📰 News Yuri Molchan

ZCash News - ZCash Announces Roadmap With Possible Mining Algorithm Change By 2020

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By 2020 Zcash may choose multiple mining algorithms, keeping GPU miners
ZCash Announces Roadmap With Possible Mining Algorithm Change By 2020

During the recent Zcon0 event the team of the anonymous coin Zcash (ZEC) outlined its future moves.

Zcash has been in existence for about a year. However, it has a level of centralization that allows implementing changes and plan future rather quickly.

Recently, the platform conducted a hardfork called Overwinter. More hardforks are expected to follow in the future. However, the developers do not plan to change the mining protocol right now and make the recently created ASICs useless.

Nevertheless, they intend to change it in the future.

Future changes

After the recently conducted vote at the Zcash Foundation, it was decided not to close the mining protocol for ASIC devices. The governing board of the platform decided to change it later on and disclose it to potential equipment producers immediately so as to receive support from miners from various sides.

The idea is that Zcash may choose to change for a multiple mining algorithms by 2020, this way the coin’s community will not be dependent only on GPU miners, even though they make up a significant part of the network.

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Market situation

Despite the active marketing, the ZEC cost has not been following the expected pattern and the asset remains volatile and just a niche coin.

The majority of ZEC trading is taking place on LBank and HitBTC exchanges, with low popularity though. Besides, the coin is paired mostly with BTC. Therefore, the drop in the Bitcoin price impacts the ZEC rate as well and the big cryptocurrency is pulling down the smaller one.

At the moment, ZEC is trading at around $149, having lost over 18 percent of the price this week.

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John McAfee Says Exactly When Bitcoin Will Hit $1 Mln, IBM’s Jesse Lund Goes for More Modest Forecast

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A major figure in the crypto industry predicts that Bitcoin will reach $1 mln in 2020, John McAfee even gives an exact date
John McAfee Says Exactly When Bitcoin Will Hit $1 Mln, IBM’s Jesse Lund Goes for More Modest Forecast

As 2019 is advancing, the Bitcoin rate is gradually rising too. This is giving grounds for various discussions and predictions. Some of them, given by leading figures of the crypto world are as big as a million USD. Everyone already seems to have forgotten the prediction of JPMorgan given earlier - $2,400.

The other day, John McAfee spoke about Bitcoin getting to be $1 mln once again. No dick eating on TV was promised this time.

IBM Blockchain got there first

It was John McAfee who first predicted Bitcoin to hit $1 mln. Now he has also given an exact date when this will happen – December 31, 2020.

However, McAfee predicted this after Jesse Lund had – the VP of IBM Blockchain. In an interview the other day, Lund also went positive on Bitcoin, saying that in his view BTC will reach $1 mln mark sometime in the future. He pointed out that this would give a total change for the world’s finance system.

Lund believes that when Bitcoin price turns $1 mln, then each Satoshi will be worth one penny. Thus the Bitcoin network will provide more than $20 trl of liquidity into the global economy and this promises tremendous changes to the world’s industry of financial services.

By the end of 2019, Lund believes BTC will reach $5,000 and he expects it to rise to the $1 mln level in the future, without giving any exact dates.

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IBM’s transnational DLT system for payments

In the interview, Jesse Lund also spoke about IBM’s blockchain system for international payments – Blockchain World Wire – saying that it may support more than just one crypto coin. He named, Bitcoin and XRP but also stablecoins and virtual tokens emitted by central banks.

The new payment system intends to work in over 50 countries and offer 30 or 40 crypto coins for customers to use. It plans to cooperate with about 3 or 4 dozen international banks.

The company plans to roll out their network to operate around the whole globe within three or five years.

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BitMart Exchange Teams Up with Paxful to Give Its Customers More Benefits

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Crypto trading firm BitMart spreads word about its new partnership with P2P exchange Paxful, both firms intend to gain more scalability and liquidity
BitMart Exchange Teams Up with Paxful to Give Its Customers More Benefits

BitMart has publicized its integration of Paxful’s Bitcoin trading service. This will enable clients of BitMart to get more payment features. Also, customers of Paxful will be able to use BitMart and trade its almost 200 crypto pairs.

Benefits of this collaboration

The reps of the firms state that this cooperation will allow improving customer experience by giving users more trading opportunities.

BitMart founder and CEO Sheldon Xia has mentioned that partnering with Paxful will enable the exchange to attract new customers who previously had no access to crypto trading.

BitMart started off two years ago. This crypto exchange is located in the Cayman Islands, but it operates branches in the US, South Korea, etc. The platform officially has nearly 700,000 clients, and its trading volume exceeds $70 mln per day.

