China’s central bank says their digital currency is ready.
A senior official at China’s central bank announced at the China Finance 40 Group meeting that the country will soon roll out its central bank digital currency. Mu Changchun, Deputy Chief in the Payment and Settlement Division of the People’s Bank of China stated that the currency prototype exists and the Bank’s Digital Money Research Group has already fully adopted the blockchain architecture for the currency. China’s digitally currency will not rely entirely on a pure blockchain architecture, as this would not allow the currency to achieve the throughput required for retail usage. How will the rollout of this digital currency affect the crypto market?
Binance being held ransom after a KYC hack.
Binance, the world’s largest cryptocurrency exchange, if you are measuring by daily trade volume, is in the midst of a hacking scandal that saw the criminal allegedly gain possession of a huge chunk of the firm’s Know Your Customer data. The hacker is reportedly demanding a total of 300 Bitcoins from the exchange, or else he or she will release all of the data. This is a ransom of over 3 million dollars in value. Whether the ransom is paid or not paid, how will this affect trust in the Binance platform moving forward?
Malware program is toxic for the computers of its users.
Malware Smominru the malware software has been reported to have infected about half a million computers and is now stealing user data. The change in the malware was first discovered during an investigation into anomalous activity behavior seen across a handful of endpoints. When investigating, the researchers found “sophisticated, multi-stage malware that was sending detailed system metadata to a network of hijacked web servers.” How will this affect the people using this software?
U.S. Department of Energy invests in blockchain.
The United States Department of Energy has given a grant worth $1.05 million to organizations working to commercialize a blockchain-based energy transaction platform. The new project is reportedly a continuation of BEM Controls’ existing Department of Energy-funded work on software to enhance energy efficiency in buildings. This latest grant is to expand and promote a new blockchain-based energy marketplace, with ComEd to use its Grid of the Future Lab to demonstrate the new system’s functionality.
Will Ethereum 2.0 lead to a bull run?
Bitcoin’s has done well in its bull run in recent months, but many altcoins have not had the same level of growth – including major ones like Ethereum. Now, analysts are noting that Ethereum could still see some bullish price action in the near-future, but what is it that will send Ethereum on a strong move back to where it was not even 2 years ago. One of the key factors here may be that many people are waiting for Ethereum 2.0 When will this be released and how will it affect Ethereum and the rest of the crypto marketplace?
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Binance Supports An Ontology Upgrade
Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet. Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits. Any future deposits of NEP5 ONT will not be credited to users’ Binance account, it indicates. Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC. Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.
The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected. Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services. MainNet ONT started to release ONG as soon as Ontology MainNet went live two years ago. According to Ontology, from 9 to 12th June 2020, it will give its community the opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results. However, The Ontology Foundation’s first three-year bonus to the top 49 nodes and the distribution method remains unchanged.