It’s now official – BitMEX, a Singapore-based cryptocurrency exchange is being probed by the US Commodity Futures Trading Commission (CFTC). In a Friday morning report by Bloomberg, BitMEX whose fortunes are believed to be centered around allowing people to bet with small amounts of money has now found itself on the wrong side of the … Continue reading "US Regulator Investigating Crypto Exchange BitMEX"
Cardano has been created in order to serve as a decentralized computer in a similar way to Ethereum. The platform provides the system flexibility in order to be maintained as easily as possible and upgraded as well. The platform makes use of a Proof-of-Stake system which has the ability to reduce the number of electricity … Continue reading "Cardano Price Prediction: ADA Is Expected To Surge Before August – It’s The Ideal Time To Buy"
Monero (XMR) has been gaining increased recognition this year, and more crypto enthusiasts are becoming fond of the high-level of privacy and security that XMR is able to offer in the crypto space. This is the main reason for which the privacy-oriented coin has been seen for quite a while now one of the best … Continue reading "Cryptographer Nick Szabo Is Encouraging Crypto Enthusiasts To Use Monero (XMR)"
There’s some new info that just entered the crypto space, and it seems pretty interesting. Sentbe joins RippleNet Sentbe which is a money transfer fintech startup in South Korea has just joined RippleNet, and this way it helped expand the network of banks and financial services institutions via Ripple’s cross-border payment products. The startup revealed … Continue reading "Ripple And MoneyGram Team Up With South Korean Remittance Startup – Samsung-Related Speculations Pop Up"
Coinbase’s latest move has a lot of people surprised and confused at the same time. Coinbase quietly discontinues crypto bundles The exchange has quietly discontinued the crypto bundles feature. Coinbase Bundles launched back in October 2018, and it allowed traders to buy a market-weighted selection of Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ethereum Classic according … Continue reading "Coinbase Just Shut Down The Crypto Bundles Without Issuing Any Warning"
It’s been recently reported that CNBC has been controversial in the Bitcoin and crypto community for quite a while now. Since it began to cover the crypto space back in 2017, the outlet has been reportedly become popular for making bad calls on crypto, notes Ethereum World News. The online publication notes that one analysis … Continue reading "Bitcoin Vs. Cannabis: BTC Rallies Against Cannabis Stocks"
How it all started? Bitcoin Gambling has been present for more than a decade. The idea of this type of gambling was developed when online gambling was banned in many countries. Since players all over the world enjoy this sort of entertainment, gambling industry had to find a way to bring the online betting games … Continue reading "Bitcoin Gambling Blats is Only Just Getting Started"
As IOTA grows into an international organization and technical standard, it’s important that the world inside and outside of the blockchain industry understand the IOTA story, what we are focused on, and how we plan to evolve in the coming months and years. Without a platform to explore the many components that make up our story, the world may find it difficult to grasp the full scope of IOTA in a sea of technologies and digital assets.
In order to share the IOTA story with you all, we’ve developed IOTA Insights, a series for organizations and individuals to learn about IOTA’s key focus areas on a quarterly basis.
We’ve even put together a handy website specifically for updates and content related to the Insights Series. You can sign up here to receive information, learn more about the program, the schedule for future insights calls, and how to participate.
Each quarter, the IOTA Foundation will set aside time for a call to highlight a set of insights exploring our strategy, execution, and positioning. The IOTA Insight calls are available to everyone and can be accessed live or post-recording.
Our first ‘episode’ is scheduled for July 30th at 2 PM EST/8 PM CEST, and will cover the following:
Insight 1: Digital Infrastructure, Hosted by Dan Simerman
Insight 2: Smart Cities, Hosted by Mathew Yarger
Insight 3: Standardization, Hosted by Richard Soley
Insight 4: The Future, Hosted by Dominik Schiener
We realize that in order to fully participate in our ecosystem, one must have a good understanding of who we are, what we are about, and why we exist. With this in mind, we hope that IOTA Insights becomes a successful platform to tell the IOTA story to our partners, the market, and potential collaborators.
For more information visit: insights.iota.org 👈
Introducing IOTA Insights was originally published in IOTA on Medium, where people are continuing the conversation by highlighting and responding to this story.
With the help of our vibrant community and industry partners working towards real-world adoption, the IOTA project has come a long way in the past three years. While the Coordinator has been an essential component thus far for securing the network, it is often described as “training wheels for the network while it is still in its infancy.” We have been hard at work understanding how to safely remove those training wheels.
We recently published our Coordicide blueprint, which outlines the progress we have made so far, as well as the challenges left to tackle. But solving those problems is just the first step; the solutions still need to be implemented, tested, and ultimately ready to support the IOTA network in the real world.
Removing the Coordinator is the number one priority for the IOTA Foundation’s Research & Development teams. The Coordicide project is a joint effort between both the Research and Engineering teams, and we also welcome those in the IOTA community who would like to get involved.
At a high level, the strategy looks like this:
This strategy can be understood in two distinct phases: the Research and Implementation phase, and the Testnet phase. The final goal, then, is to perform a Mainnet Transition, where the current state of the ledger is brought into the new network.
