Connect with us

Blockchain

Ethereum Classic Labs reels out plans for enhancing ETC’s security

Ethereum Classic Labs has said it is enhancing ETC’s security after the digital asset suffered 51% attacks on two occasions in August. Ethereum Classic has a higher chance of suffering from 51% attacks due to its low hashrate compared to that or Ethereum. In over two years, the digital assets have suffered the highest number […]

Avatar

Published

on

Ethereum Classic Labs has said it is enhancing ETC’s security after the digital asset suffered 51% attacks on two occasions in August.

Ethereum Classic has a higher chance of suffering from 51% attacks due to its low hashrate compared to that or Ethereum. In over two years, the digital assets have suffered the highest number of 51% attacks amongst the top coins in the digital assets market. 

Experts have faulted the Proof-of-Work algorithm that the crypto shares with Ethereum as another factor that has mainly contributed to the recent 51% attacks. Given this, Ethereum has said it is enhancing ETC’s security to eliminate the possibility of a future 51% attack on the network..

Ethereum Classic Labs says it is working on enhancing ETC’s security.

If a major entity is in charge of more than half of the total hashrate of a network and uses it for its good, then it is known as a 51% attack. At the beginning of this month, Etheruem Classic suffered two major 51% attacks with one of them resulting in digital assets outlet, OKEx losing about $5.6 million. 

With the 51% attacks coming in hard, Ethereum announced that it is enhancing ETC’s security. To achieve this, the developers say they will pull all their resources to stabilise the security of the platform.

Ethereum Classic developers to change algorithm to counter 51% future attacks

According to the team of developers, if plans of enhancing ETC’s security is to be successful, they would have to take two core steps. The first step is a long term step to curb the attacks while the other is an immediate step to stop the attacks in the mean time. 

To initiate the quick response, the developers are planning to work hand in hand to begin a term known as defensive mining

Furthermore, the firm says it would join hands with high-value clients to schedule a time for transaction confirmations. To initiate the long term solution, the developers say they would have to change the mining algorithm.

Blockchain

Bitcoin SV short-term Price Analysis: 27 November

Avatar

Published

on

Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

As the value of Bitcoin faces hurdles in the market, many altcoins have also been falling on the charts. Bitcoin SV has been noting a strong devaluation and at press time, after a brief recovery effort, it was being traded at $166.16. Although the overall sentiment in the market appeared bearish, there could be a benefit in taking a long position in the short-term.

Bitcoin SV 1-hour chart

Source: BSV/USD on TradingView

The above one-hour chart of Bitcoin SV highlighted a downtrend within a descending channel. The asset was valued at $207 before it started trending lower and it sunk as low as $150. However, the price has managed to bounce back up, and currently looks like there could be a bigger recovery in the market and long positions could be realized.

Reasoning

The Relative Strength Index indicated that the sudden price drop had pushed the asset into the oversold zone. After dropping further in the oversold zone, there was finally a recovery set in motion and the coin has come out of the oversold zone.

As BSVmoves towards equilibrium, the price of the digital asset may also increase in the short-term. Since the resistance is marked at $169.89, and the support remained at $163, there could be a marginal increase in its value.

Positions

Entry for a Long position: $167.30
Take Profit: $172.513
Stop Loss: $163.41
Risk/Reward Ratio: 1.34

Conclusion

Even though bearishness prevails in the BSV market, there could be minimal recoveries noted to balance out the selling pressure in the market. The price of the asset may further consolidate in the short term given the immediate resistances and supports marked close at this level.

Source: https://eng.ambcrypto.com/bitcoin-sv-short-term-price-analysis-27-november

Continue Reading

Blockchain

ASIC Cancels AFS License of Jels Financial Group, Selectinvest

Both the companies failed to submit audited financials for several years.

Avatar

Published

on

The Australian Securities and Investments Commission (ASIC) announced on Friday the cancellation of the Australian financial services (AFS) license of two companies: Jels Financial Group Pty Ltd and Selectinvest Pty Ltd.

Jels was granted the AFS license in September 2014, while Selectinvest was holding it since December 2003.

According to the regulator, Jels failed to demonstrate that it had the competence or resources for providing financial services. Primarily, the company failed to appoint a “key person” required for the licensing, and its sole corporate authorized representative was also insolvent.

Furthermore, the Victorian financial services provider did not file its audited accounts for the financial year 2017-2019, which is mandatory according to the licensing rules.

In the case of Selectinvest, the regulator pointed out that the financial service provider failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). 

Suggested articles

Big Data, News, Sentiment Analytics & NLPGo to article >>

Additionally, Selectinvest did not report its annual financial and audit report since 2019.

Despite the cancellation, the companies can now move to the Administrative Appeals Tribunal (AAT) with an appeal to review the ASIC’s decision.

A Vigilant Regulator

The Australian regulator is vigilant towards the companies offering financial services under its purview. Finance Magnates earlier reported that the ASIC suspended 40 licenses in a year, ending in June. However, it also granted 394 new AFS licenses in the same period.

In September, the ASIC cancelled the AFS license of forex brokerage Union Standard International Group Pty Ltd (USGFX) as it entered into liquidation.

“We have new powers to refuse a license application where we have been provided false or misleading information or there is an omission of a material matter in an application, report, or statement from an applicant,” ASIC Commissioner, Danielle Press said earlier.

Continue Reading

Blockchain

Australia and Singapore announce plans for cross-border trade using blockchain.

