Category: Crypto

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Dash (DASH) Network Processed About 3 Million Transactions In 24 Hours In The Last Stress Test

Dash (DASH) broke a new record by processing 3,020,238 transactions in 24 hours. The event occurred on Sunday, November 11th, during the Dash network stress test. Thus, Dash blockchain managed to surpass the 2.1 million transactions achieved by Bitcoin Cash (BCH) during its latest stress test.

The stress test, which was intended to measure the transaction capacity of the Dash network, was carried out by the team of developers of the Dash (DASH) wallet, MyDashWallet, with the version 12.3.4 of the blockchain. The group aimed to achieve a maximum of five million processed transactions, but despite not having reached its goal, the results are more than three times the number of transactions processed in the last test conducted in July.

The three million transactions were achieved with an average speed of 1 block every 2 minutes. Among the mined blocks, some reached 2MB, the maximum size stipulated in Dash (DASH) network for each block, and contained more than 10,000 transactions. Given the number of operations in these blocks and the average mining time, it is estimated that the network was able to process between 60 and 80 transactions per second. That is a number that, although positive for Dash (DASH) blockchain, is still far from the 24,000 transactions per second that Visa claims to process.

Dash (DASH) Network Processed About 3 Million Transactions In 24 Hours In The Last Stress Test

Another important aspect is that the Dash network stress test was carried out with an average mining difficulty of 90M, after dropping from the 118M it had reached some eight days ago, according to BitInfoCharts.

It is important to note that the three million transactions were not the limit that those responsible for the test expected to reach. However, with this number of transactions, some blocks reached their maximum size of 2MB.

The 2MB blocks are enabled in the Dash (DASH) network since 2016, but at the moment there are already proposals to increase it. Some proposed to increase the size to 5MB, 8MB and even 10MB. However, studies assure that it is not advisable to exceed 5MB because the profitability of mining could be compromised.

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Crypto News

Google Ex-CEO Believes That Ethereum (ETH) Blockchain Is The Most Promising In The Crypto Market

The Google ex-CEO, Eric Schmidt pointed out that Ethereum (ETH) is a blockchain of greater potential than others, especially for its flexibility to construct multiple solutions on its network, a case of extremely significant use that other projects of this nature lack.

Schmidt stated that during a live interview with the economist Tyler Cowen, which was organized by Village Global in the city of San Francisco, in the United States. When asked if he considered blockchain technology as overvalued or undervalued, Schmidt assured that its public use is overrated, but its more technical implementation is undervalued.

According to him, nowadays the blockchain technology is beneficial for the financial exchange, having successful public examples like Bitcoin (BTC), but also being a fundamental part of private banking transactions, when it is necessary to solve trust problems between the parties.

Google Ex-CEO Believes That Ethereum (ETH) Blockchain Is The Most Promising In The Crypto Market

“I think one of the most exciting things that are happening is the beginning of the construction on the blockchains; the most obvious example is the capacity of Ethereum (ETH). And if Ethereum manages to find a way to make a global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention,” said Eric Schmidt, Google Ex-CEO.

“Bitcoin (BTC) is a remarkable cryptographic achievement. The ability to create something that is not duplicable in the digital world has enormous value,” Schmidt said at the time. Julian Assange, the creator of Wikileaks, would have been the one who introduced Bitcoin (BTC) to Schmidt in 2011, as he admitted, urging him to use BTC.

At Google, co-founder Sergey Brin, as well as the current CEO, Sundar Pichai, have both declared themselves interested in cryptocurrency, and even their children, although minors, already mine Ethereum (ETH).

Other technology enthusiasts have also admitted themselves as cryptocurrency fans. For example, Twitter CEO Jack Dorsey even went so far as to say that he hopes Bitcoin (BTC) would become the Internet’s native currency.

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Crypto News

The US SEC Fined EtherDelta, An Ethereum (ETH) and ERC20 Exchange, For Operating Without A License

The US Securities and Exchange Commission (SEC) sanctioned Zachary Coburn, founder of Ethereum’s decentralized Ethereum (ETH) and ETH tokens exchange platform, EtherDelta, with $388,000, alleging that the startup operated as an unauthorized cryptocurrency exchange. The regulator said Thursday, November 8th, that EtherDelta “was required to register with the SEC or qualify for an exemption.”

In the press release, the SEC said this is the first action it has taken “based on the findings that the platform operated as a national means of exchanging unlicensed securities.” Also, the officials said EtherDelta provided a market for buyers and sellers to exchange tokens “using an order book, an order display website, and a smart contract based on Ethereum (ETH).”

The US regulators noted that, over an 18-month period, EtherDelta crypto exchange’s users executed more than 3.6 million orders for ERC20 tokens, “including tokens that are securities under federal securities laws.”

