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RBI Needs to Clarify Its Anti-Crypto Decision to the Supreme Court In July

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India is a very peculiar country when it comes to Bitcoin and other cryptocurrencies. The RBI decided to restrict such activity in the country in April of 2018. However, further research seems to indicate this decision is not based on research or consultation. As such, various parties question whether or not the RBI’s decision can be ‘just.’

The RBI and Cryptocurrency

The Reserve Bank of India does not like Bitcoin or any other cryptocurrencies. This has become apparently clear as more time progresses. In April of 2018, the RBI dissuaded banks and financial service providers from dealing with virtual currencies altogether. This puts a lot of pressure on exchanges and other cryptocurrency service providers active in India. More importantly, it seems to prevent any form of financial innovation in the country.

As one would expect, not everyone agrees with the RBI and its decision. There is a growing concern as to whether or not the bank effectively conducted the proper research prior to making this decision. So far, it seems there has been no outreach in this regard, neither in the form of research or consultation. Moreover, the RBI confirmed no committee was formed to analyze the concept of blockchain or virtual currencies. With that information, the end result seems relatively biased.

Despite this ‘lack of research,’ the Reserve Bank made its decision final in April. Mandating banks and payment gateway providers to withdraw support for virtual currency firms in the next three months is not a popular decision. Some companies have complied, whereas others still remain on the fence. This is somewhat good news for exchanges and other service providers, although finding other solutions may be needed regardless.

The Future of Bitcoin in India

For cryptocurrency exchanges, the uneasy situation remains in place. Not being able to access domestic banking services cna prove to be relatively problematic. As such, companies will need to find new solutions. The most obvious change will come in the form of companies leaving India altogether. That is not a positive development for the industry as a whole, especially in India.

What is rather interesting is how a Supreme Court hearing will be held on July 20th. During this hearing, the Supreme Court will determine whether or not the decision by the RBI is just. With no official consultation and research, the one-sided verdict is subject to a lot of speculation. Whether or not any imminent changes can be expected in India, remains to be determined.

India is one of the countries where financial innovation takes center stage. Opposing cryptocurrencies seems to be a completely opposite approach in this regard. With the RBI cracking down on cryptocurrency activity, an interesting precedent is created. Whether or not it will stand, is a different matter altogether. Alienating an entire nation from Bitcoin may not be the most viable course of action at this time.

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November BCH Upgrade Discussion Heats Up After Bitcoin SV Full Node Announcement

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Blockchain development firm Nchain has announced the company’s plans to launch a new Bitcoin Cash full node client called ‘Bitcoin SV.’ Lead developer Daniel Connolly has published the specifications for re-enabling old opcodes for the November 2018 BCH upgrade. So far the unpublished codebase has seen vocal support from the mining pool Coingeek, but right now some members of the BCH community are concerned that if no other miners switch to Bitcoin SV, the proposed upgrade could cause incompatibilities.

Also read: Fivebucks.com: Meet the Freelancer’s Marketplace Powered by Bitcoin Cash

Will Bitcoin SV’s Proposal be Compatible With Bitcoin ABC?

November BCH Upgrade Discussion Heats Up After Bitcoin SV AnnouncementOn Thursday, August 16 the firm Nchain revealed they are releasing a new BCH full node client that’s claimed to be based on Bitcoin ABC v0.17.2, but with a few different upgrade changes added. Bitcoin SV will include restoring more Satoshi opcodes, removing the opcode per script limit, and raising the block size to 128MB. Further, the leading BCH mining pool Coingeek have stated they will be backing the new client. However, since this announcement, some BCH supporters are concerned about the upgrade coming this November. Issues could occur if groups of miners choose Bitcoin SV’s finalized consensus change proposals, which could be entirely different than the finalized Bitcoin ABC 0.18.0 version. Moreover, depending on the upgrade releases stemming from Bitcoin Unlimited, and other implementations, the Bitcoin SV client could be incompatible with any one of them.