Avatar

Published

on


Australia and Singapore announce plans for cross-border trade using blockchain. – Coinnounce




























Australia and Singapore have announced plans to trial a blockchain system that aims to improve cross-border trade flow between the countries.

The Australian Border Force has partnered with two separate regulatory agencies in Singapore, Singapore Customs and Singapore Infocomm Media Development Authority, to run a digital verification schemes trial on the blockchain, which aims to streamline cross-border trade between the two countries. The trial, which started this week, will use the Border Force’s Intergovernmental Ledger and Singapore’s TradeTrust system to handle electronic documents for cross-border trade. The cross-border trade trial will be conducted by blockchain experts from both sides via the United Nations Centre for Trade Facilitation and Electronic Business. 

“Blockchain solution would increase the efficiency of trade.”

Several entities, including ANZ Bank, the Australian Chamber of Commerce and Industry, and the Australian Industry Group, are set to participate in the trials. Border Force Commissioner Michael Outram said the blockchain solution would increase trade efficiency between the two countries while also reducing administrative costs. “The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, the digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

Lawmakers around the world acknowledge the potential of blockchain tech. 

As reported earlier, King’s College London, the university’s Centre for Science and Security Studies (CSSS), suggested that using blockchain tech would help parties to the Nuclear Non-Proliferation Treaty build trust and make dismantling nuclear weapons more “safe, secure and reliable. In the last few years, governments around the world have acknowledged the potential of blockchain technology. Several countries are actively utilizing the technology in various fields including, healthcare and logistics. Earlier, Chinese President Xi Jinping had urged his country to take the lead in the blockchain sector. 

ADVERTISEMENT
Jai Pratap

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.


Enable Notifications
  

Ok


No thanks


Source: https://coinnounce.com/australia-and-singapore-announce-plans-for-cross-border-trade-using-blockchain/

Continue Reading
Blockchain1 day ago

PayPal Reportedly Restricted a User’s Account for Trading Cryptocurrency

Blockchain4 days ago

Polkadot Aims to Become The New Home for The $14 Billion DeFi Industry

Blockchain4 days ago

Crypto.com Launches Visa Cards for Canadians

Blockchain4 days ago

Chainlink Likely to See an Impulse Higher as Bulls Break Key Range

Blockchain4 days ago

Philippine Startup Week 2020 Set to be PH’s Largest Virtual Conference

Blockchain5 days ago

Luxury Watchmakers Announce Blockchain-Based Projects

Blockchain4 days ago

Why this parabolic Bitcoin trend will stop at nothing but $22,000

Blockchain4 days ago

Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

Blockchain3 days ago

Bitcoin shoots past $19,000 as new ATH awaits

Blockchain5 days ago

88MPH DeFi Token Rallied By 375% After Suffering A Bug: Report

Blockchain3 days ago

CoinDesk Is Spinning Up an Ethereum 2.0 Node. Here’s How to Follow Our Journey

Blockchain5 days ago

Here’s what you should know if you HODL or trade Bitcoin

Blockchain5 days ago

Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

Blockchain5 days ago

Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

Blockchain4 days ago

Bullish Bitcoin price prediction looks shaky as BTC/USD dwindles near $19K

Blockchain4 days ago

3 Reasons Why Bitcoin will reach $140,000+

Blockchain3 days ago

I’ve Been Hiding My Investment Strategy (Out of Fear) for 6 Years

Blockchain3 days ago

Yearning for Pickle? Two DeFi Protocols Merge

Blockchain4 days ago

Privacy coins no more? CipherTrace files patents for tracing Monero transactions

Blockchain5 days ago

The word ‘decentralized’ has lost all meaning — Enough is enough

Blockchain3 days ago

Market Analysis Report (24 Nov 2020)

Blockchain3 days ago

Eth2 deposit contract passes threshold needed for Phase 0 to launch on December 1

Blockchain5 days ago

10 Billionaires Could Triple the Price of Bitcoin, Says MicroStrategy’s Michael Saylor

Blockchain4 days ago

BlockApps launches Ethereum-based Agritech network in collaboration with Bayer

Blockchain4 days ago

XRP’s Midnight Price Level Reaches $0.49, Marking An Increase Of 66%

Blockchain5 days ago

Depending on this metric, Bitcoin may be due for a correction!

Blockchain4 days ago

Polkadot Aims to Become The New Home for The $14 Billion DeFi Industry

Blockchain3 days ago

The Elites Are Preparing a New Currency to Replace the U.S. Dollar

Blockchain5 days ago

Polkadot Aims to Become The New Home for The $14 Billion DeFi Industry

Blockchain4 days ago

Ripple Wants To Work With Central Banks To Introduce CBDCs Support On XRP Ledger

Blockchain4 days ago

Polymarket reveals change in sentiment around ETH 2.0 Genesis event

Blockchain5 days ago

Bitcoin Flash Crashes on Bitstamp

Blockchain5 days ago

Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, DASH

Blockchain4 days ago

Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

Blockchain4 days ago

Why FinTech should love Content Marketing

Blockchain4 days ago

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

Blockchain3 days ago

Bitcoin ATMs have surpassed 12,000 in number

Blockchain5 days ago

Swiss Financial Institutions Bet on ETH2, BCH and USDC

Blockchain4 days ago

Cardano price prediction: ADA to continue uptrend to $0.173

Trending