Technology
Blockchain Bites: BSN Integrations of China, and Newfound Wealth of Satoshi
Crypto companies are cooking up ways to comply with the "Travel Rule," Satoshi's stash got a little bigger and one of the top supporters of Ethereum Classic is walking away from the project.
The Rule of Travel
BitGo, Coinbase and other top exchanges are expected to publish next month a white paper detailing the type of 'bulletin board' designed to help exchanges comply with the 'Travel Rule' of the Financial Action Task Force (FATF). Participants would share addresses on the board and, if another member claims an address, the two entities could then share P2P data to keep personal information out of reach. According to The Block, Gemini, Kraken, and Bittrex could also participate in the Travel Rule working group. The blockchain security firm CoolBitX and the on-chain analytics company Elliptic are working on another "Travel Rule" solution, separately.
Satoshi's Billions
Whale Alert found evidence on-chain that the creator of Bitcoin mined around 1,125,150 BTC (~$10.9 billion) as the network got off the ground. This is up from the 1 million BTC Sergio Demian Lerner initially attributed to Satoshi Nakamoto in 2013, by examining the patterns of "extra nonce" thought to be caused by the mining rig from Nakamoto. Researchers describe in a Medium Post how Satoshi continued mining on the same rig until at least May 2010, capturing 22,503 of the first 54,316 block rewards.
FYI
YFI, Yearn. Finance's governance token, is the latest DeFi project to catch yield farmers attention. The creator of the token, Andre Cronje, has not set aside any of the tokens for himself and in a Medium Post called it "a totally worthless supply token 0. That all tokens are set aside for liquidity providers may have influenced a price of up to $2,374, although the name of the project (an unflattering acronym) and what appears to be a backdoor that could allow Cronje to print an infinite amount of YFI, has eyebrows raised. The price has collapsed to $821.07 as of 13:00 UTC today.
Hard Fork Away
After an upcoming hard fork, one of the largest power providers at Ethereum Classic has voted to abandon the project. According to a GitHub vote Thursday, OpenEthereum is the latest client to walk, citing concerns regarding the immutability of the blockchain. Of the 615 current Classic Ethereum nodes listed by ETC nodes, 425 will not update in the future as developers make changes through hard forks. OpenEthereum has chosen to shut down support for the original Ethereum mainnet for its Ethereum client, formerly known as Parity-Ethereum, to conserve developer energy.
Real-Time Alerts
CipherTrace, a blockchain analytics software company, has deployed a predictive risk-scoring system which the company says provides real-time alerts for its exchange clients , investors and investigators on suspect crypto transactions. The tool will assign risk based on transacted funds on-chain history, Silicon Valley company said. Under the system, incoming cryptos with unseemly ties (for example, from sanctioned countries or a fraud campaign) would get a "high risk" score.
