Tron (TRX) which has been one of the most talked about cryptocurrencies in recent months, is reportedly to undergo a hard fork upgrade on February 28th, 2019.
The details were announced on Twitter by Justin Sun, the founder of Tron.
#TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX$TRX
A hard fork in blockchain is defined as a change to the protocol, leading to old rules being invalid and all nodes working in accordance with the new rules to upgrade their software.
Tron will be undergoing a hardfork known as backwards incompatible upgrade. It can be compared to a newer version of Microsoft Word not being able to read an older version of Microsoft Words file which consists of characters and fonts.
Justin Suns Aggressive Moves
Justin Sun, also known as a protege of Alibabas Jack Ma has pursued an aggressive expansion program for Tron. Its acquisition of the most popular peer to peer sharing platform BitTorrent highlighted Trons seriousness in trying to decentralize the web.
BitTorrents Initial Coin Offering (ICO) was extremely successful with a 600% hike in value following issuance.
Sun is also known for publicly criticizing Ethereum, and has clearly outlined its vision of overtaking Ethereum in terms of transactions and decentralized applications being successful.
February 28th – The Day of Hard Forks
Its not only Tron that will be undergoing a hardfork, but also the worlds second-ranked cryptocurrency Ethereum which will be carrying out the long-awaited Constantinople upgrade.
At the time of writing both Ethereum (ETH) and Tron (TRX) have suddenly dropped after a sudden spike yesterday, 24th February. Ethereum has a current market capitalization of $14,667,543,707 with a price of $139.69 while Trons (TRX) market capitalization is $1,611,812,440 and a price of $0.024172.
Here we take a look at Cryptocurrencies and see how they compare by percentage of total volume and market. As expected Bitcoin leads the way at 42.4% of the total cryptocurrency market followed by Ethereum at 17.8%. So much for the flippening amirite. After that we see the usual suspects, LTC, BCH, EOS, XRP, in the single digits. Interesting to see Bitcoin dominance still above 40% when many predicted this would be the year other coins closed the gap, especially during the bear trend we’ve been in for most of 2018. Which coins can move up the ranks in the next 12 months? EOS launch has been a disaster so far. Can Litecoin keep its place as silver to Bitcoin’s gold?
Cryptocurrency Circulating Value
In terms of cryptocurrency volume traded on exchanges, Bitcoin dominates slightly less at 31%. This could be the result of lesser volume from mostly BTC focused exchanges like Bitfinex and Bitmex and altcoin exchanges like Binance launching more altcoin to fiat pairs. This could be a trend to keep an eye on for the rest of the year as regulation starts to pave the way for regulated exchanges and more fiat on-boarding services become available.
Cryptocurrency Daily Volume
Finally we take a look at the cryptocurrency volatility chart. This chart shows that volatility measured as a % of price over the course of the last 180 days courtesy of the crew at sifrdata.com. This bear trend is taking its toll but the volatility is also what makes crypto markets so different from traditional assets.
Cryptocurrency Volatility Chart
I wonder how many years til the crypto markets stabilise some…at least for large market cap coins.
EOS Faces Constitutional Crisis over Frozen Accounts
It’s amazing how such a highly anticipated project, like EOS, can devolve into a state of chaos shortly after launching their mainnet. And now a “constitutional crisis”. That made me laugh pretty hard. Mainnet issues aside, the fact the very document that is supposed to guide and regulate Block Producers and the community in general has so many holes in it the Swiss would be proud. Many will attribute this to teething problems that will be overcome, and I tend to agree, but if the very document that is meant to provide a framework for the project is in question this early then no wonder the doubters are having their opinions validated! Let’s get this dispatch started.
The top 5 in terms of marketcap remains unchanged and all showed week to week declines. The overall cryptocurrency market in the past week increased from $286bln to $244bln representing a 14% decrease in the past seven days. The bear market is here (I’ve been in denial) but every downtrend ends with an uptrend. So be patient, don’t do anything foolish and pray to the Crypto Gods.
