Week 39 News Recap
Dynamic Trading Rights (DTR) at a New All-time High in ETH Value
Dynamic Trading Rights Token (DTR) has reached a new all-time high recorded in Ethereum (ETH) value for the period of the last several days as DTR token embraced an upward trend as opposed to the value of ETH in the live-trading market.
Previously recorded all-time high value concluded with January 9th, 2019, was set at 0.00019690 ETH, while DTR token managed to trade above the price of 0.00020000 ETH in the course of the last week. The latest all-time high value was recorded on September 27th, 2019, showcasing a jump in the price towards 0.00020866 ETH in the last week of September 2019. Additionally, the value of DTR moved by 4% in a single day as opposed to fiat value.
ROI is set at 270% based on the historical price movement in the market, also marking 256% of gains in the period of the last year.
Istanbul Hard Fork is Coming: Ethereum Set to Test the Fork in the First Days of October
The testnet activation for the latest hard fork of Ethereum targeting Istanbul upgrade was previously scheduled for early September, 2019, however, the team decided to postpone the initial activation for October, 2019. The first days of October are scheduled for activating Istanbul Hard Fork according to Ethereum Foundation community manager, Hudson Jameson.
Ethereum community manager also added that the team is set to pick a block number, scheduling the activation for October 2nd, but emphasizing that the additional postponement may occur in dependence on the speed of block production. Ethereum community, however, can expect to see the hard work alive on the testnet between October 2nd and October 4th, 2019. As Istanbul upgrade is arriving a month later than originally intended, after activating the fork on the testnet as scheduled for the first days of October, Ethereum developers should activate the fork on the mainnet also a month later, which means that mainnet activation should arrive in November once Devcon conference has ended.
Although mainnet activation should take place in November for Istanbul network upgrade, the dev team behind Ethereum didn’t specify the exact date when the initial activation should take place, not to commit in advance and be forced to make further postponements. Learning from the Byzantium hard fork, the team concluded that mainnet and testnet activation shouldn’t be scheduled at the same time.
FinCEN Gets Approved to Study Blockchain by the US House
The proposal called the “Advancing Innovation to Assist Law Enforcement Act” which mandates the Financial Crimes Enforcement Network to study and research blockchain for the purpose of researching the impact that blockchain may have on how the FinCEN office is operating.
Besides from studying blockchain, FinCEN should also research other advanced forms of technology in order to provide solutions for efficiency within internal operations in the bureau. The Congress has passed the legislation on September 19th, urging FinCEN to study the overall utilization of blockchain and other innovative technologies. Blockchain should be thus used in law enforcement in the future, once FinCEN is able to determine how this foundational technology can contribute to improving operations within the sector.
As the bill passed by the Congress suggests, Financial Crimes Enforcement Network should study Artificial Intelligence, blockchain technology and other advanced forms of technology in order to learn how to manage data in a more efficient way. The bill was proposed back in May 2019, with the initial purpose of using innovative technology to combat financial crimes such as money laundering and financing of terrorism.
Blockchain technology is already being adapted for various applications in non-government and government sectors, however, having FinCEN considering blockchain for improving law enforcement in this area would make a major stepping stone for mainstreaming blockchain technology.
Ex BTC Core Dev Claims that Google Quantum Computer is Not a Threat to Bitcoin
The tech magnum, Google, most recently stated that the quantum computer the technology giant had created was able to resolve a complex mathematical equation in less than 4 minutes, which should otherwise take 10,000 years to solve. As added in the paper presenting Google’s achievement, this test equation was marked as the first of its kind, in terms of representing the first computation that only quantum computational power could resolve.
As previously proposed by crypto proponents, quantum machines could become a threat to the security of the Bitcoin network and the way the mainnet is functioning when it comes to safety and security protection. Peter Todd, a former Bitcoin Core Developer, argues that Bitcoin security is in no way threatened by the appearance of Google quantum computer.
As stated by Peter Todd, Google’s quantum computer wouldn’t be able to create room for security breach when it comes to Bitcoin as Google’s experimental breakthrough actually deals with primitive quantum computing and is nowhere near cryptography used by Bitcoin and similar networks. Additionally, Todd suggests that this type of quantum computing could be scaled, however, Bitcoin is free from any threats that might be imposed by Google’s breakthrough quantum computing.
In the meanwhile, it is suggested in one of the latest updates from the US National Security Agency (NSA), that NSA is working on researching and developing cryptography that would be quantum-resistant.
Venezuelan Central Bank Said to Be Planning on Storing Ethereum (ETH) and Bitcoin (BTC)
US sanctions imposed on Venezuelan President Maduro are still actively meddling with oil export while oil producers located in Venezuela are having issues with dealing with international clients due to this case. At the same time, the national currency, bolivar, is still declining in value as inflation is increasing. According to Venezuelans who greatly suffering due to inflation and devaluation of the national currency, the biggest note of the national currency issued in Venezuela is 50,000 bolivars, which is less than 2 US dollars, also representing the monthly minimum wage in the country, which is too low for people to be able to afford basic necessities.
Additionally, the Central Bank of Venezuela is said to be planning on storing Bitcoin and Ethereum units according to sources that claim are close to the Central Bank and familiar with this matter, while many Venezuelans are turning to exchanging their national currency with Bitcoin in order to slow down devaluation.
Venezuelans can rely on the government-owned water and electricity, which are not being paid by the citizens during the financial collapse of the state’s national currency, however, services are bad and citizens are experiencing constant blackouts on a daily basis.
Venezuela’s international reserves are currently at an all-time low in the period of the last 30 years, which is why it is considered that the Central Bank of Venezuela is looking into solutions on how to utilize cryptocurrency as a form of paying suppliers.
With the current state of affairs in the country, and with the national currency sinking lower from month to month, Venezuela has finally got its first Bitcoin ATM, located in San Antonio del Táchira.