Ethereum Casper Released as Cryptocurrencies Banned in Morocco

The latest news from the ethererum network is that the first version of the Casper proof of stake protocol upgrade has now been released. This update comes from developer Vlad Zamfir and was brought out yesterday.

This code was first revealed to the ethereum community in Cancun, Mexico at the start of November. Its aim is to revolutionise how blocks are created from now on. Interestingly, there are two different attempts to produce Casper being worked on at the same time just now.

Apart from Zamfir’s code, the other work being done on producing the Casper upgrade comes from Vitalik Buterin, who is the creator of the ethereum network. The first release comes just a few days after the white paper called Casper the Friendly Ghost was brought out, showing the aim of making the blockchain less complicated.

This white paper from Zamfir talks about issues such as correct-by-construction consensus protocols and a partially synchronous network. On the other hand, Buterin has brought out the explanation of how he thinks that Casper should work in three parts.

Currently, ether miners add their new blocks using an energy intensive proof of work process that is similar to the approach used in bitcoin. The idea is that once Casper is up and running people can mine by having funds deposited, which would generate rewards through proof of stake as each new block is discovered.

Meanwhile, it was reported on Bloomberg that the domain name is up for sale in an online market at $10 million (around £7.5 million). This follows on from the sale of last month for $2 million (£1.5 million), which was the second biggest domain name price of the year to date.

Not so long ago, the domain names related to digital currencies were valued a lot lower but recent surges in interest have seen them become among the most highly sought after names just now.

Penalties for Using Cryptocurrencies in Morocco

The news coming out of Morocco is that the North African country’s foreign exchange authority has said that using digital currencies there could be penalised under existing laws. The Office des Changes called the use of these currencies an “infringement of the exchange regulations”.

They went on to encourage the public to stick to their foreign exchange regulations. These rules say that international transactions can only take place using authorised intermediaries and dealing with the approved foreign currencies that are listed by Morocco’s central bank.

They called cryptocurrencies “a hidden payment system” that brings with it a lot of risk for anyone who uses them. In addition, the Office des Changes say that they, the country’s central bank and the Professional Group of Banks of Morocco are following the evolution of digital currencies with interest.

This announcement comes hot on the heels of some start-up companies stating that they plan to begin offering their services in Morocco. It also follows on from neighbouring Algeria suggesting recently that cryptocurrencies may be banned there from 2018 onwards.

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