In the traditional Sunday review ForkLog — short revival of buyers in the market, rumors about the destruction of the mining farms in Sichuan, hardwork zcash for a new step in the development of atomic swaps and other important events of the week.
Short-term revival of demand
On Friday, June 29, the price of bitcoin suddenly pushed off from the marks in the neighborhood of $5900 and up to values above the level of $6300.
BTC/USDT, the four-hour chart of the exchange Binance
However, the surge of activity of buyers was not as long as it probably would many “Hodler”. So, soon trading volumes decreased significantly and the price continued lateral movement.
The price of the first cryptocurrency is still significantly below the moving average (MA) with a period of 200. More quick MA100 is under “heavy” moving average. This speaks to the continued dominance of sellers in the market. The output of the oscillator is Stoch RSI from the overbought zone, confirming the high probability of a return to the usual marks below the level of $6000.
At the end of this week rose slightly in the price of the most liquid altcoins. However, one can hardly say that the market during this time something has changed dramatically.
However, among the participants of the cryptocurrency market are still enthusiasts who believe that the best times are still ahead for bitcoin. So, exchange BitMEX CEO Arthur Hayes said that he stays true to his forecast, according to which the first cryptocurrency to the end of this year will reach $50 000.
Flood in Sichuan and hash rate bitcoin
Network spread rumors that due to the floods destroyed a large mining farm in China’s Sichuan province.
In particular, this in his Twitter wrote to Erica Meltzer, a partner focused on the Chinese market blockchain-Fund INBlockchain.
Rumors that a huge flood in Sichuan took out a bunch of BTC mines pic.twitter.com/X6jNeAVDWm
— Eric Meltzer (@wheatpond) 29 June 2018 R.
Despite the fact that this information has not yet been confirmed, data Analytics service Blockchain.info indicate the short-term but a considerable drop in network hash rate yet the first cryptocurrency:
So, on Wednesday, June 27, hash rate of the bitcoin network has decreased by 30% — from 43 million to 30 million (TH/s). Soon hash rate partially recovered and his current value is around 35 million TH/s.
Unstable “legislation” EOS
After just a few weeks after the launch of EOS main technical project Director Dan Larimer has proposed to change its Constitution.
“Do I understand correctly that you propose to remove current Constitution and replace it with a new one, under which arbitrators will be able to make decisions regarding the contradictions between the code and its purpose and code that contain vulnerabilities, like The DAO?”, — asked one of the participants of the Telegram-channel EOSGov that Larimer said, “Yes!”.
According to observers, the current Constitution of the EOS gives arbitrators too much power. Currently, all smart contracts on the network must be documented with the help of the Ricardian Contract specifying the intent of all the parties and the arbitral forum to resolve disputes.
The arbitrators able to settle disputes directly, and the scope of their powers is not defined. Larimer proposes to limit their powers to address issues arising from differences between the code and the intentions and treatment of vulnerabilities and hacking code.
This development was met with an ambiguous reaction of representatives of the crypto community.
A new stage in the development of the technology of atomic swaps
This week it became known that the company Take Wing carried out the first atomic swap between test networks CityOfZion (NEO) and Ropsten (Ethereum).
Relevant documentation is available in the repository company GitHub.
Atomic swap (Atomic Swap) is an exchange of one cryptocurrency to another by creating interaction between different blockchains. Feature of the technology is that the occurrence of the exchange transaction takes place instantly, without fees, and requires no intermediaries. If for any reason the parties do not get your coins, then there is the procedure of refund.
According to representatives Take Wing, the company will continue to develop crosscanonby decisions in the future.
Earlier in the week the largest social network Facebook announced the revision of a total ban on advertising of crypto-currencies.
Now pre-approved advertisers can post content on cryptocurrency and related topics, except information about primary offerings of coins (ICO).
However, to permit advertisers will need to provide Facebook information about the license, listing on the stock exchanges and any important public information about your business. Thus, according to representatives of the social network, not everyone will pass this test.
Bitmain is a threat to bitcoin?
The largest manufacturer mining equipments Bitmain has gradually strengthened its dominant position in the mining market — controlled company pools in total control of 42% can see first cryptocurrency.
If the trend towards centralization of mining and concentration capacity one player continues, Bitmain may soon gain control over 51% of hash rate yet. It is fraught with constantly hanging over the bitcoin threat of the so-called “attack of 51%”.
However, some experts remain optimistic, considering the low likelihood of the company Bitmain “attack 51%”. His thesis experts argue that it is simply not profitable for the company in the long term.
The Zcash For Hardwork
Zcash for the developers reported about the successful activation of Overwinter — software required for a major upgrade called Sapling, expected in September.
The upgrade was carried out on Tuesday, June 26, on the block 347,500. Overwinter includes version control, protection from re-playing transactions for future upgrades, the overall improvement of health transparent transactions and other new features.
The team also zcash for he published proposals for updating the roadmap. Among them: the development of infrastructure and the inclusion of crypto-currencies in various exchanges, wallets and services, improve privacy (privacy-by-default), the development of a Protocol to improve scalability, the activation Sapling, eliminating gaps in security, changes in the algorithm of PoW consensus and opposition to “attacks 51%”.