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Topics - Geey

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1
Bugs, management issues and competitors: What challenges is Ethereum facing before its anticipated proof-of-stake upgrade?



The launch of Ethereum (ETH) 2.0 may be delayed yet again after developers rescheduled the network’s proof-of-stake algorithm upgrade for June 2020, as reported by Cointelegraph on May 15. Taking into account all of the factors surrounding the highly anticipated launch, the statements made by the #DevelopmentTeam  can be construed as an almost official promise. Or, as the devs themselves say, “carefully” optimistic, meaning that the critical update is still not in sight.

The main reason for the note of this careful optimism is the presence of multiple bugs in the system that the Ethereum team is striving to fix while other platforms are successfully launching their proof-of-stake networks. Why is it taking so long for Ethereum to implement its final upgrade phase before becoming truly scalable, and can this delay mean that Ethereum 2.0 is losing the scalability race? Read More

2
An EOS DeFi project wants to make use of the blockchain’s smart contract upgrade features, enlisting the help of Binance, Eosfinex and others to oversee the process.



Equilibrium, an EOS-based decentralized finance, or DeFi, project similar to MakerDAO (MKR), is adding four block producers to its governance system, most notably Binance.

Other members include Eosfinex, an EOS decentralized exchange affiliated with Bitfinex, as well as stand alone block producers EOS Nation and EOS Cannon.

The group of four will act as “governance supervisors” for the system. Their primary purpose is to sign off on smart contract upgrades for Equilibrium.

As Alex Melikhov, the CEO of Equilibrium, told Cointelegraph, this leverages a distinctive EOS feature:

“One of the main advantages of EOS lies in updatable smart contract code. In other words you can migrate to new versions of your application seamlessly without hard stop of the whole system.”

This approach is different from Ethereum, where new iterations of DeFi protocols generally require a complex migration procedure. The old versions may eventually be shut down to avoid security risks, as was the case with Maker’s single collateral Dai, or they may be left to their own devices, like with Uniswap V1. Read More

3
Steem’s latest hard fork has been completed but almost $6 million of STEEM due for seizure was ‘rescued’ in a mysterious transaction to Bittrex exchange.



As part of the long-running Steem drama, the Steem (STEEM) network experienced another fork today. Particularly designed to tackle “constant attack from malicious accounts,” the new hard fork doesn’t appear to have been entirely successful.

Code named “New Steem” the hard fork 0.23 had two primary aims. The first was to reduce the power down period from 13 weeks to four weeks. The second was to seize 23.6 million in STEEM tokens from Steem accounts and stakeholders associated with the Steem blockchain’s rebel and fork, the Hive blockchain.

The latter goal has apparently failed as the seized funds were ‘rescued’ by an anonymous account on major crypto exchange Bittrex, according to a May 20 post by Andrew Hamilton, CEO of JPB Liberty and Steem stakeholder. Read More

4
Cardano founder Charles Hoskison explains why University of Wyoming represents a better return on investment for IOHK than Harvard, MIT or Cornell.



Cardano founder Charles Hoskinson has revealed why the University of Wyoming presented a more attractive choice than Harvard, MIT or Cornell for Input Output’s (IOHK’s) lab.

IOHK, the company charged with the development of Cardano, donated $500,000 in ADA to the blockchain lab at the university earlier this year. The State of Wyoming is known for its progressive crypto legislation, which allowed former Wall Street executive Caitlin Long to establish the first crypto-native bank in the U.S.

Hoskinson noted that the university was, “the first state institution in the entire United States to treat ADA like U.S. dollars.” Read More

5
Legendary video game producer Atari partners with the Litecoin Foundation to take advantage of the overlap between the two communities.



On May 19, the Atari Group announced a partnership with the Litecoin (LTC) Foundation, betting on the overlap of interests between the crypto and gaming communities.

Atari has raised 74.19 Bitcoin (BTC), worth roughly $514,000 over the course of the presale stage of its ICO up to now. The funds came mostly from partners. Not only will Atari accept investments in Litecoin, Bitcoin and Ether (ETH), but gamers will be able to pay for its upcoming Video Computer System (VCS) with Litecoin and receive a discount. It will be available at the foundation’s online store.  Read More

6
Filed this morning, the second class action against block.one estimates that U.S. investors made up $200 million of the EOS ICO, in violation of securities law.



