. The ultimate aim of the exploratory talks was to create a so-called "Ethereum Island" to assist blockchain innovators seeking to branch out into Africa, Asia and elsewhere.

Source : CoinDesk

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Ethereum Startup ConsenSys Hires IBM, Oracle Execs in Expansion Push

New York-based ethereum development startup ConsenSys has revealed a number of new hires, including several IBM employees and the former CEO of South Africa's central securities depository (CSD).

ConsenSys announced today that John Wolpert, former global blockchain offering director, will work to advance the startup's product and venture efforts. Monica Singer, who left Strate this summer after working for the CSD since the late 1990s, is set to serve as its "Blockchain Ambassador" with a focus on financial markets.

"I am so happy to have joined such an amazing team," Singer said in an emailed statement.

Wolpert and Singer are among the twenty hires unveiled today. The startup also highlighted the new role for Kavita Gupta, who, as reported last month, is spearheading a $50 million venture fund that ConsenSys plans to use to invest in a range of ethereum-focused startups.

Two other former IBM employees have joined the ConsenSys team. Maggie Love, who previously worked for IBM's Watson Group, will serve as director of strategic initiatives and business development.  Johnny Howle was a member of IBM's blockchain team up until August and is now the startup's product designer for uPort, an ethereum-based identity system.

The list of hires includes those coming from a range of companies and organizations that have focused on blockchain in recent months, including professional services firms Deloitte and EY, database giant Oracle and the Chamber of Digital Commerce trade group, among others. Ryan Selkis, CoinDesk's former managing director, will serve as the startup's entrepreneur-in-residence, according to the announcement.

ConsenSys has also beefed up its Australia-based office, naming four new developers to its team.

Source : CoinDesk

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A Real Competition Between Companies to Disrupt Apps Market Using Blockchain

Accusations of “bubble” abound even as Bitcoin price surges back toward its record high of $5,000. There are also suggestions that Bitcoin’s price should be viewed in terms of the S-curve of rapid adoption.

Others say that Bitcoin will reach $50,000, or even $1 mln, in due course. Hardcore skeptics such as Chase CEO Jamie Dimon believe that the government will ultimately shut down Bitcoin and bring this grand experiment to an end.

User “dashfriend” on the Dash Nation Slack comments:

“Isn’t ease of use one of the main catalysts for a bubble? I don’t see ease of buying yet for non-tech people.”

User “foxtrot” agreed:

“In order for a bubble to exist there needs to be saturation of the market...and with the crypto market still [in] its infancy, that seems highly unlikely...Hasn’t Bitcoin supposedly been in a bubble since it was $2?”

A powerful disconnect

Many digital currency investors and traders are focusing on the presence of institutional investors: banks, pension funds, mutual funds and the like. While such mega investors would certainly help push the price up, it seems that retail investors and users are always forgotten in such discussions.

With so many working on creating ETFs, regulated futures markets and so on, who is focusing on the little guy? Who is working to make sure that digital currency gets in the hands of as many ordinary people as possible?

It’s the apps

According to TechCrunch, the apps market is expected to reach $6.3 tln by 2021. By the end of this year, there will have been a total of 268 bln apps downloaded, with revenue exceeding $77 bln.

This is a staggeringly huge market, and with Google and Apple taking over a 30 percent cut of the profits, it’s a market ripe for disruption.

While many startups are trying to find ways to profit from this enormous market, to date they have been hampered by the Blockchains they build upon. Both Bitcoin and Ethereum are capable of about seven transactions per second, which is clearly not enough capacity to support a transformation of the apps market.

Competition is stiff

Among companies that aim at using Blockchain to disrupt the app market are Mobius, ChainLink and IOTA.

Cyrus Khajvandi, co-founder of Mobius, is anticipating the creation of “Smart Markets” where data from connected devices can be traded freely between other devices. According to Khajvandi, Mobius gives the example of connected appliances which contract with decentralized electricity generators to provide machine-to-machine payments. Such a system would use “smart contracts” and “smart auctions” to run appliances, using as little energy as possible at the lowest possible prices.

Mobius boasts Jed McCaleb as an early investor and advisor. McCaleb is the founder of Ripple and Stellar, and, somewhat unfortunately, the founder of doomed Bitcoin exchange Mt. Gox.

Mobius intends to be a leader in the Internet of Things (IOT), but to do so, they will face stiff competition.

IOTA has a significant head start in this area, seeking to “[make] every technological resource a potential service to be traded on an open market.”

