Ethereum 2.0’s deposit contract is now live, as of 15:00 UTC. According to developer Afri Schoedon, the deposit contract (a bridge between the forthcoming proof-of-stake (PoS) blockchain and the current proof-of-work (PoW) mainchain) is the first physical implementation of Eth 2.0 for everyday users. On a practical level, Ethereum stakers can now begin depositing the 32 ether (ETH) required to stake on Eth 2.0. Once 16,384 validators have deposited funds equivalent to a total of 524,288 ETH into the contract, the Beacon chain – the spine of Ethereum 2.0’s multiple blockchain design – will kick into action in what is called the “genesis” event of Ethereum 2.0. That event is expected within the next few weeks.
On the road again
A wallet possibly belonging to early dark net market Silk Road moved almost $1 billion worth of bitcoin early on Wednesday, according to blockchain intelligence firm Elliptic. Nearly 70,000 BTC were transferred to an unknown wallet. This is the first transaction from the address since 2015 when it transferred 101 BTC to BTC-e – a now-shuttered cryptocurrency exchange allegedly favored by money launderers, per the post. "These funds likely originated from the Silk Road," Tom Robinson, co-founder of Elliptic noted in a LinkedIn post, adding that the coins may have been moved by imprisoned Silk Road operator Ross Ulbricht or a Silk Road vendor.
Crypto cards
ZenGo, a wallet company, will be the latest to join Visa’s Fast Track program, with plans of launching a crypto-integrated payment card for the U.S. in early 2021. Using multi-party computation (MPC), ZenGo’s wallet, and eventual card, will allow users to convert their cryptocurrency into fiat so it can be spent in the Visa network and withdrawn from ATMs – without having to put their cryptographic keys into third-party custody. Visa’s Fast Track program has previously sponsored Bitcoin’s Lightning Network and rewards app Fold. Separately, China’s UnionPay, the world’s biggest credit and debit card company, has teamed up with a Korean payments firm to offer its Paycoin cryptocurrency for an upcoming virtual card offering.
Difficulty drop
Bitcoin’s mining difficulty dropped by more than 16% in its latest programmatic adjustment, the largest percentage decrease since the advent of ASIC mining machines in late 2012. Now at its lowest level since June, a drop in difficulty, preceded by the end of China’s rainy season, bitcoin miners are expected to see increased profits. Margins “for efficient miners will significantly widen,” John Lee Quigley, director of research at HASHR8, wrote, adding that less efficient miners will be able to mine profitably again. Mining difficulty is a measure of the amount of resources required to compete for mining fresh bitcoin, which changes roughly every two weeks based on changes to the total estimated hash power consumed.
Layer1 lawsuit
Bitcoin miner Layer1 Technologies is being sued by a co-founder who claims he invested millions of dollars and was then forced out of the firm. In a complaint filed in the U.S. District Court in the Western District of Texas Pecos Division, the plaintiff, Jakov Dolic, claims he co-founded Layer1 with its CEO Alexander Liegl, with the assumption the firm would be able to raise $50 million from investors for a bitcoin mining facility. Though the investments never arrived. Dolic said he invested $16.24 million of his own funds to purchase a power substation as well as a further $3.5 million to expand the power facility – and now says the funds should be refunded, per a contractual agreement.
@Coindesk
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Ethereum 2.0’s deposit contract is now live, as of 15:00 UTC. According to developer Afri Schoedon, the deposit contract (a bridge between the forthcoming proof-of-stake (PoS) blockchain and the current proof-of-work (PoW) mainchain) is the first physical implementation of Eth 2.0 for everyday users. On a practical level, Ethereum stakers can now begin depositing the 32 ether (ETH) required to stake on Eth 2.0. Once 16,384 validators have deposited funds equivalent to a total of 524,288 ETH into the contract, the Beacon chain – the spine of Ethereum 2.0’s multiple blockchain design – will kick into action in what is called the “genesis” event of Ethereum 2.0. That event is expected within the next few weeks.
On the road again
A wallet possibly belonging to early dark net market Silk Road moved almost $1 billion worth of bitcoin early on Wednesday, according to blockchain intelligence firm Elliptic. Nearly 70,000 BTC were transferred to an unknown wallet. This is the first transaction from the address since 2015 when it transferred 101 BTC to BTC-e – a now-shuttered cryptocurrency exchange allegedly favored by money launderers, per the post. "These funds likely originated from the Silk Road," Tom Robinson, co-founder of Elliptic noted in a LinkedIn post, adding that the coins may have been moved by imprisoned Silk Road operator Ross Ulbricht or a Silk Road vendor.
Crypto cards
ZenGo, a wallet company, will be the latest to join Visa’s Fast Track program, with plans of launching a crypto-integrated payment card for the U.S. in early 2021. Using multi-party computation (MPC), ZenGo’s wallet, and eventual card, will allow users to convert their cryptocurrency into fiat so it can be spent in the Visa network and withdrawn from ATMs – without having to put their cryptographic keys into third-party custody. Visa’s Fast Track program has previously sponsored Bitcoin’s Lightning Network and rewards app Fold. Separately, China’s UnionPay, the world’s biggest credit and debit card company, has teamed up with a Korean payments firm to offer its Paycoin cryptocurrency for an upcoming virtual card offering.
Difficulty drop
Bitcoin’s mining difficulty dropped by more than 16% in its latest programmatic adjustment, the largest percentage decrease since the advent of ASIC mining machines in late 2012. Now at its lowest level since June, a drop in difficulty, preceded by the end of China’s rainy season, bitcoin miners are expected to see increased profits. Margins “for efficient miners will significantly widen,” John Lee Quigley, director of research at HASHR8, wrote, adding that less efficient miners will be able to mine profitably again. Mining difficulty is a measure of the amount of resources required to compete for mining fresh bitcoin, which changes roughly every two weeks based on changes to the total estimated hash power consumed.
Layer1 lawsuit
Bitcoin miner Layer1 Technologies is being sued by a co-founder who claims he invested millions of dollars and was then forced out of the firm. In a complaint filed in the U.S. District Court in the Western District of Texas Pecos Division, the plaintiff, Jakov Dolic, claims he co-founded Layer1 with its CEO Alexander Liegl, with the assumption the firm would be able to raise $50 million from investors for a bitcoin mining facility. Though the investments never arrived. Dolic said he invested $16.24 million of his own funds to purchase a power substation as well as a further $3.5 million to expand the power facility – and now says the funds should be refunded, per a contractual agreement.
@Coindesk