Today on Altcoins This Week we discuss the beginning of Ethereum’s implementation of the code for Constantinople, we comment on Coincheck and their decision to include the US as part of their comeback and more.
Coincheck Comeback Will Include A US Wing
It would seem that Japanese crypto exchange Coincheck looks primed to stage a larger comeback than previously anticipated. It was reported this week that the exchange, bought by Monex Ltd in April, just three months after falling victim to the largest crypto hack in history, will be linked to a new US-based exchange Trade Station Crypto Inc.
TradeStation Crypto will be a subsidiary of TradeStation, itself in the ownership of Monex Ltd. Coincheck has yet to reopen its doors since losing more than $500 million in the January hack, but appears to have satisfied strict Japanese regulators, with Monex CEO Oki Matsumoto hinting that a newly licensed-Coincheck could reopen as early as next month.
Japanese Exchanges Want to Tighten Your Belt
As Japan’s regulatory authorities grapple with CoinCheck, another organization in Japan is hoping to keep small investors from going bust by limiting the amount of money they can trade.
The Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory body set up to improve standards across Japanese exchange platforms, has called on exchanges to place restrictions on smaller investors to ensure they have enough disposable income at the end of purchasing crypto to put food on the table and pay the bills. How it plans to determine who or what constitutes a small investor remains to be seen, as is how the exchanges will decide just how much money a person can afford to invest while still keeping the lights on at home.
Crypto Jacking Ghost Haunts Corporate Networks
If the power goes, there is nothing quite like a spooky story around candlelight. Researchers at Kaspersky Lab have, however, found a ghost that you will only need to fear when the electricity is running at full tilt.
The cybersecurity experts found a new malware that attacks corporate networks and uses their power to mine crypto. Crypto Jacking, as the activity is known, is nothing new, but it is unusual to find malware that operates at this scale. Kapersky has dubbed the new bug PowerGhost, presumably so they could call themselves the PowerGhostBusters when they find the fix. They may have their work cut out for them, recent reports suggest that crypto jacking has overtaken ransomware as the cyber-crime of choice for today’s techy extortionist.
Ethereum Sets Sail To Constantinople
Ethereum developers have indicated that work has already commenced on implementing the code for Constantinople, the network upgrade that follows on from last October’s Byzantium. However, there is no confirmation yet on when the upgrade will be fully complete.
The aim of the upgrade is to increase efficiency in the network, thereby limiting fees and speeding up transactions. So far, implementation has commenced on upgrades to specific protocols within the Ethereum blockchain, affecting how block hashes are stored, and also how smart contracts interact within the overall system. The developer meeting last Friday did not address one pressing concern that has been at the center of widespread debate amongst member of the Ethereum community: the future of its Proof of Work consensus.
Since announcing last year that it intended to switch to a Proof of Stake consensus, there has been fierce debate around whether this is the correct way for the blockchain to evolve. Casper, the POS system that Ethereum plans to adopt is currently being tested, and no doubt we will have many more news stories on that topic before its final implementation.
Market Scare On Friday For Many Coins
Staying with Ethereum (ETH), the largest altcoin had a steady half week, opening on Thursday at $472 and reaching a high of $482 later that day, before easing back to the mid $460s by Sunday. XRP was fairly stagnant, reaching above $0.46 on Thursday but failing to make that mark again for the rest of the week, closing on Sunday at $0.45. Bitcoin Cash (BCH) fell on Friday to $785 having opened Thursday at $830. It rallied back to $819 by close and gained another couple of percent in value to close on Sunday at $826. EOS dipped after opening at $8.52 but has managed to stay above the $8 for the week, with a low of $8.03 on Friday followed by a bounce back to 8.23 on Sunday. Stellar (XLM) looked set to pass the $0.35 mark for the first time since May but fell just short with a high of $0.348 on Thursday from a $0.33 opening. It too fell back on Friday to below $0.30 but its decline was short lived and it was trading for just over the $0.30 mark on Sunday.
The Friday dip was in response to the announcement that the Winklevoss Twins’ latest attempt to gain regulatory approval for a Bitcoin ETF had failed. But as with Bitcoin, the dip was short-lived, and all five leading altcoins bounced back, without quite scaling the heights of last weekend. To see current prices click here.