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Vitalik Buterin Talks About DAO Like Forks, Sharding and More

Vitalik Buterin, one of the most important figures in the cryptocurrency world, and Ethereum’s founder, talked about scalability, forks and more. During a meeting at the Wang Feng’s Ten Questions show he said that Hybrid Casper may still launch before sharding.

The main intention was to create Casper as a smart contract on Ethereum, to make the design as easy to build as possible. And at the same time, the team was going to keep working on sharding.

Buterin commented about it:

“The new roadmap is still ‘Casper then sharding,’ but the first version of Casper is modified so that it is ‘along the way’ to a full Casper and sharding implementation.”

At the moment, there is no estimative date for when casper or sharding might be launched.

Vitalik Buterin

Fred Wang decided to ask about what a BTC core developer said about migrating their code to platforms like GitLab.so. Buterin explained that, for him, it is very unhealthy when companies see their business model as being VC followed.

“At this point, I think it is very possible that Ethereum will never see any more coin recoveries, because there are enough cases that are politically contentious that any attempt to set a bar will lead to people just below the bar complaining that they were not included,” commented Buterin.

Back in November 2017, Ethereum’s second most popular client, Parity, has been hacked and 500,000 ETH have been blocked. At the time of the hack, these ETH were worth $150 million dollars.

In order to unlock the frozen funds, Parity explained that they backed the idea to make a hard fork if the community decided to support it. But even at this moment, Vitalik Buterin did not like the idea. Instead, Buterin stated that the best solution was to allow private key holders to withdraw their Ether.

But then, he explained that there is a possibility to see a ‘cleanup’ of the chain to restore some funds.

“Though it is also possible that when we move to sharding, there will be some kind of one-time ‘cleanup’ of the public chain that will restore funds to as many people as possible. That said, I do think tit is my place to make that decision or even heavily influence it,” he commented.

Moreover, he gave his opinion about the future of the cryptocurrency space. He said that he would like to see a stabilized industry and more projects working in order to have better products.

Buterin stated:

“I expect that over the next few years the industry will stabilize, and we will see fewer tokens issued and more projects that pay more attention to providing value, and there will be more correlation between fundamental value and price.”

At the moment of writing this article, Ethereum (ETH) is the second most important cryptocurrency in the market, being traded around $450 dollars at press time. In general the virtual currency market is operating in a downtrend and most of the assets are losing between 3% and 10%.

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Ethereum Classic Hard Fork Defuses ‘Difficulty Bomb’

The ‘difficulty bomb’ that has been on the minds of all Ethereum Classic users has finally been put to rest after the implementation of a new policy that has been two years in the making.
After a disagreement over how to handle the funds lost in the hack on Ethereum’s smart-contract funding project, the DAO, the Ethereum network forked into two separate versions, with most of the developers going with the version of the blockchain that agreed to rewrite history and return the lost funds.

Ethereum Classic supporters felt that the chain should never be altered, and continued the original Ethereum protocol while the project now called Ethereum switched to Proof of Stake to eliminate mining as a form of validating transactions. A feature was implemented in the chain prior to the fork to reduce mining rewards and incentivize developers to switch to PoS but Ethereum Classic developers have no plans to do so, citing their support of PoW as the most decentralized form of validation.

The difficulty bomb feature would have rendered mining unprofitable, and with no incentive to mine new blocks, the network would have collapsed entirely. Block 6,100,000 was viewed as the last safe block to implement a change before it was too late.

Ethereum Classic developers scheduled a hard fork to include the ECIP-1041 update on block 5,900,000 and yesterday announced the success of the fork, telling CoinDesk that most nodes had already upgraded before the fork took place. Nodes wishing to continue participating will have to upgrade to the new fork as well.

As the fork has been a long time coming it was expected and did not create any noticeable instability or price fluctuation in the Ethereum Classic currency.

The image below taken from GasTracker.io shows the update successfully put in place on block 5,900,000 which was entered into the blockchain yesterday at 18:20 UTC.

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Stellar [XLM] First to Lead the Potential Recovery Despite Tankish Fork

Delivering a blockchain solution for transfers, Stellar Lumens offers the opportunity of making cross-border transactions at very low cost but very speedy. That is their ideal goal, to make everything easier for the user. Thousands of transactions are dealt within a second, while in average one takes 3 sec to be cleared.

One of the best runners, when it comes to tech-expansion and testing, is without doubt Ripple as it is taking center stage on a daily basis with news and announcements. On a very similar path, Stellar Lumens is, keeping in mind it forked from Ripple in 2014, running the same path.

Both currencies are all about international payments, meaning that they deliver solutions on how to do transactions and transfers faster and cheaper but not lets say being a retail currency to make everyday purchases.

