2019 was a remarkable year for blockchain technology, a lot of things, some unexpected, happened, however, it’s time to focus on 2020. Here we have tried to predict whats awaiting the Blockchain industry. So, let’s look at the most expected events that will reshape the blockchain ecosystem in 2020 and beyond?
Since the beginning, Blockchain scalability has been an issue that has been a hurdle in its global adoption. Since then, there have been many new blockchains that call themselves “Ethereum killers”, but so far, EOS or Tron haven’t got as many developments as Ethereum did. So, the general audience awaits the Ethereum scaling. Currently, the Ethereum team is working on various projects that should help the Ethereum scale. The Ethereum 2.0 project, with Proof-of-Stake and sharding. The transition will happen presumably at the end of 2020. The merging of the old chain into the new one will take some time but eventually, it will become one chain. It will be a huge improvement for the Blockchain ecosystem, the transaction speed of the network is expected to increase from hundreds to thousands of transactions per second, which will enable more developers and companies to launch commercial dapps on it.
Another solution is the second layer, Plasma. OmiseGo is working on Plasma that is pretty close to launching it on the mainnet. Now almost everything: the integration with Ethereum is complete, and the white label wallet is already done. There are many large companies that are planning to use OmiseGo framework – Shinhan, Nomura, Burger King, blockchain startups Hoard, Cred and Brave. Plasma technology will allow anybody to use the blockchain network, secured by Ethereum blockchain, with almost no costs, with a throughput of thousands of transactions per second. A powered scaling for Ethereum, that will bring the adoption of the network.
Another scaling project is Lightning Network. In 2020, there will be increased activity in the network, and the overall number of applications, using it, is also likely to increase.
For the banking industry, the blockchain has already been studied comprehensively thanks to cryptocurrencies.
Now banks are looking for ways to implement Blockchain into their system. Modern query processing speed is not enough. The same Swift copes within three days. A few years ago it was overwhelming. Today the need to achieve a result is in a few hours, or even – seconds.
Ripple Network is used by around 40 banks, including MUFG and Standard Chartered. In 2016, ReiseBank examined the capabilities of the blockchain through RippleNet, around $ 1000 transaction was completed in 20 seconds.
But many are unhappy with the partial centralization of the Ripple network, the alternative of Ripple Network is Stellar, which provides complete anonymity of transactions. But the main drawback for the banks is bounding to cryptocurrency. Thus, the banking industry is more focused on the independent implementation of the blockchain rather than being tied to any digital coin.
DeFi is the alternative running parallel to the existing centralized financial banking system. It basically includes lending platforms, security tokens issuance platform, and the decentralized banks.
Among lending platforms, there’s SALT, which is already fully functional now. On SALT, you can secure the cryptocurrency and receive a loan in USD, paying a certain interest until the loan is paid off. It’s a great option for investors, they can store their crypto while using the value of their portfolio for other goals. In addition, you can leverage your portfolio by taking a loan and buy more crypto to profit more on the growth of your assets.
Polymath’s Security token allows any company to register and issue special ST20 tokens on Polymesh blockchain. It’s an alternative to all existing ways of issuing and storing stocks, and in the future, the amount of tokenized assets will continue to grow, as it’s cheaper and almost absolutely secure.
Crypto banks are crypto wallets that provide a decentralized service, that doesn’t require you to send them your crypto. Bitwala, one of the famous crypto banks is located in the European Union. Like any ordinary bank, crypto banks support BTC and ETH, as well as debit cards.
In 2020, enterprises will increase focus on operations, deployment flexibility and interconnectivity between networks. The new decade has intensified the requirement for interoperability between the many blockchain networks and the various protocols that have been launched will intensify.
There are already several networks that cover identical or similar functionality, including trade finance, invoice factoring, shipping documentation. Participants in these networks understand whether, and how, these the chains will be interacting, more reasons to believe that the future will involve more focus on getting the network to interoperate.
