In a bit of throwback to the bull run of 2017, XRP managed to become the second-largest cryptocurrency leaping past Ethereum - albeit briefly - last week. Like with any price spike, it's difficult to pinpoint the exact reason behind it, though many are suggesting it's because of the teased launch of xRapid in the month of October, among other things. What else the cryptocurrency space held in store for us? Let's jump right into it.
Last week, the Bitcoin world was rocked by a bug named CVE-2018-17144, which is said to be one of the nastiest bugs till date for the dominant cryptocurrency. While the vulnerability has existed since March 2017, it was only detected recently by an anonymous Bitcoin Cash developer. With this bug, blocks couldn't identify double spend attacks, which in a way means that theoretically, Bitcoin could've exceeded the 21million limit. Thankfully, nobody was able to exploit this vulnerability.
Related read: 600 microseconds - a perspective from the Bitcoin Cash and Bitcoin Unlimited developer who discovered CVE-2018–17144
Before there was Bitcoin, there were several cyberpunks who had tried their hands on a digital currency. One such currency was Digicash, a project conceived by David Chaum in 1989. 10 years after Bitcoin, he believes he has found a better, faster and secure blockchain with Elixxir. He claims that his solution can process thousands of transactions in a second because instead of letting miners produce the blocks, Elixxir produces the blocks first and then fill them up with transactions.
Related tweetstorm: https://twitter.com/Adam_Tache/status/1042602399406317570
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3️⃣ Mining wars
Last week, mining giants Bitfury and Bitmain announced their latest ASIC chips. Bitfury unveiled a 14nm silicon dubbed Clarke, while highlighting "performance and efficiency". Bitmain went a step further by introducing a 7nm chip BM1391, which can be expected to be more power efficient than bigger chips. Both these chips are based on SHA256 algorithms and will soon power mining products from the respective companies.
Related read: The ASIC Mining Race and Where It is Going
Bancor - which calls itself a liquidity network for different ERC-20 tokens - is now expanding to EOS. Dubbed Bancor X, its new protocol will allow tokens based on Ethereum's rival blockchain, EOS. This'll also enable cross-chain swaps for Ethereum and EOS-based tokens. Currently, Bancor X will support tokens like Everipedia (IQ), DEOS (DEOS), and MyCryptoBank (MCB), among others.
Rarely a week goes where this newsletter doesn't mention Binance, and this time around, it's not without a good reason. At CoinDesk's Consensus Singapore event, Binance's founder and CEO Zhao Changpeng announced that he plans to launch five to 10 fiat-to-crypto exchanges by the next year. This is interesting since Binance is currently crypto-to-crypto exchange, and it has just started fiat-to-crypto exchange in places like Singapore.
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⚡️ Check this out
💩 Hacks and scams
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💰 Money matters: fund raise and acquisitions
👉 Hangzhou-backed blockchain firm raises HK$100m via digital token fund to invest in Japanese cryptocurrency
👓 More awesome stuff to read
Related tweetstorm: https://twitter.com/cburniske/status/1043546598075244545
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With speakers such as Elizabeth Stark, Saifedean Ammous, Jameson Lopp and more, the livestream of the conference is full of information. Related transcripts: Baltic Honeybadger 2018
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💎 Hidden gems
Back in April, New York Attorney General (NYAG) has asked 13 cryptocurrency trading platforms a number of questions. Now, it has published a detailed 42-page report highlighting that several exchanges are susceptible to market manipulation. You can also several startling facts like 20 percent of trading volume on Coinbase is because of its own trading, exchanges being accessible via VPN and more.
Related read: The New York Attorney General’s Crypto Report: a crash course in more dated & esoteric laws