Ethereum Istanbul Hard Fork Was Successfully Completed!!!
Today, we have picked three hottest pieces of news happening in the cryptospace. Let me give you a glance at what they are. First up, these are exciting times indeed for Brave, as its crypto-powered browser now has more than 10 million monthly active users. Next, it will no longer be ‘business as usual’ for South Korean crypto investors, as the government plans to slap capital gains tax on Bitcoin and altcoins from 2020 and finally, last but not least, the much-anticipated Ethereum Istanbul upgrade has been successfully implemented by Buterin and his team and it comes with loads of exciting features.
The Market Today
The crypto sphere has a mixture of greens and reds today!. Bitcoin is currently priced at $7,487, decreasing by 0.05% from Sunday, while ETH and XRP are up by 0.15% and 1.22% respectively.
Brave now has more than 10 million monthly active users
Brave Browser, an internet browser project tapping blockchain technology and cryptos to preserve the privacy of internet users while also enabling web surfers and content creators to earn the Basic Attention Token (BAT), is now gaining more adoption with each passing day. Per a report by Crypto Briefing, Brave has now surpassed the 10 million monthly active users threshold, establishing itself as a formidable force in the web browser industry. Notably, the Brave team has hinted that the latest milestone has been fueled by the launch of Brave 1.0 which obviously supports several enhanced features including automatic distribution of BAT to content creators. Brave says, the total number of verified content creators that has joined its ecosystem has reached 340,000. YouTube has the highest number of verified content creators, with the figure sitting at 229,000, Twitter has 37,000, business and personal website publishing are 38,000 while Twitch boasts 18,000. Brave Browser’s continued success goes a long way to show that people have increasingly started to value their online privacy and security than ever before and content creators are now believing more in the potential of cryptos and the underlying blockchain technology, especially as it concerns the monetization of their content. As such, it is only a matter of time before Brave Browser becomes the number one choice for all internet users.
Korea will tax capital gains from the sale of crypto assets
The South Korean government is about to deliver a heavy blow to its cryptospace, in the form of Capital Gains Tax. According to a report by Bitcoinist, Korean authorities are putting the finishing touches to legislation that could make it mandatory for crypto investors to start paying Capital Gains Tax when they sell their cryptoassets. Notably, an official from the nation’s Ministry of Finance and Economy has revealed that the agency is currently working on the crypto tax bill and it could introduced by the first half of 2020 if all goes as planned. What’s more, South Korea’s National Assembly is also trying to formulate a crypto taxation bill. If these bills see the light of day, crypto traders in Korea will have no other choice than to present a detailed history of their crypto trading transactions to the government, while exchanges will also be compelled to keep separate records for each of their customers, including their personal information. It’s worth noting that Korea has since made it impossible for traders to conduct anonymous trading, as traders have been subjected strict KYC procedures, while their bank accounts have also been linked to their crypto accounts. Reportedly, a good number of Koreans have already lost interest in trading cryptos due to the above-mentioned factors, with the Korean won managing just 0.84 percent of all Bitcoin trades. With the enactment of the capital gains tax bill just around the corner, it remains to be seen whether the rule will totally crush the previously buzzing Korean crypto industry. Commenting on the matter, Ryan Selkis, CEO of Messari, a firm that’s focused on creating an open data library for cryptoassets, tweeted:
“The only reason more people aren’t using Bitcoin as money is because our overlords want to tax and surveil every transaction you ever make.”
Ethereum Istanbul upgrade has been successfully implemented
the Ethereum team has finally carried out the Istanbul upgrade, bringing more scalability, privacy, and cost-efficiency to Ethereum. As reported by The Block, the Ethereum Istanbul upgrade was carried out in the form of a hard fork at block height 9,068,000. For those who are unaware, a hard fork simply refers to the radical overhaul of a blockchain network’s protocol, creating entirely new rules that define the way the network handle transactions. Due to the decentralization ethos of blockchain technology, all the members of a blockchain project must agree before changes are made to the network. Since its creation, Ethereum has undergone seven upgrades, with this latest one making significant changes to various clients on the network, including Geth, Parity, and Nethermind. Notably, the Ethereum Istanbul upgrade brings six different Ethereum Improvement Proposals (EIPs) to life, including EIP-152, which seeks to foster interoperability between Ethereum and Zcash, EIP-1108, reduces alt_bn128 precompile gas costs to promote the emergence of more privacy and scaling solutions on the network. That’s not all, Istanbul also supports EIP-1344 ChainID opcode which is aimed at enabling devs to access, validate, and implement changes in the chain ID based on the proposed opcode, thereby reducing risks of human errors that make the network susceptible to relay attacks. The other improvements include EIP-2028, which reduces transaction data gas cost, EIP-2200, and EIP-1884 which aims to reprice trie-size-dependent opcodes, to create a balance between the
“price of an operation and the number of network resources it consumes.”
With Istanbul now live, regular Ether holders do not need to do anything, however, miners, as well as node operators, must upgrade their Ethereum client to the latest version, to make it possible for them to run Istanbul on Ropsten, Rinkeby, and Goerli. Developers are also advised to review all the EIPs to be certain none of them affects their current contracts. Peradventure any of the EIPs conflicts with their existing contracts, then changes must be made where necessary.
That’s everything you need to catch up today guys! Are you surprised by Brave Browser’s latest milestone?
What do you think about South Korea’s impending capital gains tax? And do you think the Istanbul hard fork will send the price of ether to the moon?
Please leave a comment right below to let me know what you guys are thinking.
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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.