The Ripple hardfork that Jed McCaleb and Joyce Kim initially released in July 2014, Stellar went down at the end of last week but the thing is, no one really cared? The founder of Post Oak Labs, Tim Swanson first brought up the network being down last week in a tweet (see below) and a representative from Stellar later confirmed its occurrence. Breaking: yesterday the Stellar network went down for about 2 hours... only those who run validators noticed new transactions were added for ~2 stats: — Tim Swanson (@ofnumbers) May 16, 2019 Very few people noticed it and it kind of goes to show how little people care about the network. I mean we didn’t even hear about this until a week after it had happened! Bear with me here, I’m aware this sounds like we’re digging into Stellar but the incident does raise a few questions about the level of decentralisation on the Stellar network. This uses the same ‘validator’ network design as Ripple does. In this design, only a few servers validate the transactions of the network at large. But if these servers do experience a rough patch then the whole system can potentially become unstable. Decentralisation The chief scientist at Stellar has confirmed decentralisation is a worry for the protocol has he said that last month. In the blog post, the scientist goes to respond to a separate report by researchers who conclude that Stellar is too centralised to be considered ‘secure’. The researchers had said: “As can be seen from many articles and papers, some network attacks, such as DDoS, can occur in the blockchain networks. In this paper, we are saying that if two centralized nodes can not receive or send any message because of DDoS, then all nodes in Stellar network wull [sic] be blocked and can not move to the next step in the consensus process.” McCaleb has said that the Stellar Development Foundation nodes aren’t the only thing to blame though for the outage on the network. But he did say that the project has been working on getting people to rely less on these nodes. “Over the last months we have worked to get people to *not* depend on the SDF nodes. As of maybe a month or so ago the SDF nodes could safely go down and the network would continue. But this also means that the network can halt even if the SDF nodes are still running. Unfortunately this is what happened. Enough other nodes stopped for various reasons that the network halted. The SDF nodes and in fact the majority of validators in the network were still up. They just couldn’t close ledgers safely because they weren’t hearing from enough nodes in their quorums so the network halted until it could be restored to a good state.” Swanson points out that, were this to happen on another network, the effect would be more than doubled due to the fact that they are simply more active. Compared to other networks, Stellar is quite small in reality. “What basically happened was that a critical mass of nodes went down causing a cascading failure and so the entire network went down but because it isn't frequently used, few noticed.” So when the network did go into ‘outage mode’, not many people noticed. It is the equivalent of a majority of miners going offline in Bitcoin and the remaining miners have effectively been unable to find blocks to give support for the network. It was recently announced by Stellar that they would be teaming up with the guys at IBM. this boosted sentiments towards the cryptocurrency with Ripple and Stellar working in an increasingly fractured marketplace, where some banks have chosen to crate blockchain solutions as opposed to utilising these ‘industrial’ products. If you are new to the space then your attention will probably be initially pointed towards Bitcoin or Ethereum but Stellar (XLM) is a project that is taking a different approach to the model of what a cryptocurrency is. We are not by any extent ripping into Stellar here, it is still a project that is making waves throughout the crypto space, there's no denying that. Although, no matter how you look at it, XLM isn’t as popular as XRP, BTC or even LTC.
If the last couple of weeks have been anything to go by, Ethereum’s future is bright. The altcoin has been recording significant gains and has managed to set a bullish pattern. Now Ethereum could be set for even greater gains in the days and weeks to come. Ethereum has just confirmed its Golden cross, a […] The post Ethereum Could Be Next To Make An Astounding Bullish Breakout Following Confirmation Of Golden Cross Indicator appeared first on ZyCrypto.
