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Cardano Reveals Imminent Update, Poloniex Plans $13.5 Million Refund, and SEC Files Emergency Suit Against Veritaseum

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Cardano Update Imminent

Cardano creator Charles Hoskinson says the smart contract platform will implement a major upgrade in a matter of days.

Version 1.6 includes a long list of bug fixes and improvements, including an overhaul of Cardano’s crypto wallet Daedalus.

Poloniex Plans Reimbursement

Cryptocurrency exchange Poloniex says it will fully reimburse customers affected by the fallout from a recent flash crash.

The crash happened back in May when a crypto asset called Clams (CLAM) plunged nearly 80% in a matter of minutes. The force of the crash triggered an error in the company’s automated liquidation system, leaving margin traders with losses of around 1,800 BTC, which was worth $13.5 million at the time.

“Our work to make customers whole isn’t limited to our first payment or this new step of crediting trading fees. We

are actively pursuing other strategies, and will update you when we can.

We understand how upset customers are with this loss and we appreciate your patience. In addition to being committed to making you whole, we remain dedicated to earning back your trust.”

The SEC Sues Veritaseum

The U.S. Securities and Exchange Commission says it’s filing an emergency lawsuit against the Ethereum-based peer-to-peer capital markets platform Veritaseum.

The agency says the company knowingly misled investors during its initial coin offering. The filing is designed to freeze the assets of Veritaseum and its CEO Reggie Middleton.

“Among other things, Defendants knowingly misled investors about their prior business venture and the use of offering proceeds; touted outsized—but fictitious—investor demand for VERI; and claimed to have a product ready to generate millions of dollars of revenue, when no such product existed; placed a series of manipulative trades in VERI Tokens to increase their price and to induce investors to buy more tokens; and misappropriated investor assets beginning during the ICO phase of the offering.”

According to the SEC, Veritaseum has about $8 million of investor funds remaining from its $14.8 million ICO.

Source : dailyhodl



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Here’s when and why a country will issue a CBDC

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Looking at what went down last year, there’s no surprise that central bank issued digital currencies [CBDCs] are on the agenda at the World Economic Forum [WEF] in Davos Switzerland. What’s interesting is rather than lambasting the use of digital assets, the forum wants to streamline its use.

As China, and Europe are knee-deep in development for their respective CBDC projects the WEF has issued a ToolKit to policy-makers who face a similar macroeconomic decision. The ToolKit, is a 28-page document authored by Ashley Lannquist, Sheila Warren, and Richard Samans and goes into great detail about the necessity, or lack thereof of a digitized fiat currency, and the situations surrounding it.

The report does not simply define the CBDC as a one-dimensional construct, rather they break the concept down into Retail, Wholesale, Hybrid and DLT-based CBDC.

In the first phase of their ‘tip’ to policy-makers worldwide, addressing a CBDC launch, the toolkit looks at “Problem identification and analysis.” This phase will look at the “feasibility and suitability” of a CBDC to address problems relative to “high-potential alternative solutions.”

The report described the four-pronged approach as the,

“Essential first step to critically review CBDC and understand its potential role in the economy.”

On the geographic front, a country which is

fragmented into several islands or subjected to severe weather seasons may have “cash distribution, availability and security challenges.” These countries would benefit from a CBDC.

A European CBDC hence would face challenges, given their distorted landscape, Indonesia and Malaysia are other examples owing to their disjointed territory.

Politically, a democratic country would intend for a “multistakeholder involvement” in decisions and hence would see the benefits of using a retail CBDCs coupled with efficient cash policies.

The report stated that a “dollarized economy” would also benefit from a CBDC if it “has a shortage of small currency.” A “dollarized economy” is any country that has adopted the dollar as a primary means of payment, owing to the debilitation of their native currency. Zimbabwe would be the ideal example.

“A country with a fragmented payments system or low financial inclusion could benefit from a retail CBDC that harmonizes existing payment systems and connects citizens to bank accounts.”

Technology wise, a country with foundations in internet connectivity and mobile phone penetration would see “greater adoption” of a retail CBDC. Another on-the-ground metric of such a country would be a decline in cash usage, such as in China, India and certain parts of the United States which is fertile grounds for digital payments.