As a network expands, nodes will distribute across multiple cloud providers, this will be applicable even when a network leveraged its managed blockchain offering from a service provider. Cross-blockchains pilots are expected to be seen live in 2020. The move of Hyperledger Besu to Linux Foundation Hyperledger, is a definite sign that permissioned Blockchains might start to intersect. There is thorough research conducted on how digital assets on various chains might co-exist.
At QuillHash, we understand the Potential of Blockchain and have a good team of developers who can develop any blockchain applications like Smart Contracts, dApps, DeFi, DEX on the any Blockchain Platform like Ethereum, EOS , Stellar and Hyperledger.
For further discussion and queries on the same topic, join the discussion on Telegram group of QuillHash — https://t.me/quillhash.
The post What to expect from Blockchain technology in 2020? appeared first on Quillhash Blog.
The United States Gets Its Crypto Back from Two Russian Hackers
The United States appears to be angry with crypto hackers as of late, and the country is making it clear that it’s not going to put up with bad actors anymore. The U.S. is presently accusing two Russian hackers of making off with roughly $17 million in assorted crypto units. The accusations come from the Justice, State and Treasury Departments.
The United States Will Not Put Up with Crypto Theft
The Treasury has identified two individuals allegedly involved in the scheme. They are Danil Potekhin, 25 years of age and living within the region of Voronezh; and Dmitirii Karasavidi of Moscow, who is presently 35 years of age. The two are accused of conducting cyberattacks a year apart from each other in 2017 and 2018 that ultimately deprived two U.S. crypto exchanges of more than $16 million.
The attacks on the exchanges sound rather complicated in that the pair created websites similar with those of the trading platforms they were targeting. These websites mimicked those of the original sources, and thus people who initially signed up or logged in on the copy sites gave the attackers their information, thereby giving the pair access to dozens of accounts and allowing them to make off with the funds.
Treasury Secretary Steven Mnuchin explained in a statement:
The individuals who administered this scheme defrauded American citizens, businesses and others by deceiving them and stealing virtual currency from their accounts… Ultimately, the stolen virtual currency was traced to Karasavidi’s account, and millions of dollars in virtual currency and U.S. dollars were seized in a forfeiture action by the United States Secret Service.
While it’s believed that the two initially tried to hide the stolen money by keeping it stored in several accounts on several different blockchains, the story is unique in that the U.S. officials in charge of the case appear to have gotten the money back. This is huge in that typically money stolen from a crypto platform or exchange is often lost for good. This is just more proof that the United States is not messing around.
This marks the second time in a while that the United States has managed to take effective action against nations that look to steal from American reserves. Recently, the country announced that it had garnered several million in crypto funds back from North Korea after the nuclear state stole a hefty digital sum as a means of building up its arsenal.
Trying to Prevent Future Crime
Right now, the two Russian men are facing a maximum 59 years in prison if they are convicted. At the time of writing, they are facing charges of conspiracy to commit computer fraud, among others. Secretary of State Mike Pompeo commented:
The United States will continue to promote accountability among malign actors seeking to undermine our economic security. Today’s coordinated action demonstrates our commitment to deterring cybercrimes.
TikTok Avoids US Shutdown as Oracle, Walmart Swoop In
TikTok will live to see another day in the United States. President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed […]
The post TikTok Avoids US Shutdown as Oracle, Walmart Swoop In appeared first on BeInCrypto.
TikTok will live to see another day in the United States.
President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed by one week.
In a statement, the Commerce Department indicated that the restrictions are now slated to come into effect at 11.59 p.m. on Sept. 27. According to a CNN report, the deal maintains ByteDance as TikTok’s majority shareholder, with Oracle and Walmart cumulatively controlling 20 percent of the company.
Ownership and Data Access Issues
According to a Bloomberg report, ByteDance is seeking a $60 billion TikTok Global valuation, with the app’s U.S. operations alone valued at over $50 billion. This would mean that Walmart would pay $4.5 billion for its proposed 7.5 percent stake and Oracle would pay $7.5 billion for its prospective 12.5 percent stake.
