A roundup of interesting news items from across the crypto space.
On December 7, the developers of Ethereum revealed the network’s Constantinople hard fork would take place at Block 7,080,000. With ETH’s current block time of 14.3 seconds, the Constantinople hard fork should occur around January 14, 2019.
One of the main purposes of Constantinople is to implement five key Ethereum Improvement Proposals (EIPs) designed to smoothen the transition between the network’s current PoW consensus model to a PoS one in the future.
In brief, the EIPs include moving to “bitwise shifting” for more efficient information processing, reducing the block reward from 3 ETH to 2 ETH, delaying the network’s difficulty bomb for one year, changing the pricing model for data storage, and more.
Prior to the Bitcoin Cash hard fork, some speculated that Craig Wright’s BSV (Bitcoin Satoshi’s Vision) would quickly decline in value. However, the exact opposite has happened, resulting in the “BCH flippening”.
Last week, BSV managed to gain nearly 40% against the USD while the majority of cryptocurrencies fell to new lows. This kind of price action isn’t uncommon among smaller market cap coins which don’t require much capital injection to induce volatility.
But BSV is far from a small market cap coin, so a 40% move upward is significant. As a result of this price move, BSV temporarily dethroned BCH as the sixth largest cryptocurrency.
While it’s unclear what exactly caused the BSV price action, there were many theories being shared across social media.
At the moment, BCH has regained its previous position above BSV, but it’ll be interesting to see how this battle plays out over the coming months.
And finally, In a tweet last week, TRON founder Justin Sun revealed that his foundation will “build a fund to rescue ETH and EOS developers".
#TRON will build a fund to rescue #ETH and #EOS developers from the collapse of their platform as long as those developers migrate their dapps to #TRON. #TRX $TRX
— Justin Sun (@justinsuntron) December 7, 2018
We'll have to wait and see who takes up the offer.
This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money, particularly if you trade on leverage. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose.
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