Trading Future

Source: coinmarketcap

With all the digital currency assets taking a critical hit for the past few days after not being able to overcome major levels [example BTC $10,000], the sellers are having their saying. However, out of the leading coins by market capitalization, only Stellar Lumens has made it to the green gaining zone with 4.29% increase in the last 24-hours [as seen on the chart daily chart above] reaching the level of $0.3327 again. The $0.3000 support has been saving the day many times for the pair XLM/USD.

Stellar Technology

OKEx exchange in Hong Kong has just recently listed Stellar under trading pairs. The exchanging platform is under the largest [5th] by volume. OKEx indicated that they would be listing Stellar on December 28th, 2017.

Following up the partnership signing between Stellar and IBM, the tech giant was able to showcase cross-border transfers featuring unique currencies of South Pacific countries by developing a platform supported by Stellar and the use of XLM.

Stellar hodlers hope the weekend will herald new positivity after a torrid run in the last 7 days was compounded by Kik’s decision to abandon its initial plans to use Stellar’s platform for its Kin token.

The fork in Stellar has been one of the main factors causing the decline. Netanel Lev, the Vice President of Research and Development at the Kin Ecosystem Foundation, said that Kin needs to be scaled as Stellar suffers business scale issues.

“Most crypto projects to date have been technology-driven first and product-driven second. Kin has always been the opposite. After working heads down alongside the best minds in the industry we came to the conclusion that a hybrid solution of Ethereum and our own fork of Stellar would benefit the Kin Ecosystem both short and long-term.”

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Dogecoin’s Creator Jackson Palmer: 2018 Is Shaping Up To Be The ‘Year Of The Fork’

Known to the crypto community as the creator of Dogecoin, Jackson Palmer,  product manager at Adobe by profession and coder by passion,  told Cointelegraph how he sees the future of the cryptocurrency, started as a parody and broke the $1 bln market cap in the beginning of 2018, shared his thoughts on the cryptocurrency community, and disclosed some plans for the future.

Being the one behind the idea of Dogecoin when it launched in 2013, however, Jackson made explicit his dislike for some parts of its community and culture in the following years. He started stepping back from the project in late 2014.

Cointelegraph: Looking back at the whole thing, can you tell if it was ultimately worth it?

Jackson Palmer: I started stepping back from Dogecoin and the community after a scammer, who I and others had been trying to call out as dangerous for a while, finally ran away with a lot of money from the community. Anyone who dared to raise suspicion of this character prior to that point would face a lot of criticism and negative energy online, myself included – so I’d already kind of been shouted out of the community in some sense.

This really taught me the power of greed and how many people are willing to see movements like cryptocurrency through rose-tinted goggles so long as they’re making money. Self-reflection and skepticism is at a low during these periods of mania. After our suspicions were unfortunately proven correct, I honestly just didn’t have a strong incentive to return to the fractured community in a meaningful way given everything I’d witnessed, so I stepped away entirely and handed over the keys to the Github repo etc.

Assessing whether it was “worth it” is hard… I think Dogecoin represents a good case study and hope it is utilized as a learning experience to reflect on for anyone in or newly entering the cryptocurrency space. If simply its existence or its story can help bring some more rational, fact-based thought to the hype-fueled crypto industry then I think that’s worth it.

CT: Despite not participating in the project directly anymore, do you still see a future for Dogecoin?

JP: I think we’re rapidly racing towards an over saturation of cryptocurrencies, crypto-assets and tokens, to the point that their value and inherent utility inversely approaches zero. 2018 is shaping up to be the “year of the fork” and with each fork of the original Bitcoin code I feel like every other crypto-token is slightly dissolved.

Even if just from a consumer perspective, it’s very confusing. Dogecoin is ultimately just another fork of the Bitcoin source code, which changed up the variables slightly. From a purely technological standpoint, anyone could fork that and “improve” it tomorrow by further tweaking the variables – so I think its “future” is the same as every other distributed ledger out there… pretty uncertain, easily disrupted and definitely not in a unique advantageous position to succeed.

CT: Any idea what the current core devs are working on?

JP: The devs are working on a new release that essentially brings the code base up to date with the Bitcoin code base, which Dogecoin has always ultimately been derived from. This release includes mostly under-the-hood performance and security improvements, which are important given the last major release was back in 2015.

New projects

As for Jackson himself, he is currently working as group product manager at Adobe and recently launched a YouTube channel where he uploads educational videos on cryptocurrencies and related topics.

“My YouTube channel is mostly a passion-project to try and share the learnings I’ve personally accrued over the years. With 2017 bringing back a resurgence in interest in cryptocurrency I was facing a lot of questions everyday from friends and strangers alike. Rather than repeat those conversations over and over, I’ve found it useful to record my thoughts and share them publicly in video format.

