Week 5 - 2020 News Recap
Bitcoin Startup Casa Announces a New CEO Following Open-source Node Services
Bitcoin startup Casa announced a major change in the company by naming a new CEO that came into the place of Jeremy Welch, the former CEO who decided to step down. The former head of product, Nick Neuman, has been named the new CEO of the Bitcoin startup Casa, instead. Both, Welch and Neuman confirmed that Welch didn’t step down due to the changes in the product department, but due to personal reasons. In addition, the current CTO, Jameson Lopp, is keeping his position alongside joining the board together with Neuman. Some major changes are arriving at Casa, as the company decided to remove the physical form of their node products, and focus on subscriptions as the new focus of the company’s business plan.
Back in October 2019, Welch shared in an interview that the company sold over 2,000 hardware products across 65 different countries around the globe, however, instead of offering physical nodes as their number one product, Casa is focusing on 10$-worth subscriptions through open-source node services. Furthermore, Neuman stated that users are getting bitcoin key management “for the cost of Netflix subscription”, also adding that the startup is close to integrating with Coldcard, a digital wallet reserved for Bitcoin only.
ETH Owned by Ethereum Miners is Close to Setting a New Record
According to Santiment, a platform dedicated to cryptocurrency market data, the number of ETH units held by the Ethereum miners is getting closer to an all-time high record as achieved back in October of 2019, when that number reached 1.69 million ETH units. The data shows that Ethereum miners and holders are having bright predictions for the future of the project. The number of ETH held by Ethereum miners went from 1.69 million to 1.64 million in November, following a decline in the cryptocurrency prices, however, as the levels are rising again, and at a steady tempo, analysts are counting in on confidence in the project and a more stable conditions in the market for ETH.
When accounting the levels of held ETH for an entire year, the levels have risen by 11%. Whenever the price drops in the market, sustaining downward trends, mining becomes less profitable, which affects small-scale miners who cannot follow up with the drop in terms of covering the costs of mining ETH. That is how the levels of held ETH may also drop when small-scale miners decide to sell their ETH in order to leave the pool and retreat before marking significant losses. As far as the price of ETH concerned in January 2020, the value of Ethereum jumped by 36% in a single month, which enabled setting up a new record in held ETH units, implying that the latest bullish returns could make the levels go above 1.69 million ETH.
SBI Holdings to Offer XRP as a Benefit to Shareholders
SBI Holdings is one of the biggest cryptocurrency proponents in Japan and also one of the first financial firms to step forward and join Ripple’s network of partners with the goal of enabling faster and cost-efficient cross-border transactions for their clients. SBI Holdings recently announced that they are offering their shareholders a chance to take XRP as a benefit, while they will also be able to choose another product provided as a benefit by SBI Alapromo subsidiary that operates in the sector of health, food and cosmetics.
In case shareholders were to choose XRP as a benefit, new shareholders would be given XRP equal to 18$ starting from March 31st, 2020, while shareholders who had been in the register for more than a year should get 73.50$-worth XRP units. Only shareholders who are residents of Japan and have their account at SBI Holdings comply with the latest benefit scheme that involves Ripple’s token, XRP. SBI Holdings may be one of the most active financial firms in the sector of cryptocurrencies, presently working on more than several projects related to crypto, which includes marketing R3 Corda platform across Japan and in the region.
Low Usage on the Bitcoin Cash Network Sees No New Blocks Within 5 Hours
On January 30th, 2020, Bitcoin Cash saw no new blocks being generated in the course of straight 5 hours, which made for an unusual case, especially if we add the fact that on the same day, there were over 6,000 transactions made within 2.33 MB. As activity was reduced when compared to the usual traffic on the network, Bitcoin Cash block generation and transacting on the chain resumed without any issues or backlogs, showing that the network is properly functioning. The data is showing that Bitcoin Cash is seeing a rather low level of utilization as analysts claim, which explains how no new blocks were generated on Bitcoin Cash network for over 5 hours on the mentioned date.
The case of slow blocks is also seen in the example of Bitcoin that had a case of double-spending of 3$. As BitMex exchange explains the case of double-spending, they claim that the issue is not related to a malicious attack as there are only few dollars involved in the case of double-spending on Bitcoin network. Analysts claim that Proof-of-Work in combination with a great variety of users and the factor of randomization in the mining process may be causing system bugs such as double-spending or high levels of Bitcoin blockchain mempool in cases when transaction volumes don’t match the levels. Bitcoin Cash network resumed normal operations without having the anomalies reappear, however, this case most certainly showcases that Bitcoin Cash is seeing reduced usage of BCH.
Craig Wright’s Court Date is Approaching: Many Questions Still Unanswered
Craig Wright, an Australian computer scientist and a part of the cryptocurrency and blockchain elite, also known as Faketoshi for his claims of being the real Satoshi Nakamoto, i.e. the founder of Bitcoin, is awaiting a trial that should decide the faith of billions-worth Bitcoin units and intellectual property of the Bitcoin patents that Wright claims belongs to him. The trial is scheduled for March 30th, while Wright’s legal team is working on collecting more evidence against the opposing party. One of the greatest mysteries related to the case is the ownership of the Tulip Trust, which holds over 1 million units of Bitcoin supposedly mined by Wright and his late partner Kleiman between 2009 and 2013. The court ordered Wright to disclose all information related to the trust, only to hear from the alleged Satoshi that he didn’t have the keys to BTC addresses containing that amount of BTC.
In the meantime, Wright did disclose some documents on the architecture of the Tulip Trust, discovering that there are actually three separate trusts, however, no ownership over the funds was proven by Craig Wright. Wright promised to the court that he will have evidence on the mentioned fund on the first working day of February 2020 when the courts will be open. As per District Judge Boom, Craig Wright showed inconsistencies in his claims, while acting defensive and allegedly delaying and obstructing the process. Things are not getting any clearer for the case by far, while Craig Wright will most certainly need to providea more solid evidence that he is in fact what he claims to be – the inventor of Bitcoin and the man behind the mysterious alias, Satoshi Nakamoto.