Bitcoin Above $6,000, EOS Burns 34 Million Tokens And The Ethereum Proof-of-Stake Testnet Is Now Live — The Crypto2Cash Chronicle
Your daily dose of crypto and blockchain news, summarized by the Crypto2Cash team
Bitcoin Above $6,000
Bitcoin’s price has risen above $6,000 for the first time in over 6 months. The coin is up by 3.34% in the last 24 hours and is currently trading at $6,045. Bitcoin’s market dominance also rose to a new yearly high and currently is 57.1%, with most Alt-coins not yet reacting to the positive price developments. With Bitcoin breaking through several key price levels over the last few weeks, the upwards price movement is expected to continue and the bullish sentiment among cryptocurrency users is currently very high. The fact that the Tether/Bitfinex controversy didn’t affect the price also adds to that sentiment.
EOS Burns 34 Million Tokens
Over 34 million EOS tokens, worth around $167 million, were permanently removed form circulation. The decision was made back in July 2018 and was made to decrease the inflation rate of the protocol from 5 to 1 percent. Originally the EOS Blockchain has a 5 percent inflation rate, with 1 percent being distributed and the other 4 percent going into a savings account. However, over time, these tokens have been accumulating on this savings account and it has become an attack vector for hackers. That is why EOS block producers decided to burn all tokens on the account and eliminated the incoming flow.
Ethereum Proof-of-Stake Testnet Is Now Live
The Ethereum development team has announced the launch of it’s new testnet beacon blockchain, that will be running on the proof-of-stake algorithm. It is a test for Ethereum 2.0, which will be a second Ethereum blockchain, which again will be working with shards. Shards are individual chains that run parallel to the main-net and allow for much more scaling. Once Ethereum 2.0 is launched, users will be able to deposit funds onto the chain through a one-way smart contract. It is still unclear, when Ethereum 2.0 will be implemented, but core developers recently stated that the full code could be completed by the end of June.
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