Bitcoin Core Developers Criticize Bitcoin Scaling Agreement
Bitcoin Core developers have criticized the Bitcoin Scaling Agreement presented by Digital Currency Group and 56 other companies, which represent approximately 83 percent of hashing power, to deploy Segregated Witness (SegWit) by September and execute a 2 MB hard fork six months thereafter. Bitcoin Core developers Matt Corallo and Greg Maxwell both criticized the Bitcoin Scaling Agreement proposal due to the lack of consultation with the Core developers and contributors within the open source Bitcoin development community. Both developers emphasized that the proposal is highly unrealistic because of its timeframe. Greg Maxwell explained:
“Redeployment of segwit basically can't happen until the old deployment expires. The reason for this is because for simplicity and safety reasons all segwit supporting versions of Bitcoin only have segwit code paths for the most part... e.g. there isn't separate handling for segwit and non-segwit txn. Segwit's current non-activation is achieved by a very minimal set of tweaks on top of that.”
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ICOs Going Mainstream? Chat App Kik to Launch Token Sale
The Canada-based messaging service Kik has revealed plans to launch its own cryptocurrency called Kin. The coin will be launched on the Ethereum blockchain as a token. Today, the company released a white paper outlining its strategy for Kin, how it will be integrated into the app and how it hopes to create a wider ecosystem for buying and selling digital services. Ted Livingston, CEO of Kik said:
"We think this is leading to a future for consumers and for society that has less choice, less innovation and ultimately less freedom."
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Coinbase Bows Out Due to Technical Problems
Coinbase, the San-Francisco based digital asset exchange suffered an outage yesterday. The popular digital exchange displayed a message of ‘Service Unavailable’ and informed users that the site was down for maintenance. In a tweet, the company revealed:
“Coinbase has experienced unprecedented traffic and trading volume this week. As a result, Coinbase.com has suffered a few outages and downgraded performance for some users this week. Our engineering and support teams are working around the clock to restore our site to normal performance.”
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