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Ethereum To See Further Distribution Over Time

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  • Over the past ten or eleven years or so, there has been a significant increase in the adoption of cryptocurrencies like bitcoin.
  • In a recent report by Coinmetrics, it delves into the amount of bitcoin and other cryptocurrencies being held by other platforms.

Over the past ten or eleven years or so, there has been a significant increase in the adoption of cryptocurrencies like bitcoin. There have been some highs and lows but unfortunately the mainstream the lows seem to have outweighed the highs as platforms such as Mt. Gox has seen significant attacks/hacks which shadows over the good impact that cryptocurrency can have on the rest of the world.

This is where concerns start as when the Mt. Gox platform got hacked and lost 70 per cent of the world’s bitcoin transactions, questions started getting raised on how safe the digital asset was and whether it was worth all the hassle.

In a recent report by Coinmetrics, it delves into the amount of bitcoin and other cryptocurrencies being held by other platforms and attempts to answer if any in the

crypto space are currently under threat by potential hacks or scammers.

BTC and ETH where the key cryptocurrencies that were under investigation. Compared to BTC, ETH didn’t consistently increase over the last five years and in 2017, the volume of ETH went down quite significantly – specifically during the bull run of December that year. However, at the start of 2018, it seemingly took off.

Kraken was the first major crypto platform to trade ETH. Over the past five years, we’ve seen ETH change as well as the amount of cryptocurrency being accumulated by different platforms.

The main highlight of the report was that ETH is getting more distributed and it has been over the years. It only seems that this number is going to increase over time and especially over this decade. This is a positive sign for the second-biggest cryptocurrency but it should also be a good sign for adoption and where we could be going over the next few years…

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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ETHEREUM 2.0 GATEWAY SUCCESSFULLY VERIFIED

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The Rundown

  • Ethereum 2.0 Deposit Contract Ready
  • ETH Price Reaction

Development on Ethereum 2.0 is continuing to break new grounds as one of the most important smart contracts for the network has just been successfully verified.

ETHEREUM 2.0 DEPOSIT CONTRACT READY

Tech startup Runtime Verification has reported the successful completion of formal verification of the Ethereum 2.0 deposit contract.

“Although we found several critical issues of the deposit contract during the formal verification process, some of which were due to subtle hidden Vyper compiler bugs, all of the issues of the deposit contract have been properly fixed in the latest version (v0.10.0),”

According to the announcement, the deposit contract is a ‘gateway’ to join Ethereum 2.0. Validators on the new proof of stake Beacon Chain need to deposit some ETH by sending a transaction over the Ethereum 1 network to the deposit contract.

The deposit contract records the transaction history and locks these deposits on the ETH 1.0 chain for later claiming on the Beacon Chain. The smart contract employs the Merkle tree data structure to store the deposit history efficiently.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

ETH 2.0 coordinator, Danny Ryan, confirmed that the formal verification was the last hurdle, adding;

“This is the primary audit/verification. The

contract and the formal verification work is now for public review.”

There are no other audits planned for the deposit contract however there are two more expected for Beacon Chain in February according to Trustnodes.

Last week it was reported that 22,000 active validators were running the first Ethereum 2.0 client on test net.

These client testnets may start connecting to each other in a prelude to the genesis block test net which heralds the first major implementation of proof of stake.

At the beginning of the year, nine independent teams began work on implementing Phase 0’s Beacon Chain. It is expected to launch in the second quarter of this year according to Josh Stark’s yearly Ethereum roundup.

ETH PRICE REACTION

As expected these under the hood developments on ETH 2.0 had no real impact on token prices. Ethereum has currently pulled back a couple of percents to settle at the $165 level where it is expected to consolidate until bitcoin makes a bigger move.

2020 has been bullish for Ethereum so far with gains of almost 30% since New Year’s Day. Long term technical signals are finally turning bullish and there is renewed hope that ETH can finally break out of its two-year bear market.

As proof of stake nears and development continues it is only a matter of time before Ethereum is back in bullish territory.

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