Today on Altcoins This Week we comment on the tokenization of the adult industry, we discuss the upcoming Zcash fork and much more.
Adult Industry Moves Towards Tokenization
The adult industry has been making moves towards tokenization this year, with some of the biggest players in x-rated entertainment hoping to penetrate the blockchain market. There were mixed fortunes this week however, with news that Playboy Enterprises have filed a lawsuit against Global Blockchain Technologies for failing to implement a proposed blockchain platform.
Meanwhile, Tube8, a subsidiary of Pornhub, announced that it will soon accept crypto payments in partnership with Vice Industry Token. Vice was supposed to be the token of choice for Playboy too, but the smut stalworth alleges that Global Blockchain Tech failed to deliver on its contract, leaving Playboy’s blockchain plans out in the cold.
Zcash Plans Second Hard Fork In October
Zcash is readying itself for another hard fork, due to occur some time towards the end of October. The Sapling upgrade is designed to increase security of the privacy coin’s cryptography, and reduce the required storage for transactions.
This will be the second hard fork of the Zcash protocol. The first, Overwinter, was successfully implemented in June and Sapling is expected to implement further upgrades.
Venezuelan President Pins Hopes On Petro
The economic troubles in Venezuela show no signs of abating, with inflation of the Bolivar expected to reach one million percent by the end of the year. The country’s president Nicolás Maduro hopes to solve the problem by pegging wages, pensions and prices to the Petro, the cryptocurrency he controversially unveiled earlier this year.
Maduro wants the Petro, which is supposedly based on the country’s rich oil supplies, to free Venezuela from he calls “the tyranny of the dollar”. Skeptics are fearful that his plans to devalue the cryptocurrency and increase the minimum wage by 3000% will only make things worse for the people of Venezuela, who have seen their wages devalued to almost nothing this year.
Most Coins Lack Working Product Finds Report
A report published by Invest In Blockchain has revealed that over 60% of coins listed in the top 100 in terms of market cap have no working product. The authors define working product as having reached a stage of development where the project has at least partially delivered on its promised utility, and the product is in daily use.
The results will surprise many, with established crypto coins such as Dash omitted from the list. Newer coins, such as Cardano (ADA) are absent too. However, Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are all present and correct. Only 36 of the 100 coins met the exacting standards of the report’s authors, leaving plenty of scope for improvement.
Markets: Altcoins Recover From Monday’s Crash
Altcoins recovered well from Monday’s crash with many top coins recouping most of their losses. Ether (ETH) opened on Thursday at $282, and broke through the $300 to score a trading price of $320 on Saturday. However, by Sunday evening it was moving down to the $300 mark. XRP recovered well, opening at $0.282 on Thursday but a sharp upswing on Friday took it to $0.37. It saw out the week at $0.34. Bitcoin Cash (BCH) is still trading well below the $800 plus it was marking at the end of July. It opened Thursday at $512 and broke out past $600 briefly on Saturday, but has been struggling to hold that rate, closing Sunday at $569. EOS opened on $4.64, and peaked at $5.62 on Saturday. It held its own on Sunday closing the week at $5.31. Stellar (XLM) has failed to build any momentum on the back of a $0.215 opening, climbing close to $0.25 briefly on Saturday before closing on Sunday at $0.222.