Connect with us

Blockchain

ETC Labs Unveils Multi-Stage Plan to Thwart Future 51% Attacks

ETC Labs has unveiled an action plan to protect the Ethereum Classic (ETC) network against future 51% attacks, weeks after the network was hit with two attacks that saw hackers steal millions of dollars worth of Etc. According to a Medium post from the organization, it is investing more resources, both human and financial, to […]

Avatar

Published

on

ETC Labs has unveiled an action plan to protect the Ethereum Classic (ETC) network against future 51% attacks, weeks after the network was hit with two attacks that saw hackers steal millions of dollars worth of Etc.

According to a Medium post from the organization, it is investing more resources, both human and financial, to “enhance security, strengthen the network, and ensure a bright future for ETC.” Its security plan consists of immediate actions to take, and long-term proposal that will require community consensus.

ETC Labs’ proposed immediate actions include a defensive mining operation through cooperating with miners and mining pools to maintain the network’s hashrate stable and increase it when necessary, It also proposed enhanced network monitoring to identify anomalies and hashrate spikes, as well as mining pool prices and inventory.

It also plans to coordinate with cryptoasset exchanges to whitelist addresses and set safe deposit and withdrawal confirmation times. It will also implement a “Permapoint” finality arbitration system to inhibit chain reorganizations while maintaining consensus.

ETC Labs’ long-term fixes, which require community consensus, include using features to increase resistance against 51% attacks, including check-pointing and PirlGuard, which can be implemented through a hard fork in approximately three months.

Under discussion will also be changing Ethereum Classic’s Proof-of-Work (PoW) consensus algorithm. Two alternatives are being considered:

The two alternatives under consideration are Keccak-256, or RandomX. These could be implemented through a hard fork in approximately 6 months, provided that testing is completed successfully

As Ethereum Classic is using the same hashing algorithm as Ethereum (ETH), it’s a minority chain in terms of hashrate and can be exploited thanks to all of the additional hashrate that can be rented from miners who mine ETH.

The firm notes that switching to RandomX, which was developed by the Monero community, could not solve the problem, as it would move from Ethereum’s shadow to the shadow of Monero, while still being a minority chain.

ETC Labs also suggested the introduction of a treasury system to the blockchain could be beneficial.

Featured image via Pixabay.

Blockchain

Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

Avatar

Published

on

Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

Continue Reading

Blockchain

India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

Avatar

Published

on

Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

Continue Reading

Blockchain

Fidelity Digital Head Thinks BTC Is Too Volatile To Be Store Of Value

Avatar

Published

on

ADVERTISEMENT

The Fidelity Digital head Tom Jessop believes that Bitcoin is still too volatile to become a store of value but it has the potential to do so in the near future. Jessop says that Fidelity was a frontrunner in providing crypto services to its users but thinks that BTC is “not quite there” as we are reading more in today’s BTC news.

Speaking to Reuters Global Investment Outlook Summit 2020, the Fidelity Digital Head Tom Jessop, says that Bitcoin still hasn’t attained all of the stores of value elements but BTC investors are still optimistic that one day the benchmark cryptocurrency will attain them. Bitcoin is truly still volatile and by any other standard it would likely not achieve the title as a store of value but it has the potential to become one which is one of the main reasons why so many investors are thinking to invest in it.

tom jessop
Tom Jessop. Source Modern Consensus

This argument makes much sense as the primary crypto’s price action was a roller coaster ride recently. In a time span of 8 months, BTC made 400% gains but it also had lost a lot of value by 90% after the 2017 boom. Still, the asset experienced a strong surge in demand because of its inflation-resistant nature. With the governments and central banks enter full stimulus mode, some observers consider BTC as a useful safeguard against inflation. Its supply is capped at 21 million and these people believe its scarcity will give it innate value.

Tom Jessop has many reservations against Bitcoin’s store of value narrative but Fidelity Investments touted the asset in many ways than one. Fidelity released the BTC investment Thesis back in October and the document presented many arguments why the trillion-dollar BTC market is not out of the question. The Boston-based company observed that BTC’s strength lies in the low correlation with any other asset in the investment portfolio.

