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Crypto News: A shitcoin on Bitcoin? The Liquid Network sidechain adrift

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And a more secure network – Liquid Network is a sidechain of Bitcoin (BTC) developed by Blockstream company. It has just encountered major stability problems, having caused a total paralysis of the network for a little less than a day.

A general paralysis of 10 p.m.

Launched in 2015, Liquid Network is touted as a solution to the scalability issues faced by Bitcoin. This allows you to make almost instant transactions for much lower fees than Bitcoin. 

On Monday, October 4, the network teams deployed a hard fork aimed at introducing the “Dynamic Federation” functionality . Unfortunately, a bug was present in this update which caused the network to crash .

“This resulted in the activation of the network security mode, so that the blocks stopped being produced until the problem was manually fixed. “

Wiz Developer Statement

Wiz Developer Post - Liquid Network Paralysis Bug Announcement
Post by developer Wiz – Source: Twitter

In reality, the nodes responsible for verifying and signing the blocks were no longer able to carry out their mission. As a result, the network could no longer produce new blocks for 22 long hours . Fortunately, transactions accumulated in the mempool, which made it possible to process them once the situation was restored. 

The developers of the network quickly released a patch, which was deployed by 2 thirds of the validator nodes in the network. It finally took until October 5 , around 9 p.m. , for block production to resume on Liquid Network. 

Twitter post by mempool - Liquid Network back online
Mempool publication – Source: Twitter

Offline networks, a new fad? 

This is not the first time in recent months that we have addressed the subject of a blockchain network found offline. 

Indeed, on September 14, the Solana network was also paralyzed for several hours . As was the case with Liquid, Solana’s block producers were no longer able to produce new blocks . In Solana’s case, the bug was caused by posting too many transactions from a bot. As a result, the mempool found itself congested, which impacted the entire network. 

Fortunately, the problem was only short-lived and the developers were able to quickly find a solution. 

Either way, scalability remains one of the hot topics of cryptocurrencies. Despite its reach through its DeFi ecosystem, the Ethereum (ETH) network continues to face significant congestion issues, driving up transaction fees .

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Assembly (ASMB): IOTA’s first step towards smart contracts

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Assembly (ASMB), Iota’s decentralized tier 1 smart contract network, is emerging, at least on paper. The Assembly platform has planned well-known organizational mechanisms to ensure its scale, its security, but also the decentralization of its governance.

Assembly and Iota: smart contracts using sharding

Assembly is revealed in a post of December 2, 2021 published on his blog. Its mainnet will be launched in 2022. Its users will be able to customize the “chain of sharded smart contracts” that they will create using the platform:

“Assembly is a permissionless multi-chain network for building, connecting and deploying smart contracts. The protocol allows anyone to create their own chain of sharded smart contracts, with the ability to define their settings, virtual machine (VM) and validation requirements, and even customize fee and incentive structures. “

Assembly is Iota's decentralized smart contract platform.  Its launch is accompanied by that of its ASMB token.

Sharding solves network scalability problems by reducing transaction validation time. The latter is achieved by a group of nodes of a relatively small size, rather than by the whole network.

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ASMB, the Assembly token: staking, slashing, and governance

Assembly also revealed its ASMB token . The latter will be used to ”  secure, govern and develop the network  “. The ASMB token is all the more necessary for the security of Assembly, because the platform uses a consensus mechanism similar to the proof of stake.

Assembly validators will need to stake their ASMB , and will receive a reward in the form of a newly issued token. They will also be remunerated by transaction fees. Validators breaking the rules will be sanctioned by slashing, which consists of a more or less significant reduction in rewards, depending on the extent of the fault and the quantity of staked tokens. ASMB tokens are also used to ensure decentralized governance of the network . Their holders can make improvement proposals which will be voted on by the community.

70% of the ASMB token offering will be distributed to the community, with a 20% allocation for IOTA holders. The remaining 30% is reserved for first users and the IOTA Foundation.

Smart contracts are one of the central elements of web3, and Iota contributes even more to the adoption of the latter through Assembly. Smart contracts are not only essential for subsectors of the cryptosphere such as DeFi. They can also create a positive break in “more traditional” areas such as contract law .