In the process, we’ve built a fun community of people who are passionate about the technology behind cryptocurrency and I really enjoy their shared objective thinking and skepticism about all of these projects. The channel has brought people together in pursuit of education, and I’m really proud of that. Shout out to my subscribers and amazing supporters on Patreon!”

Crypto community

Jackson keeps following the crypto community and comments important events in his Twitter. Commenting about the way crypto industry has been developing in recent years Jackson mentioned how sad he was about the way it’s moving right now. “Sadly, I think many of the negative traits that were present in the space back in 2013 have only been amplified in the 2017-18 cryptocurrency community. The bulk of recent interest in the technology was not driven by its ability to solve real-world problems or provide actual utility to users – rather it was purely driven by the pursuit of making a quick buck. Obviously that’s not sustainable, but we’ve seen literally thousands of projects spun up to try and exploit the attention that greed has brought in.”

Several times Jackson even expressed his dislike how much the crypto community loves easy money – the spirit that seems to be stronger than ever these days.

“I think it’s critical that distributed ledgers and Blockchain technology move from being a novel technical solution in search of a problem to actually providing value back to society, outside of making a few early adopters rich.

This is going to require a large cultural shift in the community, a weeding out of blatant scams and a refocusing of development away from complex, shiny objects to simple, practical solutions to actual problems. The long-lasting, meaningful technologies in this world are those which better humanity, not those which put a few lucky kids in Lamborghinis.”

CT: And here comes the goofy question: are you a dog or a cat person?

JP: Dogs, definitely. Cats really seem to dislike me for some reason.

Jackson Palmer, along with other opinion leaders of the crypto industry, will be attending Global Blockchain Forum, which will take place in Santa Clara, US, on April 2-3, 2018. Cointelegraph will participate in the event as a media partner.

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Fork Confusion Propels Litecoin to 1-Month High Above $200

Litecoin (LTC) is putting on a show today amid news a group of developers may seek to fork its blockchain, the fifth-largest by total value.

The cryptocurrency was last seen changing hands at $216, a one-month high, according to data service CoinMarketCap. Overall, LTC has appreciated by 29 percent in the last 36 hours, up over 100 percent from the Feb. 6 low of $106.94. Further, with the move, litecoin’s market capitalization has jumped above $10 billion for the first time since Jan. 29.

Still, the reasons for the move may give investors reason for pause.

LTC appears to be edging higher due to news of an upcoming fork called “Litecoin Cash,” which is promising new tokens to existing holders at block 1,371,111. For every 1 LTC held at block 1,371,111, holders will receive 10 LCC, according to the official website.

However, there is a notable contingent that is warning about the new cryptocurrency.

Litecoin founder creator Charlie Lee and the litecoin community have dismissed the project by calling it a “scam” meant to confuse litecoin owners. Bitcoin similarly boomed on the release of a rival blockchain called bitcoin cash last year, though there were perhaps more stark differences between the two technologies, propelled by competing ideologies.

However, the technical charts indicates the news may be enough to extend a rally.

Litecoin chart

The above chart (prices as per Coinbase) shows:

  • LTC has breached the falling trendline resistance on the back of a sharp rise in volumes. A high volume breakout indicates the rally is here to stay.
  • Short-term momentum studies indicate bullish setup: 5-day MA and 10-day MA are curled up in favor of the bulls.
  • The relative strength index (RSI) is above 50.00 (in the bullish territory) and on the rise, indicating scope for further gains in LTC.
  • Meanwhile, 50-day MA is sloping downwards in favor of the bears.

View

  • A close today (as per UTC) above the trendline hurdle would signal bearish-to-bullish trend change and allow for a stronger rally towards $300.
  • The RSI on the 1-hour and 4-hour chart shows overbought conditions, hence a minor pullback could be seen. That said, the dip would be short-lived as short-term momentum studies are biased bullish.
  • Only a daily close (as per UTC) below $142.26 (Feb. 11 low) would signal bullish invalidation.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase and Ripple.

Litecoin image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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After BlockShow: How Achain’s Fork Theory Has Worked in Real Life

It’s been less than a month since Achain introduced its Fork Theory at BlockShow Asia 2017. The project has recently released light-speed ABitcoin (ABTC) and the global cloud computing service token Acute Angle Coin (AAC).

Achain is the public Blockchain platform that allows users of any skill level to issue tokens, smart contracts, create applications and Blockchain systems. Its fork theory is a bold attempt at gearing the current forking technique towards an end goal of technological innovation instead of just financial profiting, lifting Blockchain industry from mutual exclusiveness onto the air of open collaborations. This system would require a process of requesting, approving and executing through mutual agreement of participants. The newly created sub-chain will have its consensus method, data storage and block capacity available for free customization.

How did it begin

On Nov. 23, Achain founder Tony Cui posted on BitcoinTalk Forum to unveil the basic framework of the freshly designed Fork Theory on chain-split. Cui’s purpose of this posting was
to gather public feedback in preparation for his keynote which was later presented at BlockShow Asia 2017.

