The cryptocurrency mining market has been pretty volatile over the last couple of years, granted massive price swings, updated regulatory frameworks, and fluctuating difficulty rates. Despite this aspect, tens of thousands of people throughout the world have invested in purchasing mining hardware, to help mine their favourite cryptocurrency, and turn a profit.

At this moment in time, most popular digital currencies rely on miners to dedicate their hardware resources to authenticate transactions, and ensure the fulfilment of the proof-of-work protocol, which in return, rewards them with newly-minted coin. Mining represents an immensely profitable market, especially when access to low-cost electricity is available, and when volatility brings coin prices up.

Since its inception, the Ethereum blockchain has been backed by the Proof-of-Work algorithm, similarly to Bitcoin. Yet, Ethereum’s founder, Vitalik Buterin, has often talked about his plans of ditching PoW, in favour of Proof-of-Stake (PoS), which he believes to be better suited for Ethereum’s purposes.

Now, recent reports indicate that the PoS blockchain code will be finalized sometime in June. The news comes from Justin Drake, a researcher for the Ethereum Foundation, who stated: “I’ve been continuing to fine comb Phase Zero in preparation for the spec freeze which we’re targeting for the 30th of June (…) we’re still very much on track. Still, code simplifications are coming through which is great and the process of fine combing is also for finding final bugs.”

Cryptocurrency investors have certainly had a difficult year, given the fairly stable prices for all popular digital currencies. However, recent market developments are once again adding volatility to the market.

This has led to a bullish trend for Bitcoin, since the cryptocurrency has surpassed the $4,000 threshold. In fact, the price recently saw a $200 growth, bouncing from $3,900 to $4,100. In return, this helped increase bitcoin’s market capitalization to over $70 billion, whereas the entire market’s worth is now situated at over $140 billion.

The recent price volatility has also encouraged price spikes for other cryptocurrencies. As such, Ethereum saw a 6% increase, whereas XRP and Litecoin gained around 5%.

As you may already know, blockchain technology has massive potential to disrupt numerous industries throughout the world. However, the worldwide adoption of the technology is only possible with a supportive regulatory framework.

A study carried out by the University of Cambridge in partnership with the Queen Mary University of London, discusses whether private blockchains are compatible with the recently-adopted European Union GDPR privacy law.

To put things better into perspective, the GDPR law is responsible for regulating how personal data of EU citizens is stored and processed. As such, all companies that control personal data operating within the EU must respect a set of rules concerning the storage, transfer and use of personal data. Failure to do so leads to a fine as large as €20 million EUR, or a percentage of the global revenues obtained by the company breaching the law.

One of the biggest advantages that cryptocurrencies have over their fiat counterparts is the decentralized status, which provides higher security, reduces attack risks, and ensures that coins are not controlled by a central entity. Despite this aspect, recent research has concluded that the majority of digital assets available on the market are centralized.

To put things better into perspective, CryptoCompare, which is a market data aggregator, has recently published a digital asset analysis for over 200 coins. The authors analysed the digital assets from a variety of different perspectives, and using more than 30 attributes. When doing the analysis, researchers considered the supply concentration, distribution, market cap, governance, volume data, regulatory classification, and decentralized status of the coins.

During the last couple of months, the European Parliament (EP) and Commission (EC) have been actively involved in discussion of appropriate regulation for the digital currency market. Now, recent reports indicate that the EP has voted for a stricter array of regulations for the crypto market.

With this in mind, once the legislation is applied at the European Union level, crypto exchanges alongside wallet providers will be required to introduce specific due diligence procedures for their customers. In other words, wallets and exchanges may soon have to begin verifying user identity. Additionally, the measures also point out that crypto wallets and exchanges will need to register before being allowed to offer their service.

So far, there hasn’t been much news regarding any involvement of NASA with blockchain technology, or digital currencies. However, things are about to change, as a research project that recently received funding from NASA, will be looking for ways to leverage Ethereum’s smart contracts, to help automate spacecraft manoeuvring and avoid space debris.

NASA, which is also co-running the research and development effort of the project, has mentioned that the development may revolutionize the search for deep space probes. To put things better into perspective, NASA is investing in a project that would use blockchain and smart contract technology to not only enhance space communications, but also to make navigation efforts safer and more efficient.

Given its versatility, Ethereum has grown to not only be known as a digital currency, but rather as a platform for creating innovative, crypto-based projects as well. In an effort to further encourage development of apps, services and tokens on the Ethereum platform, six large blockchain-related companies alongside with a Japanese venture capital firm, have decided to create the Ethereum Community Fund (ECF).

According to recent reports, the purpose of the ECF will be to fund projects and businesses that are part of the Ethereum ecosystem. At the beginning, the community fund will start with $100 million, raised by six projects alongside the venture capital firm. Reports indicate that the Ethereum creator, Vitalik Buterin, will be part of the advisory body.

While digital currencies seem to be losing value given the massive bear going on at this moment in time, institutions, governments and international organizations throughout the world are showcasing an increased interest towards blockchain, the underlying technology of bitcoin and many other cryptocurrencies.

With this aspect in mind, recent reports indicate that the European Commission has decided to launch their very own EU Blockchain and Observatory Forum, in order to boost blockchain-related projects within the European Union. For those who do not know, the European Commission is the executive body of the EU, in charge with legislative initiative, budget management and control over other EU institutions.

Ethereum’s evolution during the last couple of days creates big hopes for the smart contracts and digital currency system. On the 10th of January, the digital currency managed to hit another all-time high, marking a 60% increase in value in a single week.

With this in mind, Ethereum managed to hit an all-time high of $1,416, which gives it an increase of 13,000% in around a year, a figure enviable by many other cryptocurrencies. While the massive growth in price begun recently, it is expected that it will last for a longer period of time.