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Blockchain Adoption | Sberbank CEO Anticipates 1-2 More Years

The head of Russia’s Sberbank has set tongues wagging after he emerged bullish about the future of blockchain adoption. CEO Herman Gref is forecasting industrial scale adoption in as little as one or two years.

Blockchain Adoption

Gref believes the technology is on the cusp of entering the industrial development stage of its evolution. Speaking to journalists this week, he said:

“The hype around the technology [blockchain] is now over, and the technology is entering the stage of industrial development. It needs a year or two to be implemented at the industrial scale.”

The head of Sberbank furthered that the global markets are “not yet ready” for large-scale blockchain adoption due to the “immaturity of the technology.” However, in under two years, the technology will be ready.

Sberbank and Blockchain

Since 2017, Sberbank, along with other major Russian banks and institutions, has been actively trialing blockchain. In December of that year, Sberbank partnered with Russia’s Federal Antimonopoly Service to store documents and transfer data on the blockchain.

Then, in June 2018, the bank partnered with Alfa Bank to test investment options with cryptocurrency for retail investors.

>> Coinbase CTO Believes Home Cryptocurrency Mining is the Future with Coinmine

Four months later, Sberbank became an advisor to Rosseti to help it trial blockchain solutions. At that time, the bank gave a time frame of three to five years for blockchain adoption.

But now, Gref is saying one-to-two years, indicating successful trials and a fast maturity.

Russia’s Finance and Blockchain

The Russian finance sector seems to be quickly moving towards the technology as another bank, the Russian branch of Raiffeisen Bank, announced its use of blockchain. The bank said it will first implement the technology to log digital mortgages and bank guarantees. However, it has plans to extend its use to other areas in the months to come.

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Home Cryptocurrency Mining | Coinbase CTO Says Coinmine is the Future

Coinbase’s CTO, Balaji Srinivasan, has just announced his thoughts of the future of home cryptocurrency mining. Bitcoin mining and crypto mining in general are a huge industry, which exploded last year when digital currency interest hit mainstream. A new startup is trying to take another stab at popularizing at-home cryptocurrency mining, a business model that has not been successful in the past.

Home Cryptocurrency Mining: Coinmine

Srinivasan told CoinDesk that he is placing his bets on this new at-home crypto mining startup, Coinmine.

Srinivasan said:

“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit—or at least mine a decent amount of some crypto—via a decentralized home mining device like Coinmine.”

Back in 2015, Coinbase’s CTO founded 21.co, a startup with ambitious plans to embed Bitcoin miners in everyday devices such as laptops and cell phones. With his experience in the space, Srinivasan backed Coinmine in its angel round.

Coinmine One

Coinmine just announced pre-orders for its first home miner on Wednesday.

The home cryptocurrency miner currently up for pre-order looks very similar to a home DVR system or even an Xbox One. The product will be called Coinmine One and retails for $799. Shipping for these products will begin in mid-December.

>> Bitcoin Hits the Lowest Level of the Year Thus Far—Entire Market Down

Coinmine’s system is built to run two tokens: proof-of-work and proof-of-stake. Proof-of-stake tokens will only be enabled with updates that will be released in 2019. The networks that will be staking first are casper, dfinity, tezos, filecoin, spankchain, cosmos, foam, and polkadot.

When plugged in, users will automatically be placed into mining pools. The product will be very plug-and-play but also cedes a significant amount of control. Coinmine will take a 5 percent cut of users’ mining earnings.

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Bitcoin Hits Lowest Level of the Year Thus Far

Today is a bleak day for cryptocurrencies everywhere as Bitcoin hits the lowest level of the year thus far. Where Bitcoin goes, the rest of the market tends to follow, and indeed, the index shows us all the top-ten coins are experiencing double-digit losses.

Bitcoin Hits Lowest Level of the Year

Currently, Bitcoin is down over 10% and has touched a low of $5,550 a coin. This price is the weakest the coin has been since October 2017 and also puts an end to what was the steadiest period the coin experienced in months. Bitcoin has been trading comfortably around the $6,400 range for the majority of Autumn and volatility was at an all-time low.

The market is placing the blame on tomorrow’s Bitcoin Cash hard fork for the selloff across the exchanges today. As stated, the damage is widespread, and Bitcoin Cash itself is suffering the hardest, with losses just shy of 17%. Ethereum is down -13.5% and Litecoin is down -13.05%, but the entire top-ten are hurting.

