09 MAR

Bitcoin Surpasses Gold While Patiently Awaiting ETF Decision

Eyes have been steadily focused on the price of bitcoin this week and a few other altcoins such as Dash, and Ethereum. Bitcoin’s price has tested new highs and doesn't seem to be letting up steam anytime soon. News from Chinese regulations have been subsiding while the concentration of bitcoiners looks to the March 13 Securities and Exchange Commission’s (SEC) ETF decision. Currently, the Winklevoss twins are awaiting the approval for their COIN fund which could bring bitcoin to mainstream investors and sold as shares on certain stock exchanges. In the past when the first gold ETFs were created it pushed the price of the precious metal to new heights and bitcoin proponents are hoping for the same outcome.

Coinmama’s Week In Review

Rootstock’s Sergio Demian Lerner Reveals the Lumino Whitepaper

As many ponder the block size debate Rootstock’s Chief Scientist, Sergio Demian Lerner has come up with a new idea for bitcoin scaling solutions. The whitepaper dubbed Lumino describes a protocol that's called the Lumino Transaction Compression Protocol (LTCP). Sergio Demian Lerner states, “the LTCP protocol allows a higher volume of on-chain transactions than traditional blockchains.” The paper written by the Rootstock Chief Scientist details “as many as 100 can be processed by the network every second.” The new idea has been welcomed by the community as there has been heavy transaction congestion during the price rise.

Australian Financial Regulator Initiates Blockchain R&D Program

An Australian regulatory authority the Australian Transaction Reports and Analysis Centre (AUSTRAC) is creating a financial innovation center with a focus on blockchain. The Fintel Alliance Innovation Hub says, "The impacts of emerging technologies and initiatives such as blockchain, cryptocurrencies, and the New Payments Platform will be explored. This will flow into broader engagement allowing AUSTRAC to improve its services and policies, and develop online information, public seminars and webinars." AUSTRAC has shown its favor towards fintech and blockchain solutions for quite some time.

The Ethereum Alliance is Created

Ethereum is getting a lot of bank and corporate interest these days. This past week a collaborative effort was formed called the Ethereum Alliance. Big name corporations and banks such as JP Morgan, Microsoft, the petroleum firm BP, and many others have joined to bolster enterprise solutions using Ethereum. The founder Jeremy Millar stated during the announcement, "The goal of the Enterprise Ethereum Alliance is to align the various interest groups, the users, the startups, the large technology platforms, to a single roadmap so that we can take those steps together." Since this announcement, the price per ether has spiked significantly.

The Danish Shipping Company Maersk is Trialing Blockchain

The shipping company Maersk is one of the largest shipping firms in the world. Just recently the corporate entity has explained the company is steadily testing a blockchain protocol. In partnership with IBM, and the Linux led Hyperledger project Maersk is tracking shipments of trans-Atlantic goods and the supply chain. Ibrahim Gokcen, Maersk’s chief digital officer, explains, "We believe blockchain has a huge potential for supply chain applications. We don’t think it’s yet ready for prime-time fully, and that’s why we’re exploring, piloting in different use cases, to really understand what are the initial applications of blockchain."

Stratis Announces Tumblebit Integrated “Breeze Wallet”

The blockchain-based development startup Stratis has announced a working Tumblebit wallet is in the making. On March 2 Stratis detailed the company is working with one of the Tumblebit researchers to create a privacy-centric wallet. Tumblebit has been proclaimed as one of the best ways bitcoiners can anonymize transactions, but so far no one has attempted to build the protocol. “Presently there is a huge demand for privacy on the blockchain,” Stratis explains in their most recent blog post. “The Stratis development team will be extending the Stratis blockchain to support the Stratis Financial Privacy Protocol based on the TumbleBit concept,” the company adds.

Conclusion

It's safe to hedge your bets that bitcoiners will continue to anticipate the ETF decision next week. As far as where the price of bitcoin is headed it will be anyone's guess. It will likely be an exciting week if the ETF does miraculously get approved. Coinmama will be following the story closely and will keep our readers informed of any upcoming news on the subject.

Tune in next week as Coinmama crawls the web for the hottest bitcoin topics and stories.

Back to blog