The hacker who recently abused the Bitcoin Cash network upgrade was properly dealt with. However, besides that, we can see that there is something dangerous happening behind the scenes. According to analysts, the Bitcoin Cash hashrate recently came very close to being controlled by one single entity, BTC.top.
The latest cryptocurrency news show that nine hours ago, this same entity controlled more than 51% of the hashrate as one Reddit post suggests. At the time, BTC.top controlled 54% of the Bitcoin Cash hashrate which would give that pool a power to double spend any and all of the Bitcoin Cash, halt the transactions as well as launch a 51% attack on the fourth largest cryptocurrency in the world right now.
However, at press time we can see that the control of BTC.top has waned to 44.44%. The altcoin news show that there is still a huge amount of control for any entity to have – especially considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.
However, this is not the first time the Bitcoin Cash hashrate has come close or crossed over the 50% line. On January 3, BTC.top controlled around 50.2% of the total hashrate. The pool, which is a China-based private entity, mined about 7 consecutive blocks 10 hours ago which is a dire circumstance for Bitcoin Cash if the pool decides to use the hashrate.
One Reddit user commented on this and was featured in the coming altcoin news, stating:
“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “
A tweet from Bitcoin)ABC also described the Bitcoin Cash hashrate stating:
“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”
In comparison to Bitcoin, the original blockchain from which Bitcoin Cash forked off has the hashrate spread out between different entities, as many best cryptocurrency news sites already noted.
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“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies. According to the general manager at ECPay, this partnership “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners." For those of you who don't know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors. Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo tokenizes by using the possibility of transitioning to a new internal database. One of the former senior blockchain and crypto strategists at EY previously commented:
“I’m genuinely curious as to the definitional difference, and then the supposed improvements. How many people can explain how this solution is technically different than what banks have always done? […] They’ve just changed their database.”This is not the first rodeo for the ecosystem and this year since many stakeholders in the space including the non-profit groups explained the characteristics of JPMorgan’s JPM Coin which was a project permissioned and closed-source. JPMorgan is also looking as Wells Fargo to innovate in the blockchain arena as reported in the altcoin news previously. The central banks are getting in on the action as well since the Bank of Russia is also working on a blockchain-powered digital currency while the People’s Bank of China aims to launch its own cryptocurrency as well.
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