Week 48 News Recap
Crypto Specialist Antonopoulos Claims Ethereum Can’t Displace Bitcoin
The well-known cryptocurrency evangelist, author and computer scientist, Andreas Antonopoulos, doesn’t believe that Ethereum could surpass Bitcoin in market capitalization any time soon. Although Ethereum and ETH have an obvious advantage in market capitalization and reputation when compared to another smart contract platform, EOS (EOS), Bitcoin has an advantage in market capitalization since it has first become a part of the growing and maturing cryptocurrency market.
Antonopoulos claims that anything is possible, however, he stated in one of the latest appearances in an interview broadcast with Ivan on Tech, that he believes that it is rather difficult to displace a crypto that had an early start – disrupting the network of an early starter and displacing it by market cap is difficult as early start makes up for a clear advantage. Antonopoulos claims that Ethereum is thus unable to displace Bitcoin in market capitalization, just as there are little chances that other smart contract platforms that came after Ethereum are able to displace ETH in market cap. As a reason behind this claim, Antonopoulos added that the network effect is too strong to enable displacement, which is less likely to happen.
Instant Messaging as the Latest Use Case for Lightning
Joost Jager, Lightning Labs developer, presented a new use case for Lighting to his Twitter followers, releasing a demo for the new Lightning-based messaging application. Jager presented the latest use case of Lightning by stating that the world needs censorship-resistant chatting, while adding that Lightning can enable this case scenario. Jager asked his followers about their opinion on whether messaging can become a killer use case for Lightning, stressing out that messaging via Lightning-backed system would be private. Not only that Jager believes that messaging content should be private, but also that messaging should be censorship-resistant, which can be enabled through encryption Lightning has.
In times when messaging apps like WhatsApp and Facebook’s Messenger are missing on placing an emphasis on privacy and confidentiality of messaging content, a messaging application based on Lightning could be the right choice for anyone concerned about the way privacy and censorship are treated in general. Jager further added that is new application based on Lightning, called Whatsat, has no central authority that would jeopardize privacy or censor messaging content. Moreover, there is no kill switch that could prevent communication between parties or distort the content of their messages. Lightning is originally intended for sending payments and micropayments via Bitcoin protocol, however, with adding type-length-value (TVL), the system enables attaching additional data that way enabling messaging.
Compute North Obtains the Largest Location for Bitcoin Mining in Nebraska
Cryptocurrency Mining Collocation, Compute North, announced obtaining the largest location by far for mining of Bitcoin. The latest location is set in Nebraska as announced by Compute North representatives, offering 100 megawatts of power for cryptocurrency miners. According to the official announcement the new center is targeting users with large capacity needs, meaning that the collocation is perfect for cryptocurrency miners who need more than 1 megawatts of power. The service is set to enable affordable, accessible, secure and reliable collocation for crypto miners from across the globe.
Thanks to the combination of cost-effective use of energy and a great power and connectivity, users can take advantage of Compute North’s latest site in Nebraska for cryptocurrency mining, blockchain-based mining, machine learning, Artificial Intelligence and more applications. Compute North already has two locations in Texas and South Dakota, while the latest location was opened in Kearney, Nebraska. According to reports, Compute North company is said to have committed around 7.65 million dollars to the project in agreement with the City of Kearney and the Economic Development Council of Buffalo County. The company is set to take advantage of low electricity costs in Nebraska in order to enable efficiency in bandwidth and power rental, equipment and collocation space.
Merchant Payment Gateway by Cardano (ADA) is Now Live
Cardano Foundation announced creating a payment gateway developed for merchants in collaboration with enterprise-grade fintech company called Coti. Cardano’s ADA is one of the top trading cryptocurrencies in the market, previously ranked among top ten digital assets by market capitalization, and now holding the place of the 12th-largest crypto by market cap. The new payment gateway is specially designed for merchants with a goal to allow merchants to accept ADA through near-instant payments. The new payment gateway support 35 fiat currencies and enables merchants to receive ADA-based payments directly to their bank accounts with instant conversion to available fiat currencies.
The payment gateway is called AdaPay, while the project was announced and confirmed by both, Cardano Foundation and fintech company Coti, back in October 23rd. According to developers, AdaPay payment gateway can be easily integrated into merchants’ websites, while merchants can choose between AdaPay button and QR code point of sale where buyers and shoppers can make instant payments by using Cardano’s ADA. The payment gateway can trigger higher trading volumes for ADA by enabling a mainstream use case for the crypto.
Twitter CEO Claims Africa Will Define the Future of Bitcoin (BTC)
Jack Dorsey, Twitter CEO, claims that the future of Bitcoin is most likely to be defined by Africa, which came as a conclusion after Square and Twitter Chief Executive visited Ghana and Nigeria in November. Dorsey added that he plans on returning to Africa, where he will spend time traveling once again in 2020. Dorsey is one of the tech moguls that have accepted Bitcoin as a viable solution for enabling transfer of monetary value without central authority. Dorsey also embraced Lightning Network and has made efforts in integrating Bitcoin-based functionality into Square and Twitter.
According to Dorsey, a great number of Google searches on Bitcoin comes from Nigeria, followed by South Africa. Since Nigeria’s most populous city, Lagos, is heading towards becoming a giant metropolis by 2050 with over 32 million people, Dorsey believes that Africa will define interest in Bitcoin. Although Dorsey considers that Africa represents the future of Bitcoin and crypto utilization, Nigeria is yet to define and create a formal regulation for cryptocurrencies. By far, Africa is expressing great potential in cryptocurrency adoption and utilization, which is why Dorsey is set to return to Africa for another pro-crypto tour.