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Paxtradings Crypto Minute: March 16, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: March 16, 2018

Loom Network Launches First Production-Ready Platform to Increase Ethereum’s Scalability

Loom Network, a TechStars-incubated startup, has launched the first production-ready platform designed to increase the scalability of Ethereum. According to CoinDesk, Loom Network has released a developer toolkit that “makes it possible to deploy scalable Ethereum apps on the second-largest cryptocurrency network, effectively leapfrogging ongoing efforts such as Raiden Network and Plasma.” Loom Network’s platform uses mini blockchains, or “dappchains,” to increase the scalability of Ethereum.

Beta Version of Lighting Network Now Live on Bitcoin’s Mainnet

A beta release of the lightning network implementation from Lightning Labs, a San Francisco-based tech firm, is now live on Bitcoin’s mainnet. According to ETHNews.com, the lightning network is “a type of network that is in conversation with, but distinct from, a blockchain.” It enables users to transfer funds without recording and confirming each individual transaction to the chain. Instead, they send funds through existing channels, thereby significantly reducing transaction times.

Global Cryptocurrency Volume Has Decreased 75 Percent Since January 2018

According to The Merkle, the global cryptocurrency volume has decreased by 75 percent since highs January 2018. “Days before the January 7 high, the global trading volume of all cryptocurrencies reached a record USD 71.6 billion. In the past few days, 24-hour volume has fluctuated around USD 15 billion,” wrote Zane Huffman. The market value of Bitcoin has decreased nearly 50 percent, while other cryptocurrencies have decreased an average of 60 percent.

Mining Bitcoin While Value is Below $8,038 Not Profitable for Miners

According to CNBC, several estimates suggest that mining Bitcoin when it’s market value is USD 8,038 is not profitable. Fundstrat, the firm that created the cost estimate of mining Bitcoin, included three factors: equipment costs, energy costs, and other overhead such as maintaining cooling facilities.

Hedera Hashgraph Council and MZ Announce New Public Distributed Ledger Capable of “Hundreds of Thousands of Transaction Per Second”

The Hedera Hashgraph Council and MZ (formerly Machine Zone) have announced plans for a new public distributed ledger, called the Hedera Hashgraph Platform. According to VentureBeat, the new ledger will be able to conduct “hundreds of thousands of transactions per second, with time to finality within a few seconds.” MZ claims that it will build dapps on top of the new ledger.

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