Recent Cryptocurrency and Blockchain Developments
Monero Adopting Dynamic Proof-of-Work Algorithm
Monero is making “last ditch effort” to prevent ASIC miners from dominating the Monero network by adopting the RandomX dynamic proof-of-work algorithm. This algorithm, according to early analysis, will make it even more inefficient on GPUs and in some cases not functional on some GPUs. This means CPU-based miners will likely dominate the entire Monero hashrate.
This new proof-of-work algorithm is called dynamic because for every next block to be added to the chain, the work to be done is randomly selected based on the previous block and using one or more of the virtual instructions the algorithm designers have come up with. Monero is scheduled to hard-fork with the new proof-of-work algorithm in October 2019.
Making Crypto Exchanges More Transparent
Recent reports indicate that over 86% of cryptocurrency exchanges provide fake trade volumes to the public. This raises further the issue of trust from the already skeptical public about cryptocurrency trades. London-based CryptoCompare is teaming up with big exchange players in the crypto industry to foster transparency on cryptocurrency trading data by launching a benchmark ranking of over 100 active spot exchanges located worldwide. The initial analysis, based on data from the month of May, suggests the most trusted three exchanges are Coinbase, Poloniex and Bitstamp in descending order of ranking.
Blockchain for the Wine Industry.
So much has been written about how Blockchain will usher in not only more transparency, but efficiencies in the supply chain of goods. A few weeks ago, Ernst and Young and Blockchain Wine Pte. Ltd announced a partnership that would use Blockchain to track the wine supply chain using the TATTOO platform being developed by Ernst Young. TATTOO stands for Traceability, Authenticity, Transparency, Trade, Origin, and Opinion. Going forward, the TATTOO Wine Platform will contain more than 5,000 labels, including wines from France, Italy, Spain, Australia, New Zealand, South Africa, South America and California. The platform will be marketed to wine producers, distributors, logistics providers and insurance operators as a blockchain solution to trace origin and quality of wines.
Facebook and its GlobalCoin
So much has been speculated and written about the new GlobalCoin Facebook is developing for use for remittance and ad-viewing rewards program. New reports indicate that Facebook is furthering its efforts by talking with U.S. regulatory officials about its new cryptocurrency plans and development. It has also been reported that Facebook has signed up more than a dozen companies, including Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Uber Technologies Inc. to back its new cryptocurrency that it plans to unveil next week.
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