Crypto & Blockchain Weekly Market Update
Phoenix Paradigm Indicator
In this weekly
> Weekly Stats — Phoenix Paradigm Indicator
> Weekly Highlight — Bitcoin Cash (BCH) forks
> Weekend Read — Why We Need Web 3.0
PPI Weekly Stats
After weeks of grinding sideways, volatility returned to the crypto markets. A significant drop followed, with some assets seeing their value decrease with over 20% in one day. Against a lot of peoples hopes of an upward move, the market dropped as a whole to new 2018 lows.
The PPI declined 18.21% during this period week.
Weekly Highlight —The Bitcoin Cash (BCH) fork
Bitcoin Cash (BCH) had a very messy hardfork this week.
A hardfork is a event in which a blockchain undergoes software updates. The blockchain splits, one with updates, one without updates. If all validators have reached a consensus over the updates, everyone will change over to the updated chain. However if the chain community is unable to reach consensus, they might prefer to keep on track with the non upgraded chain. This is how Bitcoin Cash came into existence when it forked from Bitcoin, and it is how Ethereum Classic is the result of the The DAO hack.
The Bitcoin Cash hardfork was especially nasty, because it heated up so much that it is now called The HashWar which is ongoing at the moment. It is a fight over hashpower which is basically the security of a network. (the greater the hashpower, the more expensive an 51% attack is).
Weekend Read — Why We Need Web 3.0
Ethereum co-founder Gavin Wood on why today’s internet is broken — and how we can do better next time around. He does a good job at describing the internet today, and some of its major flaws.
What precisely is wrong with the web today? In short, it’s a big baby. It has grown old without growing up. While connecting the far corners of the globe with a packet-switching network and hypertext platform is an incredible achievement, the web has become corrupted from its own success.
So you found our update, but you’re still standing on the side? We invite you to join our vision for a better world through blockchain and decentralization. Visit our website, join the Phoenix Paradigm Indicator DAA or reach out if you have any question or remark. We are here to help and make it easy for you.
We hope to have informed you to your satisfaction. If there remain any questions, feel free to contact us.
Best regards and happy paradigm shifting,
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