November BCH Upgrade Discussion Heats Up After Bitcoin SV AnnouncementSo far the Bitcoin ABC team hasn’t responded to the latest Nchain announcement, and the ABC client release for testing hasn’t arrived. According to the ABC roadmap, after they announced the client’s upgrade changes the codebase was supposed to be delivered by August 15. Instead, the team published an article on the benefits of canonical transaction ordering with help from articles written by the Bitcoin Cash miner Jonathan Toomim, and Joannes Vermorel’s study on the process. So at the time of writing the latest 0.18.0 Bitcoin ABC version is two days late. Furthermore, if v0.18.0 contains canonical transaction ordering, the enforcement of minimum transaction size, and the activation of OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY, it will not be compatible with SV’s framework for November.

Bitcoin SV’s Lead Developer Publishes Re-Enabling Old Opcode Specs

The Bitcoin SV client’s lead developer, Daniel Connolly, has published a document of specifications concerning the SV clients’ re-enabling old opcodes. The Bitcoin SV version 1.0 document details that in May of 2018 a few disabled opcodes were re-added to the Bitcoin Cash scripting engine, and this November SV will introduce four more opcodes.

“The scope of that change was limited in order to focus developer attention rather than attempting to reintroduce all of the disabled opcodes at once,” explains the Bitcoin SV spec sheet published on August 17.

This specification expands upon that change by reintroducing additional opcodes — The specifications describe the opcodes that will be added in the November 2018 protocol upgrade.

The re-enabled opcodes will include:

  • OP_MUL — Multiplies two numbers
  • OP_RSHIFT — Right shift b by n bits
  • OP_LSHIFT — Left shift b by n bits
  • OP_INVERT — Bitwise NOT

The Ultimate Decision Will Be Made With Hashpower

Essentially the ultimate decision making will be in the hands of the miners if they want to upgrade the block space to 128MB, or follow through with ABC’s plans. At the moment there are many different takes on this situation from a wide variety of BCH supporters. Some agree with Coingeek and Nchain and want to raise the space available in blocks, while others believe there isn’t a need for the increase, because current 32MB blocks are not yet being filled. Discussions concerning the matter have increased exponentially on BCH-centric Slack and Telegram channels, Twitter, and Reddit forums.

A lot of BCH supporters believe that ultimately those who have hash power will have the final say in this debate and miners will choose which client they plan to use. Some BCH proponents are not too concerned with the possibility of incompatible clients just yet, because as far as ABC v0.18.0 and SV 1.0 are concerned, neither client has finalized plans for November’s upgrade. As mentioned above the ABC code is not ready yet and the SV 1.0 codebase plans to launch this September.

November BCH Upgrade Discussion Heats Up After Bitcoin SV Announcement
A lot of BCH supporters believe ultimately it will be the decision of the miners on whether or not they support changes like canonical transaction ordering and OP_CHECKDATASIGVERIFY, or re-enabled opcodes and a 128MB block size increase.

News.Bitcoin.com briefly spoke with Bitcoin XT developer Tom Harding about the recent Nchain announcement and he explained the XT client will follow the majority hashrate.

“XT hasn’t been a driving force behind any of the forking change proposals this time around —  We’ve been focusing on non-consensus 0-conf work,” Harding explains.

Regarding consensus changes, our intention is to support what the majority of hashpower wants to do — We’re also thinking about how best to know what BCH miners actually want.

What do you think about the Bitcoin SV client and the possibility of it being incompatible with Bitcoin ABC’s November upgrade? Which upgrade proposals would you like to see finalized? Let us know your opinion on this subject in the comment section below.  

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Bitcoin Permabull Pantera Capital Details $175 Million Crypto-Fund

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Cryptocurrency- and blockchain-focused investment fund Pantera Capital is aggressively pursuing its belief in the burgeoning asset class as it seeks a mammoth $175 million in investments from institutional investors for its third crypto venture.

Pantera’s Cryptocurrency Push
According to TechCrunch,  the technology-turned-blockchain investment group is forming its third investment fund in five years, following a $13 million debut effort in 2013 and a larger, $25 million fund in 2016.

