SegWit locked-in on Bitcoin

The Segregated Witness protocol has finally locked-in the Bitcoin network
09 August 2017   1294

SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain. 

The essential condition for SegWit activation is that 95% of the Bitcoin community have to agree to this new process and switch to the new Bitcore Core client for at least two weeks. Now, the conditions have been met and SegWit proposal has finally locked-in on the Bitcoin blockchain:

SegWit proposal activation countdown on segwit.co SegWit proposal activation countdown on segwit.co

The fixation took place at block 479,708. However, Bitcoin won’t be able to upgrade immediately. Because of SegWit’s two-week “grace period, " the change won’t “activate” until block 481,824, which is currently projected to happen on August 21.

The community is celebrating the proposal's activation. Charlie Lee, the creator of Litecoin (which activated SewGit way earlier than Bitcoin), congratulated the Bitcoin part of the community on such a great achievement for the industry:

 For now, the price of the first digital currency beats all the records and is about $3389. Bobby Lee, co-founder and CEO of YourBTCC, ran a Twitter survey asking followers to name a Bitcoin price once the lock-in occurs:

The results of the survey, which has so far received almost 3,300 votes, point to a further price increase over $3,500 after August 9th (35%), while 25% of respondents consider prices could go even higher - over $5,000.  

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.