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 June 24, 2019

1. Zcash is in trouble


With the Founders’ Reward set to expire in 2020, can the Zcash community save itself?


What you need to know
The second-largest privacy coin by market cap, Zcash, has a built-in deadline. The mechanism that pays out 20 percent of the block rewards to people and entities tasked with developing the coin—including the Electric Coin Company (ECC) and the Zcash Foundation—is set to disappear in November 2020. 

Why it's important
By design, the Zcash community needs to figure out a way to maintain itself. But curiously, there’s no governance mechanism in place that would allow its members to reach consensus, so finding a way forward will be especially challenging.
Read the story in full

2. South Korea's crypto exchange boom


More than 200 exchanges serve a population of less than 52 million in this crypto-obsessed nation in East Asia.


What you need to know

South Korea is abuzz about “beehive accounts”—complicated, umbrella accounts that are run by small crypto exchanges to mask the identity of individual traders.

Thanks to this burgeoning financial service there, some 205 crypto exchanges have sprung up to serve South Korea’s population of 52 million people, according to Korean news agency Yonhap.


Why it's important

So why hasn’t the Government burned down the beehives? It tried—but in October, a Korean court ruled that it was inappropriate to order cryptocurrency exchanges to shut down their corporate accounts. And from that point on, scores of new exchanges have flooded the market, wooing prospective traders (who were initially skeptical about whether they could easily withdraw their money, once it was in a beehive account) with Lambos and other autos.

Read more here

From the interweb
 

Here are the biggest stories in the cryptoverse:


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3. A radical alternative to Zcash


The privacy-focused coin is being rebuilt from the ground up.

 

What you need to know

Zcash, and the Electric Coin Company that builds and maintains the network is considering a radical rethink on the future of the privacy coin. 

 

Why it's important

In essence, the ECC is working out how to turn the Zcash blockchain—which was based on bitcoin’s code and has inherited many of its limitations—into one that can handle thousands, if not millions, of transactions per second. That shakeup is so radical, it’s likely to involve an entirely new blockchain to enable “sharding,” a scaling solution the foundation is considering. However, unlike a chain split, this will not result in a new coin.

We cover this story here
 

Blockchain and food

 

After a number of scandals rocked the food world, many companies are now looking to blockchain to help manage where our food comes from.

A recent PWC study estimated that food fraud costs the industry up to $40 billion annually. And in the U.S. alone, contaminated food leads to 48 million illnesses, 128,000 hospitalizations and 3,000 deaths every year.

One solution? Blockchain’s immutable ledger, of course. Platforms like FoodLogiq, IBM Food Trust, ripe.io and TE-FOOD have experimented with blockchain systems that record every bushel, seed and nut grown, ensuring that only the finest ingredients reach your plate.

Read the whole thing here

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