TheWrapped Bitcoin One Step Closer to Viable Cryptocurrency
A new cryptocurrency that combines the finest qualities of bitcoin and litecoin is described in the paper. Bitcoin, the original cryptocurrency, has a proof-of-work (PoW) mechanism in which miners compete to validate transactions and rake in accompanying fees. In litecoin, a cryptocurrency of the second generation, miners compete to verify blocks and get rewards based on their hash rate in a hybrid PoW/PoS system. Due to their simplicity and lack of complex technological requirements, both currencies have been successful in drawing users.
The Wrapped Bitcoin One Step Closer to Viable Cryptocurrency (WTBC), which incorporates the greatest aspects of both cryptocurrencies, is the only PoW system that is presently immune to 51% assaults. By combining proof-of-work (PoW) and proof-of-stake (PoS), the WTBC offers all the benefits of both PoW and PoS systems while requiring no more computational power than either.
Using their own coding, the authors have developed a testnet and an exchange where users may swap WTBC tokens without having to wait for the mainnet to become live.
Kuwait last week passed a new law that took aim at cryptocurrency, banning the use of virtual currencies in payment transactions.
A new law banning cryptocurrency payments and imposing heavy penalties on those who use it was passed by the Kuwaiti parliament last week.
The U.S. Securities and Exchange Commission (SEC) is a governmental agency responsible for guarding against fraud in the securities industry. Famed for its rigorous enforcement actions and litigation, the SEC has become an important regulatory body that all companies look to for economic guidance.
The SEC has been working hard to find ways to regulate the XRP ecosystem. The first step was to create a self-regulatory organization made up of exchanges, where each one would agree on how much they could withdraw from their customers' accounts. But there is a problem; Ripple, the company that created XRP and owns nearly all of its tokens, is unwilling to do so.