Daily Cryptocurrency News – 11th November 2018

Here are the most important headlines of 11th November 2018 in the cryptocurrency space:

Ethereum’s Constantinople Upgrade – Possible to Happen In January

Ethereum enthusiasts have something to be happy about. In the last meeting, there were two dates proposed for the future Constantinople upgrade – January 12th and January 16th. The dates were set to be at that time so that the holiday season would pass.

If this is a viable option (can’t completely judge the overall effort needed to get this in place + communicate this), I would like to make the following adopted timeline suggestion:

December 10th (Monday), 2018:
Start of a new PoW testnet, deprecate Ropsten

January 16th (Wednesday), 2019:
Fork on the new testnet

February 12th (Tuesday), 2019:
Fork on mainnet

This Ethereum upgrade will introduce five Ethereum Improvement Proposals (EIP) that could surely improve the network.  The Ethereum Improvement Proposals (EIP) are the following:

  1. EIP 145: Introduces Native bitwise shifting instructions which are more efficient for processing transactions on the network
  2. EIP 1218: Allows blocks to be directly aware of block hashes much older than the current hash
  3. EIP 1014: to implement scaling based upon state channels and off-chain transactions
  4. EIP 1052: optimizes large-scale code execution on the network
  5. EIP 1283: proposes the reduction of excessive gas costs where it does not match how most implementation works

Circle Invest Adds Basic Attention Token To Its Platform 

Circle recently decided to list Basic Attention Token (BAT) on its platform. Great news for BAT as this comes at only a few days since it was listed on Coinbase. Not a surprise for everyone though. Circle and Coinbase are partners in the Centre Venture. Centre was created to increase the adoption of the ‘stablecoins’. Circle’s own stablecoin, USDC, was listed last month on Coinbase.

In order for a cryptocurrency to be listed on Circle, it should meet the ‘Circle Asset Framework’, as BAT token did before listing. Circle, which also owns Poloniex exchange, was mention by The Office of the Attorney General of New York for having transparent listing standard. Circle’s head of legal & business affairs Claire Wells declared for Cryptoglobe that the company traders over $2 Billion OTC.

Moreover, even if the price had a decline, Brendan Eich pointed out that BAT is in discussions with a large publishers which will work exclusively with Brave. Alex Gedevani believes that the website that Brave will have a partnership with its Imgur – and he wrote a detailed article about it on his Medium blog.

Bitcoin ATM’s Available in Almost 4,000 Locations Globally 

Even though if the Bitcoin price is on a continuous decrease since the beginning of 2018 – the adoption is slowly increasing. At the end of November, there’s a number of 4,000 ATMs expected to be live all around the world. According to CoinAtmRadar, there are 3989 Crypto ATMs available right now – with over 75 Countries that have at least 1 ATM, 40 Producers and 515 Operators.

The number of Crypto ATMs increased by almost 1,000 since May 2018 and by over 3,000 since January 2017. The continent with the most crypto ATMs is North America – with over 71.3% of the market, followed by Europe. Another interesting fact is that 6 in 10 machines support different altcoins. Most popular altcoins among ATMs are: Litecoin, Ethereum and Bitcoincash. Also, 4 in 10 ATMs allow users to both buy and sell cryptocurrencies.

The downside of ATMs – the fees. The average fee of buying cryptocurrency is a huge 8.85%. Selling it have a fee of 7.9% – a little lower, but still too much. For more details, you can check Bitcoinist’s article.

Private Blockchains – Compatible with European’s GDPR 

According to a research published on 6th November – Private blockchains could be compatible with the latest European privacy rules. The study was conducted by Queen Mary University of London and Cambridge University, UK.

GDPR ( General Data Protection Regulation ) act is a legislation that regulates the storage of personal data for all the EU individuals. According to the act, the ‘controllers’ ( such as banks or even a website where you’ve submitted your email) are obliged to keep you data private – otherwise, they could receive a fee of 20 million Euro or 4% of global turnover(whichever is higher) .

The study claims that private blockchains could fall under these rules and be treated as ”controlelrs” as they handle sensitive data about persons from Europe.

“There is a risk that this legal uncertainty will have a chilling effect on innovation, at least in the EU and potentially more broadly. For example, if all nodes and miners of a platform were to be deemed joint controllers, they would have joint and several liability, with potential penalties under the GDPR.”

But, there’s a solution though. The blockchain operators could act like “processors” instead and let the users control their data. As an example, the perfect case would be a blockchain-as-a-service (BaaS) offering. In this case, a company would provide the infrastructure for the network while users would be free to manage their data. There’s also an examples for this case, with centralized platforms for land registry and private inter banking solutions. This examples are basically “closed, permissioned blockchain platform with a small number of trusted nodes” – and these perfectly comply with GDPR rules. More details about this can be found on Cointelegraph 

Other Important News

If you’ve missed yesterday’s news, you can read them here: Daily Cryptocurrency News – 10th November 2018

Image Source: PFI

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