Bitcoin: BTC dropped below that February support of $6,000 and everyone on twitter flipped out. Bitcoin is currently sitting at the $6100 range resulting in a 9% drop week to week. Since the All time Highs in December we’ve seen a spectacular drop in Bitcoin. Will the bleeding stop in 2018? We sure hope so.
Ethereum: Until altcoins de-couple from Bitcoin very few alt coins will show signs of life while BTC struggles. The same goes for ETH. ETH declined a hefty 18% over the past week settling at $437 as of this post. At this point buying the dip would seem like bad advice, especially for people who don’t day trade. Trying to catch a falling knife is also not recommended.
Ethereum Classic (ETC): Everybody loves a good hard fork. Right? Right? ETC is the result of a hardfork of the Ethereum blockchain. Why did this happen? A hack, of course. It began with the DAO, the Decentralized Autonomous Organization. Transactions and commands are made in the Ethereum system via smart contracts, computer programs that execute to perform a specific function. Transferring funds from one party to another requires a smart contract to execute the transfer.
$50 million was siphoned away by hackers. This was an issue with the DAO contract itself, not with Ethereum, but many people didnt appreciate the distinction and Ethereum plummeted in value. The founders were faced with a very difficult decision, and a controversial one. A hard fork. Read the entire soap opera at our post “What is Ethereum Classic” to learn how one of the largest blockchain project forked into two chains.
ETC was not immune to the drop but showed a small pump midweek recovering somewhat. Posting a decline of 10% week over week and dropping from $17 to $15.30 as of this post. One thing I will add: This chain is heavily backed by Barry Silbert, who seems to have his hands in ERRRRYTHANG, so don’t count it out. It has long term investment locked in place and people in high placed backing it. Don’t count ETC out.
WHATS NEW AT CRYPTO IS COMING
Check our Crypto Swag store on Teespring – Yessir you read correctly, we have a swag store with loads of cool crypto designs. Check it out, support us, and show the world that you love crypto as much as we do.
The Psychology of Bull and Bear Markets – For all the talk of adoption, new partnerships, government-issued cryptocurrencies, and ever-increasing mainstream media coverage of the cryptospace, the market is really an emotional beast that can tank at a moments notice.
A Potential Solution to 51% Attacks – Simply put, merged mining (also known as Auxiliary Proof-of-Work) is the process of mining two different cryptocurrencies at the same time. Some projects have opted to implement this mining process early on in an attempt to increase security as the network grows. As demonstrated by the recent 51% attacks, having substantial hashing power on a blockchains system is no joke.
Bitcoin Price Vs Cost of Mining – Fundstrat, headed by Tom Lee credited with being one of the early pioneers in private equity, thinks the price of mining could act as support for the price of Bitcoin…here’s why #btc #btfd #hodl
EOS Faces Constitutional Crisis over Frozen Accounts – OH BOY. First a troubled mainnet launch, and now this? Consensus by conference call thats how one critic characterized the on-chain governance model employed by the nascent EOS network in the wake of several high profile incidents involving block producers.
ETHEREMON World Cup Fan Art Contest – One of the greatest values of blockchain technologies is the ability to create a truly global world. Giving the community a chance to create a brand new World Cup themed Etheremon that will actually be released as a RARE mon into the actual game.
Has the Big Yuan Short Finally Arrived? – Yes not directly related to Crypto, but a relevant signal nontheless. Trade wars are brewing, Chinese stocks are tanking and investors are getting nervous about Chinese growth again.
– Porn users love using shitcoins, it seems. The pornography industry is often an early adopter of new tech. And so it has come to pass with the highly volatile world of cryptocurrency, the internets decentralized and encrypted electronic cash networks.
Bitmain Hash Rate Nearing Important 51% Mark – Bitmain will control us all. Bitmain has attained approximately 42 percent control of the Bitcoin network hashrate. This figure brings the company tantalizingly close to 51 percent mark where things could get interesting. Bitmain is the biggest manufacturer of BTC mining hardware, and they also own the largest Bitcoin mining pools in the market. #SoSad
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