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Sparks Fly as Old Core Developer Says Ethereum Could Help Bitcoin Scale

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Bitcoin has seen a number of scaling improvements over recent years.

For instance, Segregated Witness (SegWit) has seen mass adoption by cryptocurrency users and service providers, decreasing transaction fees by increasing the number of transactions that can squeeze into a block.

There have also been positive developments made with the Lightning Network — the second-layer scaling solution that migrates transactions off-chain to decrease fees, increase speed, and bolster privacy.

The improvements that have been seen, however, may not be enough. For about a week in May, users lamented over $5-10 fees and long transaction times caused by a confluence of reasons.

Yet these issues can be solved, according to an old core developer.

Solved how? With Ethereum, apparently.

Can Ethereum Help Bitcoin Scale? An Old Core Developer Thinks So

Gavin Andresen — who worked closely with Satoshi Nakamoto and later became the “face of Bitcoin” — remarked on June 12th that he thinks Bitcoin can be scaled in “three easy steps.” In his words:

  • 1. Scale ethereum
  • 2. Trustlessly tokenize your BTC
  • 3. Transact using the wrapped tokens on the eth2 chain

What he’s describing is leveraging Ethereum’s technological improvements as Bitcoin scaling. That’s to say, by representing BTC on Ethereum, it could benefit from Ethereum’s sharding technology or whatever else the community implements.

Bitcoin maximalists were quick to rebut the sentiment.

One user wrote that he is “glad they banned you from the Bitcoin github a few years ago,” referencing a power struggle amongst developers that saw Andresen lose his ability to commit to Bitcoin Core.

Other Bitcoiners laughed at the idea of “scaling Ethereum,” likely due to the sentiment that the implementation of Proof of Stake, which is the basis of scaling Ethereum, has risks compared to Bitcoin’s Proof of Work system.

Related Reading: Investors Expect Bitcoin Price to Rip to $11,000 Before the Nasdaq Hits 11k

Tokenization Gone Wrong

Some may see it as a good concept in theory, but the tokenization of Bitcoin on Ethereum has seen a number of issues.

One of the latest attempts at tokenizing BTC is tBTC, which promised to be the most decentralized version of Bitcoin based on Ethereum. The project gained so much traction that Bloomberg published a report on the matter, arguing how it could help bridge the gap between the Bitcoin and Ethereum communities.

In May, tBTC was frozen due to a bug that was found in the smart contracts operating the system. Keep Network, which is behind the project that launched the token, wrote:

“The team triggered this pause after finding a significant issue in the redemption flow of deposit contracts that put signer bonds for open deposits at risk of liquidation when certain types of bitcoin addresses were used in redemption.”

Importantly, no funds were lost, but it does show how there’s still a ways to go with this technology. Also, there’s no telling if or if not Bitcoin users will want to migrate their coins to Ethereum.

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Sparks Fly as Old Core Developer Says Ethereum Could Help Bitcoin Scale

Source: https://bitcoinist.com/sparks-fly-old-core-developer-ethereum-help-bitcoin-scale/?utm_source=rss&utm_medium=rss&utm_campaign=sparks-fly-old-core-developer-ethereum-help-bitcoin-scale

Blockchain

A senior BOJ official says the digital yen needs public support for it to become a reality.

According to the Bloomberg report, a senior Bank of Japan’s official said that there is no final decision has been made yet even after the announcement of testing to start next year. The official revealed that a lot depends on the public support for it to go ahead with its central bank-backed digital currency. Kazushige […]

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A senior BOJ official says the digital yen needs public support for it to become a reality. – Coinnounce




























The central bank of Japan’s move to launch a digital currency would be conditional on public support, according to a senior BOJ official.


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Source: https://coinnounce.com/bank-of-japan-official-says-cbdc-needs-public-support/

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Japanese soccer star Keisuke Honda launches his own crypto

Crypto and blockchain matter for the global soccer community.

