Bruce Schneier, a Harvard University cryptographer, and technology researcher believes that cryptocurrency is useless for everyone else rather than groups or individuals who try to move money without being tracked by the government. In our latest altcoin news today we find out more about his stance on crypto.
Schneier believes that the sole purpose of Bitcoin according to its whitepaper is defeated by the reality which means that in while still being risky and operationally difficult; it also fails to deliver to its basic premise which makes it useless.
He also pointed out the trust issue as one of the biggest examples of how cryptocurrencies fail since according to him, cryptos are created to provide electronic transactions without trust and the entire blockchain technology seems to be unable to function without trust.
The users have to trust the miners; the miners trust the system won’t crash and further explained:
“If your bitcoin exchange gets hacked, you lose all of your money. If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money. If there’s a bug in the code of your smart contract, you lose all of your money. If someone successfully hacks the blockchain security, you lose all of your money. In many ways, trusting technology is harder than trusting people. Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?”
He concluded by saying that the immutability of the blockchain is a problem because if a mistake happens all of your life savings could be gone.
Privacy Cryptocurrency Monero (XMR) Celebrates Its 5th Birthday
“Monero is very committed to its decentralized, grassroots structure meaning we took no premine. We don’t take a percentage of the block rewards. There was no [initial coin offering]."He also estimated that there is anywhere from 100 to 200 volunteers working on the Monero XMR project, a number which is mostly “depending on people’s time and availability." The project itself, according to Salazar, is not just about building a blockchain protocol. As featured on many altcoin news sites, it is also about redefining and boosting a global movement that will be centered around digital privacy.
“We’re not just trying to make global internet money. We’re trying to teach people the importance of things like privacy…It’s a very powerful tool and I think it’s a very necessary tool in our day and age,” Salazar noted.There is right now a free PDF version of a book titled "Mastering Monero" which talks about the privacy cryptocurrency Monero and is created by an Italian contributor with an alias "SerHack" who released it. Originally published in late 2018, this book was fully funded by the Monero community and is designed to teach non-crypto users the importance of "private and censorship-resistant transactions."
“With monero, for every input that you are spending, you will pull other inputs from the blockchain, other people’s random inputs…and it makes it appear as if all these inputs are spent. It makes it seem mathematically like any one of these [inputs] could have possibly been the [transaction] signers," another report notes.From Salazar's perspective, however, there are many improvements to the privacy cryptocurrency Monero - one of which is the upgrade of the network's user interface and experience (UI/UX) which are set to happen in the upcoming months.
Binance Coin (BNB) Is The First Crypto To Surpass Its 2018 All-Time High
- Utility - The main purpose of the BNB coin was to allow traders to receive significant discounts on trading fees when using BNB to pay for them - with recurring discounts in regards to listing fees, withdrawal fees, exchange fees and other fees.
- BNB Burning - Binance Coin (BNB) had a limited supply of 200 million but the Malta-based exchange later said that it would leave just 100 million BNB in circulation.
- Binance Chain - This is another major development trending in the altcoin news section as one of the recent launches for the decentralized exchange Binance Chain.
- Changpeng Zhao (CZ) - Last but not the least is the boss of Binance, the popular CZ, who is behind the rise of Binance Coin (BNB) and constantly playing a role as a prominent individual in this market.
Crypto Market Cap Surges To $180 Million, Binance Coin (BNB) Leads
Crypto Exchange Poloniex Starts Tether (USDT) Support
"To support both versions, our crypto exchange Poloniex will be converting a percentage of Tether currently on the Omni network to Tether on the TRON network. The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex. The airdrop is scheduled to begin on April 30th and more details will be provided next week."According to the announcement which went viral in the Bitcoin and altcoin news, the development will support Tether on both chains - the USDT issued on the Omni protocol and the Tron network. The crypto exchange Poloniex also said that their decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support the two issued versions, Poloniex will be converting a percentage of Tether which is currently on the Omni blockchain to Tether within the Tron blockchain. As Poloniex noted in the announcement:
“The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex.”Meanwhile, Tether started issuing USDT on the Tron (TRX) blockchain on April 17th - and this development has been an upgrade from the Omni protocol-based USDT. As the best cryptocurrency news sites reported, this would enable users to hold and transfer the cryptocurrency through smart contracts on Tron. In December 2018, the crypto exchange Poloniex launched a dedicated offering for institutional traders and joined an increasing array of operators looking to service the institutional market. Before that, Poloniex explained then that the move had been taken in order to ensure that the exchange complies with the regulatory requirements in every jurisdiction. However, this announcement did not refer directly to any specific regulations.
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