EOS Block Producers Reach ‘Strongest Consensus’ In Approval Of Worker Proposal

The EOS Worker Proposal, which is famous for being very controversial, was announced by the most important EOS block producers that it went into its first execution stage and is supported by many participants to the network.

One of the leading EOS block producers, EOS Nation, reported that many Eosians agreed to support the new proposal and nothing could have changed their mind. On March 24, it also announced that a number of 34 both active and standby producers approved the EOS Worker proposal. It seems that until now, this is the strongest consensus achieved by any proposal in the EOS Mainnet.

The Eosio.wps System Launched

The March 24 first multi-signature approval launched the eosio.wps account that stores funds needed for new operations on the system. After this approval and the MSIG execution, eosio.wps will receive 50,000 EOS tokens in transfers from eosio.names, while the 3rd MSIG is going to deploy the Worker proposal smart contract to the same account, namely eosio.wps. After the 4th approval, the new proposal will have the whole network’s voting system reconsidered.

A Proposal Surrounded by Controversy

According to the new scheme and outlines, anyone can make a proposal on how the EOS blockchain should work, in exchange for a small EOS fee. After that, the block producers, regardless if they’re active or standby, need to vote on the proposal with +1, -1, or 0. In order to pass, a proposal has to gather 20 points. Here’s what the co-founder and CEO at Block.one, Brendan Blumer, had to say about the strategy employed by EOS:

“Socially authorising the BP’s to direct token-holder funds into projects without a clear or measurable return of value is risky, and may open the door to corruption and external scrutiny.”

Many voices don’t agree with him, but it remains to be seen how things are going to work for the EOS Worker Proposal in the future.

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Author: Oana Ularu

Will Trump’s Stimulus Package Include BTC Investments As Part Of The Tax-Incentives?

One of the senior officials for President Donald Trump came with the proposal of a new economic package that stimulates people to make tax-free investments, Bitcoin (BTC) included.

It seems that the President’s administration is seriously taking new tax incentives into consideration, incentives meant to give the stock market a boost by allowing Americans to buy shares, stocks and cryptocurrencies like Bitcoin.

Tax-Free Household Income for Employees

According to what a number of sources have told on Friday to CNBC, the new proposal wants to make a part of the household income tax-free so that people invest outside a traditional 401 (k) plan that allows employees to divert a sum from their salary towards long-term investments. Larry Kudlow, President Trump’s senior adviser and the National Economic Council director, said the approach is focused on developing tax-free savings accounts, so the capital gains wouldn’t be taxed.

The Tax-Free Proposal Would Benefit Crypto Investors

Many who have invested in cryptocurrencies have been worried about tax liability, so the investment plan that wants to make a part of the income tax-free would greatly help them. As what sources told CNBC, in a household that gets $200,000 as income per year, $10,000 would be invested in the tax-free scheme. The proposals to cut taxes are to be formally announced in September and regarded as a way for President Trump to stand out from the crowd, especially when compared with his Democratic rivals.

Americans Are Investing in the Stock Market More than Ever

The White House has these policies through which it wants to accelerate the rise of the owning stocks trend. Last year, 55% of all Americans, which is a record percentage and the greatest number since the Great Depression, were playing the stock market. However, since the US House of Representatives is currently in the Democrats’ hands, the Trump administration’s tax legislation is very likely not to pass, at least not in the near future.

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Author: Oana Ularu

Justin Sun Responds To TRX Coin Burn Criticism, Tron Super Reps Voted To Increase Cap

  • TRON foundation passed its 27th proposal altering the method by which voting and block rewards are issued
  • TRON’s stakeholders (Super Reps and partners) have been the key decision-makers of the networks’ decisions

When TRON Foundation was founded in 2017 they initially started with the ERC-20 token which restricted their hard cap to only 100 billion TRX. However, in June 2018 when they had just announced their mainnet, TRON’s executives took the DPoS (Delegated Proof of Stake) approach. On which they introduced block and voting rewards for TRON’s Super Reps and those that held TRX stake. This resulted in the lifting of their hard cap.

Founder Justin Sun responded to TRX holders that went to social media to call out Tron for not running a coin burn since Justin promised to not let the supply cross 100 billion.

With an estimated reward of close to 500 million TRX annually, the blocks rewards are more often than not reserved for the super reps while the voting rewards are subject to division by the total votes.

Rewards per year = (SR rewards per block + voting rewards per block) * (seconds of one year/seconds of block time)

Therefore;

Rewards per year = (32 + 16) * 365 * 24 * 3600 / 3 = 504,576,000

The 27th proposal.

TRON’s 27th proposal sailed through on the 2nd Nov 2019, whose main objective was to change the Super Reps block rewards to around 16 TRX while altering voting rewards awarded to the 127 partners (27 Super Reps and following 100 partners) to around 160 TRX.

