Sharding, Explained | Cointelegraph

3. To explain sharding, let’s use the Ethereum blockchain as an example. The Ethereum blockchain is made up of thousands of computers, aka nodes — currently 8,622, according to ethernodes.org — each lending a certain amount of hash power to the network. It is this hash power that allows the Ethereum Virtual Machine (EVM) to function — i.e., to execute smart contracts and run decentralized applications (DApps). At the moment, Ethereum works on a sequential execution basis in which every single one of these nodes has to calculate every single…

Ethereum Co-Founder Criticizes Facebook’s Libra Token for Centralization

Ethereum co-founder Joseph Lubin said that Facebook’s Libra token is like “a centralized wolf in a decentralized sheep’s clothing” in an article published on tech news outlet Quartz on June 21. The social media giant released the white paper for a its cryptocurrency dubbed Libra earlier this month to mixed reviews from experts in the cryptocurrency and blockchain industries and concern from government regulators. In his article, Lubin notes that Libra’s white paper describes feelings common among many in the cryptocurrency community. It states that “sending money across the globe…

Craig Wright Failed to Disclose Bitcoin Holdings in Court Case, Says Lawyer

The legal counsel for a plaintiff in a bitcoin (BTC) theft case involving Australian computer scientist Craig Wright, said that Wright — the defendant — failed to disclose his bitcoin holdings per court order. Devin Freedman of law firm Boies Schiller Flexner made his statements in a tweet on June 21. As Cointelegraph previously reported, in May a United States court ordered Wright to produce a list of his public bitcoin addresses as of Dec. 31, 2013. Freedman declared that, since he has not complied, “he remains under an order…

Two Israeli Brothers Arrested for Hack of Bitfinex Crypto Exchange

Two Israeli brothers have been arrested in connection with the hack of cryptocurrency exchange Bitfinex and other crypto-related phishing attacks, finance news outlet Finance Magnates reports on June 23. An Israeli police spokesperson reportedly told Finance Magnates that Eli Gigi and his younger brother Assaf Gigi netted tens of millions of dollars. The two are suspected of being responsible for long-term systematic theft of cryptocurrencies by maliciously obtaining access to other users’ accounts. The two allegedly created credential-stealing clones of major online cryptocurrency exchanges and wallets and sent links to…

Trade Bitcoin? Here’s Why You Absolutely Need to Also Buy Gold

By CCN Markets: Trading bitcoin comes with an extremely high degree of risk because of its volatility. Other than technical analysis, which can assist in finding buy and sell points, crypto traders are beholden to the whims of other traders. This is particularly true for bitcoin because its value isn’t tied to any asset, which would give it some framework for intrinsic value. Traders are making decisions based on what they think someone else believes bitcoin to be worth in a specific moment, which is in turn based on that…

Microsoft and Ethereum Foundation Swell the Hyperledger Ranks Amid Growing Cross-Industry Blockchain Collaboration

United States tech giant Microsoft and the Ethereum Foundation are among the latest companies to join the ranks of the Hyperledger greenhouse hosted by the Linux Foundation. Many notable names in the tech and wider business fields today are developing enterprise-grade solutions based on the expanding set of tools built on Hyperledger. These institutional blockchain projects cut across both financial and nonfinancial distributed ledger technology (DLT) utilization. Presently, there are pilot projects geared toward identification systems, supply chain management (SCM) and provenance, to mention a few. On the whole, members…

CabbageTech Crypto Scheme Operator Pleads Guilty to Wire Fraud

46-year-old New York resident Patrick McDonnell admitted to stealing funds obtained from his clients instead of investing them in cryptocurrency, Bloomberg reports on June 21. Per the report, McDonnell — who calls himself the “coyote of Wall Street” — pleaded guilty to wire fraud on Friday in federal court in Brooklyn. He allegedly declared: “I claimed to invest it in virtual currency and spent it on personal expenses.” McDonnell attracted investors to his firm CabbageTech by claiming on social media to have traded over $50 million worth of bitcoin (BTC)…

Firm Behind Zcash to Introduce New Version of Protocol With Sharding

The Electric Coin Company (ECC), the firm behind second-biggest anoncoin zcash (ZEC), intends to build a new scalable zcash blockchain, cryptocurrency news outlet Forklog reports on June 22. Per the report, chief engineer at ECC Nathan Wilcox said that the firm should “make Zcash usable by 10 billion people by 2050” if it can. Still, Decrypt notes that achieving this would require zcash’s blockchain to be able to manage thousands — or millions — of transactions per second. Forklog states that ECC is considering implementing sharding, a scalability solution that…

Major Crypto Exchange Bitfinex to Briefly Go Offline for Upgrade Next Week

Cryptocurrency exchange Bitfinex announced that it will be offline for up to seven hours next week in a Medium post published on June 20. Per the announcement, the exchange will go offline for up to seven hours to carry out system upgrades on June 26. The post further specifies that Bitfinex’s hybrid counterpart Ethfinex will also close for maintenance at the same time. The downtime is similar to that announced by major cryptocurrency exchange Binance before its scheduled system upgrade in May. As Cointelegraph reported at the time, the exchange…

Top 5 Crypto Performers: NEO, XMR, BTC, BNB, ETH

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. For the agile trader, cryptocurrency trading offers a great opportunity to earn huge returns within a short span of time. It is also uncorrelated to other asset classes, hence, it can act as a safe haven investment during an economic crisis. In Brazil,…