🚀 Gatecoin.io finally shutting down, Mt. Gox Founder found Guilty, and more..🚀 ~ CEOM Coin

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Mt.Gox's Mark Karpeles Given Suspended Sentence of 2.5 years

The Former CEO and was found guilty of producing illegal records but was cleared on other charges and given a suspended sentence.

A suspended sentence means that the defendant (Karpeles) will be given a probation period. If he is able to fulfill a set of condition set by the ruling court, the sentence will be dismissed.

The verdict comes almost 5 years since the collapse of Mt. Gox when it was hacked for 850,000 BTC.

Prosecutors initially sued for a 10-year sentence for Karpeles on embezzlement charges.

CoinDesk

Gatecoin.io Enters Liquidation and to Shut Down on Court's Orders

Gatecoin has announced on that it has received a winding up (compulsory liquidation) order from an unspecified court.

Gatecoin announces that issues with the liquidation process with a PSP (payment service provider) caused financial difficulties that made Gatecoin no longer able to support its operations.

In May 2016, Gatecoin was hacked to the tune of 250 Bitcoin and 185,000 Ether, which represented 15 percent of Gatecoin's assets at the time.

You can read the full message by Gatecoin here.

CoinDesk

Tether quietly updates its collateral breakdown; No longer backed 1:1 by USD

The company now claims that "Every Tether (USDT) is always 100% backed by our reserves,"

Back in December, Bloomberg vouched that Tether essentially had a dollar for every USDT on the market,

The wording update could be related to the Commodity Futures Trading Commission's subpoena against Tether as part of its ongoing investigation.

TheBlockCrypto

☕ Just How Many Consensus Algorithms are there? 🤔

CoinGecko Buzz recently published 2 articles, titled: CoinGecko's Guide to Consensus Algorithms (Part 1 & 2)

A Consensus Algorithm is essentially the backbone of a Decentralized Cryptocurrency.

It allows a distributed system (the blockchain) to function properly as a decentralized peer-to-peer system without a central authority figure.

So just how many types of Consensus Algorithms are there?

Proof-of-Work (PoW)

The first ever consensus algorithm created by Satoshi Nakamoto that solves the Byzantine Generals Problem, this is the algorithm that computers follow to "Mine" cryptocurrency

Proof of Stake (PoS)

Unlike PoW, PoS doesn't require mining. In PoS blockchains, whoever stakes the most coins gets to sign blocks on the blockchain.

Delegated Proof-of-Stake (DPoS)

Unlike PoS, in DPoS blockchains, users can stake their coins on behalf of another person, thereby "delegating" another to sign on the blockchain.

Directed-Acyclic-Graphs (DAGs)

DAGs aren't technically consensus algorithms in the strictest sense, but a different implementation to existing algorithms such as PoW or PoS

Practical Byzantine Fault Tolerant (PBFT)

Designed in 1999, PBFT algorithms doesn't require overwhelming consensus (>99%) like PoW or PoS. As long as more than two-thirds majority agree on something, they move forward; much like human democracy.

Bear in mind that the 1/2 sentence explainer above does not fully explain the nuances of each consensus algorithms.

To understand them in more detail, Do read our 2 parts post on CoinGecko Buzz