Daily: IOTA becomes Skynet??? (Qubic upgrade) / Zencash hit by 51% Attack / Bittrex to support Fiat
Description
Zencash gets hit by a 51% attack where hackers attempted to reorganize transactions and potentially scam exchanges. IOTA gets the Qubic upgrade - adding smart contracts and decentralized computation t...
AI Analysis
This video dives into some significant shifts happening in the crypto world, from major technological upgrades for altcoins like IOTA, to security vulnerabilities exposed in Zencash, and big moves by exchanges like Bittrex to integrate fiat. It also touches on the broader implications of these events for the future of blockchain technology and crypto adoption.
Here's a breakdown of the key topics:
* Market Recap: The crypto market is experiencing a bit of a pull back after a recent push, with the total market cap at $344 billion. Ethereum (ETH) is holding strong above $600, showing resilience despite prior FUD (fear, uncertainty, doubt) about EOS potentially dumping ETH. Cardano (ADA) and IOTA (MIOTA) are seeing a slight dip, which is typical crypto behavior – "buy the rumor, sell the news" – after their recent announcements.
* IOTA's Qubic Upgrade – Smart Contracts + Computation: IOTA has introduced "Qubic," which stands for Quorum Based Computation. Essentially, it transforms IOTA from just a currency for IoT devices into a more powerful platform.
* Core Functionality: Qubic allows "dumb" IoT devices to outsource and pay for complex computations from "smarter" IoT devices, forming a mesh network of calculations.
* Smart Contracts: Crucially, it adds smart contract capabilities to IOTA, significantly expanding its potential use cases beyond simple transactions.
* Personal Opinion: Despite the immediate price dump due to typical market hype cycles, I feel that Qubic represents a substantial and concrete upgrade for IOTA, adding significant capabilities.
* EOS Mainnet Launch Update: EOS is nearing its mainnet launch, with the software already released. The next step is for the community to actively participate in the launch process.
* Community-Led Launch: The current focus is on the community voting for "block producers," which are essentially like mining pools in other networks. These block producers use a "delegated proof of stake" model, where users delegate their votes to maintain the network.
* Stabilization Period: It will likely take a few days for the voting to complete and the network to stabilize before the EOS network is fully deployed.
* OpenChain and Interoperability: There's no clear winner in the current "game of coins," with Bitcoin's dominance decreasing and the overall altcoin market booming.
Uniting Blockchains: OpenChain is a project that aims to allow developers to leverage the power of all* blockchains, acting like a load balancer rather than having individual blockchains compete.
* Presenter's Interest: I'm really interested in OpenChain because it could potentially unite disparate blockchains, fostering cooperation to build a better overall system with amazing decentralized applications (dApps).
* Zencash 51% Attack: Zencash was recently hit by a "double-spend attack," similar to what Bitcoin Gold experienced.
* How it Works: A hacker sends cryptocurrency to an exchange and also to their own wallet. Then, using an immense amount of "hash power" (mining power), they "reorganize the network," effectively reversing the transaction to the exchange and keeping the coins sent to their own wallet, thereby scamming the exchange.
* Extreme Danger: This is extremely dangerous for exchanges and anyone accepting large amounts of cryptocurrency.
* Vulnerability: Any coin not protected by significant hash power (i.e., anything other than Bitcoin and Ethereum, which have massive mining networks) is vulnerable because attackers can buy or rent enough mining power to gain 51% control of the network.
* Investigation and Rumors: The investigation is ongoing, but it's rumored that a large corporation, mining pool, or even an ASIC producer with high hash rate hardware could be responsible.
* Long-Term Implications: This attack highlights a potential shift where smaller Proof-of-Work (PoW) coins are no longer as safe. It might force them to switch to different consensus algorithms or engage in a "race for hash power" to ensure adequate protection. Coins with less market cap naturally have less hash power protecting them.
* Bittrex to Gain Fiat Options: Bittrex, traditionally a crypto-to-crypto exchange, is looking to accept USD directly, potentially working with American banks.
* Increased Accessibility: This is excellent news for crypto adoption, making it easier for people to buy altcoins without relying solely on Tether (USDT).
* Competition: It offers strong competition to exchanges like Coinbase, which has limited coin offerings, by providing a fiat on-ramp to a much wider selection of cryptocurrencies.
* Positive Outlook: I view this as a very positive development, offering more options for people to enter the crypto space.
* Estonia's Failed National Crypto: Estonia's attempt to create its own government-backed national cryptocurrency has faced significant resistance.
* The Problem with Government Crypto: The fundamental idea of cryptocurrency is decentralization and the absence of a central authority. Government-backed cryptos, by their nature, contradict this principle.
* Opposition: The European Central Bank has strongly opposed Estonia's plan, leading them to back off. Interestingly, the IMF has also shown interest in "fighting crypto with crypto," suggesting they might consider their own alternatives.
* Personal Stance: My response to the idea of government-backed crypto is clear: "Don't fight fire with fire; destroy it."
* Blockchain Economic Forum (BEF): I'll be attending and speaking at the Blockchain Economic Forum in San Francisco.
* Focus: The forum aims to tackle cryptocurrency regulation by bringing together diverse viewpoints, including figures from regulation, finance, and technology.
* Key Speakers: Notable speakers include Sophia the robot, Tim Draper, the ex-Minister of Finance in Canada, and the ex-chairman of the CFTC.
* Event Details: It's a three-day event, and I'll be making videos to share what's happening there. I'm also hoping to check out E3, the gaming convention, as it's happening just before BEF.
It feels like we're entering a new research phase in the crypto space, with renewed excitement and innovation bubbling up.
Transcript
what's up everyone welcome back to box mining daily where i take a look at what's happening on the cryptocurrency markets and news today is june the 4th and we're taking a look at what's happening with the eos launch first of all followed by zen cash then cash has been hit by a 51 attack i'll tell you exactly what that means we also have in terms of adoption bitrix bitrix is looking to accept usd so that's a little bit of a good news if you're looking to buy a lot of altcoins we also have eston...