This brought about a substantial increase in TRON’s reward program encouraging more people to pick up Super Reps and partners and be active participants in voting and staking of TRON mainnet. Now all the functions are decentralized with close to 90% of rewards being pocketed by those who have a stake in TRON. This would mean that TRON’s hard cap would be subject to decision by block and voting rewards. Their rewards have since skyrocketed to 1.85 billion TRX annually.

Rewards per year = (SR rewards per block + voting rewards per block) * (seconds of one year/seconds of block time)

Rewards per year = (16 + 160) * 365 * 24 * 3600 / 3 = 1,850,112,000

Notably, TRON foundation doesn’t govern the TRON mainnet. It is mainly controlled by those who hold TRX and the community around TRX. The last decision TRON foundation made in regards to the Network was the original issuing of one hundred billion TRX, while all other key decisions were completely made by the super Reps and partners.

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Author: Lujan Odera

Litecoin Founder Charlie Lee Proposes 1% Block Reward Funding Plan To Rake in $1.5 Million

  • Proposal for donating 1% of block rewards to generate $1.5 million per year
  • It’s like paying for your kid’s college and “securing your family for the long term” – Litecoin developer

Litecoin founder Charlie Lee proposed a donation program to fund the Litecoin network. The donation of just 1% of block rewards amounting to 0.125 LTC by every miner would generate a fund of $1.5 million yearly.

“I think a better way to fund development is mining pools voluntarily donate a portion of the block reward,” wrote Lee on Twitter. He added:

“How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the LTC Foundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!”

The organization, Litecoin Foundation, LitecoinDotCom, The Lite School, to which the donations would be sent to can be chosen by miners, he said.

A reasonably small amount to give back to the public good

He explains how currently with merged mining for Dogecoin and other Scrypt coins, miners make more than 105% of block rewards. As such, Lee said,

“1% is a reasonably small amount to give back towards funding a public good.”

Decred has built-in funding where a Treasury wallet receives 10% of the block reward which can be used to finance the network developments. This wallet receives around about 15k DCR every month. Currently, the wallet has over 700k DCR in the wallet worth over $12 million, at current prices.

This is in a way similar to Zcash’s (ZEC) Founder’s Reward where 5.7% of the block reward goes to the project’s founders, employees and advisers with the exception that in Decred there is no time limit.

Securing the Litecoin Family for the Long Term

According to the Lite School, the voluntary donation should have a time limit of 2-3 years as then it would be more likely for pools to donate.

“There should be a budget, and there should also be a with a revenue model to become self-sustainable,” proposed The Lite School adding,

“Even though I think this is a good idea, I don’t like that it centralizes Litecoin more.”

While Crypto Twitter doesn’t seem to be in favor as some compare it to paying more taxes voluntarily, Litecoin developer Loshan says, “it’s up to the miners to donate or sit still” and that

“it’s more like paying for your kids college so that they perform well and get good jobs which end up securing your family for the long term.”

BCH’s Coercive Funding a Bad Precedent

Lee’s suggestion came just two days after a group of Bitcoin Cash miners proposed a “short-term donation plan” where the block reward will be cut by 12.5% to fund the network development.

Back in November 2019, Roger Ver’s Bitcoin.Com announced a $200 million fund to promote the growth of the BCH ecosystem and now with this new funding plan they will bring in about another $6.8 million.

BCH’s coercive soft fork Lee said would likely lead to may forks and “adding such a centralizing feature in this coercive manner sets such a bad precedent.”

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Author: AnTy

Japanese Lawmakers Are Open to Issuing A Digital Yen To Compete With Libra, Digital Yuan

A group of Japanese lawmakers from the ruling party came forward with the proposal of Japan issuing its own digital currency.

It seems China’s determination to create the digital yuan and Facebook’s Libra has alarmed Tokyo more than a little bit. The digital yen would be created by the government working in partnership with private companies, which would help Japan be in tune with the global changes that are happening in financial technology at the moment, thinks Norihiro Nakayama, the foreign affairs parliamentary vice president, who also said on Thursday:

“The first step would be to look into the idea of issuing a digital yen. China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”

The Proposal to be Submitted Next Month to the Government

The proposal is scheduled to be submitted next month to the government. While it’s unlikely for Japan to issue a digital currency as a result of both technical and legal impediments, the proposal comes while the Bank of Japan (BOJ) has made the decisions to conduct expertise on the matter, joining 6 other central banks that did the same.

Japan’s Government and BOJ Studying Digital Currencies

While political circles in Japan are paying more and more attention to digital currencies, Prime Minister Shinzo Abe took the word in parliament on Friday and said the government and the BOJ will work together to study digital currencies and to enhance the convenience of the yen as a means of settlement.

