Author: Anna Galvez

Categories
Crypto News

Litecoin (LTC) Founder, Charlie Lee, Commented The Recent Bithumb Hack – “Bitcoin (BTC) Is Performing Very Well”

The theft of $31 million in cryptocurrencies from the Bithumb cryptocurrency exchange platform was announced last Tuesday. Recently, Charlie Lee, the founder of Litecoin (LTC) which at this moment is the sixth largest cryptocurrency in the world by market cap, said that incidents like this should not affect the price of Bitcoin (BTC) in the same way that a bank robbery does not change the price of gold, as he exampled.

“It’s like a bank being robbed and stealing the gold, does that affect the price of gold? It shouldn’t. The same with Bitcoin (BTC) – if the exchange doesn’t protect your coins well enough and is hacked, it doesn’t really change the fundamentals of the currency in question,” affirmed Charlie Lee in an interview with CNBC.

The programmer pointed out that cryptocurrencies not only challenge the concept of money but also require a reassessment of the way in which savings are usually protected, which is “much better than traditional finance.” While we now depend on banks to protect our money, digital currencies allow each one to be responsible for his or her own wealth, according to Lee.

Bitcoin (BTC) is performing “very well despite its decline,” thinks Charlie Lee, the founder of Litecoin (LTC)

The founder of Litecoin (LTC) argued that Bitcoin (BTC) is performing very well even though it is declining right now. Lee also noted that its network has become progressively stronger and more resilient.

According to Charlie Lee, the market price of a cryptocurrency does not reflect the real achievements for that cryptocurrency. The truth is that the cryptocurrencies market is going through a bearish period that is not known how long it will last.

“I have been in this world for seven or eight years and have seen that bear markets can last for three to four years. So, this stage could be extended for three or four years, or it could be recovered tomorrow,” said the founder of Litecoin (LTC), Charlie Lee.

However, technological advances in the crypto-verse suggest that the trend could be reversed “relatively soon,” Lee concluded.

Categories
Crypto News

Mt. Gox Placed Under Civil Rehabilitation Procedures By The Tokyo District Court

The Mt.Gox case, one of the most emblematic cases regarding the theft of digital coins, could be resolved favorably for creditors, once the Tokyo District Court heard the petition to initiate a civil rehabilitation proceeding and suspended the ongoing bankruptcy proceeding.

The decision was made known on Friday, June 22nd, 2018, through Nobuaki Kobayashi, who was appointed by the court as trustee in this new state of the trial. Until now, Kobayashi was the bankruptcy trustee of Mt.Gox. The replacement of the Bankruptcy process by a civil rehabilitation process had been filed by a group of creditors on November 29th, 2017, to find a more flexible and beneficial formula for handling the company’s bankruptcy.

The trustee explained in a document he released on Friday that the main difference between the two processes is that, in “bankruptcy proceedings, non-monetary claims become money claims,” thus explaining why the company’s assets must be liquidated to compensate creditors. That does not happen in the civil rehabilitation procedures, which will allow the company to respond to the creditors who demand the return of their Bitcoin (BTC).

Nobuaki Kobayashi, Mt. Gox “Bitcoin Whale” trustee, also presented the schedule of the Mt. Gox civil rehabilitation procedures

While serving as bankruptcy trustee, Nobuaki Kobayashi became famous for selling about $400 million in Bitcoin (BTC) and Bitcoin Cash (BCH) on behalf of Mt. Gox’s creditors. He also had $1.9 billion more to liquidate.

There were rumors in the cryptocurrency community that the Mt. Gox civil rehabilitation process might have affected the value of Bitcoin (BTC) which dropped significantly in the last days.

During this new phase of the Mt.Gox case, creditors must refile their claims with the trustee, and this procedure will open the door for the creditors who lagged behind in the first round. Nobuaki Kobayashi will re-evaluate the claims under the supervision of the Tokyo District Court.

The trustee presented a tentative schedule for the civil rehabilitation procedures, where a meeting with the creditors regarding the state of Mt. Gox assets will take place on September 26th. The program also indicates that the Mt. Gox civil rehabilitation plan will be ready by February 14th, 2019.

Categories
Crypto News

Ethereum (ETH) Officially Announced The Release Of Swarm Client v0.3 PoC With New Features

This Thursday, June 21st, Ethereum (ETH) social networks announced the release of Swarm Client v0.3, its third proof of concept (PoC), which includes new and experimental features, including a node-to-node messaging protocol.

As reported on the Ethereum (ETH) official blog, Swarm Client is a service that uses the SWAP protocol and provides API (Application Programming Interface) for uploading and downloading content to the cloud. Web services will be dispensed with through Swarm, as URLs can be used to host websites and decentralized applications (DApps) and can be used as a decentralized and distributed storage solution using Ethereum’s public registry.

