Reading: Industry Report: A Week of Shakeups in the Tech World

Bitcoin

Industry Report: A Week of Shakeups in the Tech World

Nick Marinoff | Aug 29, 2016 | 12:08

Bitcoin Industry Report Bitcoin

Industry Report: A Week of Shakeups in the Tech World

Nick Marinoff | Aug 29, 2016 | 12:08


Ethereum split fuels heated arguments, WhatsApp sides with Facebook at the expense of users, and Krypton is the world’s latest cyber-attack victim. Want to catch up on the latest tech and digital currency news? Read the stories below.

Also read: Industry Report: Banks Trying to Beat Bitcoin

TECH WORLD SHAKEN UP FROM SOCIAL MEDIA TO CRYPTOCURRENCY

ETHEREUM

The bitcoin competitor has split into two different forms, thanks to the recent hard fork which took place last June following a hack that saw nearly $64 million in Ether funds syphoned off. Founder Vitalik Buterin split his currency into different systems by pulling the plug and setting it across two different platforms: the new Ethereum, and what’s being called “Ethereum Classic.” Buterin believed that most users would merely switch over to the new system once the hard fork took place, but he was wrong. Many continue to revert to the old (Classic) system, complaining that Buterin had no right to do what he did.

ethereum tech

The move has resulted in riffs between not only the currency’s users but Ethereum’s owners and executives. Whether both currencies can co-exist peacefully remains to be seen.

WHATSAPP

Messaging application WhatsApp has changed its regulations, allowing it to share information about its users with parent company Facebook. While some feel the move is relatively harmless, others aren’t as carefree. Facebook founder Mark Zuckerberg has been quoted in the past as saying that WhatsApp will remain independent from the social media platform, and many users are now looking at this as a move of betrayal. However, personal aspects of their lives can now be invaded by Zuckerberg and his team.

Facebook spokespeople have assured the public that information gathered about users will only be used to stop things like spam and other online abuses.

KRYPTON

Smart contracts platform Krypton is the digital currency world’s latest cyber-attack victim. Over 21,000 of the company’s tokens were stolen, exchanged for Bitcoin, and later double-spent. The hack has also caused the currency’s value to drop by over five percent, despite a recent rise in price on exchanges like Bittrex and Yobit. BIttrex has since been reimbursed by Krypton.

The attack is considered one of minimal value, however, and executives see the move as more of a “dry-run,” meant as a proof-of-concept to hit “other blockchains based on Ethereum with higher market caps.” Presently, Krypton trading remains frozen while the team is working on both “temporary” and “permanent” solutions.

Know of any stories that belong in our regular Industry Report pieces? Post your comments below!


Image courtesy of Ethereum.


Show comments