Market overview: cryptocurrency news of this month

The weekend is upon us, and as usual, here is our digest from the team. Today you’ll see the most notable January 2020 trending topics, and news of cryptocurrency and blockchain spheres.

Zcash community approves new mining reward system

According to the project’s supporters, Electric Coin Company, Zcash mining reward will be changed. This new system will be implemented in November 2020.

A recent poll showed that Zcash community supports creation of a new development fund with 20% of the mining rewards.

new zcash mining reward

The development fund will be distributed to ECC (7% of mining rewards), the Zcash Foundation (5% of mining reward), and an additional fund to be used for grants to support third-party Zcash efforts (8% of mining rewards). Grant participants will receive the largest portion of development funds which will further decentralize Zcash-related efforts.

Nimbus receives $650K from the Ethereum Foundation

The Ethereum Foundation awarded a $650,000 grant to Nimbus for continuing its work on light Ethereum 2.0 customers.

Nimbus is an infrastructure project launched by Status. Cointelegraph mentioned in its article, that this project was aimed to provide access to the Status app on smartphones, and its scope was later expanded into a public good for Ethereum. It will allow users to connect to the upcoming Ethereum Serenity network.

Former Japan central banker: Libra pushed global banks towards digital currencies

Reuters reported: Hiromi Yamaoka, a former Bank of Japan executive, cited that Libra has triggered a global competition in financial sphere. Facebook’s cryptocurrency galvanized central banks globally to look seriously into digital currency issuance.

Hiromi Yamaoka: “Something like Libra would make transactions costs much cheaper. Major central banks need to appeal that they, too, are making efforts to make settlement more efficient with better use of digital technology”.

He also added that the Bank of Japan has undertaken a joint research project with the European Central Bank. This study group could speed up moves by the central banks to use blockchain technology for large-scale, and wholesale settlement.

That’s all for now. Stay tuned for more blog posts!