Daily Cryptocurrency News – 8th October 2018

Welcome to our Daily News article. Recently there have been new announcements by many cryptocurrency related companies. Today we are going to describe them to you.

Binance Receives Important Listing Fee Update

Binance has just made a change to the listing fee policy. Starting immediately, they will make all listing fees transparent and donate 100% of them to charity.

Project teams will still propose the number they would like to provide for a “listing fee,” or now called a “donation.”

This change plans to further Binance’s initiatives to support charities and increase the use of the blockchain for good. Could this attract more people to investing in Binance Coin or to use Binance Exchange?

No hard forks needed – revolutionary new concept for Bitcoin introduced by Mark Friedenbach

The “Scaling Bitcoin” conference took place in Tokyo on Friday. Mark Friedenbach former developer of Blockstream presented an interesting concept for Bitcoin. “Forward blocks” are designed to allow future, controversial changes to Bitcoin to be made. These include increasing the block size or changing the proof of work, without having to perform a hard fork. The “Forward Blocks” solution would make it virtually obsolete for every node in the Bitcoin network to update its software.

Forward blocks allow different blockchains with separate proof-of-work functions. Therefore, a block can not only be written in a single blockchain, but also in many of them.

The data of the Bitcoin blockchain will split into different parts, further blockchains. These “forward blockchains” are not connected to each other and store their own transactions. However, there should be a synchronization possibility between these (both) shards.

Friedenbach just said:

“One of the methods is sharding. I’m talking about database sharding. If we can have a forward blockchain, we could just as easily have 30 and have transactions separate from them, so that each shard has its own UTXO set […]. The information in one shard does not link to what happens in other shards. There must be a way to transfer something between the shards, and there are some synchronization requirements, and it’s the same mechanism we used for the Coinbase rules earlier.”

This concept is undoubtedly going to be discussed by all the Bitcoin community. “Forward blocks” might be accepted or not, but if it does it is going to be very interesting what we will see.

Lupus Foundation of America Announces Capability to Accept Cryptocurrencies

Lupus, the national foundation of America for solving the mystery of lupus is glad to announce a prominent new feature. It has started accepting donations in the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ethereum Classic (ETC)

Donations with cryptocurrency will be available online and become accepted as part of the 2018 Evening of Hope Gala. This event will be taking place in New York City this November. Stevan W. Gibson, president, and CEO, Lupus Foundation of America. declared:

“We recognize the benefit of accepting cryptocurrency and the groundbreaking nature of blockchain technology.With this new capability, we are also looking forward to expanding into accepting more cryptocurrencies as well as how we can leverage blockchain to elevate our impact as we see more individuals and organizations using this technology.”

This significant step will allow more ways for donors to support the foundation. It might also be the beginning for cryptocurrency helping more for those with lupus and helping many important charities.

Major Crypto Exchange Bitfinex Obtains Banking Partner in HSBC

Larry Cermak, a former editor at Diar and head analyst at The Block has made an important new report. The leading cryptocurrency exchange Bitfinex has just obtained a banking partner, HSBC, the new $133 billion banking giant based in London.

“Bitfinex is now banking with HSBC through a private account of Global Trading Solutions. Very good fit if you ask me. It’s also worth mentioning that all EUR, JPY and GBP deposits are paused but Bitfinex ‘expects the situation to normalize within a week’” Cermak said.

Bitfinex had to face serious challenges before. The exchange had a conflict with Taiwanese banks. After that, they initiated a lawsuit against Wells Fargo, a US-based banking giant. It was because they were blocking deposits to the banking account of Bitfinex and disrupting operations of the business.

Since then, Bitfinex has moved out of Taiwan and relocated to the Caribbean. In May, Bloomberg reported that the exchange partnered with Noble Bank to process transactions sent by its clients. However, Noble Bank has announced to file for bankruptcy following an in-principle deal to restructure debt in January, with that, the only banking partner of Bitfinex vanished.

HSBC is the first proper banking partner Bitfinex has obtained since Wells Fargo in 2017. If Bitfinex and HSBC can sustain a deal long term, this will improve the stability for the operations of Bitfinex. This could be significant due to the recent challenges the company has gone through.

If you missed news yesterday, you can check them here: Daily Cryptocurrency News – 7th October 2018

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