I'm Not a Crypto Evangelist, CFTC Chairman Says

The head of the U.S. commodities regulator had a clear message: he is not a supporter for cryptocurrencies
17 April 2018   412

The Chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, denied his involvement in the promotion and support of the cryptocurrency. This is reported by CoinDesk.

Talks that Giancarlo is a supporter of bitcoin had began in February, after his report to the Senate committee. In it, in particular, he stated that "we owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one." At the same time, he advised legislators to study cryptocurrencies and fight against scammers who use the credulity of inexperienced investors.

Now the head of the CFTC said that he did not expect such a big reaction of the cryptocurrency community to his speech: in addition to tens of thousands of new subscribers on Twitter, he had his own hashtag # CryptoDad.

I neither expected nor desired that a few words spoken during a Senate hearing broadcast on C-SPAN would lead to an Andy Warhol '15 minutes of fame.' Nor was I - or am I - a virtual currency evangelist.

Christopher Giancarlo

The Chairman, Commodity Futures Trading Commission

He also recalled that "get rich quick schemers" and "shady entrepreneurs" are common in the cryptocurrency sector, but that they are joined by "a growing contingent of professional, institutional users."

What I had acknowledged at that Senate hearing is the existence of a community that views technology as an agent of social change. Many of them have come of age during the 2008 financial crisis - the same crisis to which Bitcoin had emerged in response.

Christopher Giancarlo

The Chairman, Commodity Futures Trading Commission

Mister Giancarlo also reminded that the Commodity Exchange Act contains no reference to cryptocurrencies, so the law must be reinterpreted to fit new technology - assuming it is not revised by legislators. 

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   137

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.