The posting included several bullet points highlighting the main aspects of the theory. According to Cui, a development such as this is made necessary by the abiding concern of technical qualifications restricting Blockchain accessibility to mass commercial marketplaces. Tony Cui commented:

“How could new developers quickly develop secure Blockchain applications? And where could they even start to find their first customers?”

Inspired by the recent trends of Bitcoin forking, Cui’s theory proposed a coexistence of a main chain and several sub-chains derived from the main. The former is committed to the basic Blockchain infrastructure, while the latter could be customized to the various needs of their applications.

The theory

Achain’s Fork Theory is a company’s bold attempt at gearing the current forking technique towards an end goal of technological innovation instead of just financial profiting. To new
developers of future Blockchain applications, it solves the problem of their initial lack of customers, since the sub-chains inherit the reservoir of existing users directly from the main
chain database. Furthermore, it avoids disruptions of communications, as all information and value exchange will be shared among all chains following a universal VEP 1.0 (Value Exchange Protocol). Finally, the theory requires the type of forking – whether hard or soft – to be considered according to the scenarios required by each application and be voted on by the wide majority of the Achain community.

ABitcoin, approaching the Speed of Light

ABitcoin was forked at the height of 498888 at BTC on Dec. 12 and will initiate forking at 1498888 at ACT on Jan. 12, 2018. It inherits Achain’s DPoS consensus algorithm and features light-speed contracts of mega-level TPS with 0.00001 USD transaction rate. Oriented to the technological future, ABitcoin strives to integrate concepts of AI, Big Data, game industry and the Internet of Things in Blockchain application and fully protect against quantum attacks by 2019.

Having improved the operation rate and network huff-and-puff movement performance of smart contract, ABitcoin represents a Blockchain+ platform that runs free of barrier. By the end of 2018, it will complete automatic discovery and organization of clusters to improve concurrency rates.

The smart contract platform will be launched in January 2018. BTC holders will obtain ABTC following a ratio of 1:100, and ACT holders following 1:1.

Acute Angle Cloud: IaaS experience powered by Blockchain

Acute Angle Cloud is a globally distributed IaaS platform. Its cloud computing service platform encompasses Acute Angle PC, Acute Angle Chain and IPFS system. The project plans to achieve its goal through Acute Angle Chain, Acute Angle Cloud 1.0 and Acute Angle Cloud 2.0.

Acute Angle PC was launched on its official website on Dec. 12th. It is a universal host based on IPFS P2P hypermedia protocol storage and Acute Angle Chain digital assets management. And it can formulate reward system for all the users according to smart contract. It significantly differs from Xunlei’s previously released device OneCloud. Acute Angle PC functions as a genuine PC, which means that mining will be automatically implemented once the users boot into the system. Its digital currency Acute Angle Coin can be gained through sharing idle disk space and bandwidth, providing its users with an efficient private mining experience.

Victor Gao, founder of Acute Angle Cloud, has 17 years of experience in PC, intelligent hardware product definition and development, supply chain production and brand marketing
management. He shows optimism of building with Achain a new ecosystem of the Blockchain community and promoting the advancement of human information technology in the service of society.

Achain’s Founder Tony Cui remarked that Blockchain has reshaped current business scenarios, removed unnecessary middleware and optimized the efficiency and cost of the entire
transaction. Achain’s technical philosophy and structure root from the perspective of smart contracts, which neatly fits into the Acute Angle Cloud’s program and vision.

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Bitcoin Gold Sets Sunday Date for Cryptocurrency Release

Bitcoin gold is set to launch this weekend, its development team announced today.

In a new blog post, those behind a yet-to-be-officially-released fork of the bitcoin blockchain said that they would release the bitcoin gold client for download at 7:00 PM UTC on Nov. 12.

Originally set for a public launch on Nov. 1, the project is backed LightningASIC, a seller of mining hardware based in Hong Kong, as well as a broader open-source community of relatively unknown developers. The idea behind bitcoin gold, according to its supporters, is to restrict the use of specialized chips for mining, or the process by which new transactions are added to a blockchain (while also creating new tokens as a reward).

It’s also the latest example of an airdropped cryptocurrency that shares a transaction history with the primary bitcoin network – that is up, up until the date the ledger of transactions starts to differ. Yet in a move criticized by some observers, the team behind bitcoin gold has been mining blocks in insolation since the new network formally began last month, with that “premined” amount of coins being set aside to support development.

“We are extremely grateful for the community around the world who have been contributing hash power to our testnets; besides patiently testing their own mining process, they allow exchanges, pools, wallet developers, and all other service operators to implement and test their support of BTG so that the Bitcoin Gold community can have a full suite of services at launch time,” the project’s backers said in a statement.

Gold nugget image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.