Ethereum's Geth 1.7 software update

Ethereum's Geth node software including support for the "Byzantium" upgrade has been released
16 September 2017   2782

A new version of Ethereum's Geth node software has been released. In addition to a series of performance enhancements, the update includes support for "Byzantium".

According to the developers, the update, named Megara, is the first incarnation focusing on laying the groundwork for the upcoming Metropolis hard forks (Byzantium and Constantinople), consisting of 125+ code contributions for various parts of the project.

Byzantium fork

As reported, the release has been reformatted to include all improvements developed for Byzantium, which forms the first of two parts in the wider "Metropolis" update. Megara also includes a formal block number for the launch of Byzantium on Ropsten, the Ethereum testnet. The block number is now officially 1,700,000, which seems to be reached in about seven days.

Performance optimizations

The 1.7 release series of Geth is also aimed to focus primarily on performance improvements. Among the performance enhancements are steps to cut the amount of data storage required by a node from 26.3GB to 14.9GB – making ethereum significantly lighter to run. Updated nodes will also be able to process contracts faster, with filtering times reduced from minutes to under a second.

Trezor wallets

The team has introduced support for the Ledger hardware wallet. Due to popular demand, it has been expanded on hardware wallet support to include the Trezor. The Geth console can be used to unlock the Trezor, which will request the user to enter the shuffled PIN code and send that over to the Trezor for verification.

Transaction journal

According to the team, Geth 1.7.0 journals all locally created transactions to disk and loads them back up on a node restart. This ensures that even if the originating node goes offline, cheap transactions still have a chance to be included when the node comes back. The transaction journal can be an enormous help for node operators during software upgrades by not having to worry about local transactions going missing. Furthermore, the journal also acts as a resiliency mechanism against node crashes, ensuring that no transaction data is lost, as the company details.

Rinkeby updates

As reported, there have been a lot of fine-tuning of Puppeth and Rinkeby over the course of this release, such as better ethstats logging to detect malicious reporters and IP address blacklisting to deny access for them.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   124

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.