Welcome to the Crypto Weekly Update, where we organize all the latest developments from the previous week for your reading pleasure. The Crypto Weekly Update will be released every Monday afternoon. Think we can improve? Let us know in the comments section below!
Monero At War With Bitmain
Last week Bitmain announced the Antminer X3, an ASIC machine designed to mine Monero and other cryptocurrencies based on the Cryptonight algorithm. In response, Monero (XRM) has released a new software update, Lithium Luna. The update intends to prevent ASIC miners from being efficient on the Cryptonight PoW algorithm.
Lead maintainer of the Monero project, Riccardo Spagni said, “I will do everything in my power to help the community prevent the proliferation of centralization-inducing ASICs on the Monero network.”
Centralized networks run on ASICs can encounter problems like false transaction histories, double spending transactions, and even censored payments.
However, ASICs are good for securing a network. Many in the Monero community expressed concern over ASIC-resistance. Spagni responded on Twitter that “it might entirely be less secure [without them], but the community has made the hard call, and all we can do is see what happens.”
To learn more click here.
Ford To “Ease Traffic” With Cryptocurrencies
Car maker Ford Motor Company recently filed a cryptocurrency related patent. The patent is for vehicles that would communicate with each other in real time.
Upon encountering an accident or traffic congestion, these vehicles would go into a “platoon formation.” The interesting part is that cryptocurrency tokens will be used in the system outlined in the patent. Vehicles that do not want to wait in traffic can request to pass other vehicles by paying them in cryptocurrency.
Although this is not the first car manufacturer to patent a blockchain solution, this is definitely a unique use case. Essentially each car would act as a node in the network which is pretty cool. Implementation of a token to pay to skip the traffic line is also a really cool concept. This is a great sign for the crypto community. It seems real world adoption of blockchain by large companies is imminent.
To learn more click here.
Ripple Donates $29 Million of XRP To Public Schools
Ripple donated $29 million of its digital currency XRP to support U.S. public schools.
The company claims this is the largest-ever cryptocurrency donation to a single charity (DonorsChoose.org). The money will be used to buy classroom materials for more than 28,000 public school teachers across all 50 states. This move shows the good that can be done with cryptocurrencies and is great for the community.
To read Ripple’s official announcement click here.