The report further reveals that the deal’s final valuation and payment structures have not been agreed on yet because negotiations regarding equity structure and data security are still ongoing. Both Beijing and Washington are yet to fully agree on what parties get access to what part of TikTok’s valuable proprietary technology, such as recommendation algorithms.
According to Bloomberg, Chinese authorities are said to be in favor of the current deal because ByteDance maintains an overwhelming majority stake. This apparently was what gave Oracle the advantage over Microsoft, which offered to buy out TikTok Global in its entirety.
The deal would see Walmart CEO Doug McMillon take a seat on the five-member board of TikTok Global, which controls the app’s activities in the U.S. and around the world, excluding China. According to Bloomberg, VC firms Sequoia Capital and General Atlantic could also build equity positions in the company as part of the deal.
In a statement from TikTok quoted by CNN, the company said:
“We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.”
TikTok To Migrate From AWS to Oracle Cloud
The deal will also see TikTok move from Amazon Web Services (AWS), its current hosting provider, to Oracle Cloud. In a statement quoted by CNN, Oracle CEO Safra Catz said:
“As a part of this agreement, TikTok will run on the Oracle Cloud and Oracle will become a minority investor in TikTok Global. Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”
According to CNN sources, Oracle will get full access to TikTok’s source code and app updates in order to ensure that there are no back doors for the Chinese state to harvest data or spy on the app’s 100 million+ American users.
Is Bitcoin really on Ethereum ? Will either proponents softfork BTC to ETH?
Bitcoin and Ethereum have long been the two most-popular cryptocurrencies in the market. While Bitcoin has remained top of the charts, for most of the time, Ethereum has been the cryptocurrency following it. This, despite the fact that a number of altcoins have taken a jab at ETH’s position over the years. Spoiler – None have survived for long.
Due to ETH’s persistence, the community is also massive. Hence, it is obvious that communities would compare each others’ coins, network effects, etc. It is no surprise then that the debate/fight between BTC and ETH is also a longstanding one.
In today’s debate, the topic of contention is simple, mundane, yet unclear – whether Bitcoin is on Ethereum or not. Although the debate in question had seemingly diverted away from the topic at press time, the same was reignited by Peter McCormack’s latest tweet.
There is no Bitcoin on Ethereum.
— Peter McCormack (@PeterMcCormack) September 19, 2020
Now, McCormack has long claimed to have a mind open enough to understand and learn about other altcoins, despite being a Bitcoin proponent himself. While many have attacked him for his tweet, it does make sense because, obviously, Bitcoin is not on Ethereum. Neither of them exists on each other’s, but on their own, separate blockchains.
Before we get into the debate, it should be known that Bitcoin, as an ERC token, ergo on the ETH blockchain, has been on the rise lately. For argument’s sake, the total number of Bitcoin on Ethereum, as of press time, was worth $1 billion aka 106k BTC.
Although the total BTC locked on ETH has exceeded 100k, there are different tokens like WBTC, rBTC, hBTC, tBTC, etc. and each token varies in build and construction. The common argument that can be made here is that none of the Bitcoins are really on ETH because, in fact, they are just IoUs.
Bitcoin developer Luke DashJr, however, was one of the many to disagree, after he tweeted,
“I don’t agree. Bitcoins can be on Ethereum in the same way they’re on exchanges, Liquid. etc”
Ethereum folks were quick to pitch in to, with many happy about Bitcoin finally finding its way to the Ethereum blockchain.
Fuck microstrategy, Ethereum is the world’s largest purchaser of BTC https://t.co/SYyRTpIhsl
— DavidHoffman.eth 🏴 (@TrustlessState) September 15, 2020
Interestingly, while a majority of the Bitcoin and Ethereum communities were arguing about what is right and what is the right terminology, Vitalik Buterin, Founder of Ethereum, came forward to discuss a far-fetched idea. An idea where miners could, in the near future, soft fork Bitcoin and “reject withdrawals from Bitcoin-side addresses that do not have valid corresponding initiation orders on the Ethereum side.”
Needless to say, this was the latest cannon fire in the ongoing battle between Bitcoin and Ethereum.
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