Per a May 18 complaint, more investors are looking to recoup funds invested in the record-breaking initial coin offering for EOS — which netted a total of $4 billion in cryptocurrency. Lawyers for the plaintiffs are calling over $200 million of that money illegally raised. Read More

7
XRP TipBot has avoided closure due to the Netherlands' strict implementation of AMLD5 via a partnership with Uphold.



XRP TipBot, a service enabling users to transfer XRP to each other via comments on Twitter, Reddit and Discord, has been saved from the threat of extinction at the hands of new regulations in the Netherlands.

In a May 14 blog post, developer Wietse Wind explained that the “personal hobby project” had been at risk due to a registration deadline and vastly increased costs in order to conform to recently passed Anti-Money Laundering (AML) legislation.

However, the project has been saved, through a last-minute partnership with digital payment platform Uphold. Read More

8
XRP - Ripple Forum / Ripple Settlements Are Coming to Japanese ATMs
« on: May 17, 2020, 04:06:20 PM »
SBI Holdings plans to integrate Ripple-powered settlement across Japanese ATMs.



Ripple partner and investor, SBI Holdings, announced plans to integrate Ripple-powered settlements across ATMs in Japan.

The news was revealed in SBI’s latest financial report, announcing a plan to integrate the Ripple-powered settlements platform MoneyTap with ATMs run by various banks across Japan.

The integration is intended to provide consumers with easier access to funds at ATMs regardless of their banking affiliation. Read More

9
In a Twitter discussion with J.K. Rowling, Elon Musk revealed holding 0.25 BTC after claiming to be selling nearly every physical possession earlier this month.



Elon Musk appears to have revealed his Bitcoin (BTC) holdings while participating in the crypto community’s efforts to educate J.K. Rowling, the author of Harry Potter, about Bitcoin.

In response to a request from Rowling for Twitter to explain Bitcoin to her, Musk emphasized that “massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.” Musk added:

Quote
I still only own 0.25 Bitcoin btw.

Tyler Winklevoss responded asking, “ Then how are you going to pay for things on Mars?” Read More

10
An Ethereum 2.0 developer call reveals that the Schlesi testnet was successful enough to hope for a more official multi-client testnet in June based on 0.12 specs.



Work on Ethereum 2.0 is now almost entirely directed toward fixing bugs, with the team trying to synchronize all existing clients into one single version of the blockchain.

An after-action report of the Ethereum 2.0 implementers call, held on May 14, reveals that the majority of the work is devoted to fixing code bugs and improving ways of detecting them.

For the latter, Mehdi Zerouali of Sigma Prime reported major progress in designing “fuzzing” techniques, which feed bogus data to the program in order to find where it breaks.

Sigma Prime analysis already helped finding several low-level bugs in Ethereum 2.0 client software and the libraries they rely upon. Specifically, the analysts found an infinite loop bug in the Teku client and a memory segmentation fault in Nimbus. Read More

11
A recent job listing at blockchain-based payments firm Ripple indicates that it is working on a working capital loan product.



The blockchain-based payment network Ripple recently added a job opening on its official website for a “Director of Product Management, Loans.”

The description indicates that Ripple is working on a new loan product to help its customers with working capital loans.

Working capital loans are loans companies take to financially support their everyday operations in the short term.

A blockchain-based loan product could potentially shorten the time for companies to avail capital loans, reduce paperwork, and improve transparency and accountability between the involved parties. Considering Ripple’s wide reach across major financial institutions, this could be a huge benefit for companies seeking working capital loans. Read More

12
While miners took a double hit, the combination of the pandemic and halving could provide an unlikely tailwind to the crypto industry at large.



Normally, little is unexpected concerning the regular, pre-programmed adjustment of the Bitcoin network’s mining reward size, otherwise known as halving. Baked into the digital currency’s original protocol, the anti-inflationary mechanism gets triggered once every 210,000 blocks mined — or roughly every four years — providing all the interested parties with ample notice and time to buckle up.

