Cryto News on 18/05/2018

We gladly bring you daily crypto news on May 18.

1. Steve Wozniak: Bitcoin And Blockchain will achieve Full Potential in a decade

“[Blockchain] is the next major IT revolution that is about to happen.”, said Apple’s co-founder Steve “Woz” Wozniak about cryptocurrencies and blockchain technology in his opening speech at the WeAreDevelopers World Congress 2018 in Vienna, Austria. Wozniak explained his positive outlook on blockchain by the fact that there are many useful applications for the technology in a number of areas.and the blockchain as well as cryptocurrencies will achieve their full potential in a decade

2. Wall Street Journal Investigates Hundreds of Fraudulent ICO Projects

As reported by The Wall Street Journal which performed an exhaustive study of 1,450 ICO sites and projects 271 of them have red flags indicating the project is fraudulent. These red flags include guaranteed no risk returns, extremely high percentage returns, and celebrity endorsements. Of the projects that the journal singled out as suspicious most were found using plagiarized texts, images of team members and or investors taken from stock photography banks, and in 111 cases entire sections of company white papers copy and pasted.

3. Bitcoin estimated to use 0.5% of world’s electric energy by end of 2018

According to The Independent, a recent study based in economics, estimates that Bitcoin, one of the world’s most popular cryptocurrencies, is currently using nearly as much electric power as the entire country of Ireland, and that it could be consuming nearly 0.5% of the world’s total electricity by the end of this year. Alex de Vries, an economist and blockchain specialist who works at PwC in the Netherlands, said:

We’ve seen a lot of back-of-the-envelope calculations, but we need more scientific discussion on where this network is headed. Right now, the information available is pretty poor quality overall, so I’m hoping that people will use this paper as a foundation for more research. To me, half a percent is already quite shocking. It’s an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals.

4. Bitcoin Cash completes hard fork, blocks now support 32MB

The May 15 hard fork, long anticipated by Bitcoin Cash supporters, allows for increased throughput, addition opcodes, and basic smart contracts. The fork was completed successfully and the network is now running the new version. Opponents of Bitcoin Cash claim that the 32MB expansion is unnecessary since the network’s current capacity is barely used, resulting in 100KB blocks on average. Proponents of Bitcoin Cash believe that the increased capacity will inspire innovation, which in turn will result in fuller blocks.

5. Tel Aviv Stock Exchange Develops ‘First Of A Kind’ Blockchain Lending Platform

The Tel Aviv Stock Exchange (TASE) has developed a “first of a kind” blockchain-based securities lending platform, according to a press release May 16. The new platform was completed in partnership with Israeli fintech firm The Floor, global professional services company Accenture, and Intel (NASDAQ:INTC). The exchange will reportedly create one central platform called Blockchain Securities Lending (BSL), which aims to revolutionize the securities lending market in Israel “by enabling direct lending among all the major financial instruments.” The platform will be designed as a “one-stop-shop” for all operations with securities lending and provide access to larger securities volumes in shorter terms.By employing blockchain, the TASE intends to profit from its advantages such as direct peer-to-peer transactions, smart contracts, and enhanced security.

Collected and edited by Remitano.