Firm Behind Zcash to Introduce New Version of Protocol With Sharding

The Electric Coin Company (ECC), the firm behind second-biggest anoncoin zcash (ZEC), intends to build a new scalable zcash blockchain, cryptocurrency news outlet Forklog reports on June 22.

Per the report, chief engineer at ECC Nathan Wilcox said that the firm should “make Zcash usable by 10 billion people by 2050” if it can. Still, Decrypt notes that achieving this would require zcash’s blockchain to be able to manage thousands — or millions — of transactions per second.

Forklog states that ECC is considering implementing sharding, a scalability solution that Ethereum devs also plan to integrate into that network in the near future.

Still, ECC engineer and product designer Daira Hopwood noted that, to obtain the desired features, ZEC would need a completely new blockchain.

The firm would ensure that coins would be transferred onto the new chain, resulting in a conservation of users’ wealth. The new chain would also process all transactions privately, in contrast with the current chain where under 2% of the transactions are anonymous.

Zcash — with a total network value of $744 million —  is the 24th largest coin by market capitalization. ZEC has seen its value decrease by over 0.40% over the last 24 hours, trading at $113.09 at press time, according to Coin360 data.

As Cointelegraph reported earlier this month, the nonprofit Zcash Foundation has partnered with blockchain company Parity Technologies to release a new, open source software client for zcash.

News broke last month that biggest privacy coin and zcash competitor, monero (XMR), plans to switch to a new proof-of-work (PoW) algorithm in October.

Craig Wright Failed to Disclose Bitcoin Holdings in Court Case, Says Lawyer

The legal counsel for a plaintiff in a bitcoin (BTC) theft case involving Australian computer scientist Craig Wright, said that Wright — the defendant — failed to disclose his bitcoin holdings per court order. Devin Freedman of law firm Boies Schiller Flexner made his statements in a tweet on June 21.

As Cointelegraph previously reported, in May a United States court ordered Wright to produce a list of his public bitcoin addresses as of Dec. 31, 2013. Freedman declared that, since he has not complied, “he remains under an order to show cause why [Judge Florina] Reinhart shouldn’t issue sanctions” and order him to appear before Judge Beth Bloom and “explain why he shouldn’t be held in contempt.”

The order is part of an ongoing case against Wright — who self claims to be bitcoin creator Satoshi Nakamoto — that was filed by the estate of David Kleiman.

David Kleiman was a cyber-security expert and computer scientist, whom many believe  to have been one of the first developers behind bitcoin and its underlying blockchain technology.

Kleinman’s estate brought the case to court in February 2018, claiming that Wright stole hundreds of thousands of BTC worth over $5 billion following Kleiman’s death. The estate claims that Kleiman’s friends and family were unaware of the wealth he had accumulated and that Wright “forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him. Craig backdated these contracts and forged Dave’s signature on them.”

Earlier this month, Wright was ordered to appear personally at mediation to address the accusations against him, after having requested permission to appear by video conference, arguing that physically attending the courtroom would have caused him “unjustifiable hardship.”

In May, Wright filed a copyright claim with the U.S. Patent and Trademark Office to a part of bitcoin’s code and its white paper, but its legal weight is disputed.

Bitcoin Price Hits $11K Less Than 24 Hours After Breaking $10K Mark

June 22 — bitcoin (BTC) has crossed the $11,000 line for the first time since March last year today, according to Coin360. The leading cryptocurrency had surged past the $10,000 mark less than 24 hours ago.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently already approaching $11,100, up a notable almost 13 percent in the past 24 hours to press time. Meanwhile, major alts have also surged, with ETH seeing a multi-month high over $300.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

Yesterday, on June 21, professional trader Peter Brandt tweeted that bitcoin’s price is currently taking aim at $100,000 target.

In his tweet, Brandt noted that bitcoin is on its fourth parabolic growth phase and is a market like no other:

“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

Attached to the tweet, Brandt also published a table containing data about the price growth of bitcoin. According to the data contained in the image, from October 2011 to December 2017, bitcoin increased its value 9,765-fold.

Among the responses to the post there are numerous scam attempts, publicizing fake BTC and ETH giveaways from Brandt. At least one of the scams is promoted through verified Twitter profiles.

In late May, the co-founder of blockchain investment firm Kenetic predicted that the price of bitcoin will rally as high as $30,000 by the end of this year.

Earlier this month, the founder and CEO of Digital Currency Group argued that it “looks like, perhaps, we are coming out of a crypto winter and we’ve entered a crypto spring,” in an interview with Bloomberg.

However, in an interview with Cointelegraph the same week, another industry commentator — ex-Wall Street executive and current blockchain researcher Tone Vays expressed skepticism about the fact that crypto winter is over.

Earlier this week, cybersecurity firm Kaspersky Lab released the results of a survey showing that 19% of people globally have purchased cryptocurrency.

Russian Ministry of Finance Considers Allowing Cryptocurrency Trading

A representative of the Russian Ministry of Finance (MinFin) says the ministry is considering allowing cryptocurrency trading, Russian news service Interfax reported on June 21.

Per the report, the Deputy Minister of Finance Alexei Moiseyev told journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation.

A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year.

Anatoly Aksakov, head of the Duma Financial Market Committee, called the pending decision a compromise and pointed out that the Financial Action Task Force recommended that Russia adopt a bill regulating the circulation of cryptocurrencies by the end of this year.

As Cointelegraph reported earlier this week, the State Duma, Russia’s parliament, expects to adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in the next two weeks.

At the time, Moiseev declared that MinFin has also approved separate legislation for initial coin offerings, which will be a part of Russia’s law on crowdfunding.

Also this week, news broke that the head of the Bank of Russia said that while they are exploring the possibility of launching a central bank digital currency (CBDC), it is not planned for the near future.