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Ethereum hikes up the game with new proof-of-stake protocol

May 9th 2018: In today’s news Ethereum’s Casper upgrade hits the internet, South Korea’s Financial Supervisory Service receives a new chief, and the Winklevoss twins receive good news regarding their patent. Here we take a look at the top headlines in cryptocurrency today.

Ethereum’s Casper “Friendly Finality Gadget” code is now public

The new version of the code behind Casper “Friendly Finality Gadget” (FFG) has officially been released.
The plan is for Casper FFG to modify the software of ethereum so that updating the blockchain ledger will involve both a proof-of-work and a proof-of-stake protocol. The intention is to eventually move to a system based solely on proof-of-stake protocol but the timing of the change is not confirmed.

The developer behind the project Danny Ryan remarked in the release that this version will help clients and external auditors in easily tracking contracts and changes.

Ethereum creator Vitalik Buterin has also weighed in, suggesting that the Casper upgrade will “hopefully one of the more joyous experiences in ethereum in a fairly short time“.

South Korea’s new financial chief to ease cryptoregulations

The government of South Korea has just approved a Yoon Suk-heun as a new chief for the country’s Financial Supervisory Service (FSS).

Known as an activist and reformist Yoon has allegedly declared that he might look into reducing regulations on cryptocurrencies in order to help businesses grow in the virtual currency sector.

Yoon has said that there are some positive aspects to cryptocurrencies, without denying that there are still many problems that need to be tackled. Optimistic, he offered that they would be able to figure them out gradually.

The newly appointed chief has said that while regulation is good, it would be better to find a way to help new businesses grow. He stated:

Imposing taxes on crypto exchanges and investors needs to be considered, if necessary.

Winklevoss brothers are #twinning and patent #winning

Winklevoss IP has been granted a patent which was applied for in December of last year. The patent aims to accomplish transactions for exchange-traded products (ETPs) which are holding cryptocurrencies.

The company owned by the Winklevoss twins will look to launch the system which will be able to deal with the transactions for ETPs allotting to cryptocurrencies “such as bitcoins … ripple, dogecoins … ether” according to published patent.

ETPs as a sort of security whose amounts originate from other investment instruments that they are linked to would be relevant, in this case, to the cryptocurrencies laid out.

The U.S. Securities and Exchange Commission has not yet admitted any cryptocurrency related exchange-traded-funds on exchanges. A number of firms this year had propositioned a change of regulation to the SEC but have since withdrawn their filings as per requirement by the SEC’s authority.