According to Mario Draghi, stablecoins will not be able to replace existing money; Esther Pearce believes that they have prospects to become the real currency on the Internet; Rusty Russell shared the details of the vulnerability in the Lightning Network.

According to Mario Draghi, stablecoins will not be able to replace existing money; Esther Pearce believes that they have prospects to become the real currency on the Internet; Rusty Russell shared the details of the vulnerability in the Lightning Network.

1. Bitmain will create a platform for participants in the mining industry. On it, owners of specialized mining devices and owners of mining farms will be able to find each other in a simple way.

The service is called the World Digital Mining Map (WDMM). It will be launched during the summit for miners, which will be held October 8-10 in Frankfurt.

«In the long run, our decision will make mining more sustainable» Matthew Van, director of mining farms at Bitmain, said in an official press release.

The service will be as open market ,where individual miners can choose the best conditions for placing equipment.

 

2. President of the European Central Bank (ECB) Mario Draghi believes that stablecoins cannot replace existing money.

«We are conducting a detailed analysis of cryptocurrencies and stablecoins in order to understand their prospects and possible impact on monetary policy, security and efficiency of payments» he wrote in a letter to Eva Kaili, member of the European Parliament. «Stablecoins and cryptocurrencies are significantly limited in application. They are not designed to replace money».

 

3. Esther Pearce,SEC Commissioner, believes that digital assets will continue to evolve and someday become the real money on the Internet. She announced this at the cryptocurrency summit organized by Solidus Labs in New York.

Among other things, she noted that the US is starting to lag behind in terms of competitiveness in the cryptocurrency field, because it is changing the regulatory framework too slowly.

«When I joined the SEC, I hoped to change the Commission’s attitude to innovation. But I soon realized that it would be a long and painstaking process» she added.

 

4. LedgerX accused the CFTC of prejudice and, as a consequence, delayed the launch of Bitcoin futures.

«We have every reason to believe that an unreasonable delay with obvious violations of the law on commodity exchanges arose because of the hostile attitude of the chairman to the blog post written by our CEO» it is said in the letter was sent on July 3 of this year. More information about the letter is unknown.

«In January of this year, the chairman called one member of our director’s board and announced that he would ensure that our application for DCO registration was canceled due to a blog post written and published last year. He decided to give preference to a larger company to «consolidate his wealth» wrote Paul Chow, CEO of LedgerX. A larger company means ICE / Bakkt approval.

 

5. The American fintech company «Ripple» will develop a direction of decentralized financial products (DeFi) based on the XRP cryptocurrency. The initiative will be implemented jointly with the team that developed the Logos Network decentralized payment platform.

Under the terms of the deal, Ripple acquired Logos, but in return nine startup developers will work together with Ripple Xpring, a New York investment division. At the same time, Michael Zohowski, CEO Logos, will be their head of DeFi products. The amount of the transaction was not disclosed.

According to Ethan Byrd, senior vice president of Xpring, the team will develop a number of new products, including derivatives, loans, futures and forwards based on XRP.

 

6. Marcus Tracher, Ripple Senior Vice President, compared the Ripple network to Libra, noting that the second has a significant drawback.

«Libra is a closing system. Facebook wants to entrust project management to a Swiss-registered organization. This is the main problem. Ripple doesn`t have this flaw» he said.

 

7. Developer Rusty Russell talked about the details of the vulnerability in the Lightning Network, about which the public first learned only at the end of last month.

The problem appeared in the process of creating and replenishing the Lightning Network channels. When a network participant created a channel, the recipient didn`t need to verify the transaction output amount, which was used to replenish the channel, or use «the scriptpubkey» script. In this regard, the attacker «could declare the opening of the channel without sending payment to the recipient or sending the incomplete amount». Thus, a hacker could spend money from a joint channel with the victim without informing her of this. The victim could detect a loss of funds after the channel was closed.

Meanwhile, the number of nodes in the Lightning Network has exceeded 10,000. Over the past month, the indicator has increased by 3.19%. 5978 nodes support active payment channels, of which 36,239. The total amount of bitcoins located in these channels is 828.85.


 

8. Binance launches a cryptocurrency stacking platform. At the first stage, the following assets for stacking will be available: NEO (NEO / GAS), Ontology (ONT / ONG), Vechain (VEN / VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM) and Stratis (STRAT).