ADVERTISEMENT

wall street fund, bitcoin, btc, invest

This according to the company, presents a favorable scenario for the investors since BTC becomes an alternative asset for them. This asset allows holders to protect their wealth by exposing themselves to a commodity where the risk doesn’t depend on what will happen to other markets. Also, the fund management company partnered with Singapore’s Stack Funds in order to enable wealthy Asian investors to securely and freely buy Bitcoin. According to the recent reports, Stack Funds will make Fidelity’s secure custody services available to the clients based in Asia, and all assets under management will be audited.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/fidelity-digital-head-thinks-btc-is-too-volatile-to-be-store-of-value/

Continue Reading
Blockchain1 day ago

Spotify Thinking of Accepting Bitcoin

Blockchain1 day ago

Litecoin, Cosmos, Dogecoin Price Analysis: 03 December

Blockchain3 days ago

Greenheart Punt World Debut on DigiFinex

Blockchain2 days ago

IlCOIN Launches Blockchain-Powered VR First on Steam

Blockchain3 days ago

Mining City: A Blueprint for Success?

Blockchain4 days ago

Yearn Finance Continues Growing with Latest DeFi Acquisitions

Blockchain5 days ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain4 days ago

Bitcoin, Ether, and XRP Weekly Market Update November 30, 2020

Blockchain4 days ago

Golff Vault 2.0’s New Launch – One-Stop Services Encrypted Bank

Blockchain4 days ago

BREAKING: Bitcoin Miners in China’s Yunnan Province Cut off from Electricity Supply

Blockchain3 days ago

Facebook Libra changes name to Diem

Blockchain4 days ago

J.P. Morgan Analysts Foreshadow Further Bitcoin Declines

Blockchain4 days ago

TRON’s BitTorrent Partnered with Huawei

Blockchain4 days ago

Nicholas Baumer Appointed Chief Marketing Officer by Tickmill

Blockchain5 days ago

Visa CEO Alfred Kelly: ‘We Are Very Interested in Cryptocurrencies’

Blockchain5 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

SEC Letter Reveals China’s Crypto Ambitions Threaten US

Blockchain4 days ago

After Lightning-Paced Tier-1 Sellout, ClinTex’s CTi Token Lists on KuCoin Today

Blockchain4 days ago

5 Reasons Why Bitcoin Just Hit an All-Time High Price

Blockchain5 days ago

Bitcoin Cash Price Prediction: BCH/USD Stays Above $280; the Bulls May Regain the Ground

Blockchain4 days ago

FCA Exposes 4TFX as Crackdown on Clone Scams Continues

Blockchain5 days ago

Pizza Hut to accept Bitcoin for pies in Venezuela

Blockchain4 days ago

Ethereum Classic Hashrate Rises Following Successful Thanos Hardfork

Blockchain4 days ago

$100 Million in Bitcoin From Bitfinex Hack Has Moved

Blockchain5 days ago

What Biden’s Pick for Treasury Secretary Has Said About Bitcoin and Blockchain

Blockchain4 days ago

Nearly $100 million in bitcoin tied to 2016 Bitfinex hack has been moved

Blockchain4 days ago

Bitcoin (BTC) Gives Highest Ever Monthly Closing At $19,700 in November 2020

Blockchain4 days ago

Crypto Market Cap Gained $30 Billion While BTC Eyes $19K

Blockchain5 days ago

Historic BTC Charts Suggest 2020 Bull Run Is Just Starting

Blockchain5 days ago

SEC approval: firm seeks to invest $500 million in Bitcoins

Blockchain5 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain5 days ago

Kraken Daily Market Report for November 29 2020

Blockchain5 days ago

Bitcoin acting CRAZY, Libra coming soon? | This Week in Crypto – Nov 30, 2020

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Russian government to recognize bitcoin as property.

Blockchain4 days ago

Coronavirus-Induced Poverty Will Bring More Bitcoin Crime in 2021: Kaspersky Report

Blockchain4 days ago

Price Analysis: AAVE bulls target $100

Blockchain4 days ago

XRP up 170% in a Month Ahead of Flare Token Airdrop: What You Need to Know

Blockchain4 days ago

Bitcoin Decimates Bears With Quick Recovery Above $19,800

Trending