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Tron [TRX]’s Justin Sun welcomes Vitalik Buterin to Proof-of-Stake family




Tron [TRX]'s Justin Sun welcomes Vitalik Buterin to Proof-of-Stake family
Source: Unsplash

Earlier this week, Vitalik Buterin, the creator of Ethereum, was in the limelight because of one of his comments on Charlie Lee’ Twitter post. However, the post has taken a new turn as Justin Sun, the Founder and CEO of Tron Foundation replied to Vitalik on the same thread.

Charlie Lee, the creator of Litecoin and the Managing Director of Litecoin Foundation, put up a pool on Twitter. The pool was regarding the category people in the community classify themselves in, giving the community four options. The options were Bitcoin Extremist, Bitcoin Maximalist, Altcoin Maximalist, and Nocoiner. Along with the pool, the creator also remarked that there were several people in the community who proclaim to be a Bitcoin Maximalist, however, in reality, they are Bitcoin Extremists.

Lee went on to say that Bitcoin Maximalist are the ones who believe that Bitcoin will continue to stay on top. But, at the same time, think there is room for other coins to prevail in the market. On the other hand, Bitcoin Extremists believe that all the other cryptocurrencies existing the market are a scam and will eventually be valued at zero.

To this, Vitalik Buterin said:

“Congrats on following my path @SatoshiLite! Do you want to go further and convince Litecoin to move to proof of stake?”

Furthermore, this comment by Vitalik Buterin drew the attention of Justin Sun. The Founder of one of the leading projects in the space stated:

“Welcome to proof of stake family!#TRON and I will wait for you here! @VitalikButerin”

In the month of April 2018, Tron announced that they shifted from Proof-of-Work [PoW] mechanism to Delegated Proof-of-Stake [DPoS]. The foundation stated that this system would give the members of the community more power in the network, adding that it makes the network more efficient and reduces energy consumption cost.

Whereas, Casper, a PoS protocol will shift Ethereum from Proof-of-Work [PoW] algorithm to a Proof-of-Stake [PoS] algorithm. The Ethereum Foundation has been working on the protocol for a long duration now and is reportedly going to launch this year.

JimmyFranken1, a Twitterati said:

“No man, @VitalikButerin is too busy scaling to zero”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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