There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened during the past couple of days. COVID – 19 has affected everything, including the crypto world. That’s exactly why there are tons of news about cryptocurrencies that are connected to the world’s biggest problem at the moment. As a matter of fact, the price of Bitcoin has been through the roof in recent weeks. For that reason, we have picked some of the most exciting and most recent news for this article.
The world is trying to move on after the COVID-19 crisis and the same goes for crypto. Sure, the pandemic is still going but most industries are slowly opening up. Major bitcoin news are happening with every day. For that reason, we have picked the most important recent information on the matter. First, we are sure that you heard about the attack on Ethereum Classic some time ago. For that reason, they are preparing a plan to increase their security. Our next topic is how crypto will influence the Russian financial system. Last but not least, we have to mention the willingness of bank representatives to improve upon crypto work. Keep reading to find out the newest information on cryptocurrency.
How to protect the Ethereum Classic Network from further attacks?
Ethereum Classic (ETC) accelerator Ethereum Classic Labs announced a plan to protect the blockchain from further attacks. On Aug. 19 the organization proposed taking immediate action in implementing long-term changes to the network architecture over the next three to six months. The accelerator decided to focus their efforts on improving the network’s security after recent attacks on the blockchain. The immediate measures proposed by Ethereum Classic Labs include a “defensive mining” cooperation with mining pools and miners to maintain a consistent hash-rate and gain the ability to increase it when needed. A higher hash-rate would render a 51% attack against the network more expensive to perform.
Ethereum Classic Labs also intends to deploy advanced network monitoring. The idea is to identify anomalies affecting the Ethereum Classic blockchain and spikes in hash rate. Other short term measures include collaboration with crypto exchanges on whitelisting addresses and setting safe transaction confirmation times as well as deploying a finality arbitration system meant to inhibit chain reorganization. The long-term solutions proposed include increasing 51% resistance with a hard fork which would create “checkpoints” beyond which reorganization could not be achieved, and changing to a new proof-of-work mining algorithm. Furthermore, the accelerator also suggested creating a treasury system, but noted that such an endeavor would need community approval.
The Ethereum Classic network saw a blockchain reorganization which changed 3,693 blocks worth of transaction history. However, it was actually a malicious attack in which $5.6 million worth of the cryptocurrency got double-spent. Just a few days later, Ethereum Classic suffered from another 51% attack, which resulted in over 4,000 blocks being reorganized. The network was victim of another attack of the same kind in January 2019. Because of those attacks, cryptocurrency exchange OKEx has gone as far as to consider delisting the coin.
Are crypto payments affecting Russia’s financial system?
Russia is about to officially ban crypto payments within its borders starting on Jan. 1, 2021. Russia’s primary crypto opponent is Anatoly Aksakov, a member of the State Duma and a key architect of Russia’s crypto ban. In mid-August, Aksakov argued that legalizing crypto payments basically “means the destruction of a financial system.”However, Binance’s head of operations for Russia and the CIS – Kostarev has some different thoughts. He was talking that crypto payments are already there in countries like the Netherlands and Venezuela. A lot of people all around the world already pay for goods and services in cryptocurrency. Here are some of his words:
“These working solutions are the result of the successful integration of traditional financial services and cryptocurrency projects. Here I should mention that cryptocurrencies can’t destroy the financial system, but without any doubt they can complement it.”
Waves founder and CEO Alexander Ivanov is confident that crypto has no chance to harm any financial system. He compared Bitcoin payments to transactions that involve a foreign currency. “Crypto payments are unable to destroy any economy, just as credit card payments in foreign currencies don’t ruin it,” he said. George Payne is the co-founder of crypto payment app GatePay. He is also certain that cryptocurrencies could certainly be used to bolster economic growth. This can happen after countries establish “well-thought-out and executed policy.” He also questioned the feasibility of the ban on crypto payments, as there are ways to pay in crypto and stay anonymous.
US Banks believe Fintech Solutions can improve Crypto Custody Services
The United States Acting Controller of the Currency, Brian Brooks, recently expressed his willingness to embrace fintech solutions in an interview with CNN. Brooks, who was formerly Chief Legal Officer at Coinbase, was talking about how his job now was to “identify impediments that make it harder for people to get what they want and need.” This has already led to a green light for banks to provide crypto custody services, and Brooks also mooted the possibility of a future Central Bank Digital Currency (CBDC) issued by private companies but backed by bank deposits.
The interview includes information about the need for faster payment solutions. The recent issuing of coronavirus benefit payments being sent across what Brooks described as “19th century banking rails.” According to Brooks, the lack of an instant payment solution in the U.S. banking system is causing millions of payments to leak out of it. Companies like PayPal, Stripe, and Square are handling these payments. This then raises the question of whether it is desirable for this financial activity to be outside of the regulator’s control.
Brooks suggested that his favorite solution, which is already being implemented in other parts of the world including the United Kingdom, was to have “faster payments that are innovated by private companies, but then supervised by federal watchdogs.” Finally, Brooks discussed the 50 million Americans who currently hold some form of cryptocurrency. He described his role as making sure that this was “accessible to them in the same safe and sound way that they can get their checking account.”
Tune in Next Week!
Check out the Coinbet24 Blog next week for more information and updates about Bitcoin and cryptocurrency. Additionally, visit our Crypto Information section for any extra data on the subject. In the meantime, check Coinbet24.com, a Bitcoin Sportsbook & Online Casino operator.