VHCEx Newsflash | 21st May 2020
Reddit To Reward Users with Own Cryptocurrency
According to Bloomberg, popular discussion platform, Reddit, is looking to launch their own digital token to reward their users. The users of two digital coin Reddit subgroups can soon earn the tokens by posting a comment. In return, they can use the tokens to buy exclusive badges, to use animated emojis and to reply to Reddit comments using gifs.
Image Source: The Star
Telegram Drops Ton Cryptocurrency Project
TON cryptocurrency project by well-known messaging app Telegram has been dropped. CEO and founder Pavel Durov said that after a long battle with U.S. Securities and Exchange Commission (SEC), ultimately a U.S. court declared that the cryptocurrency cannot be circulated locally in the U.S. or globally. This ended a two and a half years worth of work on the project that was touted to “share the principles of decentralization pioneered by Bitcoin and Ethereum, but to be vastly superior to them in speed and scalability”.
Image Source: Cryptobrowser.io
Celo, Libra’s Rival, Lives Its Mainnet
Dubbed as the rivals of Facebook’s Libra, Celo announced that its mainnet is now live after nearly two and a half years of development. The mainnet will support Celo Gold (cGLD) and possibly Celo dollars would be next. The project has a huge headstart over Libra and has major partners such as Paxful, ChorusOne and South Korean chat app giant Kakao’s Klaytn network. It is showing quite a following in its early stages and would be interesting to see how it further develops.
Image Source: Medium
Hard Fork for Ethereum Classic in June
The Ethereum Classic network will undergo a network upgrade known as ‘Phoenix’, as announced by Ethereum Classic Labs (ETC Labs)’s team and its core developer team. Phoenix is estimated to occur on 3rd June and on block number 10,500,839. With this hardfork, the EVM capability will be improved and make the Ethereum and Ethereum Classic network to be fully compatible.
Image Source: Cryptoanalytics.com
Ripple Gets U.S. Approval for Money Transfers
The Consumer Financial Protection Bureau of America (CFPBA) has given approval to Ripple for its use in cross-border money transfers. The simplicity and openness that Ripple brought to the financial industry seems to be a major influencing factor for the U.S Consumer Financial Protection Bureau to lean towards Ripple. It was also added that it could tag along SWIFTs Global Payment Initiatives tech to assist to ensure the end user and banks are aware of the final price and amounts will take during a transfer. With banks like Barclays and Standard Chartered on board, it could propel Ripple to be more widespread in the near future.
Image Source: Capital.com