The world of crypto and blockchain moves crazy fast. Major developments are being made day in and day out. Here is the recap of some of the major happenings of the crypto and blockchain world that you probably need to know about.
Stablecoin Audits
Statsis, a Malta-based crypto project has started releasing full audits of its holdings so that any concerns regarding its token EURS not being backed by actual euros are eliminated.
Statsis wants to ensure that there are no concerns regarding the one-to-one correspondence of its stablecoin. In the past, we have seen concerns rise up regarding the one-to-one peg of Tether, a well-renowned stablecoin, with the U.S. dollar.
In order to perform its audits, the project has got in touch with the accounting firm BDO Malta. BDO Malta will provide regular audits and cash reserve verification. The first verification of the cash reserve has already been published with the first audit scheduled for the Q1 of 2019.
Bitmain Scene
One of the world’s leading crypto mining spearhead Bitmain is shutting down BitmainTech Israel, its Israel-based research and development wing. As suggested by a local news source, this step has been taken by the organization owing to the downturn that is being witnessed in the crypto markets.
All 23 employees of the firm have been laid off owing to this closure. With itself getting in launched back in 2016, BitmainTech Israel launched the ConnectBTC mining pool for Bitmain in April of 2017. Work has also been done by the firm regarding the development of blockchain technology and artificial intelligence for the company.
Owing to the current bear run that is going on for quite some time, many different crypto projects have been seen laying off staff. Let’s see what strategy is made from here on by the crypto projects to handle their finances properly because apparently, the market run seems to be very important for a crypto project to survive.
Ethereum Upgrades
It is suggested that one of the well-renowned blockchain platforms of the world, Ethereum, is currently working on two major updates regarding its framework. One of these updates is termed as “ethereum 1x”, while the other is dubbed “ethereum 2.0”.
Ethereum 2.0 was previously termed as “Serenity” in its early days and it focuses on three main things: a shift to the proof-of-stake (PoS) consensus algorithm, the introduction of sharding to improve the scalability of the platform and a revamp of the EVM, or ethereum virtual machine. EVM is essentially responsible for handling dApps that are being deployed on the platform by the users across the world.
On the other hand, the upgrade that is termed “ethereum 1x” is not a complete revamp of the platform. It is focused on making the current system more enhanced. Let’s wait see how these upgrades help the platform overall.
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