Ethereum completes the Istanbul Hard Fork, MATIC suffers P&D, Twitter is decentralizing media, and more in Break’N Crypto - weekly news digest by BTCMEX.
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Ethereum: Moving to 2.0
The anticipated Ethereum’s Istanbul Hard Fork happened when the network passed block #9069000. Vitalik Buterin claims the blockchain capacity now has the potential to reach 3,000 transactions per second (TPS). Although miners and node operators need to update their client, most people who hold ETH or use the network are unaffected — and ETH prices are unexpected to suffer turbulence.
Learn more about Serenity, or Ethereum 2.0, in Futures Friday by BTCMEX.
Later on, the Ethereum team decided again to postpone the explosion of a so-called “difficulty bomb,” - a mechanism that is supposed to gradually make the process of generating new blocks more complicated, which would gradually lead the network toward Proof of Stake (PoS) from the current Proof of Work (PoW).
What about MATIC?
One of the crypto exchanges IEO tokens, Matic Network (MATIC), dropped almost 70% in value on December 10. Other tokens such as Celer Network (CELR) and Harmony (ONE) followed the neighbor.
MATIC fell 69% in a 24-hour period from its high. On the same day, ONE fell 40% and CELR dropped 21%. Based on their charts, MATIC’s dump seems to have halted any momentum these IEOs were building, at least for now.
While the cause for MATIC’s dump still remains definitively unknown, the token’s chart is clearly not promising.
BTC is to clean up the Fiat Mess - Max Keiser
Famous media Bitcoin advocate, Max Keizer, spoke in Montevideo, Uruguay. His presentation was focused on the impact that cryptocurrencies generate in the global scenario and particularly in the Latin American region.
According to Keiser, Bitcoin's first function is to clean up the mess left in the world by fiat money. One of the points he highlighted during the presentation was: "The inherent violence of fiat money must be replaced by the peaceful nature of Bitcoin.” For Keiser, "Bitcoin is the currency of a global revolution and the nightmare of trust money”.
He also admitted that all the regulations are paid in fiat, and talk about Argentina, saying that Argentina is a good place to adopt Bitcoin as the country has lived through recurrent times of economic and social crisis in recent decades.
Twitter: Embracing Changes
The founder and CEO of Twitter, Jack Dorsey, announced that the company is creating a strategic team to establish a decentralized standard for social media.
According to Dorsey, the main challenges in current social media operation systems are shift away from content hosting and removal to recommendation algorithms directing users’ attention, and content that sparks controversy and outrage rather than healthy and informative conversations.
To address these challenges, Dorsey suggested the creation of a decentralized standard for social media but admitted that it might take years to fulfill the plan. The CEO also mentioned that the company plans to launch the “Twitcoin” cryptocurrency.
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