Jul 272 mins read

Latest Crypto News: Ethereum's Istanbul Upgrade, BIS Warns About Libra, New Mining Malware, Zcash's Scalable Blockchain

Stay up-to-date with the latest developments in the world of cryptocurrency.

Ethereum's Istanbul Upgrade

Ethereum has implemented the Istanbul upgrade, which includes two optimization proposals:

  1. EIP 2024, which introduces a new Blake2 algorithm for interoperability with Zcash.
  2. EIP 1702, which aims to simplify the Ethereum virtual machine upgrade process.

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Bank for International Settlements Warns About Libra

The Bank for International Settlements has expressed concerns about Facebook's Libra project, warning that it could pose a threat to the banking industry. The organization has called for coordinated regulation to ensure fair competition between tech giants and banks.

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New Cryptocurrency Mining Malware Targets Android Devices

According to TrendMicro, a new cryptocurrency mining malware is targeting Android devices through the Android Debug Bridge port and spreading to previously established SSH connections. The malware has been detected in 21 countries, with South Korea being the most heavily impacted.

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Zcash Developers Plan to Create a Scalable Blockchain Using Sharding Technology

The Electric Coin Company (ECC), the team behind anonymous cryptocurrency Zcash, has announced plans to create a new blockchain based on sharding technology. This move aims at improving scalability and achieving 100% private transactions.

The ECC engineer Daira Hopwood has emphasized that the security of user funds will be of utmost priority, and the process of transferring ZEC to the new blockchain will be closely monitored.

Currently, only 2% of transactions on Zcash's existing blockchain are anonymous, but the new blockchain will have more privacy features. Hopwood revealed that the decision to add sharding technology and create a new protocol is necessary because Zcash is currently facing scalability issues, as is the case with other popular cryptocurrencies such as Bitcoin and Ethereum.

To illustrate sharding technology, here's an image that shows how a blockchain is split into smaller pieces called shards: Sharding diagram

In summary, the new blockchain being developed by the Electric Coin Company will use sharding technology to improve scalability and provide more privacy features to users. The company is committed to ensuring the safety of user funds during the transfer process.