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$30 billion in staking – Coinbase’s maddening war chest

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coinbase zoomnaija

Cryptos in the CloudsCoinbase Cloud owns and stakes a significant amount of its customers’ cryptocurrencies. The figures unveiled by the platform seem to support Coinbase’s ambition to become the equivalent of AWS for cryptocurrencies.

Coinbase cloud and cryptocurrency: billions of dollars in digital assets to be staked

On December 2, 2021, Coinbase Cloud revealed that it held $ 30 billion in cryptocurrencies on its platform in November 2021. The platform stakes most of these assets on behalf of its customers, on 25 blockchains using proof of stake, including Ethereum ( ETH) 2.0 , Tezos (XTZ), and Cosmos (ATOM). Coinbase Cloud customers are institutional investors, individuals, but also businesses.

Coinbase ensures the safekeeping of cryptocurrencies and takes a 25% commission on the staking fees. Coinbase Cloud, for its part, earns itself 8% on the remunerative interest of staking. Coinbase acquired Coinbase Cloud, formerly Bison Trails, in 2021 for an amount that would exceed $ 80 million.

Coinbase, the AWS of cryptocurrencies: serving developers and the exchange’s revenue

Coinbase’s product manager, Surojit Chatterjee, indicated in an exclusive interview with Forbes, the exchange’s ambition to become “the AWS of crypto” . Coinbase Cloud is part of these stock market plans:

“We’re building this whole suite of Coinbase Cloud products that you can think of as crypto computing services to help developers build their apps faster.”

Coinbase Cloud is also an additional way for Coinbase to diversify its income without being dependent on the fees they levy on transaction volumes which are correlated with fluctuations in the price of cryptocurrencies. This volume fell 29% in the third quarter of 2021, as the crypto markets were relatively calm. Coinbase’s revenue and profit were then down 39% and 75%, respectively, compared to the second quarter of 2021.

For the moment, the acquisition of Bison Trails seems to be paying off for Coinbase, which continues to acquire companies to develop its ecosystem. Will the purchase of Unbound Security also be beneficial for the exchange that wants to offer an innovative mode of private key management?

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Sale day for Bitcoin: 150 BTC more for El Salvador

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Bitcoins at low pricesBitcoin (BTC) falls below $ 50,000, to the delight of El Salvador who decides to take advantage of the balances to increase its reserve of bitcoins by 150 BTC. The country is not giving in to the pressures of institutions that defend fiat currencies printed excessively.

150 BTC at sale price for El Salvador: a tradition of buying bitcoin dips

On December 4, 2021, the President of El Salvador, Nayib Bukele, announced in a tweet, the purchase of an additional 150 BTC by his government, as the price of bitcoin fell below the $ 50,000 mark. El Salvador was able to buy its bitcoins at an average unit price of $ 48,670 . The bears even managed to temporarily pull bitcoin up to $ 42,000. Bitcoin is trading at $ 48,695 at the time of writing.

The Salavador buys 150 BTC for less than $ 50,000 each.
Publication by Nayib Bukele – Source: Twitter

El Salvador now holds 1,270 BTC . The country had already bought the troughs during a bloody Black Friday that caused bitcoin to lose the $ 54,000. The Salvadoran president also informed of the purchase of 420 BTC on October 28, 2021, when the markets recorded a brief drop of just over 3% in the price of bitcoin in the space of 15 minutes.

El Salvador versus central banks: the scarcity of bitcoin versus the printing press

El Salvador continues to increase its national bitcoin stockpile, and is holding out against pressure from traditional financial institutions . The Governor of the Bank of England, Andrew Bailey, criticized El Salvador’s decision to make bitcoin legal tender , during a lecture at the end of November 2021 given to students of the University of Cambridge. Bukele did not give way and responded to this provocation, indicating that the Bank of England “was printing money out of thin air  “

The President of El Salvador has also issued a criticism of central banks in general, and the American Federal Reserve (FED) in particular, asking them to ”  stop printing more and more money  “.

Adoption of bitcoin in El Salvador is progressing, but the country could further improve it by taking a few steps. Changes in the functioning of the national Chivo wallet could thus benefit the adoption of bitcoin in the country.

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