MimbleWimble testnet launched

The "testnet1" of experimental protocol of Bitcoin launched 
17 November 2017   535

The creators of the experimental protocol called "MimbleWimble" launched test network "testnet1" and Grin tokens to search and eliminate possible bugs, reports CoinDesk.

There's still a lot of work, but it's a big milestone for us. We hope to have as many bug reports as possible, so we can start fixing issues we've overlooked. At this point, one can still expect failures that would be a complete nightmare on a mainnet.

Ignotus Peverell
Lead Developer, MimbleWimble

While developers are testing the mining and node operation, users can also connect to the Grin network by installing special software. In addition, test participants can exchange artificial Grin tokens. 

This is our first testnet, so we're testing everything that has been developed so far. That includes the peer-to-peer network, the core consensus rules, the cryptography required to run a mimblewimble chain, the wallet software.

Ignotus Peverell
Lead Developer, MimbleWimble

According to Peverell, there will be a lot of interesting features in the future, in particular, "script-free scripts", which will allow the introduction of additional functionality in Grin, including the Lightning Network protocol. It is not yet known when the full-fledged launch will take place: the team plans to enter this stage "sometime in 2018". 

MimbleWimble offers a radical reduction of the bitcoin protocol, which is not only designed to significantly enhance privacy and solve the issue of plasticity of transactions, but also provides much more opportunities to scale the network than the existing architecture.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   75

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.