In the Daily: Monero Upgrade, Revolut Auto Exchange, SETL Administration
In this edition of The Daily we cover the latest protocol upgrade to privacy coin monero (XMR), a new feature for traders using Revolut, and the blockchain-based corporate settlements platform SETL appointing administrators for the business.
Also Read: Online Bank Swissquote to Add Crypto Custodial Services
Monero Undergoes Protocol Upgrade
The Monero development team has confirmed that its scheduled protocol upgrade was completed successfully. The hard fork introduced four main changes to the privacy-focused altcoin including an improvement to the dynamic block size algorithm, an introduction of dummy encrypted payment IDs as well as shrinking of the size of amount encodings and using deterministic masks.
The most important update involved making the cryptocurrency more resistant to ASIC (application-specific integrated circuits) miners. A recent report showed that more than 85 percent of the Monero network was dominated by ASIC miners. The newly implemented Cryptonight-R algorithm is meant to tweak the proof-of-work mechanism used by XMR miners to deter using ASIC rigs, at least for a while.
Revolut Launches Auto Exchange
London-based alternative digital banking startup Revolut has added a new feature to the service it calls Auto Exchange, supporting both fiat and cryptocurrencies. Similar to market orders common on forex trading platforms, such as Entry and Stop-Loss, the new feature allows Revolut users to automatically exchange one asset into another when a target rate they set is reached.
Revolut was launched in July 2015, and its services include pre-paid debit cards (Mastercard or Visa), fiat currency exchange, cryptocurrency buying and exchange, peer-to-peer payments, remittances, personal loans, travel insurance and international money transfers. In April 2018 the company raised a Series C investment round of $250 million and added support for bitcoin cash (BCH).
SETL Goes Into Administration
Permissioned blockchain-based platform SETL has recently announced the appointment of administrators for the company in a notice of corporate insolvency. This is the latest example of corporate blockchain technology projects struggling to deliver on the hype they generated. The newly appointed administrators, Quantuma LLP, are tasked with enabling the company to balance its holdings and continue its activities on a business as usual basis.
Trying to put a positive spin on the matter, SETL refers to the move as a corporate reorganization following the completion of its Central Securities Depository (CSD). The company explained in a blog post that it recognizes that as an early stage firm it is not sufficiently able to contribute the capital needed for the CSD and is now seeking to sell its holding to a larger financial services firm, one better placed to provide the capital required to support the growth trajectory.
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