Pantera partner Paul Veradittakit noted the enormous amount represents the “fast-moving function” of the digital asset sector, citing tremendous opportunities, talent and late-stage investments coming in the space. The multi-millionaire investor also highlighted that Pantera wishes to “move with the market.”

While the investment is not capped at $175 million, Pantera has raised $71 million from 90 different investors at the time of writing, according to an SEC filing.

Contrary to the panic investing most amateur cryptocurrency investors succumb to, Pantera follows a traditional venture fund approach to the cryptocurrency space–which chalks out a 10-year investment period, clearly defined economics and several rounds of background checks before purchasing equity.

However, in 2017, Pantera deployed a risky ICO fund to capture the turbulent market’s most volatile asset class. At the time, founder Dan Morehead called the move a “discount” purchase when the project is “just a team and a white paper.”

Morehead added Pantera helps provide the “right connections, whether in terms of marketing or recruiting or business development” to deserving ICO projects.

Ease of Investments
Meanwhile, Veradittakit said the Pantera fund has an indefinite fund life, meaning investors are free to exit their investments without affecting the fund’s operations.

Pantera’s cryptocurrency gamble has evidently paid off. As reported by CryptoSlate, the fund amassed returns over 10,000 percent throughout the years by investing in and trading bitcoin. In addition, the incubator arm of Pantera leads investments in altcointrading on high-volume exchanges, utilizing an algorithmic trading approach.

As Veradittakit puts it:

“If you aren’t sure that Bitcoin will remain the dominant cryptocurrency, or you’re interested in other use cases that may arise, or you just want to build a diversified portfolio of assets that have asymmetrical returns as bitcoin, or maybe return even more because they feature lower valuations.”

Although Pantera’s investment approach is risky given the origin of the cryptocurrency market and a stark lack of regulations, the companies it selects after careful vetting have become some of the sector’s biggest names.

Pantera’s investments include Ripple Labs, bitcoin vault service Xapo, payments application Circle and bitcoin wallet Abra, among others. The fund refers to its investment portfolio as “coinbases of different geographies, in enterprise-related blockchain companies.”

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s ron [TRX]’Justin Sun announces big things in store for the fourth quarter

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Justin Sun, the CEO and Founder of Tron Foundation spoke about Project Atlas, the Foundation mission and its role in the development of Tron, during an interview with Forbes.

The Founder stated that initially, the top priority of the Foundation was to get content online. But since Tron has established as one of the major public chains, the Foundation is stepping towards building a healthy ecosystem than limiting itself to incentivizing content. The main of the Foundation is to decentralize the web.

Moreover, they are also working towards providing top-notch services to all the consumers of the platform. The Foundation’s mission also includes providing desktop and mobile products which are fast, safe and reliable.

Justin Sun spoke about the Project Atlas. He said:

“Currently, we are actively working on Project Atlas, a major step toward a fairer Internet. The project is in collaboration with BitTorrent, and will extend the lifespan of their torrents’ swarms, offer rewards to peers who seed torrents, infuse resources into the torrent ecosystem, and establish financial rewards in return.”

The Founder of the Foundation claims that the project is going to reform the way content is shared and consumed by the people and is working towards re-shaping the industry for the better.

Justin also spoke about the Foundation’s plan of incorporating the decentralized services in BitTorrent. BitTorrent, the largest torrent serving application in the world, was acquired by Tron Foundation in the month of July 2018. The acquisition is led to Tron becoming one of the largest decentralized Internet ecosystems in the world. The network is set to have an approximate of 100 million active users.

Justin said that with Project Atlas, they will be able to incentivize users on the BitTorrent ecosystem in order to make them participate and contribute to the network by offering TRX. Moreover, BitTorrent and uTorrent were recently elected for the Tron Super Representative elections. He said:

“We have more exciting news coming out in the fourth quarter as well.”

During the revelation of their secret project, Project Atlas, Justin had announced that the details of the project will be unveiled at the end of August while launching the Tron Virtual Machine.

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