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Resignation at Bitmain, Ethereum and Istanbul, Deutsche Börse Project

10/31/2019
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  • Bitmain_Ethereum_Deutsche Börse
News list

Bitmain changes its CEO and prepares for IPO. The date for Istanbul hard fork on Ethereum network is announced. Deutsche Börse is testing the technology of distributed registry.

Change in Bitmain Mining Giant Leadership

Jihan Wu, one of the founders of Bitmain mining equipment company, decided to return to full business management. To do this, he removed Micree Zhan from the post of CEO and changed the organizational structure. An official warning was sent to all employees, which forbids carrying out the previous administration orders under the threat of dismissal.

The company sources report that Micree Zhan sought to develop high technology. He was ready to invest in artificial intelligence and similar areas. At the same time, Jihan Wu upholds a more conservative view. He is caught up in Bitcoin Cash mining. The market considers him as one of the most ardent supporters of this cryptocurrency, and the news received led to an 11% increase in BCH.

Despite the rise of cryptocurrency market, the company is still experiencing certain financial difficulties. It failed to conduct IPO on Hong Kong Stock Exchange (HKEX), where it planned to raise $ 3 billion. Now Bitmain is searching for investors in the United States. The shares placement application was submitted to the Securities and Exchange Commission (SEC), and in this way the company plans to raise up to $ 500 million. Just a week ago, an application from Canaan Creative, another Chinese giant, was received by SEC. It plans to conduct IPO on NASDAQ exchange.

Activation of the Chinese mining companies is taking place against the backdrop of a general growth of interest in cryptocurrencies in China. In his recent statement Xi Jinping, the Republican chairman, said that blockchain will be the foundation of an imminent economic breakthrough. As a result, the number of queries related to cryptocurrency via Baidu national search engine has grown by more than 10 times. This also provoked an increase in bitcoin price, which rose from $ 7,360 to $ 9,800. Whereby, authorities warned investors. It was stated that the country would promote high technology rather than speculation. However, Bitmain, the ASIC manufacturer, is one of the high-tech companies that can gain serious benefit from this news.

 Change in Bitmain Mining Giant Leadership

Istanbul, Ethereum Hard Fork, is Scheduled for December 4

During a teleconference, the developers decided to conduct Ethereum blockchain hard fork on December 4. It is expected that the separation will occur at 9,056,000 block, so the exact date can be shifted by several days. During the past hard fork, some technical difficulties were identified, which led to the postponement of its conduction. This time, the developers decided to play it safe in advance and call the reserve revision date, that is January 8, 2020.

Initially, the previous Ethereum Constantinople hard fork was scheduled for late October 2018. However, the identified errors did not allow it to be held at the fixed time. The date postponement for January was also too optimistic as only on March 1 all the errors were finally eliminated. Moreover, together with Constantinople, St. Petersburg hard fork was updated, which allowed to optimize the network and postpone the difficulty bomb launching.

During the upcoming Istanbul hard fork, blockchain team plans to introduce six code updates. Moreover, it is expected that Istanbul will be divided in two parts, and it will be the last blockchain division before switching to Ethereum 2.0 protocol. Vitaly Buterin gives basic ideas about upcoming events in his published articles. According to him, blockchain could switch to the Proof-of-Stake (PoS) protocol as soon as on January 3, 2020.

However, the full integration of Ethereum 1.0 and Ethereum 2.0 may take several years. Direct transfer of coins between them can be difficult or even impossible due to potential security issues. According to the developers, simultaneous existence of two blockchains can last as long as it possible and this is not critical for the network. However, the final configuration and ideology of new network is still unknown even to the developers themselves. There is a discussion among them that all parties consider as a constructive dialogue. According to Buterin, switching to Proof-of-Stake (PoS) will make Ethereum safer than Bitcoin, and hacker attacks on the network will simply be disadvantageous.

Istanbul, Ethereum Hard Fork, is Scheduled for December 4

Deutsche Börse German Stock Exchange (DBVN) Simplifies Purchase of Digital Financial Assets

A subsidiary of DBVN, together with Cashlink Frankfurt Company, is developing a solution for the purchase of digital securities via the distributed registry technology. New financial instruments will have the same guarantees as ordinary assets. It is expected that this opportunity will be primarily used by startup companies to attract venture financing. Moreover, not only German investors and entrepreneurs, but also businessmen from other countries will be able to take this opportunity.

Last week, Deutsche Börse and Commerzbank tested the technology for buying financial assets through tokens. This operation was carried out in cooperation with MEAG Foundation, a subsidiary of ERGO Group. In its course, Commerzbank sold assets to MEAG through Deutsche Börse. Regulators were informed of the transaction, and now companies are waiting for the new technology approval by them. In case of positive decision, a buyer and a seller will be able to make transactions without involving the third parties.

German authorities are quite controversial about digital financial instruments and cryptocurrencies. They have no issue with blockchain as a technology, and even encourage its use to ensure transaction security. However, appearance of the Libra project caused a clear hostility in the German Bundestag. It was stated that the published White Paper did not answer all the questions of interest, and therefore parliamentarians opposed this project.

Deutsche Börse German Stock Exchange (DBVN) Simplifies Purchase of Digital Financial Assets

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