Is ETH its own roadblock?

Okay, hear me out.

The token was the first of kind. A prototype, if you will. It doesn’t do too well with standards built on chain, ironically enough.

Wrapped ETH makes this possible, but isn’t it a detour? Why can’t the original contract be updated to allow for seamless transaction between the different token standards on the Ethereum blockchain. Centralized exchanges are the weakest link in the whole ecosystem, but I understand why users prefer it to DEXes due to the user-friendliness and being able to use ETH directly.

The contract would need to be updated eventually with 2.0 and while there will undoubtedly be a PoW and a PoS consensus method running side by side for a bit, it would still need to be updated eventually and allow for old tokens to be transferred or re-registered in ETH 2.0.

submitted by /u/CryptoGeekazoid
[link] [comments]
Source: ethereum
Is ETH its own roadblock?

Related posts

KaratGold Proves Its Business Model By Providing Official Documents

KaratGold Proves Its Business Model By Providing Official Documents

This article was originally posted on The Bitcoin News – a trusted site covering numerous topics related to Bitcoin since 2012. There has been a […]
Source: cryptonewsmonitor
KaratGold Proves Its Business Model By Providing Official Documents

Related posts

Litecoin And Its Dusting Attack: What Happened And Why?

litecoin and its dusting


(function ($) {
var bsaProContainer = $(‘.bsaProContainer-6’);
var number_show_ads = “0”;
var number_hide_ads = “0”;
if ( number_show_ads > 0 ) {
setTimeout(function () { bsaProContainer.fadeIn(); }, number_show_ads * 1000);
}
if ( number_hide_ads > 0 ) {
setTimeout(function () { bsaProContainer.fadeOut(); }, number_hide_ads * 1000);
}
})(jQuery);

The coming altcoin news recently talk a lot about and attack which was potentially done on August 10 and announced through the official Twitter account. As the tweet notes, around 50 Binance Litecoin addresses received a fractional amount (0.00000546) of Litecoin, which was later identified by the exchange’s security team as a large-scale dusting attack.

According to James Jager who is the project lead at Binance Academy, Litecoin and its dusting attack are a major topic on the best cryptocurrency news sites. This is why he sat down to discuss the reasons behind it – and said:

“It was network-wide, which meant it affected all users of litecoin that had an active litecoin address at the time. The address of the person responsible for the dusting attack can be found here: https://blockchair.com/litecoin/address/LeEMCDHmvDb2MjhVHGphYmoGeGFvdTuk2K

“We became aware of the dusting attack on Saturday morning when one of our binance angels had received a small amount of LTC into their litecoin wallet.”

The co-founder of the blockchain data provider Glassnode, Jan Happel, also spoke about Litecoin and its dusting attack. He looked into it to confirm it and focused on the extra data which came up, showing a previously unreported dusting attack which occurred in April this year. As Happel said:

“We have done a quick query into the LTC blockchain and analyzed the number of utxo’s that carry a smaller value than the mean tx fee that day. If a UTXO contains less balance than the minimum amount required to spend it (fee) that day, it becomes stuck/unspendable — this is what we technically define as dust.”

For those of you unfamiliar with dusting attacks, the altcoin news present them as a signature assigned to any unspent value (through UTXO which is the unspent transaction output) – merged to make the transaction amount.

This was the first time a large scale attack like this had occurred. Litecoin and its dusting attack were also explained by Jager as:

“The person behind the dusting attack owns a mining pool based out of Russia, EMCD[dot]io. They reached out to express that their intent was to advertise their mining pool to the users of Litecoin, however, it’s unclear from our perspective or anyone else’s as to whether there were alternative motives. The owner of the pool was not aware that he was subjecting all these users to a dusting attack and spreading fear among the Litecoin community.

“It’s interesting to note, that even if this was not the intent of the mining pool owner, he provided a base for malicious actors to analyze. You see, the person responsible for conducting the dusting attack doesn’t necessarily have to be the one collecting the data, they can just merely be providing a service so that someone else can collect all the information and analyze it at a later date.”

Even though they seem like a small and unharmful activity, dusting attacks can undermine user anonymity and be used against users to steal precious digital assets.

The post Litecoin And Its Dusting Attack: What Happened And Why? appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Litecoin And Its Dusting Attack: What Happened And Why?

Related posts

SimplyVital Health and Its HLTH Blockchain Token ICO Worth Over $6.3 Million Settles with SEC

, a company that held an Initial Coin Offering (ICO) in 2017 and was able to get $6.3 million USD worth of Ethereum (), was recently charged by the U. S. Securities and Exchange Commission (SEC). During the sale, the company was able to raise the money by selling Health Nexus (HLTH) tokens. These […]
Source: bitcoinexchangeguide
SimplyVital Health and Its HLTH Blockchain Token ICO Worth Over .3 Million Settles with SEC

Related posts

Binance Highlights on Its Scheduled System Upgrade

Coinspeaker
Binance Highlights on Its Scheduled System Upgrade

In an official announcement on August 14, 2019, the Binance Team informed community about a forthcoming system upgrade. It is not the first time that is upgrading products. For example, we have already reported earlier that it completed mainnet ‘Galileo’ upgrade. On that occasion, the company upgraded both its CEX and DEX platforms.

Now, the crypto exchange company has once again announced a scheduled system upgrade. The upgrade will be initiated at 02:00 AM (UTC) on 2019/08/15 and it may take around 6-8 hours to complete it. However, the time taken may vary since it is only based on estimates.

Key Improvements

The upgrade will reportedly target three key areas of the platform. It will enhance the API, Matching Engine, and Websocket performance optimizations. Thus, the platform will have enhanced operability standards once the upgrade completes satisfactorily.

