Ethereum scalability, points of sale in Venezuela and Peercoin anniversary

With CryptoNoticias Latin Americans can keep up to date on changes in the market prices of bitcoin, ether, bitcoin cash and Litecoin relative to their …

During the week from August 19 to 25, the price of bitcoin (BTC) moved around USD 10,500, with some peaks exceeding USD 10,850, according to CoinMarketCap data. At the time of writing of this note its value is USD 10,340, according to the same portal.

Information about the week includes statements by Vitalik Buterin, founder of Ethereum, who concerned about the issue of scalability raised the idea of developing networks “where every computer on average verifies only a small portion of the transactions’. For him, this would allow for more efficient work with a “pretty modest” sacrifice of network security.

With CryptoNoticias Latin Americans can keep up to date on changes in the market prices of bitcoin, ether, bitcoin cash and Litecoin relative to their local currency. To do this, they can visit the Latin Market section, which has a price calculator to perform conversions quickly and easily.

Among other information, it was also of interest this week that the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned three Chinese citizens, alleging that they violated money laundering laws and drug smuggling. The cryptocurrency addresses of these citizens were added to the OFAC blacklist. This is the second time the agency has specifically sanctioned cryptocurrency addresses, having last done this in November 2018, with a couple of Iranian citizens.

Here are the highlights:

Ethereum developer and founder Vitalik Buterin expressed concern about the future of the network, especially the scalability issues. This is recorded by an interview given by Buterin to the Canadian medium The Star, published on August 19. The co-founder and one of the most representative figures in the Ethereum ecosystem stated that the blockchain is “almost full”.

The Panda Group team announced the activation of cryptocurrency outlets in Venezuela. The company’s CTO, Typson Sanchez, said that in early August they installed a point of sale (PandaBTM) in Merida state. Users have several options, being able to use bitcoin (BTC), bitcoin cash (BCH), DAI and DASH. In the coming months, they hope to integrate more crypto-actives, namely ETH, ZEN and BNB.

This August 19 marked the seventh year of the launch of the first cryptocurrency to implement a proof of participation, in English Proof of Stake (PoS), as part of its consensus protocol. It is Peercoin (PCC), crypto active with a hybrid consensus system, which activated its main network in 2012. According to the official website of Peercoin, a blockchain pioneer in the use of the PoS protocol, its creators sought to secure the network using a “valuable resource and scarce as time”.

Pieter Wuille, one of the most prominent developers of the Bitcoin ecosystem, presented a programming language proposal for the network. This is “Miniscript”. This language could make it easier to write smart contracts on the Bitcoin network. Wuille himself submitted the proposal through Bitcoin’s developer mailing list and made it public on his Twitter.

A report published by data analytics firm Coin Metrics suggests that the correlation between the price of bitcoin and the rest of the cryptocurrencies increases in short periods. The analysis illustrates the correlation between the market’s major cryptocurrencies over the past week when the price of bitcoin declined modestly. In that period, price indices behaved as a single asset, all moving in the same direction.

Also:

A prolonged storm in Sichuan, China’s province, caused landslides and mudslides, forcing some local hydropower plants and Bitcoin miners to halt their operations. According to the government’s social media outlets, heavy rains have been soaking up the mountainous Prefecture of Aba in Sichuan since Monday, with landslides now affecting 17 counties in the area.

A donation of about $100,000 to help stop the fire that currently ravaged the Amazon was rejected by BitPay’s bitcoin payment platform. The process was halted for being a “very high” amount. This was stated by the Amazon Watch environmental care initiative, the recipient of the donation, via Twitter on August 22.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned three Chinese citizens, claiming they violated money laundering and drug smuggling laws. The sanctions involve several cryptocurrency addresses allegedly linked to the illegal activities of these individuals.

If you want to know the meaning of several words of the terminology of the crypto world, you can consult them in the extensive Glossary of CryptoNews.

API (Application Programming Interface): A set of functions, procedures, and subroutines used for application software development. Developers benefit from the functions of a specific API to avoid having to program the entire application from the beginning.

CryptoTuto of the Week

Lightning Wallet is a Lightning Network wallet that works without custodians. Although it is not necessary to operate a network node to use it, neither the developers nor the operators of this wallet have control over the funds of the users. The following CryptoNews video shows, step by step, how to use it.

About Post Author

Miu Lin

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

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