EOS Major Upgrade Successfully Completed!!!
In this daily series, we have found many cool and interesting pieces of news for the day. Let me give you a bit of an overview of what they are. To begin, Germany’s second-largest stock exchange, the Stuttgart Stock Exchange will offer Bitcoin trading on its digital exchange, on Sept 23. Second up, Ripple has just signed up a major UAE bank to facilitate its cross-border payments leveraging the RippleNet technology. Next up, one of the major altcoins EOS has successfully completed its very first hard fork on Monday as reported on Cointelegraph. Furthermore, after the launch of Bitcoin futures on the Bakkt platform, in the first 7 hours 18 BTC tokens traded on Bakkt. And finally the last news item, it looks like Samsung’s blockchain SSD patent could disrupt the cryptocurrency mining landscape.
The Market Today
Today, we have a sea of reds on the map. Bitcoin is still on a downward trend with a 3.07% loss from yesterday. Similarly, Ethereum is dropping 4.05%. Ripple’s XRP is also at decreasing by 2.88%.
Stuttgart Stock Exchange launches BTC trading on its digital arm
According to Crypto potato, Stuttgart Stock Exchange, the second-largest stock exchange in Germany, will be launching their regulated Bitcoin trading platform on Monday, Sept 23. It is the first regulated trading exchange in the country and will provide direct peer-to-peer trading. While this is exciting and great news, the trading is, however, only available to selected clients. They’re hoping that in the future, the platform will be available to more private individuals and institutional investors as well. Dr. Dirk Sturz, CEO at Boerse Stuttgart Digital Exchange commented
“with cryptocurrencies, a billion-dollar market has emerged. Based on the blockchain, further digital assets will be established. For this, we want to build the leading European trading center.”
Peter Grosskopf, the CTO of the project also commented,
“Private and institutional investors will have direct access to digital assets through BSDEX, which they can trade flexibly and at relatively low cost. The blockchain will change the financial industry sustainably. We are picking up on the technology trend and building the trading center of the future.”
For those who are curious, the trading won’t require brokers as traders will interact with the platform directly at first.
The National Bank of Fujairah adopts RippleNet
Second up, as reported by Utoday, RippletNet, the global payment platform powered by crypto giant Ripple, has partnered with the National Bank of Fujairah (NBF), a major bank of the UAE. According to Entrepreneur Middle East, it looks like the NBF is now leveraging the benefits of Ripple’s blockchain technology when it comes to conducting cross-border payments. To be more specific, Entrepreneur Middle East also wrote,
“with the mass spreading of Blockchain technology, NBF is utilising the benefits of Ripple-Net to provide frictionless experience for sending and receiving money globally and is working with other banks to implement Ripple in 2019”.
For those who are not aware, RippleNet also entered a partnership with Faysal Bank Limited (FBL), one of the largest private sector banks in Pakistan, on Sept 6.
EOS’ first hard fork is successful
EOS, the seventh-largest coin by market capitalization underwent a hard fork on Monday. Now, for those who are new to the crypto sphere, a hard fork is a phenomenon in which a change forces certain divergences in the blockchain, as a result of miner or user activity or a change in rules. According to the news, EOS Block producers signaled their intent to implement the update. Up until now, this is the largest upgrade that the network has seen and the first one to require a hard fork on the EOS blockchain. Apart from EOS, it looks like two more blockchain are awaiting notable upgrade as well. NEO is scheduled to undergo a major upgrade to NEO 3.0 in the second quarter of 2020. Meanwhile, Tron is expected to release an update for the Sun Network soon, which was officially launched on August 11. Tron claims that the update will deliver unlimited scaling capacity.
18 BTC in volume on Bakkt exchange in the first 7 hours
The newly introduced Bitcoin futures on Bakkt platform witnessed a volume of 18 BTC in the first 7 hours, when BTC price dropped below the $10,000 mark. This new BTC contracts went live on the platform at 8 PM EST on Sept. 22. To explain the low volume levels, many crypto commentators believe that the low trading volume is typically seen with earlier products:
“CME bitcoin futures traded $460 million on its first week. Current volume is around $700 million.”
So, this may be a normal phenomenon and BTC holders should not worry about it. Bitcoin bull and Fundstrat analyst Tom Lee, also spoke of Bakkt but in wider view. He tweeted on September 20 that he was
“very positive on Bakkt and its ability to improve trust with institutions to crypto.”
Samsung patent can change the crypto mining industry
Samsung’s new patent titled, “Programmable Blockchain Solid State Drive and Switch”, may disrupt the crypto mining industry. According to Cointelegraph, if we’re looking at the technical details regarding the Samsung patent, it looks like this programmable data storage device consists of a nonvolatile memory and a storage controller configured to control the system. In addition, it has a network interface and a field-programmable gate array that is configured to implement a blockchain algorithm. For those who are curious, it’s not the first time Samsung has tried to disrupt the crypto mining space. Last year, they created three-nanometer and five-nanometer chips for Bitcoin mining, which are also suitable for AI, the IoT, and 5G network. Regarding the continuous innovation from Samsung, Sam Town, an independent crypto analyst, commented: .
“It is the very nature of competition. There will be a winner (or a few) and most will either be acquired or they will die out. The idea that companies will compete in perpetuity and benefit consumers as a result is flawed. The advantages that Samsung has over miners like Bitmain and Canaan can never be overcome.”
And that’s it for the news segments guys.
Are you excited to see the Stuttgart Stock Exchange offer Bitcoin trading on its digital exchange?
Do you envision success for Ripple?
Do you think the hard fork and upgrade for EOS was a necessity?
Will the trading volume of BTC on Bakkt surge in the next few days?
Do you think Bitmain or Canaan can one day outcompete Samsung?
Please pop a comment below to let me know your concern. It’s your girl Cindy with CryptoPig. Hope to see you in the next video.
Join us at our Telegram group and follow us on Youtube and Twitter.
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.