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Privacy Cryptocurrency Grin Votes to Fund Third Full-Time Developer

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Long-time Grin coder “Ignotus Peverell” will receive financial support to work on the cryptocurrency, a move that makes him the nascent project’s third paid team member.

In a weekly governance meeting Tuesday, developers voted to fund Peverell for his work on Grin with roughly $10,000 per month. With 4,919,040 GRIN tokens in circulation, according to CoinMarketCap, the estimated market capitalization of the cryptocurrency is well over $13 million.

Grin, being a relatively new blockchain, went live in mid-January in a bid to implement the privacy-enhancing protocol “MimbleWimble,” designed to obfuscate transaction details such as amount and account addresses. Named after a tongue-tying curse in J.K. Rowling’s best-selling Harry Potter books, the name Ignotus Peverell itself is a pseudonym that references a character within the series.

In the context of the Grin community, Peverell was one of the original creators of the Grin project who back in 2016 started the first implementation of the mimblewimble protocol on GitHub.

A user by the name of “Antioch Peverell” – another Harry Potter character reference – was similarly voted up by the community in late February. Before this, user “Yeastplume” was the sole full-time funded Grin developer.

Yeastplume told CoinDesk:

“There’s no [official] roles. We just continue to work on what we see fit, which so far seems to be working okay.”

Emphasizing in a public Gitter channel that being funded for Grin development work was “risky employment,” Yeastplume later characterized the financial support as more akin to donations.

Audit ahead

Tuesday’s governance meeting also confirmed the “contract and payment” of security auditing firm Coinspect.

Having decided to conduct a third-party review of Grin’s “cryptographic and consensus-critical code,” community members unanimously voted to employ Coinspect over other auditors such as Quarkslab and NCC last month.

Now, having paid a fee up-front to the company of roughly $17,000, Grin community members expect a draft report by April 20. “It’s going to come quickly. They’ve also already produced one excellent vulnerability report,” stated Ignotus Peverell.

As stated on a Github, the estimated cost of the audit is roughly $80,000.

Funds are sourced from the “Grin General Fund,” which back in December of last year raised 17.28 BTC, with an estimated worth at press time of $66,500 specifically for the purposes of this security audit.

Source:coindesk.

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Japanese Cryptocurrency Exchanges Opening Twice More New Accounts Since March

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It’s no secret that the trading volumes of exchanges remain high in bull markets and low in bear markets. Traders across the world decrease their trading frequencies during bear markets, and increase them during bull markets. And a new report that came today seems to confirm the same theory once again. According to some recent reports published by Japanese media, the cryptocurrency exchanges in Japan have observed a 200% rise in the number of new accounts being opened with them over the course of last two months. This increase, as you can see, has coincided with the arrival of the bull run in cryptocurrency market. Clearly, the co-relation between cryptocurrency trading volumes and prices of cryptocurrencies is a strong one.

The report we’re talking about came from Cointelegraph Japan. They compiled their report based on the data collected from 3 trading platforms: CoincheckDMM Bitcoin and Bitpoint. Daily account openings on Bitpoint are thrice more in May than they were in March, and at DMM they’re 1.5 times more than they were in April. Coincheck has also seen an increase in new account openings since March, but its increase is not as significant as that of DMM and Bitpoint. However, collectively the number of new account openings on all these platforms are 2x more than they were about 2 months ago.

Coincheck’s PR team also provided some of the interesting inputs to Cointelegraph Japan. The company said that the highest jump in the number of new accounts being opened came recently on 14th of May. That day 7x more new accounts were registered in comparison to other days. To recall, May 14 is the day when Bitcoin shot up to $8,250.

Clearly, if the adoption of cryptocurrencies has to increase then their prices also have to stay high. These are not traditional currencies that must be priced lower in order to be mainstream, as people from the legacy finance field suggest. These are different things, meant to perform differently and be adopted differently.

Source.chepicap

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Russian Central Bank to Consider Gold-Backed Cryptocurrency

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Russia’s central bank will consider the use of a gold-backed cryptocurrency to facilitate international settlements, according to a Tass report.

Elvira Nabiullina, governor of the Bank of Russia, said Thursday that her institution is to review a proposal for the development of the cryptocurrency.

Nabiullina said at the nation’s lower house, or Duma:

“As for mutual settlements, we will consider, of course, [the] proposal on … a gold-backed cryptocurrency. But, in my opinion, it is more important to develop settlements in national currencies,” she said at the State Duma.

She added that fiat currency settlement systems within the Eurasian Economic Union are improving and have “good dynamics.”

The news is perhaps surprising, as Russia’s government has been famously anti-crypto in past years, moving to block foreign exchange platforms from the country in 2017 and even blocking media sites that covered the topic back in 2015. A minister once said that Russia would never make cryptocurrencies legal.

However, the nation has softened its stance somewhat in more years, with moves to legislate around cryptocurrency starting in 2017. A digital assets bill could be passed this current session of the Duma, TASS indicates.

According to today’s report, Nabiullina said that, while it may mull the use of the gold-backed cryptocurrency, the central bank is against the use of cryptocurrency in Russia’s monetary system.

“We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part,” she said.

 

source:coindesk

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Cryptopia: New Zealand Court grants 10 extra working days to present its first liquidators report

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Cryptopia, the defunct New Zealand cryptocurrency exchange, announced that there was an update with regard to the first liquidation report. The exchange stated that the New Zealand Court grated the platform ten extra days to present the report, with the date now scheduled to 4th June 2019.

The exchange stated on its official Twitter handle,“The New Zealand Court has granted a 10 working day extension on the initial Cryptopia Ltd Liquidators report. It is now due on 4 June and will be available on the New Zealand Companies website when it is submitted”

Sean Crypto Phillips, a Twitter user stated,“I hope that the liquidators understand that the coins are funds held in trust, not general assets of Cryptopia, so should be returned in full and without conversion. Also, I will be interested in any news of recovery from amounts sent to Huobi, although my balance was intact.”

Currently, the exchange’s website continues to be under maintenance, with the site displaying the press release pertaining to the liquidation process. According to that announcement, the liquidation process is handled by David Ruscoe and Russell Moore, representatives of Grant Thornton.

The exchange had decided to take this path because of the security breach that occurred earlier this year in January. Notably, the exchange fell victim to two attacks with the hacker gaining control over all of its Ethereum funds. At present, “the liquidators are focusing on securing the assets for the benefit of all stakeholders.” The investigation conducted by Grant Thornton was reported to take months instead of weeks, with the first report set to be released in the coming month.

Aside from this, the exchange also made headlines when the attacker had started to move the stolen Ethereum funds to different wallets and exchanges, which includes Huobi and EtherDelta. Huobi, a leading centralized exchange, released a statement concerning this incident on its official social media handle. The platform stated that the stolen funds were automatically detected by its system, following which it was immediately frozen.

Source/ambcrypto

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