The vision is of a new Internet that has no downtime and offers resistance to censorship, but is also economically self-sustaining thanks to an integrated incentive system.

Official Ethereum (ETH) blog

PSS (Postal Service over Swarm) is one of the new features included in the new Ethereum (ETH) Swarm Client v0.3 update

PSS is an experimental messaging protocol, which uses the same P2P connections used for data storage and delivery, to send messages from node to node. Swarm expects this infrastructure to be the basis of an entirely new internal communication system.

Another new experimental feature in this third proof of concept is the Mutable Resource of Swarm that facilitates access to changing content, as Swarm has integrated with the Ethereum Name Service (ENS), in the Ethereum (ETH) blockchain.

Also, this third proof of concept included a utility called FUSE, which will allow users to integrate Swarm data directly into their local Linux and Mac file systems and ensure automatic synchronization with Swarm.

The new Swarm Client v0.3 also offers a built-in encryption system to provide secure loading of private data. The version is available on the public test network and provides interested parties with the technical details of this update in the Swarm Guide. Also noteworthy is that Ethereum (ETH) is the second blockchain project in the cryptocurrencies market by market capitalization.

Categories
Crypto News

TRON (TRX) – TRON Mainnet Dubbed As Unsafe By The Digital Asset Research Company

With a few days to go before the transfer of TRX tokens to the TRON mainnet, TRON (TRX) admins are being criticized on social networks for new allegations of copying files from Github’s repositories without observing the open source software licensing requirements. Independent studies, on the other hand, warn of several potential areas of failure when token migration to the TRON main network is initiated.

In this regard, Lucas Nuzzi, director of the Digital Asset Research (DAR) company, said in a tweet that anticipates setbacks in the migration of TRON tokens.

If you think that the release of #EOS was chaotic, expect the release of #TRON in the next few days. It also happened that I reviewed the entire $TRX base code. My eyes hurt.

Lucas Nuzzi, Director of the Digital Asset Research (DAR), on Twitter

Also, Nuzzi referred to TRON (TRX) as the Frankenstein of the cryptocurrencies market.

TRON mainnet could be exposed to technical failures

A release in Medium, done by Digital Asset Research (DAR), showed more details of the analysis of the TRON (TRX) software and pointed out that despite finding several additional files of copied programs in their entirety, without proper attribution of authorship, these improper copies “pale in comparison to the technical risks of the project.”

Among the weaknesses of the project is that JavaTRON is a copy of EthereumJ, with some known flaws, a library of Ethereum programs that allow interacting with the Ethereum (ETH) blockchain using the Java language.

On the other hand, it is argued that the TRON Virtual Machine is copied from the Ethereum Virtual Machine, but that the added modifications would compromise security, as they “increase the area of attacks on the network.”

Another aspect that leads to potential failures, according to DAR, is the incorporation of the DPoS algorithm that would expose TRON mainnet to individual technical shortcomings after launch “since the project combines technologies originally developed for different system architectures.”

Categories
Crypto News

Blockchain Technology In South Korea Receives A $210 Million Boost From The South Korean Government

The South Korean government announced on Thursday its “Blockchain Technology Development Strategy” to ensure a level of global competitiveness in this technology and to boost a market with enormous growth potential, as reads the official documentation. The strategy calls for an investment of about $210 million over the next four years.

According to the ministerial document, the market for blockchain technology is expected to grow, and South Korea wants to be part of it and become a “Blockchain Nation.”

The South Korean government will promote blockchain technology in the management of livestock products, personnel authorization, real estate transactions, online voting, international distribution of electronic documents, and shipping logistics.

The South Korean government wants to exploit the blockchain technology benefits to the maximum

In the project for the management of livestock products, developed in collaboration with a nutritional products division, the South Korean government aims to ensure access to a historical product dossier, so that “meat can be consumed with confidence.” To this end, they plan to share in a blockchain technology the information from the entire cycle, from breeding to the beneficiary process, so that the supervision and approval time is reduced from a maximum of 6 days to 10 minutes.

In the case of shipment management, all shipment orders, shipping manifests, and customs formalities will be stored in a blockchain, allowing for reduced customs clearance and logistics costs.

As for the procedures for processing a real estate mortgage, the South Korean government hopes to facilitate them by eliminating the process of moving to different public offices when a financing application is submitted. Also, it introduces an element of greater confidence for buyers, as the property records, once validated and stored in the blockchain technology, are unalterable.

Blockchain-As-A-Service (BaaS) is also wanted

In addition to establishing a roadmap for blockchain technology standardization, the South Korean government strategy also considers the development of Blockchain-As-A-Service (BaaS) service providers, so that small and medium-sized enterprises can quickly implement these subscription-based services.

In mid-April, South Korean entrepreneurs and academics called for less regulation and more support for blockchain technology, a request that is mostly met through the definition of this strategy by the South Korean government.

Exit mobile version