Bitcoin's newly discovered bug, Gemini expands their operation, zk-SNARKS are the new sclaing hope for Ethereum

The Bitcoin software bug that was discovered last week was worse than expected

The bug, who goes by the name CVE-2018-17144, could have been exploited to shut down large parts of the network and, even worse, inflate BTC beyond the 21- million limit. The core developers decided to keep the second part a secret until the loophole is closed. The software is fixed now and more than half of BTC's hashrate has upgraded to the new software, so the vulnerability cannot be exploited anymore. 

If the bug would have been exploited, nodes running the new software, 0.16.3, would detect the problem immediately. Because they double-check every transaction in Bitcoin's history when they are initiated for the first time.

This reminds me of the "value overflow incident" in 2010 where 187 billion bitcoins were created out of thin air. But the code was fixed quickly and the fake Bitcoins were destroyed. John Newbery, a Core dev who is responsible for checking the Bitcoin codebase, claimed responsibility for the network bug. The Bitcoin Core developers once again delivered outstanding work by handling this situation quickly and safely.

Crypto-exchange Gemini plans to enter the UK-market

The US-based trading platform is looking for ways to expand their operation and enter UK-markets. Rumors are saying that Gemini already filed an application with the Financial Conduct Authority (FCA), which is the UK's financial regulations entity. 

Vitalik Buterin claims that Ethereum could scale to 500 transactions a second with zk-SNARKS

zk-SNARKS is a cryptographic technique that allows for large batches of information to be compressed into so-called succinct proofs, these proofs remain the same size regardless of the amount of inputs. The technique was initially developed by the ZCash-team, and the Ethereum team is planning to incorporate it into the Ethereum blockchain. 
Buterin said: "We can actually scale asset transfer transactions on Ethereum by a huge amount, without using layer 2s that introduce liveness assumptions (eg. channels, plasma), by using zk-SNARKs to mass-validate transactions."


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