Phase 1. Research and Implementation
During this phase, we have three specific goals:
- Solve the open research questions around each Coordicide module
- Write a comprehensive technical specification, which can be used by both the IOTA Foundation and any others who may wish to implement an IOTA-compatible node
- Implement the specification as the IOTA Foundation’s future reference node software; for now, the working title of this node software is “Bee”
As each module is fully developed, work on the specification and implementation will be started in parallel. By following this strategy, ideally, the reference node software will be available without much delay after the last research questions have been solved.
Coordicide Prototype: Go-Shimmer
As a further speed-boost towards the production node software, we are also working on a rapid prototype called “Go-Shimmer”, which aims to test the consensus algorithm and some of the other Coordicide modules. This will allow us to have a simplified “Alpha Net” for development, feedback, and to simply provide a sanity-check against our Coordicide implementation without first formalizing the specification or writing production-ready code.
In the meantime, preliminary work on Bee has already begun. The modular, plug-in based architecture is being defined, and many modules are already well-known or do not have any significant open research questions. These modules include:
- Hash function
- Transaction layout
- Tangle graph structure
- Ledger state & balance calculator
- Generic HTTP API
- Client API built on HTTP API
- Local snapshots
Further research into the remaining modules is well underway. These include mainly those listed on the Coordicide website, namely:
- Shimmer (consensus algorithm)
- Mana (Sybil protection)
- Tip selection
- Node identifiers
- Rate control
- Node bootstrapping & syncing
In addition to these Coordicide node-specific modules, many existing projects such as the client libraries and the IOTA Hub will be updated as the new specification is defined.
The Foundation’s Research & Engineering teams are working closely together to achieve these goals, and we invite community members from all walks — individuals, companies, academics, or any other interested parties — to reach out and participate where you are able to.
Phase 2. Coordicide Network Launch: Testnet
Unlike the rapid prototype (Go-Shimmer), the Coordicide Testnet is what we consider the first Release Candidate for the Coordinator-free network. The most difficult obstacle to overcome during this phase is to answer the question: “when are we (the IOTA Foundation and the IOTA community) confident enough to entrust the entire valuation of the IOTA network to our new node software?”
New projects starting from scratch do not have to worry as much about this question since the amount of money at stake may be small by comparison. For IOTA, however, it is imperative that the Testnet mimics as closely as possible the real-world network, including both:
- Enough honest actors to meet the required security assumptions, and;
- Enough highly-skilled malicious actors and security experts doing their best to find any and all breaking points
In any cryptocurrency network, the real test of security and resilience is done over time as the network grows and attracts users (both honest and malicious) and provides a strong economic incentive for both types of users to participate.
In a Testnet, as tokens do not typically have any real dollar value associated with them, we, therefore, need alternative solutions to incentivize this kind of use. We are currently planning two bug-bounty programs, which will run in parallel:
- A standard bug-bounty program, for finding errors or bugs in the code or on the running network
- An “integrated” bug-bounty program, where we insert Testnet tokens that are redeemable 1-to-1 with mainnet IOTA tokens, in the event a malicious actor is able to move them onto an address he/she controls
Both bug-bounty programs will be graduated, starting with a relatively small amount of value and increasing the bounty over time. Initially, IOTA Foundation will provide these bounties, but we may set up a bounty pool for community members to “stake” their own (real) IOTA tokens against Testnet tokens. This provides an excellent mechanism for people who trust the new system to prove it, by (effectively) putting their own tokens on the Testnet before the full ledger is copied over.
This is another area where we welcome help from the IOTA community — to come together and ensure that we are putting this network through the best, most thorough penetration tests possible.
Phase 3. Mainnet Transition
The final step is to transition the ledger balances from the existing network to the new network, which at that point becomes the new, Coordinator-free Mainnet.
Once the community reaches consensus that the Testnet is stable and will support the IOTA Mainnet in full, we will be able to specify the exact time of the transition, which will be performed by snapshot. This time will be the final period during which exchanges and all other network participants should prepare their applications for the upgrade.
Planning for Change
We plan to maintain backward compatibility for users of IOTA Foundation supported libraries and software as far as possible. This includes the Trinity wallet, client libraries, IOTA Hub, and more.
Since we anticipate that the hash function and signature scheme, and thus wallet addresses, will change during this upgrade, the Trinity wallet will include a fully automated transition process. Users who open their wallet for the first time after the network transition will see their funds moved to a new address. Funds received at old addresses would also be automatically sent to a new address.
Additionally, historic data already written into the Tangle will remain available through permanodes. These will enable querying for historical transactions, independent of snapshots or other protocol changes.
And of course, it is important to mention: work to improve the current node software — IRI — is an ongoing effort and will not be affected by the Coordicide project. Current IOTA users can expect to see ongoing progress and network improvements, even before Coordicide is complete.
As you can see, we have our work cut out for us. We hope this post sheds some light on our plans for Coordicide, and we hope to see you around on Discord or Github to help make that happen!
Coordicide: The Road Ahead was originally published in IOTA on Medium, where people are continuing the conversation by highlighting and responding to this story.
