China Cryptocurrency is Ready!!! – Crypto Daily News
To kick off this week, I have found four awesome and interesting pieces of news to discuss with you. Let me give you a glance at what they are. Just recently, the Central bank of China has announced that its new digital currency is ready to go. Second up, TRON has officially published the sidechain scaling solution V1.0 to enhance its system in terms of scaling. And thirdly, Charlie Lee has made it clear that Litecoin is not going to die despite the rumors from the crypto community. And for the final piece of news, IOTA has launched a $5 million dollar Coordicide grant research program! Now, If you find these pieces of news interesting and want to know all about them, then make sure you stay here with me right until the very end.
Once again, we have the $70 dollar Bitcoin giveaway for our lovely fans. All you need to do is to like, comment, and subscribe, to have a chance to win. We will announce the winner this Sunday, by drawing out a video from this week and then drawing the winner from that video. And remember guys, all you need to do is to like, comment, and subscribe!
The Market Today
Now, for today’s market segment, we’re going to be shifting from Cornmarket to Coin360 (simply because it gives us a better and quicker overview of the market.) Now According to the Coin360.com, most of the coins are in greens. Bitcoin, as usual, accounts for the largest market cap with a 0.27% increase, standing at $11,470. Ethereum and XRP are following just after Bitcoin with a 2.21% and 1.14% gain respectively.
Chinese digital currency is ready to launch
Now, let’s jump to our first news segment. According to a new report on Cointelegraph, the People’s Bank of China (PBoC) has just revealed the readiness of its digital currency at the China Finance 40 Forum. The deputy director of PBoC Mu Changchun also said that they have developed a prototype that adopts blockchain architecture after 5 years of research! He added that it’s difficult to issue a digital currency using a pure blockchain architecture, especially in a country as large as China.
To give you guys a bit more detail, the new medium of exchange is going to be based on a two-tier operating system to deal with the nation’s “complex economy with a vast territory and a large population”. Now, the central bank adopted the digital currency with the aim of enhancing adoption rates among the public and promoting innovation among commercial entities. Therefore, the new token is designed to be suitable for “small-scale retail high-frequency business scenarios.” So, with the new currency, can it be a threat to the U.S coins, like Facebook’s Libra token?
While the U.S government appears very unsupportive towards Libra token, the new Chinese digital currency is state-owned and run by the central bank. Let’s wait and see how everything goes. Despite these positive remarks, it’s unclear when China’s digital currency will actually be launching.
TRON published sidechain solution V1.0
Moving on to the second news item for today. According to a report on Cointelegraph, TRON, a blockchain-based decentralized application platform, has announced the release of its sidechain scaling solution, the Sun Network. The Sun network is designed to facilitate the unlimited scaling capacity of the TRON mainnet. In addition, it can help DApps consumer less power and run with higher security and efficiency. But that’s not all. The Sun Network will enable its users with smart contract transactions and more customizable requirements. In their words:
“The overall solution of the Sun Network will provide unlimited scalability to the TRON MainNet, allowing for more possibilities to the development of TRON DApps and the entire ecosystem. The solution also strives to bring positive impacts to the whole blockchain industry while flourishing the Tron network.”
In an announcement earlier this month, Justin Sun, TRON’s founder, said that the new network can enable up to 100-time scalability, which is super amazing to hear, especially since scalability is always an issue that has plagued blockchain networks.
Charlie Lee has clarified Litecoin situation
And here we come to the third piece of news. The founder of Litecoin has just tweeted to clarify the future of the token, in response to the public’s doubt. Now for those who are unaware, Erik Finman, a Bitcoin whale, claimed that LTC was nearly dead in December last year, claiming that it will die very soon. The pessimistic view stemmed from the fact that the Litecoin foundation lacks a clear development path. The project’s main GitHub repository has seen very little activity in 2019, despite there being a resurgence in the price of pretty much every crypto asset, LTC included. Moreover, the privacy implementations of the coin were also a big concern, yet there haven’t been any deliverables addressing this issue. With all of these rumors, it looks like someone from the Litecoin Foundation had to eventually speak up. Charlie Lee, the founder of this token, recently released a 16-part thread addressing this confusion. In a long tweet, the founder clarified that Litecoin developers are still working. Furthermore, Lee explained that as Litecoin’s codebase is very similar to Bitcoin’s — which is a decision, not a coincidence — GitHub doesn’t register changes to the Litecoin repository as it does with other projects. Then, he commented that it isn’t common developer practice to work on the master branch of a repo directly, specifically to prevent the creation of “broken builds”. Hopefully, with all of these explanations, the founder can redeem the trust of the crypto community.
IOTA initiates a new $5-million project
Moving to the last news item for today guys. Crypto slate reported that IOTA officially announced its new $5-million project to facilitate “Coordicide”-related research, the elimination of the project’s centralized coordinating node. In theory, the IOTA Foundation has the ability to exert a lot of control and even harm the network; they can choose which transactions receive priority or even freeze user funds. The Coordinator acts as this single point of failure which may be susceptible to hacking. This is a bottleneck to the scalability of IOTA. With the new project, it can help IOTA in many ways, including spam prevention, network optimization, reputation systems, and decentralized random number generation.
So what are your thoughts regarding all the news?
Do you think that the Chinese cryptocurrency token can flourish?
Will the sidechain scaling solution of TRON work?
Are you still a big fan of Litecoin?
And do you think IOTA has the ability to rule them all once they get rid of the Coordicide?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig, I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.