In a Proof-of-Stake system, mining is replaced by the commitment of coins. The system uses existing coins to “mint” new coins instead of hashing power. A successful attacker could inadvertently make himself the only recipient of block rewards as well as transaction fees. At a minimum, he could limit the competition pool such that he was gaining disproportionate wealth. Back in October, the researchers began contacting affected cryptocurrencies. They weren’t able to reach all of them. Several of the affected crypto projects have introduced code that makes the attack much harder to perform. However, the researchers prefer the attack eliminated altogether, and still consider them vulnerable. They say that the increase in difficulty of the attack is not an adequate substitute for requiring full validation of data.This design can infinitely increase the resources required to participate in the network as a staking node. Staking nodes in competition with an attacking node might have no inkling as to why their software is failing. The following blockchains have implemented fixes for part of the vulnerability:
The researchers are working together under the banner of Distributed Technology Research (DTR), a non-profit foundation backed by Pantera Capital for the purpose of developing next-generation digital currencies to achieve wide adoption. Unit-e should launch in the second half of 2019 with a stated goal of processing 10,000 transactions per second, which would put it out on its own as the network with the highest throughput ahead of Visa’s 1,700 transactions per second and Bitcoin’s ~10 transactions per second.With varied backgrounds in cryptography and computer science, the professors are all published researchers in the field of blockchain technology, and their idea for creating Unit-e’s promised scaling solution incorporates sharding and separate payment channel networks to aid transaction speed. In so doing, the team hopes that Unite-e will deliver on their promise to substantially outperform any other payment network – including bitcoin – in existence in terms of transaction security and speed.
The weakness in the short-term price trend of BTC led the market to demonstrate volatility on the downside. More than $5 billion was wiped out of the crypto market and major assets like Ethereum recorded a six percent drop
Bloomberg bases its report on data and analysis from crypto analytics startup Flipside Crypto, which sealed the backing of major crypto exchange Coinbase and veteran crypto venture capital firm Digital Currency Group (DCG) back in November.According to Flipside, as of Oct. 2018, a high number of long-inactive Bitcoin holders — defined as those that haven’t transferred their Bitcoin for between six and thirty months — have begun to transfer their coins, resulting in wallets active over the past month now holding around 60 percent of the coin’s circulating supply.Last October — on the cusp of the rising trend identified by Flipside — blockchain research firm Chainalysis published its study into the 32 largest Bitcoin wallets. Said wallets reportedly represent 1 million BTC, worth close to $3.7 billion to press time. Their data indicated at the time that only around a third of so-called whales were active traders, and these had “net traded against the herd, buying on price declines.” The study thus concluded the so-called whales were not responsible for price volatility.
Crypto markets are still battered and bruised as we enter the weekend. There has been no sign of a recovery following the $16 billion rout over the past day or two. Total market cap is still a touch over $120 billion so the sideways channel has remained intact.Ethereum has not managed to reclaim its second place from XRP and is still below $130. The imminent Constantinople upgrade to the network is no longer a fundamental factor in the performance of ETH. As it has done since its inception it has been dragged down by Bitcoin again. XRP has made marginal gains on the day which has enabled it to increase the market cap gap to $300 million.
There has been little movement since the big dump as markets find a new level. Daily volume has dropped back to $16 billion and the range bound channel has remained intact above $120 billion. Bitcoin’s dominance has crept up a percent to 52.3% as it still dictates movements across the entire market.
CEO Brad Garlinghouse knows this better than anyone. While Ripple looks to chip away at a multi-trillion-dollar cross-border-payments industry, he and other company executives are constantly clarifying the company’s relationship with the cryptocurrency “XRP” and its pack of zealous followers.On Tuesday, Ripple announced it hit the 200-customer milestone, a 350 percent increase in customers sending live payments. It is now operating in more than 40 countries. Still, it has a long way to go before making a dent in global payments, which is dominated by the world’s biggest banks.
“Ripple took a contrarian view on a bunch of things pretty early and that made us unpopular among the die-hard crypto community,” Garlinghouse said. “In the face of those kind of arrows, though, I still have conviction that we’re on the right path.”
Ripple Labs has long been a polarizing startup in the cryptosphere. Case in point, the San Francisco-headquartered company, started by Stellar Development Foundation Mt.Gox co-founder Jed McCaleb, is often bashed for being in bed with centralized financial entities — what Bitcoin was created to destroy. Moreover, many believe that the XRP digital asset is centralized, controlled by puppet masters at the fintech firm.Litecoin creator Charlie Lee took the time to caution his followers, stating that coins that aren’t dominant in their respective consensus mechanisms (Ethash for Ethereum Classic) are susceptible to attack. Lee then drew attention to NiceHash, a mining marketplace, to prove his point, noting that it would cost a mere $5,000 to attack the ETC for an hour.
According to the Coinbase blog, the team first detected eight reorganizations that included double spends, totaling 88,500 ETC (approximately $460,000). Later, the exchange informed the public in an update that there were 12 additional reorganizations, totaling 219,500 ETC (around $1.1 million).The major exchange was soon joined by Japan’s bitFlyer, which also claimed that there was an ongoing 51 percent attack with mass reorganization involving more than 100 blocks. The exchange also suspended the deposits and withdrawals of ETC. Japanese exchange Coincheck has also temporarily suspended ETC deposits and withdrawals.Double-spending means that the fraudsters sell cryptocurrency for fiat, and then amend the ledger to give the coins back to themselves, keeping fiat at the same time.
The cryptocurrency market’s recent roller-coaster movement has left a lot of users and holders baffled with twenty nineteen starting off on a bullish high and currently witnessing a sideways price movement. The time period has also seen Ethereum [ETH] and XRP switch positions to become the second and third largest cryptocurrency respectively on the cryptocurrency charts.
The XRP community has been one of the most active participants in the crypto space and has always maintained a steady positive stand on the cryptocurrency’s present and future. This moral was boosted when Weiss Cryptocurrency ratings recently released a post stating that XRP could become the number one cryptocurrency in 2019.