On October 1, the company will change the methods for calculating stacking rewards so that they are more accurately distributed. To account for the share in the pool, the account balance will be recorded hourly. To participate in the stacking, it is enough to deposit funds to the main exchange wallet. Information about the minimum deposit requirement has become somewhat clear.


 

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1. Bitmain will create a platform for participants in the mining industry. On it, owners of specialized mining devices and owners of mining farms will be able to find each other in a simple way.

The service is called the World Digital Mining Map (WDMM). It will be launched during the summit for miners, which will be held October 8-10 in Frankfurt.

«In the long run, our decision will make mining more sustainable» Matthew Van, director of mining farms at Bitmain, said in an official press release.

The service will be as open market ,where individual miners can choose the best conditions for placing equipment.

 

2. President of the European Central Bank (ECB) Mario Draghi believes that stablecoins cannot replace existing money.

«We are conducting a detailed analysis of cryptocurrencies and stablecoins in order to understand their prospects and possible impact on monetary policy, security and efficiency of payments» he wrote in a letter to Eva Kaili, member of the European Parliament. «Stablecoins and cryptocurrencies are significantly limited in application. They are not designed to replace money».

 

3. Esther Pearce,SEC Commissioner, believes that digital assets will continue to evolve and someday become the real money on the Internet. She announced this at the cryptocurrency summit organized by Solidus Labs in New York.

Among other things, she noted that the US is starting to lag behind in terms of competitiveness in the cryptocurrency field, because it is changing the regulatory framework too slowly.

«When I joined the SEC, I hoped to change the Commission’s attitude to innovation. But I soon realized that it would be a long and painstaking process» she added.

 

4. LedgerX accused the CFTC of prejudice and, as a consequence, delayed the launch of Bitcoin futures.

«We have every reason to believe that an unreasonable delay with obvious violations of the law on commodity exchanges arose because of the hostile attitude of the chairman to the blog post written by our CEO» it is said in the letter was sent on July 3 of this year. More information about the letter is unknown.

«In January of this year, the chairman called one member of our director’s board and announced that he would ensure that our application for DCO registration was canceled due to a blog post written and published last year. He decided to give preference to a larger company to «consolidate his wealth» wrote Paul Chow, CEO of LedgerX. A larger company means ICE / Bakkt approval.

 

5. The American fintech company «Ripple» will develop a direction of decentralized financial products (DeFi) based on the XRP cryptocurrency. The initiative will be implemented jointly with the team that developed the Logos Network decentralized payment platform.

Under the terms of the deal, Ripple acquired Logos, but in return nine startup developers will work together with Ripple Xpring, a New York investment division. At the same time, Michael Zohowski, CEO Logos, will be their head of DeFi products. The amount of the transaction was not disclosed.

According to Ethan Byrd, senior vice president of Xpring, the team will develop a number of new products, including derivatives, loans, futures and forwards based on XRP.

 

6. Marcus Tracher, Ripple Senior Vice President, compared the Ripple network to Libra, noting that the second has a significant drawback.

«Libra is a closing system. Facebook wants to entrust project management to a Swiss-registered organization. This is the main problem. Ripple doesn`t have this flaw» he said.

 

7. Developer Rusty Russell talked about the details of the vulnerability in the Lightning Network, about which the public first learned only at the end of last month.

The problem appeared in the process of creating and replenishing the Lightning Network channels. When a network participant created a channel, the recipient didn`t need to verify the transaction output amount, which was used to replenish the channel, or use «the scriptpubkey» script. In this regard, the attacker «could declare the opening of the channel without sending payment to the recipient or sending the incomplete amount». Thus, a hacker could spend money from a joint channel with the victim without informing her of this. The victim could detect a loss of funds after the channel was closed.

Meanwhile, the number of nodes in the Lightning Network has exceeded 10,000. Over the past month, the indicator has increased by 3.19%. 5978 nodes support active payment channels, of which 36,239. The total amount of bitcoins located in these channels is 828.85.


 

8. Binance launches a cryptocurrency stacking platform. At the first stage, the following assets for stacking will be available: NEO (NEO / GAS), Ontology (ONT / ONG), Vechain (VEN / VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM) and Stratis (STRAT).

On October 1, the company will change the methods for calculating stacking rewards so that they are more accurately distributed. To account for the share in the pool, the account balance will be recorded hourly. To participate in the stacking, it is enough to deposit funds to the main exchange wallet. Information about the minimum deposit requirement has become somewhat clear.


 

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