Even in terms of their current product for app payments, Mobius has competitors such as ChainLink. In fact, ChainLink’s services sound similar to Mobius’ product. ChainLink’s website says:

“ChainLink is Blockchain middleware that allows smart contracts to access key off-chain resources like data feeds, various web APIs, and traditional bank account payments.”

Nothing is certain

BlockTower Capital cofounder Matthew Goetz probably said it best when he compared the digital currency and Blockchain boom to the Internet boom of the late-1990s. Goetz warns:

“You could be right on the thesis that cryptocurrencies are transformative, and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along.”

Mobius, IOTA, ChainLink and others all sound interesting, but the market will ultimately decide on the winners and losers. Even if you can predict the general trend, it’s much more difficult to bet on exactly the right horse.


Source: Cointelegraph

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Bridging Gaps Between the Major Cryptocurrency Paradigms

Use of cryptocurrency has become more accepted and mainstream recently, and in the last six months there have been a couple of significant developments in crypto's progress towards widespread adoption.

First, the huge investments and price increases during the "summer of Bitcoin" have put cryptocurrencies in the news and shown they can retain investment value despite shocks. Secondly, the cryptosphere at large has seen a push to address and confront major issues that could impact user adoption long-term.

In search for good enough in all respects

Among these issues are those of compatibility and interoperability. Forks, lightning networks, and atomic swaps have all come to the fore as efforts are made to make increase user experience and efficiency. If the history of technology diffusion tells us anything, it is that mainstream users want solutions that are "good enough" in all respects (rather than excellent at just one or two things).

Cryptocurrencies that are easy to use, provide versatility, and bring platforms together will succeed best, and compatibility and interoperability are the name of the game Hcash (abbreviated from HyperCash) is a Chinese/Australian cryptocurrency project aiming to provide a wide set of features that would increase adoption.

Among Hcash's features is the ability to support integration of block-based and blockless-based transactions and currencies. Currencies like Bitcoin and Ethereum use conventional Blockchains, while others like IOTA operate on a blockless paradigm. There is a lot of room for different currencies to flourish, but those that offer interoperability and compatibility stand to become major players in their own right. Hcash, by aiming to allow for harmony between different paradigms and currencies, might be able to carve out a significant market share for itself.

Problem to be solved: bridging ecosystems and making user experience simple

Most people involved in investing or using cryptocurrencies will have noticed the considerable buzz behind IOTA, Byteball, and similar currencies. These use a blockless chain setup, in this case using Directed Acyclic Graph (DAG) technology.

The data format used in this type of chain is fundamentally different than in Blockchain-based systems like Bitcoin and Ethereum. This raises serious issues regarding interoperability and compatibility for making transactions and swaps between these two kinds of chains.

If managing conventional cryptocurrency transactions can be cumbersome for novices (which is very much the case), then comprehending and managing transactions between Blockchain-based currencies like Bitcoin and a tangle-based currency like IOTA would be prohibitively inconvenient.

Steps towards bridging the gap

Linking tangle-based and Blockchain-based systems is, therefore, a challenge. This is the principal aim of the Hcash solution. It creates sidechains to both types of systems which allows for flow of data and value, in effect becoming an intermediary platform between both.

On top of this, the Hcash team has built several features into their solution to make usability more fluid and secure. Notable among these is the unlimited nature of transactions, allowing Hcash users to "transfer unlimited times with a limited block size, no matter the speed of transfer or amount of transfer."

They have also chosen a novel governance structure that incorporates and accommodates both Proof-of-Work (PoW) and Proof-of-Stake (PoS) mechanisms, balancing the needs of both miners and users.

Hcash also supports privacy (using Zero Knowledge Proof technology), and has been future-proofed against the rise of quantum computing with quantum resistant safeguards.

These features all tick the boxes of a technology that will help to bridge the gap between DAG and Blockchain currencies while also allowing for a straightforward user experience.

Australia's progress in crypto

Hcash is a joint project between teams in Australia, Hong Kong and China. Australia has seen some progress in terms of cryptocurrencies lately, and Hcash has capitalized on the recent interest sweeping the country. Of course, the Chinese public has already shown a great interest in mining and investing in crypto.

One thing of note about the Hcash project is that it has a strong academic foundation. The solution has been developed by computer scientists and researchers at three major universities (Monash University, Shanghai Jiao Tong University, and Hong Kong Polytechnic University) and already has usage and support across the Australian third-level educational industry and mainstream markets.