Bitcoin Cash Hard Fork

The Bitcoin Cash hard fork will result in a network being split into two different versions of Bitcoin Cash. One upgrade will follow the Roger Ver-favored Bitcoin Cash ABC protocol, and the other will follow Craig Wright’s preferred protocol, the Bitcoin Cash SV.

According to Mati Greenspan of eToro:

“Both Roger and Craig are advocating a different version of Bitcoin Cash […] The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect this Thursday.”

>> Japenese Crypto Exchange Coincheck Resumes NEM (XEM) Trade Ten Months Later

Market Drops

The entire cryptocurrency market capitalization dropped by $15 billion USD over 24 hours Wednesday.

And the total market cap of $85 billion is down more than 70% since the start of this year.

This is a far cry from the highs of 2017 when Bitcoin was selling for $19,511 a coin.

What do you think about Bitcoin’s new low?

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Bitcoin Cash Hard Fork Approaches

A Bitcoin Cash hard fork will happen on Thursday, November 15th.

Bitcoin Cash is already a hard fork of Bitcoin and has since grown to become the fourth-largest cryptocurrency. Now the digital currency will split in two, creating a second cryptocurrency.

The two digital currencies go by the names Bitcoin ABC, which is the continuation of the current or core Bitcoin Cash, and Bitcoin SV, which will follow new rules and stands for Satoshi’s Vision.

Bitcoin Cash Hard Fork

A hard fork occurs when network participants no longer agree on a proposed change to the running of the blockchain. This change is implemented via a software update.

Participants will decide what they agree with and when the fork happens, those that wish to adapt to the new rules will upgrade to the new software and those that don’t won’t upgrade their network.

The result is a split network. This means two separate blockchains, each running on different rules and with their own currency. Therefore, there will now be two separate digital currencies.

What Happened?

This Bitcoin Cash hard fork has come about after developer Amaury Sechet proposed an upgrade that made a small change to transaction ordering.

An escalating disagreement ensued and two well-known crypto personalities—Roger Ver and Craig Wright—ended up pitted against each other.

>> Japanese Crypto Exchange Coincheck Resumes NEM (XEM) Trade Ten Months Later

Ver is in support of the new software upgrade (Bitcoin ABC), but Wright favors a move more reflective of the original Bitcoin whitepaper (Bitcoin SV), which seeks to raise the maximum block size to 128MB from 32MB.

Hash Power and the Bitcoin Cash Hard Fork

The computing power needed to mine cryptocurrency is called ‘Hash Power.’ Hash power is important because the success of each coin will depend on where the miners commit their hash power to—Bitcoin ACB or Bitcoin SV. Currently, tallies are swaying in favor of Bitcoin ABC, but only time will tell.

Importantly, most major exchanges have stated support for the hard fork. This means owners of Bitcoin Cash will receive 1:1 per new cryptocurrency once the network upgrade happens.

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NEM (XEM) Trading Resumes on Coincheck Months After Hack

After ten months of stagnancy, the newly re-opened Japenese cryptocurrency exchange Coincheck has resumed its NEM (XEM) trading. According to a South Korean news source FNNews, Coincheck has restricted its platform by external ‘security experts.’

NEM (XEM) Trading Resumes on Coincheck

Back in January, Coincheck suffered the largest cryptocurrency exchange hack in history. $530 million USD worth of XEM was stolen from the Japanese exchange. After the investigation, the company announced it would repay the 260,000 investors affected by the hack.

At the time of the hack, Coincheck’s website read:

“We would like to offer our sincerest apologies to our customers, other exchanges, and everyone else affected by the illicit transfer of NEM which occurred on our platform. We vow to take action on all of the points listed in the business improvement order handed down from the Financial Services Agency as we work towards resuming normal business operations. Currently, we have suspended various features of our platform including new registrations. Thank you for your patience and understanding.”

Since the incident, NEM purchases and deposits have been completely halted on the Coincheck platform. In addition to NEM, the exchange will soon open up support for both Ethereum (ETH) and Lisk (LSK).

Back in March, the Financial Services Agency (FSA) of Japan gave the company a business improvement order. The ‘watchdog’ demanded that the company undergo drastic reforms to its exchange platform, which included enhanced anti-money laundering (AML) and counter-terrorism financing (CFT) measures.

>> A Guide to Understanding Cryptocurrency White Papers

Shortly after, Coincheck was acquired by the Japenese internet broker Monex Group Inc. On October 30th, Monex announced it would resume Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) trades.

After Coincheck made the announcement yesterday, NEM saw price gains of well above six percent. According to CoinMarketCap, NEM (XEM) is currently trading at $0.113 a coin, up 6.24%, in 24 hours.

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