Some editions of The Daily are so overflowing with news there simply isn’t time for a cleverly worded introduction. So without further ado, here’s what’s coming up in this installment: Circle has launched a string of new initiatives, including a research portal and the Poloniex mobile app, Roger Ver’s comments about a BCH-powered Bitcoin.com crypto exchange have been doing the rounds, the International Monetary Fund (IMF) is talking gloomily about cryptocurrency (again) and two masternode projects have major developments to share. Let’s do this.
Also read: Korean Crypto Exchange Sued for Controversial Token Schemes
Circle Launches Research Portal and
Enhanced Poloniex Apps
On Tuesday, Circle revealed a slew of initiatives it’s been working on. The payment processor-turned-cryptocurrency incubator has launched Circle Research, a service dedicated to original analysis on all things crypto. In this respect they’re following the lead of Bitmex, whose research offshoot has proven to be hugely influential. “In crypto markets, reliable information is difficult to come by,” explained Circle in a blog post.
“We at Circle Research want to provide you with the right information so you don’t have to put in the hours of legwork of separating fact from fiction … Our easily readable yet in-depth primers outline key details, features, risks, and challenges associated with individual crypto assets.”
The quality of research within the crypto space has improved significantly within the last 12 months, much of it delivered in the form of email newsletters. Diar’s weekly dispatches have become essential reading for many cryptocurrency enthusiasts. Last week, their head analyst, Larry Cermak, left to take up a similar position at The Block.
On Tuesday, Circle also shared details of new mobile iOS and Android mobile apps for the Poloniex exchange. The improved app “includes a better mobile-based identity, verification and login process” and is available in nine languages. In the same update, Circle shared some of the progress it’s made since taking over at Poloniex. This includes reducing the backlog of support tickets by 97%, freeing $12 million in trapped funds and returning them to customer wallets.
Roger Ver’s Exchange Proposal Attracts Attention
In other exchange news, Bitcoin.com CEO Roger Ver’s idea of launching a BCH-powered platform has attracted comment. Bloomberg shared extracts from an interview Ver gave while in Malta mulling the possible options for such a venture, with bitcoin cash as the base currency. Other media outlets have also picked up on the story, noting the bitcoin evangelist’s intention of driving traffic via the high number of cryptocurrency enthusiasts who frequent Bitcoin.com. A number of exchanges offer BCH trading pairs, though to date Voltaire.cash is the only one to use bitcoin cash as its base currency by default.
Remme and Horizen Implement Major Upgrades
Remme and Horizen are two separate cryptocurrency projects that share one thing in common: masternodes. Both have announced major initiatives this week, led by distributed public key infrastructure (PKI) protocol Remme, which has started accepting applications for it masternode program. Masternodes will provide consistency and fault tolerance on Remme’s custom public blockchain, as well as signing transactions for certificate issuance and revocation. Remme aims to steer businesses away from using passwords in favor of PKI certificates. Their quest has been significantly aided by scare stories about weak passwords regularly appearing in the mainstream media.
Fewer passwords. More PKI. https://t.co/WbDM1VXvxY
— Preston Byrne (@prestonjbyrne) October 10, 2018
Horizen, meanwhile, will be deprecating its old software today, Oct. 10, and has urged miners, node operators, exchanges and swing wallet users to upgrade now. The main change introduced is an update to the bitcoin core consensus algorithm that the Proof-of-Work cryptocurrency had been using. Horizen, then operating under the name of Zencash, was 51% attacked earlier this year and the new consensus change has been designed to prevent a repeat incident.
IMF Issues Stark Warnings Over Cryptocurrency
The IMF is known for its adversarial stance to cryptocurrencies. This is to be expected on account of it being deeply embedded with world banks and the legacy financial system they control. The IMF remains an influential organization, however, and its latest World Economic Outlook report, published on Tuesday, contains stern comments on crypto:
Cybersecurity breaches and cyber attacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.
It is unclear how cryptocurrencies would create any sort of systemic risk, unless legacy financial companies were to introduce them and fail to adopt suitably robust custody procedures. Should cryptos infiltrate world banks and trading houses on a grand scale, however, the greatest risk may be to the IMF itself and the inflationary fiat currencies it has supported since 1945.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
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