What November Holds for Cryptocurrency
Several events affecting the crypto space have taken place in the past. Some of these events include the bitcoin halving, the fork that happened not so long ago and banning of ICO trading by South Korea and China among others. Moving forward more events are expected to take place, and they will be expected to have certain implications on the blockchain and the cryptocurrencies. In the month of November, particularly some key events with major implications on the cryptos are expected to take place. One of such events is the expansion of the blockchain network through segwit2x. Segwit is a process through which the size of a block is increased on the blockchain by separating the bitcoin transactions from the digital signatures.
The team behind segwit2x announced that the expansion of the network capacity for bitcoin blockchain is set to take place in the month of November. So what does increasing network capacity for bitcoin mean exactly? Currently, the size of one block is 1MB but following the expansion and the size of one block is expected to be 2MB. This is an increase in the size of each block is expected to enhance the computational capability of the blockchain technology hence more speed and efficiency in bitcoin transactions. The non-witness data is expected to be of 2MB hence the total size of the block will be no more than 4MB. The current block on the bitcoin blockchain is 489,318, and the upgrade is expected to be done at block 494,784.
The customer base and transaction volume for bitcoin has increased significantly in the last couple of months. This has prompted developers and miners to engage in rather intense discussions revolving around what can be done to accommodate the growing number of customers. In pursuit of these efforts, a hard fork took place in the month of August, which saw bitcoin split into bitcoin and bitcoin cash. The bitcoin cash was considered as the optimal form of bitcoin that would effectively accommodate the growing customer base. However, some proponents purport that another hard fork is likely to ensue the segwit2x protocol, which could see bitcoin split again.
Bitcoin Gold fork
Bitcoin gold plans to hard fork the cryptocurrency on November 13th, creating another version of bitcoin in the process. This fork is expected to prompt the adoption of a new protocol that will adjust the consensus mechanism within the bitcoin blockchain. Jack Liao, the founder of a mining company in China called Lightning ASIC, pioneered this hard fork. As a result of this hard fork, miners will be able to use new ways of mining. Additionally, the new bitcoin gold resulting from the anticipated October hard fork will start using the Equihash algorithm synonymous with Zcash instead of bitcoins SHA256 algorithm.
Lufthansa partners with Winding Tree
Amidst above discussed crucial developments in the cryptocurrency space, some companies are on the path to harnessing blockchain technology nonetheless. Lufthansa, a giant German airline recently collaborated with a Swiss-based blockchain platform. This is a travel platform harnessing decentralized Ethereum technology. The Swiss startup behind this platform is called Winding Tree, and it is focused on establishing a b2c blockchain marketplace for the aviation industry. To make this possible, Lufthansa will have to integrate its APIs with wi9nding trees public Ethereum blockchain.
The essence of this partnership is to enable more seamless booking process including cost-effective booking transactions. This will be possible considering that travelers will not need to engage intermediaries such as booking.com or Expedia. Furthermore, Lufthansa will benefit from lower operating costs following the elimination of the intermediaries.
These are just some of the major developments anticipated and ongoing in November. However much more is expected moving forward.