Ripple Aims to Become the Amazon of the Cryptocurrency World
The much-debated blockchain firm Ripple is now planning to expand its use case far beyond just streamlining cross-border payments in partnership with national and international banks. Ripple had focused its efforts solely on cross-border payments for the past five years when Brad Garlinhouse joined the company as the chief executive officer. Despite their unprecedented success as a software solution provider to financial entities, Ripple has seemingly come to a realization that the company’s core value still lies in the associated cryptocurrency XRP and the Ripple blockchain.
ETH Transaction Fees Hit All-Time High Second Day in a Row
According to blockchain data platform Blockchair, the average transaction fees paid by Ethereum users have reached a new record average of over $7.50. During a similarly congested period from June - July 2020, Ethereum co-founder Vitalik Buterin called for reform to the cryptocurrency’s fee system, suggesting fees this high could undermine the security of the network. According to Buterin, miners’ increasing reliance on transaction fees may incentivize selfish mining practices. This, in turn, could disrupt how transactions are processed. As a potential solution, Buterin suggests Ethereum improvement proposal 1599. This proposal would result in the blockchain burning base transaction fees to reduce the miner’s reliance on them as a source of income.
From Call Centers to Cryptos: India’s Scammers Don't Seem to Stop
India is the hub for call center scams. Call it a lack of strict regulatory measures to stop such activities or the scammers’ resilience to start over every time their business is busted, but call center scams have only grown more prevalent in the country. With cryptocurrencies slowly gaining ground in the subcontinent, groups of scammers are also taking advantage of Indians’ increased interest in digital assets. The founder and CEO of a blockchain and cryptocurrency research company Crebaco, Sidharth Sogani, told Cointelegraph that so far, multi-level marketing schemes and “fixed return” crypto investment schemes are the most common.
Bitcoin, Gold Prices Drop as Trump Praises ‘Big Stock Market Numbers!’
After an exciting weekly close which saw Bitcoin (BTC) price rally above the $12K mark for the second time this month, the digital asset has lost momentum and slipped below $11,500. The former resistance level at $11,800 has again failed to function as support and at the time of writing Bitcoin price has dropped below $11,600 to test the ascending trendline support at $11,550. Bitcoin’s inability to sustain above the $12,000-$11,800 zone comes as the gold price corrected 3.6% and dropped below its all-time high to $1,950. The price of silver also fell by 6.85%, which is the first significant pullback since it reached a 2020 high at $29.85 on Aug. 7.
China: Loudi City Mayor Promotes Blockchain to Fight Crime
The mayor of Loudi, a city in China’s Hunan province, has characterized blockchain technology as a powerful “weapon” that can effectively tackle crime. At a meeting of Loudi’s Municipal Public Security Bureau on Aug. 10, Mayor Yang Yiwen responded to reports on the progress of a trial blockchain project that is currently being conducted by the bureau and a local technology firm. The project combines blockchain technology with multi-party computing and big data to improve trusted data exchange and information traceability across a collaborative network.
Web Traffic on Global Crypto Exchanges Surged 13% in July
Global crypto exchanges have reportedly seen a significant increase in web traffic in July as cryptocurrency prices gained momentum. According to data from crypto analytics startup ICO Analytics, web traffic on global crypto exchanges increased by 13% on average in July 2020. Illia Kmez, head of content at ICO Analytics, told Cointelegraph that centralized crypto exchanges added 26% in web traffic since December 2020. In order to provide calculations, the startup analyzed web traffic of around 100 exchanges including international trading platforms and exchanges that only operate in one country, Kmez said.
Authorities Find Illegal Bitcoin Mining Farm in Kyrgyzstan Free Economic Zone
Law enforcement authorities in Kyrgyzstan have reportedly detected an illegal cryptocurrency mining farm on the territory of a local free economic zone (FEZ). The State Service for Combating Economic Crimes, an anti-corruption service in the Kyrgyz Republic, has reportedly discovered a large-scale mining farm at FEZ Bishkek. Kyrgyz authorities posted a video of the facility on YouTube on Aug. 7.
VeChain’s Latest Blockchain Application Makes Food Safer
VeChain’s newly released tool offers a suite of whitelabel services that will allow the food sector to implement on-chain safety management services. These services include traceability templates which track things like origin traceability, cross-border traceability, full-process traceability, and more. They have high hopes that the tool will be useful for many sub-sectors and products, such as fresh food, dairy, alcohol and wine, and imported food.
Bitmain Delays Antminer Shipments Amid Internal Conflicts
Bitmain, the world’s largest Bitcoin (BTC) mining hardware company, is postponing its product orders amid ongoing internal conflicts. As officially announced on Aug. 6, Bitmain will be delaying their June and July 2020 Antminer orders by at least two or three months due to “external interference on company operation.” According to the announcement, the orders will be postponed until September or October 2020 “at the earliest.”
Grayscale Ethereum Trust Files To Become An SEC Reporting Company
On August 6, Grayscale Ethereum Trust filed to become an SEC reporting company. Amidst the Ethereum (ETH) bull run, Grayscale Investments voluntarily decided to make its Ethereum Trust an SEC reporting company. The company’s best known investment product is a Bitcoin Trust that holds around 400,000 Bitcoin (BTC), worth nearly $4,744,800,000 as of press time. Additionally, its Ethereum Trust currently has 1.9 million ETH in its possession, valued at approximately $746 million. As with other Grayscale products, Coinbase is acting as a custodian.