Crypto Space Over The Past Week From 19 To 25 February, 2018
At the end of the week, we resume everything that the crypto community talked about over the past seven days.
Scale issue: SegWit expansion, Dogethereum bridge
Afrer release of the new code Bitcoin Core 0.16.0, SegWit addresses will be created by default, which means that they would automatically compatible with the scale option. Code 0.16.0 will be the first version supporting the "native" SegWit addresses, which are called bech32. The automatic creation of SegWit addresses should lead to much lower fees and provide bitcoin with a wider application. Also this week Bitfinex and Coinbase exchange on its GDAX has added SegWit support.
The problem of scalability is also of great concern to the creators of the Ethereum, especially with the advent of competitive platforms such as NEO and EOS. Unexpected decision was the news of a successful experiment in which the so-called "Dogethereum Bridge" was tested, the results of which in the future may help to scale video, machine learning and VR. But even without this, the Ethereum is far from perfect - at the moment there are thousands of smart contracts on the platform that contain critical vulnerabilities. These and other, more fundamental flaws in today's platforms may lead to the fact that, according to is the VP of Blockchain and Co-Founder at Talla.com, Will Murphy, the blockchain will disappear in ten years.
Decentralization of power: the exchanges we need
Numerous hackings of centralized cryptocurrency exchanges led to the understanding that they are unsafe. The decentralized trading platforms can act as an alternative.
The concept of decentralization in the cryptocurrency space appeared along with bitcoin as a technical solution, but its impact on a more fundamental level has only recently.
Telegram wants to raise $ 1.6 billion
Pavel Durov gave the US Securities and Exchange Commission information that ICO Telegram raised $ 850 million. The Verge states about the launch of the second round of ICO Telegram presale. The amount of the expected revenue is not yet known, but the newspaper claim that Telegram hopes to earn as much as it received during the first presale. Thus, the company can raise $ 1.6 billion even before the public ICO. All these figures are impressive, but are they really worth it?
The first national crypto currency collected $ 735 million
President of Venezuela Nicolas Maduro claims that the country raised $ 735 million on the first day of presale of the national cryptocurrency El Petro. Soon after, he ordered companies to accept cryptocurrencies, including El Petro.
Presale Petro will continue until March 19. Previously, the Venezuelan government stated that each token backed one barrel of oil, linked to the market price of the previous day. However, there remain questions about the network in which the token will operate.
Nevertheless, Turkey and Iran have already become interested in the cryptocurrency, the first one wants to motivate it by the digitalization of the world economy, while the latter just wants to bypass economic sanctions.
Other events in the world: Poland, France, Taiwan
When the president of Venezuela announced the release of El Petro, Poland expressed a desire to sell Venezuela products and medicines accepting this national cryptocurrency. Also, in February 2017, the country officially recognized the trade and mining. Nevertheless, this week the Central Bank of Poland admitted that it paid for the campaign in social networks, primarily on YouTube, directed against cryptocurrency.
The French startup Ledger produces some of the most reliable cryptocurrency hardware wallets on the market. But the applications that this company produces are not yet very convenient, and now Ledger is trying to create a brand of new "native" apps for computers and smartphones. Now you can check the balance of the bitcoin account using the Chrome app. Thus, the apps are working, but very inconvenient for those who keep their funds in various altcoins. According to the plans that Ledger promulgated, the new app will work under macOS, Windows and Linux. It will not be associated with Chrome and from the first day will provide support for 23 cryptocurrencies. Subsequently, the company intends to develop solutions for Android and iOS, allowing you to automatically install or remove apps on Ledger Nano S.
Taiwanese police arrested four men suspected of robbing the owner of a cryptocurrency, having seized from him bitcoins worth 5 million Taiwan dollars (approximately $ 170,000).