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Crypto Market Update (03 August 2018)

August 3, 2018

 

General Market Outlook

 

The market is still showing no certain signs of a direction. Trading volume has no changed significantly in the past 24 hours. Empowr Coin (EMPR) is the major stand out of the top 100 at +71%, with Tezos (XTZ) and Metaverse (ETP) up around 10% each in the past 24 hours. Bitcoin (BTC) is right around  $7,500 for -1% and a total market dominance of about 47%, and Ethereum (ETH) is right at $415 for +1% change in the past 24 hours. Market cap for the overall cryptocurrency market is down only $1 billion doin to $272 billion total.

 

 

Major Headlines

 

Telegram ICO Security Process Criticized

 

The 1.7 billion dollar ICO from Telegram released the code to their security processes for user data - a second opinion says improvements needed. Telegram is developing an identity verification app called Passport. It is necessary because the Telegram will be integrating cryptocurrency payment methods within the messaging app. So now that the identity information of potentially 100 million active users will be stored on their servers, security is extremely important. The plan is to use the Telegram cloud with end-to-end encryption at first, but slowly migrate to a decentralized storage style. However, on a deeper level, Virgil Security pointed out that their process lacks verification signatures, and the SHA-512 hash algorithm used to store user passwords is fairly simple to break through. But any hackers would have to gain access to the Telegram cloud first.

 

Sony Proposes Blockchain Patents

 

Two patent proposals for hardware devices to maintain a distributed ledger, and another to access a distributed ledger from highlight tech benefits beyond the hype. The first describes the functioning of a blockchain network, where mining validates transactions and “may use some kind of reward (currency), such as bitcoin as currency and/or as reward for performing mining.” The second proposal notes the importance of a diverse network, with many miners. It proposes using virtual computing systems within the network of nodes to multiply the total number of nodes by 10, where the majority are virtual systems, not wholly unique hardware and software systems.

 

Fairly Decentralizing Web Domains

 

The idea is admittedly nothing new by HandShake and their founders. But the platform is decentralizing itself to make sure it can happen fairly. The process is essentially validating the fact that, say, Amazon.com is Amazon’s and they they have rights to Amazon.com on the new, decentralized internet. Most platforms have put themselves as the middle-man in this process to validate proper ownership. But now HandShake has created automation that will perform this function without them, and they even plan on removing their own website in the hopes that there will be little to no evidence that the process was started by a centralized organization at all.

 

 

Top 5 Gainers

 

SRCOIN (SRCOIN) +93.86% at $0.001341

Bezop (BEZ) +78.00% at $0.094923

Empowr Coin (EMPR) +71.43% at $3.86

REAL (REAL) +70.15% at $0.528365

United Bitcoin (UBTC) +62.35% at $5.85

 

 

Top 5 Losers

 

KWHCoin (KWH) -29.28% at $0.005746

CasinoCoin (CSC) -27.96% at $0.000450

WeToken (WT) -25.43% at $0.009814

PeerCoin (PPC) -23.66% at $1.20

IHT Real Estate Protocol (IHT) -23.10% at $0.039805

 

 

New Coins Listed

 

Verge (XVG) listed to CoinPulse

Bytom (BTM) listed to BiBox

 

 

 

By: BGN Editorial Staff

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