Throughout Bitcoin’s (BTC) rather short history, halvings invariably foreshadowed massive rallies in crypto markets. The upcoming event, however, is unprecedented, as it will take place in the middle of a crisis that has affected just about every aspect of the global economy. How did the coronavirus-induced disruption play out in various sectors of the crypto industry, and what difference will it make for its pre- and post-halving state? Read More

13
Litecoin and Grin++ developer, David Burkett, has posted an April progress update on Litecoin’s Mimblewimble integration, claiming that a testing framework has been built and codebase integration has started.



The lead developer on the Litecoin Mimblewimble (MW) project, David Burkett, has now built a functional testing framework and started to integrate the development work done so far into the Litecoin codebase.

According to a May 1 report on the Litecointalk forums, the project to implement the MW privacy enhancements into Litecoin has reached an important milestone with the build of a test-bed. Burkett claims that he has also run some end-to-end validation tests through the framework.

“I’ve built out a functional testing framework that builds valid headers, blocks, and transactions. I’ve now got some (mostly) complete end-to-end block validation tests,” he said.

As Cointelegraph reported in March, Burkett predicted that MW would be running on the Litecoin testnet by the end of the summer. This is a significant step towards that goal. Read More

14
Bitcoin Forum / Bitcoin miners await the halving
« on: May 08, 2020, 07:14:10 PM »
Bitcoin is currently inching towards a strong consolidation above $10,000 as the industry moves closer to the imminent halving.

The block-reward halving is only a few days away and miners would be receiving a 50 percent reduction on their incentives. Although a lot has been spoken about BTC miner’s sentiment post-halving, let us dwell into how it can possibly playout for the miners from a bullish and bearish perspective.

Bullish Case behind the miner selling pressure

Now, during the run-up in April, when Bitcoin was mediating between the ranges of $6000 and $8000, many speculated its price effects after the halving. Various studies conducted over the past months suggested that the profitability aspect of miners would be extremely poor if Bitcoin remained under $7500-$8500 after the halving.

However, the financial landscape is completely different at the moment with Bitcoin poised to cross the halving above $8500 at least. Earlier the community expected that the selling pressure from miners would possibly increase following the event, but Messari’s recent report speculates the opposite situation as well.

It was noted that a positive price catalyst for Bitcoin would be the reduction in selling pressure from miners. Miners usually deal in fiat and they constantly need to sell Bitcoin to cover their outlay. However, after the halving, the revenue is reduced to half which means that only half as many Bitcoin will be there to sell. The report added,

“After the halving, this annual amount will be reduced to around $2.3 billion. Assuming constant buy pressure, this reduction in selling should lead to at least a marginal rise in price.”

Although the argument is constructive, the situation might not pan out the way it has been expected.

Bearish Case behind the miner selling pressure

Now, flipping the narrative towards which was earlier assumed before Bitcoin surged above $9000, is the bearish impact of miner selling pressure.

Irrespective of the fact that Bitcoin is at a profitable range for the miners at the moment, things can quickly change right after the event. Historically, it has been well documented that Bitcoin does not trigger a rally right after a halving and it takes around 10 months to occur. Any drop below $8000 will bring the ecosystem back to the same position.

Here’s where the catch is, a possible scenario that miners may have to weather the reduced reward storm for close to a year.

Now, miner capitulation is a real threat to BTC’s price after the halving. In a recent interview with Longhash, Mao Shixing, Co-Founder of F2Pool had stated,

“If the price of Bitcoin remains at the range of $6,500 to $7,500, more machines will inevitably be shut down after the halving. The March 12 crash has already caused a number of machines to shut down. But we may still try to improve their efficiency and reduce their costs.”

Matt D’Souza of Blockware Solutions also conveyed a similar thought stated that 27%–35% of the Bitcoin miners could go offline if bitcoin remains below $9,000 for several weeks post-halving.

It is anyone’s guess at the moment what kind of situation unfolds after the Bitcoin halving, however, the 3rd halving could possibly be the most important one yet for the largest crypto asset. Read More


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