Bitcoin Scaling Project Segwit2x releases New Code on June 30th

A controversial scaling proposal is moving ahead in adherence with its previously announced timeline
29 June 2017   772
Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

The proposal, which has been praised by some as a pragmatic solution to the network's perceived capacity issues and derided by others as a deal that misunderstands the nature of bitcoin development and the network's intended design, is gaining momentum as Bloq co-founder and Segwit2x lead developer Jeff Garzik confirmed to CoinDesk that new code is set to be released on Friday, following two weeks of alpha release testing.

Thus, the last two weeks of development have been dedicated to testing, with the firms such as Abra, Bitfury, Blockchain, BTCC, OpenBazaar, Purse and Xapo using a new testnet ("testnet5") and a so-called faucet that spits out fake coins to test the system.

Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

Now, as new information is coming out about a proposal, the aspects of the plan are clarified for the community and the participants: last week mining pools representing 80% of the bitcoin hashrate agreed to run the code that could lock in SegWit before 31st July. After that, three months later, is the hard fork to boost the block size. However, there’s still a threat that the fork could potentially result in a split into two competing tradeable bitcoin assets if not everyone agrees to upgrade their software to the change.

While this is the plan for later in the summer, bitcoin developer James Hilliard mentioned that the details of the 2MB hard fork portion are still up for debate.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   29

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.