The team are therefore very research-focussed and the project is open-source. The Hcash project is addressing unresolved issues in the cryptosphere, and has considerable expertise on its advisory board including one of the founding researchers of the privacy-focused cryptocurrency Monero.

It is also worth noting that the project is sponsoring the World Blockchain Summit in Dubai, during which their CTO Khal Achkar will be speaking.

The strong academic foundations of the currency have attracted a lot of interest from investors ahead of the full launch of the network in the coming months.

Bringing systems and protocols

The crypto world is growing in every direction, solving problems for many different users. With a rapidly expanding base of solutions, many observers are turning their attention to the cohesion between players in the ecosystem.

At the same time, the increased mainstream adoption of crypto brings about a need for more user-friendly platforms.

If Hcash can address these two issues of interoperability and usability, they could cement their place in the ecosystem and benefit many users.

Source: Cointelegraph

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Europe Will Have a Big Boost With The Regulated Cryptocurrency Betting

Regulated cryptocurrency gambling is about open up across a large swathe of Europe.

Announced today, major eSports platform Unikrn has been awarded a gambling license in Malta, a move that will open up its platform to real-money wagering via its UnikoinGold crypto token.

UnikoinGold – which is based on the ERC-20 ethereum standard and is currently being distributed via a token sale or ICO – is being deployed as a medium for real-money wagering in licensed jurisdictions. And, with the Malta licensure, that will mean 80 percent of the European continent.

According to Rahul Sood, chief executive of Unikrn:

"The European expansion means there’s going to be a large and soon-growing marketplace of users, including the real-money transition of already established users, who want to buy, exchange and use our token to bet on our platform."

And Sood isn't wrong.

The company formed Unikrn EU through a joint venture with RBP, a leading online gambling platform in France boasting over 300,000 registered users and 1 million unique monthly visitors.

Further, eSports – video games played competitively for both online and in-person audiences – are surging in popularity with young people, and are widely considered to be the fastest growing "sport" in the world. Market research firm Newzoo estimates that global eSports revenues for 2017 will top $696 million – a 41 percent year-over-year jump – with that figure predicted to reach $1.5 billion by 2020.

Unikrn has won the backing of high-profile investors like Mark Cuban, Ashton Kutcher and Elisabeth Murdoch.

Token benefits

Until now, Unikrn had only offered real-money betting in Australia and the United Kingdom – the only two nations where it held gambling licenses. It offered free betting in other jurisdictions on popular first-person shooter and multiplayer battle arena video games such as Counterstrike: Global Offensive, League of Legends and Dota 2.

This was all done through its older free Unikoin tokens, but these are now being retired thanks to the introduction of UnikoinGold and its ICO (now reaching its close).

The Malta licensure and rollout of the UnikoinGold token are critical steps toward migrating the company's free-play bettor base to real money, as well as broadening the number of non-betting related uses that a token owner can derive from holding them.

Another free token, UnikoinSilver, will be launched to keep players in non-licensed areas engaged, though these tokens can't be traded on secondary markets.

For Sood, the decision to transition away from the strictly free-play token was straightforward, particularly as his team had proved the concept of a tokenized scheme for building its global community when it released the original Unikoin two years ago.

Sood told :

“We couldn't have fathomed how popular they'd be. We turned over more than a quarter billion of them in under two years."

Youth appeal

Part of the new token's appeal is that participants, whether gamers or spectators, don't necessarily need to wager to earn tokens.

For example, tokens can be earned by playing in a tournament or by just watching a match online or in person.

Sood explained: "Earning, using and utilizing UnikoinGold is not going to be restricted by region, and we think the more fans that are able to get it, the more uses we can give it. The more uses we give it, the more people will want it, and that drives a ton of potential into our platform."

Both the betting and non-betting appeal of eSports has sparked great interest among the global gambling industry, as well as Las Vegas casinos, all of which are desperately seeking ways to appeal to younger audiences (seven separate panel sessions were held on the topic at last week's Global Gaming Expo in Las Vegas last week, for example).

"Walk through any slot floor and you will see more walkers and wheelchairs than at a Jimmy Buffet concert in a retirement home," Sood said of the industry's demographic struggles.

But the only way to bring about this revolution in gambling, according to Sood, is to play by the rules.

The Malta licensure, he argued, highlights the company's commitment to providing its customers a safe, legal and regulated ecosystem that is underpinned by the token. And, notably, Malta is seeking to become a global leader in legal and regulated cryptocurrency gambling.