The CEO also added that working on one team with Paxful will let users have a better choice of payment options – gift cards, bank transfers, etc.

About Paxful

Paxful is a decentralized marketplace where one trader can buy BTC directly from another. Users there add their adverts about selling BTC and mention the way they wish to be paid.

As soon as the buyer conducts a payment, he or she receives their Bitcoin from escrow directly into their Paxful storage space. Those who purchase pay no fees to the platform. It takes 1 percent of each deal from sellers.

The company reports it has one million active users from around the world on a daily basis.

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Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

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Coinbase claims that this addition is an important step towards creating the leading cryptocurrency wallet on the market
Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

Coinbase Wallet now allows its users to directly store Litecoin (LTC) in the app. Thus, the fifth biggest asset by market capitalization joins Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ethereum Classic (ETH) on the list of supported cryptocurrencies.
Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

The rollout is coming in a few weeks

The blog post states that Coinbase Wallet users will be able to download an update with Litecoin support in a few weeks on the App Store or Google Play Store respectively. Litecoin support will be available from the get-go once the app is updated. You will simply have to choose the ‘Receive’ option on the main wallet page in order to deposit LTC to your wallet.

Coinbase keeps snubbing XRP

The announcement was flooded with tweets from users asking Coinbase to add XRP. Everyone’s favorite remittance and settlement token is nowhere to be found on the roster of supported digital coins.

However, XRP was added to Coinbase Custody in November 2018, so one shouldn’t exclude the possibility that the crypto behemoth will eventually fully embrace this asset.  

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ZCash News - Head of Coinbase Believes Late CEO of QuadrigaCX Did Not Plan Fraud

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Coinbase CEO Brian Armstrong has left comments on Twitter saying he reckons QuadrigaCX did not plan an exit scam
Head of Coinbase Believes Late CEO of QuadrigaCX Did Not Plan Fraud

On Thursday, Brian Armstrong, the head of the US-based crypto exchange Coinbase, contributed to the numerous discussions that have been centered on the subject of the recent QuadrigaCX collapse.

In several tweets, Armstrong expressed an assumption that the exchange had planned no fraud, despite the current turmoil around the $190 mln that it owes customers and has not been paid out yet.

Head of Coinbase Believes Late CEO of QuadrigaCX Did Not Plan Fraud

Customers of the no longer operational QuadrigaCX are now having heated battles, using their lawyers in an attempt to recover the funds the exchange owes them.

Why their funds have disappeared is still a big question. The head of the company, Gerald Cotton, passed away at the end of 2018. The CEO was the only person to have access to the laptop which managed the cold wallets. He never mentioned the location of the private keys in the will made two weeks before his death.

Besides, the investigation undertaken by the community found out that allegedly none of those cold wallets actually existed. This also being discussed in court at the moment – the information shared by Quadriga reps does not match the investigation results.

Coinbase looks into the matter too

Armstrong and his team conducted their own research on the subject. As a result, an assumption emerged that several months of Quadriga’s work raised questions about mismanagement.

Head of Coinbase Believes Late CEO of QuadrigaCX Did Not Plan Fraud

Presently, auditor Ernst & Young is in charge of the wallets and accounts of the defunct crypto platform. The other day, QuadrigaCX sent the crypto that was remaining on its wallets to the accounts of the company.

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University of Michigan Eyes Continuing to Invest in Andreessen Horowitz’s Digital Asset Fund

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The University of Michigan, with its spare finances of around $12 bln, may keep its collaboration with the A16z crypto investment firm
University of Michigan Eyes Continuing to Invest in Andreessen Horowitz’s Digital Asset Fund

The university began investing into the A16z fund set up by the Andreessen Horowitz company last summer when it transferred $300 mln into its management. At the moment, the university is considering a change to invest some more. The amount of funds assigned for this purpose has not been disclosed.

Crypto fund for institutional investors

In summer last year, the top financial company Andreessen Horowitz set up a branch to invest in technologies based on crypto assets. Other media outlets reported that Yale University also took part.

Chris Dixon from Andreessen Horowitz mentioned back then that the company intends to invest into the crypto industry on a regular basis, even if the market situation worsens. He even insisted that no crypto winter will stop them from doing it.

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Pension funds and universities are going for virtual coins

In autumn last year, the University of Michigan’s spare capital reached the amount of $12 mln. The employee in charge of investments, Erik Lundberg, back then said that this money can be used to increase the present endowment in real terms.

Pension funds and endowment funds are now actively investing in the DLT and crypto spheres. A week ago, reports emerged in the media that several pension funds provided investments for the crypto fund set up by the Morgan Creek Capital venture company – adding up to a total of $40 mln.

The fund opened by Morgan Creek accepts money for investing from hospitals, insurance firms and universities.

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