Cryptocurrency Highlights Of The Week

Blockstream has successfully tested a Lightning transaction on Litecoin after the activation of Segregated Witness. Here are the cryptocurrency highlights of week 19:

  • Segregated Witness has activated on Litecoin this week. Blockchain startup Blockstream immediately seized the opportunity to test their Lightning implementation (which requires Segregated Witness) on the Litecoin network. According to Blockstream: “Christian Decker [of Blockstream] made the first full, secure Lightning payment on a non-test network, and the first Lightning payment on Litecoin, sending a microscopic payment not normally possible or economic on a blockchain, fully settled in a fraction of a second.” The test happened shortly after the activation: “Christian patched the Blockstream Lightning implementation to work on Litecoin, and two hours after Segregated Witness activated on Litecoin, he opened a Lightning channel between lightning clients in Zurich and San Francisco worth about 1.3 US cents.”

  • According to a Beijing-based media company Caixin citing anonymous sources; the People’s Bank of China (PBOC) is considering two regulations on the management of Bitcoin trading platforms to prevent them from becoming money laundering sites. Analysts say the new measures may apply to foreign exchange and financing activities. Bitcoin traders may also be required to register with their real names. The regulator recently inspected domestic trading platforms after warning they risk being closed if found violating the country’s currency regulations. It is attempting to curb capital outflow following fears of continued weakness in the domestic currency.

  • The creator of the tipping bot “dogetipbot”—a service that let Reddit users “tip” each other in Dogecoin—announced that his company is broke, he’s broke, and the bot is broke because he spent all the coins, after he himself ran out of money. Dogecoin was originally conceived as a joke featuring a popular Shiba Inu dog meme. As an “alternate Bitcoin,” it used tweaked versions of the code that runs Bitcoin. Dogecoin went big in 2014, largely because of dogetipbot. It worked similarly to how Reddit users can give each other Reddit Gold.

  • Organizations in dozens of countries have all been hit with the same ransomware program, a variant of “WannaCrypt,” demanding $300 in Bitcoin for the encryption key, with the demand escalating as time passes. England’s healthcare system was one of the main victims of the cyberattack, with “at least 25” hospitals across the country falling prey to ransomware that locked doctors and employees out of critical systems and networks. The massive ransomware hack targeting Windows machines across the globe was stopped dead in its tracks by a security expert who accidentally activated a “kill switch” built into the malware’s code.

  • Compared to the previous week the price of Bitcoin has increased by more than 11 percent, with the exchange rate currently at about $1,750 per BTC. The price of Ethereum decreased by more than six percent over the same period, taking Ether down to a rate of $88.87 per ETH. Ethereum Classic lost more than 13 percent, with the price decreasing to $6.19 per ETC. Zcash gained around eight percent. One ZEC is now trading at roughly $95 per coin.