Daily Cryptocurrency News – 5th November 2018

Here are the latest most important cryptocurrency news of November 5, 2018

Whiteblock Releases New Report: EOS isn’t a Blockchain, Just a Distributed Database

Image Source: Crypto News Asia

The blockchain testing and research company Whiteblock Inc has just released a damnatory verdict on EOS. Published on November 1, 2018, the report is titled “EOS: An Architectural, Performance and Economic Analysis.” The report claims that EOS is not a blockchain at all, but rather a “distributed homogeneous database.”

According to the report compiled by Whiteblock’s research team, EOS has many shocking security and protocol failings. These failings fatally compromise many of the use cases suggested for the network once dubbed the “Ethereum killer.”

Over the course of two months since its September launch, the test evaluated the EOS network’s transactional throughput against its claimed capacity. They also tested its response in different areas such as:

  • Adverse network conditions,
  • Response to variable transaction rates and sizes,
  • Average transaction completion time,
  • Partition tolerance and
  • Fault tolerance.

The results are far from flattering.

 “EOS is not a blockchain, rather a distributed homogeneous database management system, a clear distinction in that their transactions are not cryptographically validated. EOS token and RAM market is essentially a cloud service where the network provides promises for computational resources in a blackbox for users to access via credits. There is no mechanism for accountability due to the lack of transparency on what Block producers can create in terms of computational power.”

For more info, you can go to this link.

Bitcoin Cash (BCH)  gains 25% in Three Days Before The Hard Fork for 15th of November

Image Source: SFOX

Bitcoin Cash’s price has been increasing by a significant amount. From Nov 2, its price has jumped by about 25%. Bitcoin Cash is currently trading at $568 USD, compared to the $425 at Nov 4.

The primary reason for this increase in price is because of the support for hard fork extended by two big crypto exchanges. Those exchanges are Binance and Coinbase.

In the official announcement for extending the support for Bitcoin Cash hard fork, crypto exchange Binance wrote:

“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash suspend starting from 2018/11/15 3:00:00 PM (UTC). Please leave sufficient time for deposits to process in full prior to this time. We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts.”

After the Binance announcement, popular crypto exchange Coinbase joined to extend support for the BCH hard fork. The Coinbase team wrote:

Twice a year, the Bitcoin Cash (BCH) network hard forks as part of scheduled protocol upgrades. The next BCH hard fork will be this Nov 15, 2018, and Coinbase is preparing to support the published roadmap from bitcoincash.org”.

Ledger, has also said that it will protect BCH users through the fork. Moreover, it also claims that as per the requirement, it will support the most dominant chain, the fork with the highest stability and most hashing power.

OmiseGO (OMG) Just Launched First dApp: Plasma Dog, a 2-D Platformer Video Game 

OmiseGO (OMG) has officially launched the first decentralized app (dApp) on their network. With the launch of the new “Plasma Dog” game, on OMG’s Plasma testnet, OMG moves one step closer to deploying user-friendly dApps to the network.

Plasma Dog is a traditional 2D side-scroller similar to classic Super Mario Brothers games. The game was initially announced on November 1 at the conclusion of the Ethereum Devcon4 conference in Prague, Czech Republic.

Plasma dog uses common cryptocurrency terms as characters in the game. Enemies include double spends, faulty child chains, invalid blocks, and even node collusion. The in-game currency is also known as UTXO, short for Unspent Transaction Output. It is also the term used for the change of a transaction that’s waiting to be spent. The UTXO token, native to OMG, is immediately delivered to the user’s wallet as soon as they’re obtained in-game.

If you want to try this new game, you can try it for free here.

Crypto Trading in South Korea Surges; Trading Volume in South Korea Increases by 10 to 15 Percent

Image Source: Forbes

Over the last 48 hours, the daily trading volume of crypto exchanges in South Korea has surged substantially by a range of 10 to 15 percent.

Bithumb, the largest cryptocurrency trading platform in the local market by trading volume, has seen a spike in daily trading volume of the Bitcoin-to-South Korean won pair. The pair has become the second most liquid trading pair in the global market after the Bitcoin-to-US dollar pair on Bitmex.

In the past 24 hours, Bithumb has cleared about $581 million in Bitcoin-to-KRW trades. Also, it processed about $2.7 billion in cryptocurrency trades.

If you missed news yesterday, you can check them out here: Daily Cryptocurrency News – 4th November 2018

Image Source Huffpost

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