Cryptocurrency Midday Report
Jul 25, 2018
- The Bank of Canada (BoC) released its Staff Working Paper this week, where it said that the proof-of-work (PoW) consensus system, the same one used by Bitcoin (BTC), held the most promise out of alternative consensus systems like proof-of-stake (PoS). PoW includes a built-in security measure, people with malicious intentions would need to spend a large amount of resources in order to successfully cheat the system. The paper continued that PoS unfairly gives users with the most coins (stake) in the system a higher probability of validating blocks.
- Digital Asset exchange OKCoin has joined forces with SharesPost, a liquidity solutions and private capital markets research provider. OKCoin will be working with SharesPost’s Global Liquidity and Settlement System (GLASS). OKCoin will act as the GLASS’s exchange nodes, while GLASS and SharesPost’s Alternative Trading System (ATS) will give OKCoin access to U.S. markets.
- Portion, a transparent platform for art creators and collectors, has announced the launch of an auction house based on blockchain technology. Blockchain is already used in the art industry to authenticate works of high-value, but Portion will use it to provide the certifiably authentic exchanging of high-value works for cryptocurrencies.
- BitGo, a popular cryptocurrency custodial service, has announced its recent support of Zcash (ZEC). BitGo is the largest processor of on-chain Bitcoin (BTC) transactions in the world, and processes $15 billion every month in all cryptocurrencies. The Zcash team said that it is very excited for the recent support of their coin, and that along with their upcoming Zcash Sapling upgrade, this should prove to be a great catalyst for adoption of Zcash’s privacy features.