The US Securities and Exchange Commission (SEC) Fined EtherDelta Ethereum (ETH) Crypto Exchange For Operating Without A License

The US Securities and Exchange Commission’s decision marks a precedent that could impact the creation and development of decentralized crypto exchange projects. Stephanie Avakian, co-director of the SEC’s Enforcement Division, noted that “EtherDelta had both the user interface and the underlying functionality of a national online stock exchange and was required to register with the SEC or qualify for an exemption.”

Without admitting or denying the facts, Zachary Coburn agreed to pay $388,000 in penalties broken down into $300,000 in profit returns, $13,000 in interest, plus a fine of $75,000.

EtherDelta attracted media attention back in December 2017 when its platform was hacked, putting users’ information and funds at risk. The system is used to exchange Ethereum (ETH), the Ethereum blockchain’s native cryptocurrency, as well as other tokens created on this network, known as the ERC20 tokens, among others.

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Crypto News

Swiss Financial Markets Supervisory Authority Recommends Measuring Crypto Risk By 8 Times Its Value

A confidential letter from the Swiss Financial Markets Supervisory Authority makes it clear that, in its view, cryptocurrency, such as Bitcoin (BTC), are the highest risk category of digital assets. This was reported by the Swiss news portal SwissInfo.ch, which had access to the document.

The report indicates that Swiss Financial Markets Supervisory Authority sent the letter to the association EXPERT-Suisse, which brings together Swiss auditors, trustees, and accountants. In the report, dated October 15th, the regulator issues an opinion in the face of growing consultations by banks and securities traders on the calculation of the short-term liquidity rate in the case of cryptocurrency.

The institution advises banks and other financial actors to adopt the upper limit in the risk weighting range for the management of cryptos, and, in this regard, pointed out that the banks should “assign a flat risk weighting of 800% to cover market and credit risks, regardless of whether the positions are maintained in the bank or in the trade book.”

Swiss Financial Markets Supervisory Authority Recommends Measuring Crypto Risk By 8 Times Its Value

On the other hand, the Swiss Financial Markets Supervisory Authority indicated that the activities of crypto trading should not exceed 4% of the total capital of a financial entity. In addition to that, it considers that banks should notify the supervisory body when startups reach this limit.

Swiss Financial Markets Supervisory Authority pointed out that it has not yet established an official position on how to merge the cryptocurrency market with the Basel III capital requirements or liquidity indices. The Authority highlighted that it designed the guidelines contained in the document after consulting the Swiss financial sector, including the Swiss Bankers Association (SBA).

The Swiss Bitcoin Association pointed out that there are important developments there that will favour the development of such digital assets, despite restrictions on the recommended percentage of capital that financial institutions can devote to trading in crypto currencies. It is very encouraging that banks are no longer rejecting requests from clients for financial services involving cryptocurrencies. This is the first step of Swiss finance system to jump into the future where assets will not be a centralized custody point but in the blockchain.

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Crypto News Tech

AMD Launched Eight New Crypto Mining Rigs In Collaboration With Seven Manufacturers

Advanced Micro Devices (AMD) entered the business of cryptocurrency mining, and now the company offers eight models of mining rigs online. The AMD crypto mining equipment incorporates Radeon graphics cards, already accessible in the field of mining cryptocurrencies. The company had also pointed out that sales of this type of machine had slowed down, but they have reached an agreement with other manufacturers such as Asus, Saphire or Asrock to design the rigs and integrate the AMD graphics cards.

According to the company, this business area can help make the use of blockchains safer and more efficient by providing the necessary hardware to perform the mathematical and cryptographic calculations required for the mining operation.

“Blockchain algorithms require computing platforms, PCs and servers, more specifically CPUs and GPUs to run. AMD is uniquely positioned to offer the best combination of CPU and GPU technologies to make blockchain transactions faster and more secure,” AMD stated.

AMD ventures into the cryptocurrency mining business with eight new crypto mining rigs

Saphire, Asus, Asrock, MSI, Biostar, Tul, and Rajintek are the companies AMD has partnered with to offer complete crypto mining rigs along with their hardware, the AMD Radeon graphics cards. This new line of business is contrasting with the low level of sales reported by the company just a week ago.

According to the recently released AMD report, the company’s revenues for Q4 2017 were $1.34 billion, adjusted for revenue accounting standard ASC 606, and included GPU sales related to blockchain and crypto mining. According to AMD, this year’s crypto mining rigs’ sales were negligible, in comparison with the company’s other products.

The irruption of ASIC miners, with chips specialized in a specific algorithm and with more capacity and computing power, have caused the decline of this business. The popularity of ASIC miners, together with the many drops of the cryptocurrency market, could have had an impact on the fall of the AMD’s profits from crypto mining rigs. However, new AMD cryptocurrency mining computers are now available to revive this sector for AMD.

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