Alternative mining protocol: is there any control over miners?

Alternative mining protocol: is there any control over miners?

Block.one has no more ETH left, Ethereum slowing down under a heavy burden of transactions, the new creative ways to secretly mine Monero and a new decentralized Bitcoin pool — all this in today's weekly digest

  • All ETH addresses, that belonged to EOS project, are now finally empty. The coins were moved to exchanges and it's highly probable that they were sold. The total amount of ETH raised during their ICO is more than 3 million. They have been selling it all year.
  • Ethereum Network was congested again due to high fees. The fees skyrocketed because of a new exchange FCoin that decided to implement a new voting system. To vote for a new token to be listed, users must send these tokens to an exchange, which resulted in enormous rise of a GAS price. Many small projects tried to win in this competition, thus heavily clogging the network in the process.
  • In the Philippines, crypto exchanges are more popular than traditional financial platforms in 2018. They have more active users, and the trading volumes are higher. A special economic zone with soft regulations and small taxes is ready to embrace 25 new crypto exchanges in the country. They have to comply with certain requirements, for example, they must be able to invest $1 million within the zone, and should build their headquarters somewhere in the area.
  • The ban on Indian crypto exchanges is going to stay, the supreme court decided. Despite all efforts, the lawsuit from exchanges against the Reserve Bank of India had no effect. It could change very soon, as the Indian government works on defining the regulatory laws for cryptocurrencies in the country.
  • Pirate Bay, the most popular torrent site in the world, now contains a crypto miner. Coinhive, a script that mines Monero while user keeps the site tab open, starts without asking any permission, heavily loading user's CPU in the process. Given that Pirate Bay has more than one million page views per day, it generates a $50 daily revenue for its owners.
  • Another way to use malicious script miners is found. Now it can be hidden within a short link, made by using a special service called url shortener. The script can be injected into a legitimate link, and still lead to a correct destination, but it starts executing as soon as the user clicks this link.
  • Binance was forced to halt all trading activities due to a hack of Syscoin’s total supply. The amount of 1 billion new Syscoins was generated out of thin air and sent to Binance, where it was sold. The price of SYS climbed to 96 BTC per one coin. Then all BTC were withdrawn, thus making it necessary to shut down all operations and to reset all API keys. Now the exchange has resumed its activities.
  • Matt Corallo, Bitcoin Core developer, launches a new mining pool with the aim to decentralize Bitcoin mining. This pool lets its users choose between their own block templates or use the templates of the pool's owner. All existing large pools don't give their participants any choice, thus taking the control over the contents of mined blocks out of their hands. Matt thinks that will restore the initial meaning of being the miner.
  • A 24-year old man was sentenced for crypto jacking in Japan. The one-year sentence was suspended for three years. The convict used the Coinhive Monero miner script embedded in a cheating tool for a popular online game, and those who were using it became unsuspicious Monero miners.
  • A new lawsuit is filed against Ripple. Now the accusations are more than severe: security fraud and market price manipulation. The claimant is a private investor from California, and that's the third lawsuit in three months. Ripple Labs publicly responded to the charges with the statement that it's up to SEC to decide whether XRP should be classified as security or not.
  • A new survey shows that nearly 9% of Ontarians had or still have crypto investments. 40% of them already sold, and 60% still hold their crypto assets. However, most of them spent only small sums, less than $1000, for buying it.
  • Bank of Finland bashes crypto, calling it ‘an accounting system for non-existent assets’. In the report, blockchain is described as the centralized ledger with multiple copies that are scattered across the network. The author of the report also expresses the opinion that the only reason for buying crypto is for criminal activities, and it’s useless for a bank to issue a cryptocurrency as it would be a centralized database.
  • A new PC, designed both for gamer and miners, hit markets in Russia. The vendor promises that it will be able to generate a profit of 0,5 ETH per month. It costs $2,200 and has a 3-year warranty.
  • Bitcoin Cash community prepares for a major stress test for the network. A group of enthusiasts wants to process millions of transactions with minimum fees in one day. The goal is to see how a network which declares itself being designed especially for transactions can handle such a high load. The group also released a tool for stress testing so anyone interested can also participate.
  • The number of venture capital investments in crypto in the first half of 2018 surpassed the total amount of investments in 2017. It’s becoming the fastest growing segment in hedge funds. So far this year venture funds have invested more than $630 million versus $490 million last year.
  • Coinbase announces the opening of a new service, aimed at institutional investors. The service offers a secure cold storage of BTC, ETH, LTC, and BCH for institutions from the US and Europe, also it's highly probable that it will be expanded to Asia later this year.

BTC

8,010 USD
2.15%

ETH

251.64 USD
3.28%

XRP

0.3885 USD
3.71%

BCH

409.59 USD
2.86%

XMR

86.49 USD
2.96%

SYS

0.07017 USD
-4.47%

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Bitcoin Moves, Altcoins Follow! - Top Cryptocurrency Updates and News

Altcoin season approaches as #bitcoin becomes bullish. Many of these blockchain projects have been busy building in the bear market and now ready to release more information and updates. Here are some of the ones we found interesting for today. #blockchain #cryptocurrency #Credits CS https://twitter.com/creditscom/status/1130808557467832321 https://twitter.com/creditscom/status/1129066976356294663 #NULS https://twitter.com/Nuls/status/1131762353794457600 https://medium.com/@nuls/welcome-to-the-nuls-bi-monthly-progress-update-early-pioneers-of-cross-chain-396a51b4ad7d #Theta & Theta Fuel https://twitter.com/Theta_Network/status/1131030981975011328 https://twitter.com/binance/status/1131757641141637121 #SafeHaven https://twitter.com/SafeHavenio/status/1131850310740271104 #Enjin ENJ https://twitter.com/enjin/status/1131576422789730309 https://twitter.com/enjin/status/1131806041539252229 #Vechain VET https://twitter.com/kfeng027/status/1131814734972375040 #Digibyte DGB https://twitter.com/ANTUMID/status/1131665835645382663 DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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How To Send Bitcoin Lightning Payments With No Invoice

Ever wish that you could make a Bitcoin Lightning Network payment, without the rigmarole of receiving an invoice first? Well, you can… Lightning Network is one of the most exciting current developments in the Bitcoin space and gaining features all the time. But payments require the payee to first issue an invoice, which isn’t always ideal. Developers are looking at ways to address this issue, but there is a method to do it now, using a circular route. Bitcoin Sent To Me, To You, To Me The basic concept is that you invoice and pay yourself. The desired transaction amount is simply left with the intended recipient as an overpaid forwarding fee. This ‘circular routing’ method works with all current Lightning node implementations. Okay, so there is an invoice… but it is self-generated, so there is no need to wait for the payee to issue it. They are just added into the payment route for the ‘fee’ drop-off. You can find a more in-depth explanation in the video below. It’s Not All Champagne And Roses Obviously, because this is a ‘hack’ and not a feature, there are certain risks and downsides: Because of the longer route and small return payment, there will be slightly increased fees and failure probability. There is nothing to identify the money as an expected payment. To the payee, it appears just like usual fees. Both sender and receiver must be well-connected nodes with sufficient liquidity for the circular route. And the big issue is one of security. The route from A to B is likely to pass through other nodes, as is the route back from B to A. If the same malicious actor controls an intermediary node in both directions, they can steal the money, by re-routing and skipping B altogether. When Lightning? So yes, this is currently just a hack, and an imperfect one at that, but the entire Lightning Network is still just an experiment. It would be great to see a secure version of this workaround implemented as a feature. But then it will be better still when LN is secure and stable enough to not have to keep describing itself as ‘in testing’. As we discovered yesterday from another experiment, