Over the past week, Bitcoin dipped below $6,000 for the first time since October 2017. Now, the cryptocurrency market is up 5% over the past 24 hours and BTC appears to have found new support. At press time, 95 of 100 top cryptocurrencies are in the green.
Bitcoin, currently ranked #1 by market cap, is up 9.26% over the past 24 hours. BTC has a market cap of $110.31B with a 24 hour volume of $4.41B.
Chart by CryptoCompare
Mt Gox Ordered to Repay Victims of 850,000 Bitcoin Hack
The Tokyo District Court ordered Mt Gox to begin compensating victims of its infamous 2014 hack, effectively stalling the exchange’s pending bankruptcy.
In a positive turn of events, victims will be compensated in accordance with civil rehabilitation law, not bankruptcy.
Given that civil rehabilitation proceedings do not recompense in equivalent fiat value but in the original asset lost, victims are entitled to claim their lost Bitcoins and cash in on the triple-digit percentage hike the coin has seen since the hack.
Those who lost Bitcoin in the Mt Gox hack must file claims by October 2018, however, no official schedule has been set for payments.
CNBC’s Brian Kelly: ‘Bitcoin Will Resurrect’
Kelly addressed three points to support his stance, explaining that overall sentiment “approaching lows” is a sign of imminent trend reversal, Japanese Exchange business improvement orders are beneficial for long-term stability and Mt Gox civil rehabilitation proceedings won’t take place until Q1 2019.
Most notably, Kelly brought perspective back to the cryptocurrency scene by reminding viewers and investors that the price of Bitcoin, although down from its December 2017 peak, is still up over 150% from a year ago.
BTCC Looks to Sell 49% of Bitcoin Mining Pool
In a non-binding agreement, BTCC Pool Limited — the mining operation of former Chinese exchange BTCChina — agreed to sell a 49% stake of its Bitcoin mining pool to Value Convergence Holdings, a Hong Kong-based company that operates commodities trading, securities brokerage, and finance businesses throughout China.
In a Memorandum of Understanding (MOU) published June 24th, 2018 by the Hong Kong Stock Exchange, both parties tentatively agreed to the sale — which would see 4900 shares (or 49%) change hands for HK$147,000 ($18.7 million).
As a “Proposed Acquisition”, the MOU does not bind either party to fulfill the deal and may see further negotiation between the two parties take place. While MOUs are not legally enforceable documents, they typically expedite the process of moving towards a formal agreement.
Ethereum, currently ranked #2 by market cap, is up 7.21% over the past 24 hours. ETH has a market cap of $45.52B with a 24 hour volume of $1.7B.
Chart by CryptoCompare
Stanford Students Built 16 Ethereum-Based dApps, Without an ICO
This week, students attending Stanford’s CS 359B program “Designing Decentralized Applications on Blockchain” developed 16 blockchain-based decentralized applications on the Ethereum protocol, creating applications to maximize the potential of peer-to-peer digital asset trading and transaction processing.
Some of the innovative decentralized applications developed by Stanford students in spring 2018 included customized workflow marketplace Web Workflow, decentralized content delivery network Marlin, and software asset distribution platform ImageTrust.
The quarter-long (~10 weeks) development period, supported by virtually no funding, proved that decentralized applications can be built without millions in ICO funding and brought perspective to the various well-funded projects, such as Tezos, that are yet to produce tangible results.
Introducing Ethereum ERC777 – the New Advanced Token Standard
ERC – Ethereum Request for Comments, describes a certain set of standards created for implementation on the Ethereum blockchain.
The ERC777 token standard poses four improvements to the previous ERC20 version: reduced friction in transactions on the Ethereum blockchain, enabled transaction data sending, minimized possibility of accidental loss of cryptocurrencies and backward compatibility.
With all the functions of the ERC20 token standard, ERC777 is also fully customizable and extensible so companies can fine tune it to their own needs. The ERC777 token standard is available for implementation use cases.
EOS, currently ranked #5 by market cap, is up 8.89% over the past 24 hours. EOS has a market cap of $7.26B with a 24 hour volume of $922.17M.
Chart by CryptoCompare
Dan Larimer Proposes Revised Draft of EOS Constitution
On June 26, 2018, EOS CTO Dan Larimer took to Telegram to propose a complete rehaul of the network’s constitution.
Larimer released a blog post on June 27 outlining the framework for his newly revised EOS constitution – stating boundaries limiting the authority of arbitrators and block producers on the network.
Addressing the need to safeguard users from being robbed of their private keys and cases involving such circumstances, Larimer suggested an optional arbitration smart contract:
“Those who want the elected block producers and/or ECAF to protect their interests can opt-in to a new smart contract where ECAF/producers are the arbitration system… The scope of arbitrator power would be limited to that contract alone.”
The new EOS constitution attempts to balance the issues surrounding account freezes and arbitrator authority with greater user autonomy, using Ricardian contracts – combining both free-form terms and code terms – to better meet the community’s demands and prevent future controversy.
TRON, currently ranked #11 by market cap, is up 7.84% over the past 24 hours. TRX has a market cap of $2.59B with a 24 hour volume of $175.25M.
Chart by CryptoCompare
TRON Added As Payment Method On Pornhub
TRX and ZEN will also be payment methods acceptable for Pornhub purchases and streaming, in addition to the site’s traffic and advertising network.
The coin trio will then be accepted on 13 additional adult-oriented sites owned by MindGeek — the parent company of Pornhub.
Citing the need to adhere to the “growing payment preferences” of its customers and community members, Pornhub Vice President Corey Price pointed to the advantages of cryptocurrencies over fiat:
“Decentralized payment systems have continued to grow in popularity, and cryptocurrency adoption is exploding across a broad economic spectrum. Today, cryptocurrencies are especially viable in the adult entertainment industry because they are privacy-centric and incorporate more anonymity tools than traditional tender.”
Having recently acquired BitTorrent, TRON founder Justin Sun appears to be casting a wide net for TRX usage.
TRON (TRX) Independence Day
The ERC20 TRX token swap began on June 21 and the new TRX tokens fully supported on the TRON mainnet were released to investors June 18. A total of 36 cryptocurrency exchanges participated, aiding TRON in gaining its independence from the Ethereum network.
TRON’s highly awaited mainnet, Odyssey 2.0, was released on May 31st, 2018. Presently, the TRON mainnet has 254 nodes worldwide.
TRON Super Representatives Election
Voting started on June 25th, for the 27 “super representatives” that will support the governance of the TRON Network.
Currently, 42 representatives are running in the election, but only 27 will be chosen for the role of a Super Representative.
Very similar to the EOS block producers, the more TRX one holds, the more voting strength one holds. In addition, some Super Representatives announced that they will pay dividends to their voters.