Cryptocurrency Weekly News – Latest Updates

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.

Welcome to Cryptocurrency Weekly News
Welcome to Cryptocurrency Weekly News

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 every day. For that reason, we have picked the most important recent information on the matter. First, we are going to share some information about Dash and how they are evolving into something more. Next, we have news about the Bahamas launching a digital central bank in October. Last but not least, we have to talk about Ethereum. They recently got attacked by hackers and people are interested to know whether Ethereum learned a lesson from the latest attack. Keep reading to find out the newest information on cryptocurrency.

The Evolution of Dash

Dash is transitioning into a decentralized cloud cryptocurrency. They are releasing a platform that supports blockchain-verified user data storage and a decentralized API. The forthcoming Dash Platform comes from longstanding ideas to evolve the cryptocurrency’s functionalities. This dates back to the announcement of “Dash Evolution” back in 2015. Dash Platform will incorporate four features: a Dash Drive, a decentralized API, or DAPI, a username layer, or DPNS, and the Dash platform protocol, or DPP.

Mark Mason was sharing some of his thoughts about the news. In Mason’s words, “Dash Platform is an application development platform that leverages the Dash masternode network and blockchain by transforming the p2p network into a decentralized cloud.” Clients will be able to integrate their applications to the Dash Platform by using the distributed, decentralized application programming interface —  the DAPI. Meanwhile, the Dash Drive provides support by enabling these clients to send, store and retrieve application data as well as to query the blockchain through a simplified interface.

For its initial MVP release, the Dash Platform will work as a Database as a Service, or DBaaS. To this end, it will use data contracts with custom data structures defined for the applications that store their data on the Dash masternode network. However, this data will, in turn, be notarized via Dash’s blockchain.

The Bahamas Launch a Digital Central Bank in October

The Central Bank of The Bahamas is planning to launch a national cryptocurrency across its entire archipelago next month. The Bahamas is gunning to become the first country in the world to roll out a virtual currency nationwide. Their plan is to launch a central bank-issued cryptocurrency in October. The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen was sharing some information on the matter. According to him, the DCB with the name“Sand Dollars,”will drive greater financial inclusion among the remote islands within the archipelago nation.

“A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really had to customize the effort and the solution to what we need as a sovereign nation.”

Sand Dollar transfers are made by mobile phone. Roughly 90% of the Bahamian population use mobile phones as of 2017. Chen was saying that the CBDC will be subject to the same regulations as the Bahama dollar. This means, anti-money laundering and Know Your Customer protections sill surround the creation of accounts to use the virtual currency. New digital dollars will appear as demand grows, with the CBDC exclusively issued alongside the retirement of Bahamian dollars to mitigate potential impacts on monetary supply.

Did Ethereum Learn Anything from the DAO Attack?

The DAO was the highest technological achievement and the coming wave of innovation. That’s why the Ethereum blockchain was using it. However, recently it all went down a wrong path. Additionally, the smart contract and blockchain were similar ideas. In Vitalik Buterin’s early writings detailing the network of computers that would become Ethereum, the world’s second largest by blockchain by market cap but largest by developer activity, he put forward the idea of fully decentralized, autonomous corporations or organizations (or, DACs and DAOs). 

The DAO got that name for being the first encoded version of the concept. It was the proving ground that the disruptive world of venture capitalism could itself be disrupted. Approximately $150 million in ether was contributed to the project. More than 50 projects were a part of this plan. Most of them were on the way to receive funding by a smart contract that no one person owned.

Then it was attacked. On a Friday morning in June 2016, a still-anonymous hacker (or hackers) exploited a vulnerability in the code and confiscated tens of millions of dollars in cryptocurrency. Copycats soon followed. Investors withdrew their funds, a “dark DAO” was spun up to protect the remaining and a serious debate raged over when it might be appropriate to hard fork or roll back events on a blockchain. The hackers walked away with $55 million worth of Ethereum coins. Since then, they have changed a lot of things to ensure something like this doesn’t happen again.

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.