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A Japanese professional soccer player is launching his own cryptocurrency to boost fan engagement.

Keisuke Honda, former Japan midfielder and currently a captain of the Brazilian professional league team Botafogo, has launched his own token to build new connections with his fans, Cointelegraph Japan reported on Oct. 22.

The so-called “KSK Honda Coin” was launched on Thursday via Rally.io, a blockchain platform for creating video streaming and gaming applications. The new coin is intended to enable fans to interact with Honda.

Holders of KSK Honda token will be able to get exclusive content from Honda as well as interact with the player via private channels on Discord. “We decided to create a social token to build new connections with our most loyal fans,” Honda said.

The world-known soccer player said that the new token will allow him to connect with fans in a more open manner, providing a 100% transparency in knowing who holds coins in the fan community.

The global soccer community is moving deeper into the crypto and blockchain industry in search of new ways of connecting stars with their fans.

On Oct. 15, a top soccer club in Russia’s Premier League — Zenit St. Petersburg — signed on to the blockchain-based gaming platform Sorare to issue collectible and tradeable digital cards. In September 2020, Italian professional sports club SS Lazio signed a multiyear deal with crypto trading platform StormGain, enabling new fan engagement options through crypto.

Source: https://cointelegraph.com/news/japanese-soccer-star-keisuke-honda-launches-his-own-crypto

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Grayscale invests $300m in a day to grow its crypto portfolio

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets…

The post Grayscale invests $300m in a day to grow its crypto portfolio appeared first on Coin Journal.

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Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets under management (AUM) in a day

Grayscale Investments revealed that it had added $300 million worth of cryptocurrencies to its digital assets portfolio over the past 24 hours and over $1 billion in the last week. This information was relayed by Grayscale CEO Barry Silbert via a tweet yesterday.

The crypto fund manager noted that it had $6.3 billion in AUM as of October 15. However, it has added $1 billion in cryptocurrencies over the past week, and the company now controls $7.3 billion worth of digital assets.

Silbert stated that the company “Added a cool $300 million in assets under management in one day. The additional sum brings the total assets held under management to $7.3 billion”.

The funds are held in the company’s trust for Bitcoin (BTC) and Ethereum (ETH), in addition to Grayscale’s digital large-cap fund. This latest development comes less than 48 hours after PayPal announced its entry into the cryptocurrency market, with Bitcoin surpassing the $13,000 mark afterwards.

Each Grayscale report is delayed by 24 hours, which means that this data refers to the previous day’s figure.

The cryptocurrency funds manager reported that its Litecoin (LTC) Trust recorded the highest growth since the last report. Grayscale reported that its LTC Trust increased by 7.5%, while their Zcash (ZEC) Trust increased by more than 6% over the past 24 hours. Grayscale also has extensive holdings in other cryptocurrencies such as Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), Horizen (ZEN) and Stellar Lumens (XLM).

Grayscale might be increasing its cryptocurrency holdings after raising massive funds in the third quarter of the year. Grayscale’s financial report for Q3 2020 revealed that it had bought over $1 billion in investment across all its cryptocurrency trusts. This year, Grayscale has raised $2.4 billion, which is more than twice the total amount they obtained for the years 2013 – 2019.

The investment firm revealed that 81% of investment in the third quarter came from institutional investors, while another 57% came from people investing in multiple products.

With the crypto fund manager now holding over $6 billion in AUM, it means that Grayscale controls around 2.5% of the total Bitcoin supply, currently above 18,000 BTC. The Bitcoin supply is capped at 21 million, which means that roughly 2.5 million bitcoins are left to be mined.

Grayscale isn’t the only company that is increasing its stakes in cryptocurrencies at the moment. MicroStrategy recently bought $425 million worth of Bitcoin, and Jack Dorsey’s Square Inc. invested $50 million in Bitcoin.

Source: https://coinjournal.net/news/grayscale-invests-300m-in-a-day-to-grow-its-crypto-portfolio/

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