Trending Trinity Weekly: November 19-23
TechnologyBit News Today2 min read
The Ethereum development team has pushed back the scheduled launch of the Constantinople upgrade. This network-wide hard fork had originally been scheduled for the end of last month, but issues with a security bug announced last week led to the delay. Developers now say the upgrade is likely to take place sometime in January or February of next year.
In a message on the Ethereum blog, Chairman Vitalik Buterin and his team emphasized that last week's security concerns around the difficulty bomb and smart contract vulnerability were just a spur, and that more time is needed to thoroughly test the protocol changes. The Constantinople upgrade is intended to ease Ethereum into proof-of-stake, cut gas costs, and make the network more versatile for developers. Its delay, however, will likely be appreciated by some miners, who had sought to selectively delay the difficulty bomb in order to slow the run-up to proof-of-stake. ## Bitmain Finds New Head
Bitmain founder Jihan Wu has stepped down as CEO, appointing the firm's co-founder Micree Zhan to lead the company. The move comes amidst concerns about Bitmain's profitability, as well as pressure from its major shareholders, a group of investors known as the Prosperity Alliance.
Since announcing his retirement, Wu has said he will focus on the company's strategic aims, while the Prosperity Alliance will focus on its operations and governance. Bitmain cites the high demand for cryptocurrency as a reason for its ongoing growth, particularly as the market for ASICs continues to expand. As the company's co-founder, Zhan will work to scale its mining operations, not only in China but across the globe, to better seize the opportunities of this fast-growing market. ## Crypto Licensing in New York
New York's Department of Financial Services (NYSDFS) has awarded a virtual currency license to cryptocurrency company Square, owner of the popular peer-to-peer payments app Cash App. Square is the newest in a small cohort of companies to receive a BitLicense, joining industry leaders Coinbase and BitFlyer. The NYSDFS is noted for its strict applicant screening process, which many companies have found difficult to navigate in the past.
While the license is currently available only in New York, similar regulations are likely to be introduced in states across the country in the coming years. Square's receipt of this license marks a major step in the process of mainstreaming cryptocurrency, demonstrating that a popular financial app has bought in to the technology with no plans to backtrack.