Ripple has been marking a lot of achievements this year, bagging more partnerships and gaining enhanced recognition. Now, the San Francisco-based company is in the spotlight again after the Bank of America has filed a new patent application that’s focused on Ripple’s DLT. The Daily Hodl reports that according to Google Patents, the title of … Continue reading "Ripple Adoption: Bank Of America Has Its Eyes On Ripple’s DLT"
Bakkt is believed to be a game-changer for the whole crypto space. Now, the market research and analysis company Fundstrat has released an update on Bakkt which is the Bitcoin and crypto platform that’s under construction by the Intercontinental Exchange who are the owners of the New York Stock Exchange. Fundstrat attended Bakkt’s Institutional Digital … Continue reading "Huge Flow Of Institutional Investors, Set To Join Bakkt, The Savior Of Crypto"
You’re probably aware that Tron’s Justin Sun is preparing for the famous upcoming lunch with Warren Buffet. Now, one more important name who will be joining Sun at the lunch has been added to the list of people who can join him: eToro CEO Yoni Assia. The lunch is scheduled for this week, for July … Continue reading "eToro’s CEO Yoni Assia To Join Tron’s Justin Sun At The Upcoming Lunch With Warren Buffet This Week"
Bitcoin is really popular om the dark web and this is far from being a secret these days. Privacy-oriented coins are also becoming more popular mainly because they provide anonymity on all 3 facets of the transaction – sender’s address, the receiver’s address, and the transaction amount. Monero and Zcash outshined their peers Data charted … Continue reading "Monero And ZCash Have Recorded A Growing Acceptance On Dark Web Merchant Sites"
There are a lot of crypto enthusiasts and traders who have gone bullish this year especially after the bulls returned back into the crypto space in April. Cash flowing in an out of exchanges Crypto analyst Nik Patel compiled an overview of the amount of cash that has been flowing in and out of eight … Continue reading "Bullish Crypto Traders Bring $907 Million Into Binance"
There are a lot of Bitcoin-related predictions these days, and they seem pretty optimistic. BTC to head towards $14k For instance, trader and analyst Tone Vays said that if BTC can break past $11,050, there’s little preventing that the most important crypto in the space takes a larger share of the overall crypto market and … Continue reading "Bitcoin (BTC) To Surge To $14,000 In The Short Term Soon"
‘Alte Utting’ at Lagerhausstraße in Munich hosted a meetup recently where there have been considered new updates for Monero, and there were also taken suggestions. Privacy-coins are becoming more and more popular these days, and the world finally acknowledged the importance of privacy and safety, especially in the crypto space. This is the main reasons … Continue reading "Monero Reveals New Windows Installer – XMR Value Surges"
Bitso is a Mexico-based crypto exchange and also a Ripple partner. They said that they are the very first platform in Latin America to earn a DLT license from the Gibraltar Financial Services Commission (GFSC). Regulation by GFSC According to the Daily Hodl, custody, withdrawals, deposits, and trading will be fully regulated by the GFSC. … Continue reading "Ripple’s xRapid Gets Boosted In Mexico And Bitso Gets DLT License"
The crypto market has been fluctuating a lot lately, and there have been a lot of price-related predictions popping up in the crypto space. Today, most coins are trading in the green on CMC with Bitcoin being priced at $10,614.04. Bullish signals for XRP, BCH, and EOS Now, Smartereum says that XRP, EOS and Bitcoin … Continue reading "XRP Price Predictions For 2019: Ripple’s Coin Is Reportedly Ready To Surge Together With BCH And EOS"
Coinbase has just launched a new set of trading signals, including insight on which coins are the most popular and which digital assets are being held the longest by investors. The analyst and economist Alex Kruger has compiled a list of data that is revealing that the biggest crypto assets by market cap are not … Continue reading "Coinbase Launches New Set Of Trading Signals – Statistics On Digital Assets"
DeepCloud AI, the decentralized cloud computing platform for IoT and Web 3.0 apps, currently has its public initial exchange offering (IEO) ongoing on the rising exchange platform, BitMax. The sale began on July 18th, with each DEEP token priced at $0.1, for a hard cap total of 5 million DEEP, equal to a $500k cap. … Continue reading "DeepCloud AI Hits Hard Cap of $500k on First Day of Bitmax IEO"
Crypto adoption continues to intensify with various movements that are taking place in the crypto space, which are making it much easier for people to have access to crypto these days. Crypto adoption is one of the main goals that crypto enthusiasts in the community have for this year. Stellar has been making its own … Continue reading "Crypto Adoption: StellarX Mobile Wallet Launches On iOS"
Brad Garlinghouse addresses the controversial subject of Facebook’s approach to crypto. This has been debated a lot lately in the crypto community, and even Trump talked about the social media’s latest project Libra. Facebook’s latest project Libra, has triggered a ton of controversy in the crypto space. For some, it triggered enthusiasm, for others, criticism, … Continue reading "Brad Garlinghouse Addresses The Main Differences Between Facebook And Ripple’s Approach To Crypto"