Crypto Update: Feb. 16, 2018
Will 2018 be the year of the Lightning Network?
Although Lightning Network is designed for Bitcoin, as usual, the team behind Litecoin is making the most headway towards implementing this protocol.
You might remember how Litecoin was also a kind of testing ground for Segwit, it’s only natural that they are doing the same for Lightning Network as well.
In case you’re not very familiar with this one, Lightning Network is a network designed for Bitcoin that can facilitate off chain transactions.
This will ultimately help to alleviate the network traffic of the Bitcoin blockchain, or any blockchain that implements it.
Other blockchains are aware of the need for this and how it can help with scaling as they gain more traffic on their own networks. Ethereum has been developing their own Raiden Network, NEO is working on their Trinity Network and ZCash is developing their own called Bolt.
A chairman of the CFTC (Commodities Futures Trading Commission) has been [attending Senate meetings](
https://techcrunch.com/2018/02/06/virtual-currencies-oversight-hearing-sec-cftc-bitcoin/) in an effort to encourage them to consider approaching crypto regulations with tact.
He also is quoted as saying, “We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one”
That being said, it looks like US government regulations on cryptos will still include things like,
- Data reporting
- Capital requirements
(this one bothers me because this is setting up another barrier for entry for many struggling individuals who could otherwise certainly benefit from taking part in this space, even with a small amount of money)
- Cyber security standards
- Measures to prevent fraud and price manipulation
- AML and KYC protections
How these regulations are enforced will remain to be seen.
The popular long-time gaming company Atari has made some moves to develop a token.
The idea is for it to be used on an upcoming gaming platform.
There hasn’t been a lot of official announcements about when this will take place, but the mere mention of this plan was good enough to boost Atari’s stock by about 60%.