The key difference between UnikoinGold and other "gambling tokens" is that most others simply serve as little more than a "shortsighted" means of placing a bet, Sood said, adding:

"Many companies are doing ICOs for all the wrong reasons. They believe that by using crypto they can skirt gambling regulation, which is wrong. We think it will eventually catch up to them, and anybody holding their tokens."

Source: Coindesk

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Wall Street May Fall in Love With Blockchain Following The Recent Ethereum Upgrade

Wall Street continues to have a tenuous relationship with Blockchain technology. Large banks have recently made statements both for and against the new technology, with some companies like Bank of America already pursuing patents.

• Problem with privacy:

Part of the struggle these financial platforms are having with Blockchain technology is the issue of privacy. The key issue for traders is to keep their positions a secret in order to keep other traders and competitors out of the loop. While Blockchain technology provides immutability, it does not provide complete security or anonymity - keys for enterprise level financial adoption.

However, the ZK-Snark, or Zero Knowledge proofs recently being enabled on the Ethereumblockchain following the network’s Byzantium upgrade, represent a new way to have both anonymity and immutability on a single chain. According to Bloomberg:

“Its ability to reshape vital financial market functions like clearing and settlement has always hinged on whether banks can keep customer and proprietary data secret. Zero-knowledge proofs, a theoretical possibility for decades, are now a reality, letting transactions be verified without the need to share any of the underlying data.”

Source: Cointelegraph

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A Byzantium Blockchain Fork For Ethereum On Road

Ethereum's core developers assembled yesterday for a final scheduled meeting before the blockchain network, the world's second-largest by total value, undergoes its next upgrade, expected on October 16.

Held via Google Hangouts at 14:00 UTC, the discussion centered on ensuring all ethereum clients upgrade their software in unison so as to avoid any unintended splits. For the fork to occur across all nodes uniformly, clients need to include the necessary changes that accompany the upgrade – called Byzantium – as well as the trigger at block number 4,370,000 that will mark the official shift to the new code.

Once complete, the hard fork will introduce improvements to ethereum, such as making the network faster with fewer data constraints. Additionally, Byzantium – which constitutes the first of two releases in the wider Metropolis upgrade – will ramify security measures and implement new variables that might pave the way for enhanced privacy on the network.

But while past upgrades have proven more complicated, according to today's discussion, developers expect clients that have yet to release an update expect to do so by next week. Already, the network's most popular client, Go Ethereum (Geth) has published its release.

Further, though the deadline might seem to mark a challenge for client developers, the core development team believes the later release will favor the upgrade by keeping it top of mind.

The meeting did reveal some hiccups, however. For example, there was the realization that some client developers had forgotten to test their software against the lower mining difficulty level that will be introduced in Byzantium.

Still, while no meetings are scheduled between now and the fork, developers left the door open to other conversations – if only in the event of an emergency.

Meeting chairman Hudson Jameson concluded:

"We'll talk at the hard fork if something goes wrong, otherwise, we'll talk on the 20th."

Source: Coindesk

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Singapore's Central Bank works to Regulate Bitcoin Transactions

The minister for the Monetary Authority of Singapore (MAS), the nation's central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments.

In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS "has been monitoring" cryptocurrencies such as bitcoin and ether, it has no intention of regulating them. However, certain peripheral activities will require a legal framework, he said.

MAS, he went on, is now working to create a new regulatory framework for cryptocurrency payment services, in order to ensure they are not misused for money laundering and terrorism financing.

In the statement, Shanmugaratnam clarified that, while MAS has yet to produce a targeted regulatory framework uniquely for ICOs, it will do so if deemed necessary.

Shanmugaratnam explained:

"Virtual currencies can go beyond being a means of payment, and evolve into "second generation" tokens representing benefits such as ownership in assets, like a share or bond certificate. These are financial activities that falls under MAS' regulatory ambit."

The minister also said that while cryptocurrency trading is widely popular in U.S., Japan and Hong Kong, trading volume is relatively low in Singapore. On top of that, only about 20 Singapore retailers accept bitcoin, according to the the central banking authority.

In August, MAS announced that tokens may be classified as securities. Further, the financial regulator has issued statements warning investors of potential fraudulent ICO schemes.

Last month, the bank accounts of a number of bitcoin businesses based in Singapore had their bank accounts closed without explanation. MAS said at the time that, as the closure represent a commercial decision taken by banks, it would not interfere.


Source: Coindesk

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