Facebook’s Libra and China’s Digital Yuan Had Central Banks on Fire

Facebook pushing forward to launch the Libra cryptocurrency had central banks looking more into issuing their own digital currencies. At the same time, China is working to have its own digitized money too, which has caused lawmakers in Japan to express their concerns.

The Finance Minister Taro Aso said at the beginning of this month that if the popularity of the digital yuan increases when it comes to it being a means for international settlement, Japan would have a “very serious problem” because it settles transactions in dollars mostly.

Takahide Kiuchi, a former board member at BOJ, thinks the two countries, Japan and China, would have to issue digital currencies for completely different reasons.

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Author: Oana Ularu

SEC Publishes a New Proposal by Bitwise Regarding Bitcoin ETFs

The SEC or The United States Securities and Exchange Commission has recommended a proposal from Bitwise advocating why the time is ripe for the world’s first Bitcoin ETF (Exchange Traded Fund).

This document by the San Francisco-based Bitwise was presented to SEC commissioners Robert Jackson, Hester Peirce, and Elad Roisman. Bitwise is a venture-backed Cryptocurrency index and fund provider

This proposal, coupled with Bakkt soon launching its Bitcoin exchange platform next week, is just what the crypto sector requires to build trust. Cryptocurrency dealers are eagerly awaiting it to be widely accepted into the mainstream financial market.

Though Bitcoin futures have been acknowledged globally, the ETF proposal is at the moment just a plea.

Why is the World Ready for a Bitcoin ETF?

The first argument is that the Bitcoin spot sector has grown and shown more efficiency. By showing the average deviation in prices in the ten real spot Bitcoin exchanges, you will notice that since December 2017, it has decreased significantly.

It is important to note that in 2017, there was a massive blow up in the cryptocurrency market. In addition, Bitcoin custody has become fully institutional and they have a solid regulatory structure backing them.

Why Bitcoin ETFs Can Be a Massive Win for Investors

Why would Bitcoin ETFs prove to be a massive market? This can be answered in a number of ways, mainly that is brought to the table a safer method for institutional investors to put money into the asset.

Most importantly, by investing in ETF, it doesn’t necessarily translate into a direct Bitcoin purchase. Rather, it is paying for a fund that is equal to the asset’s present value. By doing this, any investors that term buying into Cryptocurrency as being high risk business will not have any reason not to join.

But still, for Bitcoin exchange-traded funds to become a reality, they have to go through an approval process by the SEC. The reason why the SEC posted the proposal from Bitwise is to reply to the questions asked about the fund’s approval.

Matt Hougan, heading global research at Bitwise, stated in the proposal that today’s Bitcoin market has been evolving over the recent years. One proof of this is Bakkt’s futures being accepted by the SEC.

In addition, Hougan also quotes Jane Street and Fidelity as prime examples of spaces where regulated institutions offer first-rate superior services and insurance. If the Bitwise proposal is approved by the SEC, then the Bitcoin ETFs will be listed on the New York Stock Exchange.

Keep in mind that a decision must be made before or by October 14th. This decision will make them highly viable for both ordinary investors and institutions. To be clear, note that just because the SEC posted this proposal is not automatic approval.

They have just been sharing information regarding Bitwises’ proposal in the recent past. But it is important to note that the future of Bitcoin looks bright.

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Author: Ali Raza

New Annual Licensing Crypto Mining Regulations Proposed by Cabinet of Iran

The Iranian government set to introduce new cryptocurrencies mining regulations in a new draft proposal sent from the Cabinet of Iran, as reported by Coindesk in exclusive reports from Tehran.

The new draft proposes an annual license for cryptocurrency miners and expects these miners to provide information on their business activities, their employment and rental status and a list of other mining-related information. The directive, which locals say is close to official approval, will require miners to provide the value of their mining equipment, value derived from mining and the period of mining.

A Conflicted Proposal to Miners

For the better part of the last two years, the Iranian government has shown increased interest in regulating the crypto mining industry to provide a cushion from the sanctions by the US government.

An unnamed Bitcoiner in the country sees this an opportunity by the government to create a stable mining industry. How exactly? One respondent speaking to Coindesk anonymously explained the role of the government saying,

“It’s obvious that the power industry here in Iran, it’s not a private business, it’s from the government.”

Some of the benefits include standardizing the mining operations to control the power usage to prevent harming the power grids, the Iranian respondent said.

“If there’s a constant, a continuous consumption of electricity you can also make new power plants or assign power plants to this.”

However, a number of cryptocurrency miners remain disgruntled and more are expected to use illegal ways to mine Bitcoin and obtain mining equipment.

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Author: Lujan Odera