Happened in Crypto: The Anonymity of the Bitcoin Network is in Danger and more
The anonymity of the Bitcoin network is in danger due to interventions of national authorities, Ethereum is about to launch a Proof-of-Stake revolution, and the time to shine has come for the alt coins.
Learn what has been moving the needle in the world of cryptocurrencies in the very first issue of Happened in crypto, our dedicated content covering the news and events from the fascinating field.
BTC's share of total capitalization is at a six-month low
The time for altcoins to shine has come, as the share of the world’s biggest cryptocurrency reaches the sixth-month low in terms of market capitalization.
This metric is often called the dominance of bitcoin and is crucial to determine how much space alternative cryptocurrencies have to grow.
Currently, the dominance is 40%. Such a low number means that altcoins are ready to catch a breath, as the correlation with BTC has been declining for half a year already.
The biggest winner here is currently Ethereum, was passing the mark of $2000. However, MATIC and ADA are closely following the growth, and other currencies are reporting positive results as well.
The end of Ethereum as we know it: ethereum 2.0 will arrive soon
Ethereum is a cutting-edge blockchain that has become the backbone of cryptocurrency growth in recent years. But the overwhelming interest in transactions with this coin in particular has already surpassed its capacity.
The network is therefore facing the biggest revolution since the emergence of cryptocurrencies - the transition to the new Proof-of-Stake (PoS) consensus system.
Ethereum consists of "secondary chains" in addition to the main layer. These act as a sandbox for developers of all sorts of applications - from decentralized finance to brand new blockchains.
However, one chain stands out from the rest - it is a prototype of the upcoming Ethereum 2.0. A week ago, Vitalik Buterin (Ethereum's lead developer) announced a merge of the main layer with the prototype.
This will lead to the final transition to PoS consensus. Ethereum will no longer be mined, instead, much more efficient algorithmic transaction confirmation will take over. The connection is supported by all major network tokens, such as USDC and USDT.
Tornado Cash developer arrested for developing decentralized app
A 29-year-old man from the Netherlands is currently facing money laundering charges for taking part in the development of the Tornado Cash app.
Tornado Cash is a blockchain-based application that, through a complex network of processes, increases the anonymity of your bitcoin. It essentially erases the digital trail that leads to your wallet. But unfortunately, the app is being used for a variety of illegal activities.
The developer himself had reportedly nothing to do with the criminals. He is only guilty of writing a piece of code for a legal software some individuals and groups use for money laundering. That's all. This incident is likely to set the development of blockchain ten years back.
Opinions emerged that this is a similarly weighty decision as if Facebook founder Mark Zuckerberg would have been arrested for the simple reason that criminals are communicating through his app.