The upgrade will bring a new order type dubbed OCO (Order Cancels Order). It will become available through the API. Additionally, the 5,000 and 10,000 order book levels will also be introduced from the Rest API (GET api/v1/depth). Binance has also provided the extensive API changelog breakdown for this system update for its community to review.

Upgrade Process

During the upgrade process, Binance announced that it will suspend withdrawals, deposits, and trading the entire time. Any deposits that will not have been completed before this upgrade starts will be put on hold. They will then resume after the upgrade is over. Users should allow some time for the interrupted deposits to reflect in their account once the system finishes the upgrading process.

Binance will make a further announcement after the scheduled upgrade completes. Moreover, it will provide users with a 30-minute grace period to process their deposits, to cancel orders and make withdrawals. Users will also have the capability to use all other account-related functions during this grace period before trading services resume.

All the users with open Margin positions should ensure that they re-assess their collateral balances before the upgrade starts. The re-assessment will enable them to shield themselves against price fluctuations that may happen in the course of the upgrade.

The Binance team promises to maintain regular communication and updates on the progress of this upgrade on their social media channels.

Binance Highlights on Its Scheduled System Upgrade


Source: coinspeaker
Binance Highlights on Its Scheduled System Upgrade

Related posts

China to Release Its Own Cryptocurrency Soon: Future Consequences

cryptocurrency

Cryptocurrency may have been completely unknown for most people around half a decade ago, and most of the banks in the world did not even take it seriously. However, things have changed dramatically over the past few years, and many banks are now considering the possibility of launching their digital currencies.

Facebook (NASDAQ:FB) announced own cryptocurrency last month, while American banking giant J. P. Morgan (NYSE:JPM) has come up with own as well, and in a new development, it has emerged that the Chinese central bank is close to releasing own. According …

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.


Source: cryptocurrencynews
China to Release Its Own Cryptocurrency Soon: Future Consequences

Related posts

China Says Its Own Cryptocurrency Is ‘Close’ to Release – Plans to replace M0 (Cash) with it

China Says Its Own Cryptocurrency Is ‘Close’ to Release - Plans to replace M0 (Cash) with it submitted by /u/opticalinch
[link] [comments]


Source: CryptoCurrency
China Says Its Own Cryptocurrency Is ‘Close’ to Release – Plans to replace M0 (Cash) with it

Related posts

Dash continues its overall development after eventful week – AMBCrypto

overall development after eventful week  AMBCryptoIt has been a positive start to the week for Dash, as the altcoin listed out various developments in the crypto space. Earlier this week, the Dash Core Team held …
Source: worldnewsoffice
Dash continues its overall development after eventful week – AMBCrypto

Related posts

China Says Its Crypto Is Ready: How Will This Affect Bitcoin?

China Says Its Crypto Is Ready: How Will This Affect Bitcoin?

For nearly five years, has been working on cryptocurrency. For much of the time, the People’s Bank of China has chosen to keep this fact a secret. However, last year reports emerged and the country could not hide it anymore.

Earlier this year when Facebook announced the launch of Libra, the People’s Bank of China directed that the development of the cryptocurrency be ramped up. This directive came in fear that Libra could make the U.S dollar even stronger as it is closely related to it.

Now amid a trade war with the U.S, China says that its cryptocurrency is ready. The launch of this cryptocurrency is not only expected to shake up the country’s financial system but also have a larger impact at existing cryptocurrencies like Bitcoin.

China’s Cryptocurrency; Good Or Bad For Bitcoin?

China has not always embraced cryptocurrencies. The country has some of the strongest regulations against cryptocurrencies and has over the years discouraged citizens from trading them.

The move to launch their cryptocurrency has then come as a big surprise to many. But is it? By launching their cryptocurrency, Beijing can minimize the popularity of other cryptocurrencies beyond their control like Bitcoin and advocate for the state-owned crypto.

Although a great ploy, this could easily backfire on them as people interested in crypto fully understand that Bitcoin’s greatest attribute is that it is not influenced by any government. For crypto enthusiasts, Bitcoin remains the only true cryptocurrency.

One undisputed positive outcome with the launch of China’s cryptocurrency will be the wide adoption and exposure of cryptocurrencies. Just as predicted with Libra, these two coins could see cryptocurrencies become mainstream.

Millions if not billions will realize the existence and importance of cryptocurrencies. Over time, despite which is the introductory cryptocurrency, users will begin discovering other decentralized coins like Bitcoin.

Once the government launches the cryptocurrency, there is no denying that Bitcoin will get more popular and just like when Libra was being launched prices will soar.

Bitcoin (BTC) Price Update

Bitcoin is still struggling to rally as it trades below $12K. But, this could change in a couple of days. Goldman Sachs is advising investors to buy the current dip.

The investment bank that Bitcoin trading below $12,916 – $13,971 is a buying opportunity, as long as it does not fall to the $9K low. In the days to come and with continued accumulation, the next bullish wave will be triggered by demand.


Disclaimer: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of ZyCrypto. none of the information you read on ZyCrypto.com should be regarded as investment advice, Every investment and trading move involves risk, you should always conduct your own research before making any investment decision.

The post China Says Its Crypto Is Ready: How Will This Affect Bitcoin? appeared first on ZyCrypto.


Source: zycrypto
China Says Its Crypto Is Ready: How Will This Affect Bitcoin?

Related posts

Coinbase to expand its list of cryptos offered: 8 new altcoins currently under consideration – Tron Weekly Journal

to list of cryptos offered: 8 new altcoins currently under consideration  Tron Weekly JournalA couple of days ago, Coinbase announced that it plans to review new coins and potentially add one or more to list of offered digital assets. There are eight …
Source: worldnewsoffice
Coinbase to expand its list of cryptos offered: 8 new altcoins currently under consideration – Tron Weekly Journal

Related posts