Although quite unlikely, it is possible that ETH/USD might test the $280 level again and even rally towards $300 before beginning its next decline. That being said, it is not a good idea to take that trade as the risk/reward is definitely not worth it. The 4H chart for ETH/USD shows that the price is trading within a descending channel and an ascending triangle at the same time. The perfect scenario for the whales if they can pull it off would be to pump the price above the ascending triangle first to trap in retail bulls and hunt the bears. Then they would pull it back into the descending channel to trap the bulls. At every trading setup, the market maker is looking for ways to take advantage of retail traders especially around turning points. This is why most traders believe in going with the flow although going with the flow in this market could mean being a dead fish at certain times. The ideal play here would be to wait for a break out and see if price enters the descending channel. There is no doubt whatsoever that ETH/USD is long overdue for a sharp retracement and at some point that will happen. However that move is more likely to come at a point when both the bulls and the bears least expect it just like the recent rally. A lot of bulls feel very euphoric at the moment but most of them did not see the current rally coming. A lot of people on both sides were taken by surprise when Ethereum (ETH) pumped in that manner. Now, instead of being worried, most of them just got onboard and forget about their opinions before that pump. Some ‘reputed’ traders even took a 180 degrees turn like nothing had happened. Ethereum (ETH) shorts are still struggling as retail bears fear a rally to $300. Considering what they have seen in the past few weeks, it is reasonable to see that most of them are too scared to take a trade at this point even if the risk/reward is worth it. ETHUSDShorts has been struggling to break past the 50 day moving average but it has yet to succeed. The number of margined shorts could rise towards the top of the channel as early as next month as sell pressure on ETH/USD mounts. The market is not short of catalysts that could trigger Ethereum (ETH)’s next decline at this point. As mentioned in our last analysis on ETH/USD, there is a strong bearish divergence on the weekly time frame that points to massive downside ahead. One thing to note here is that traders that are patient always see the price coming to them instead of them chasing the price. When BTC/USD fell to $6,000 a lot of people FOMO’ed into the market thinking this was it, but that was not it. Not as many people FOMO’ed in the $3,000s but they did soon afterwards. Either way, this is not the bottom. When ETH/USD bottoms, we will see more of “Ethereum (ETH) is a scam” and “Ethereum is going to zero”. At that point most of these overly excited retail bulls would want nothing to do with Ethereum (ETH) or any other cryptocurrencies.
Following the failure, here's another project: a new platform thanks to ready-to-use software The post Cryptopia founder develops another exchange: Assetylene appeared first on The Cryptonomist.
The company intends to compete with Steam by supporting game developers The post The Abyss announces a partnership with Epic Games appeared first on The Cryptonomist.
Chainlink (LINK), a decentralized oracle service that connects smart contracts with data from the real world is doing a roaring trade from the past seven days. Chainlink is trading at $1.32 USD with 18.12% change as of writing this article on May 22, 2019. Chainlink in last seven days What exactly is Chainlink Network? The […]
Is Facebook’s escalating effort in crypto industry hitting its competitor, Twitter.? Well, Twitter CEO Jack Dorsey is eagerly stepping ahead with his Square crypto project. [...] The post Twitter CEO’s Square Crypto on Fire To Boost Bitcoin Adoption ‘Inevitable’ appeared first on Coingape.
Cryptopia which suffered a hack attack recently has left a lot of people bankrupt. The security breach led to a loss of about $23 million. [...] The post Unconfirmed: Cryptopia Founder is Likely to Launch a New Exchange Soon appeared first on Coingape.
Eric Swalwell, a United States Democratic presidential candidate for the 2020 elections, has launched a crypto donations campaign
The self-proclaimed Satoshi Nakamoto, Craig Wright has filed copyright registrations for the Bitcoin whitepaper and the original Bitcoin code with the US Copyright Office. The office has seen Wright as an author, making it the first government agency to do so. Wright = Satoshi? The crypto industry, like most industries, isn’t one that can escape controversy and Craig Wright is no exception. Wright saw his claims to the crypto throne (not the iron throne though) culminate this week after he was granted copyright claims to the original Bitcoin whitepaper and software code. According to the official website of the US Copyright Office, Wright’s claim has been registered on 20th May. the Copyright Office granted Wright two copyrights, one for the whitepaper called “Bitcoin: A Peer-to-Peer Electronic Cash System,” and the other for “Bitcoin”, as in the original code for the cryptocurrency. CoinGeek has reported: “Wright is now legally establishing that he is Bitcoin’s creator after being dismayed to see his original Bitcoin design bastardized by protocol developer groups—first by Bitcoin Core (BTC) in 2017 and then again by Bitcoin Cash (BCH) developers in 2018.” The registration recognises that Wright is an author of the whitepaper under the name Satoshi Nakamoto, as well as being responsible for writing “most of version 0.1 of the Bitcoin client software.” The president of nChain, Jimmy Nguyen recognised the whitepaper and has said: “Better than anyone else, Craig understands that Bitcoin was created be a massively scaled blockchain to power the world’s electronic cash for billions of people to use, and be the global data ledger for the biggest enterprise applications.” CoinCenter’s Neeraj Agrawal was the first to break the news, posting this on Twitter: Craig Wright filed a copyright registration for the Bitcoin whitepaper — Neeraj K. Agrawal (@NeerajKA) May 21, 2019 If Wright’s claim is found to be false though, it wouldn’t have a big consequence as no company has ever been procescuted for false copyright registration before, which is technically punishable by a fine of up to $2,500. Just like the venture capital lawyer Chris Harvey points out: “False copyright registration is "copyfraud". Unfortunately, no private right of action exists under relevant US copyright law, 18 U.S.C. § 506(e). Violations are punishable by a fine of up to $2,500. No company has ever been prosecuted for violating this.”
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