Blockchain

Blockchain

The Proposed Upgrade For The Ethereum Classic Blockchain Network Expedited

Ethereum Classic Blockchain

It all started with the developer call on 6th of this month. During that call session, a special request was made by the ecosystem stakeholders. The desire was around seeing the system upgrade soon after the summer. The upgrade is called- ‘Atlantis.’ In the discussion, the test net activation of the project was under focus than pushing the main net activation date to be stamped. There was no commitment around the man net activation date.

When will we get to see the upgrade of Atlantis (test net)?

The initial expected test net date as per the original proposed timeline was somewhere in early August. But as per the discussion, the new decision date is the 19th of this month. The user called “Soc1c” in the Ethereum classic Discord channel said-

“The July 1st target is off. No need to further discuss that. […] We have agreed on the test net and can still decide on the main net.”

What changes will we get to see in the upgrade?

There will be changes made to the Ethereum classic network. This network was formally launched on the first Ethereum network two years ago.

Other changes will include an overall improvement in the interoperability between the two blockchains. This will improve the movement of the dApps (decentralizes apps) from one blockchain to another far more efficient.

The enhanced speedy version of the test net activation is also stirring the hopes of the participants regarding the implementation of the main net on the network. The expectation is to see it in the first week of August. The soc1 said-

“I can’t tell what the future will bring. For now, we agreed to fork the test nets with everything included in [Atlantis] as it is, and reserve the option to modify main net spec and date in a subsequent call.”

Initially, the developers of the project were not on the same page when it came to some specific elements of ‘Atlantis.’ The issues were around the possibility of getting the work done in time and as well as getting a “fixed cap” as per the size of smart contract code on the platform. This warranted a hard fork, whereas the one which is in sync with backward changes would need a compulsory upgrade.

By far, there is no clarity to this disagreement. In the discussion, the developers came to the consent that another call will take place on June 13th. In this discussion on the upgrade regarding things such as contents and schedule.

Rabobank Drops Its Cryptocurrency Wallet Project ‘Rabobit’

Rabobank Rabobit Crypto Wallet

The Leading Dutch Bank- Rabobank has finally confirmed that it is not proceeding further with the development process of its crypto wallet project. Rabobank has canceled the crypto wallet project. Rabobank is not the only bank to call off its project of crypto wallet; earlier, another Dutch bank ABN AMRO too canceled its plan of developing its crypto wallet project ‘Wallie.’

The news of Rabobank dropping its crypto project was revealed on May 23rd by The Next Web.

A year back Rabobank, examined the opportunities in cryptocurrency, and in February 2018, the news started circulating that the Netherland based bank is working towards a new project based on cryptocurrency, codenamed it as Rabobit. The goal of Rabobit was to reduce the gap between bank accounts and crypto wallets.

Rabobank spokesman gave the clarification on canceling the project through Email saying, after mindfully remembering our customers the bank has finally considered that it’s not the right time to go ahead with the project and develop the next advanced level.

When this news was reported, people believed it to be a hoax, but the Dutch bank confirmed the news by studying the plan. The new project was intended to work as a part of the Rabobank Moonshot program, and the main target was at encouraging advanced technologies in fintech services.

The Rabobank was transparent to tell its customers the reason to drop the project saying due to regulatory conditions.

The spokesperson said:

“For instance, Dutch authorities, AFM and DNB recommend regulations of crypto at an international level.”

Cryptocurrency experiment benefited

Apart from this, the representative of Rabobank mentioned that the crypto wallet development process had benefited the bank to learn some important lessons regarding, its customers and also the crypto market, further helped them to understand how to develop blockchain and cryptocurrency applications.

The bank believes that even though the crypto project service has been abandoned, they have learned a lot of things and it will help them in the future. The spokesperson even mentioned that the initiative has “led to valuable insights and experiences for work in general.”

Per the Dutch Bank statement, the regulatory requirements are not good for the Rabobit project. Various queries related to legislation still needs to be answered. The Regulatory committee did not develop a friendly approach towards the crypto in reality, and this is certainly impacting the expansion of the industry,  further resulting in a cancellation of crypto projects or making them experience some tough legislation’s, due to the imposition on the crypto industry.

ABN AMRO also canceled its crypto project due to lack of regulation and increased trading crypto asset risk.

The spokesperson mentioned that even if countries throughout the world are preparing to regulate digital currencies, we still lack a uniform and global legislative technique towards digital currencies.

The bank will be further monitoring the crypto market and developments of regulatory in the crypto industry. If the bank thinks the situations are friendly, then the Rabobank might consider the idea at some level in the days to come but this is just a speculation as of now, and we cannot promise.

Global standards have been suggested by Dutch Authorities for crypto regulation; the plan still needs to come into effect, and this could be one reason for the slow growth of the crypto industry, especially when the internal laws are not in favor of the industry.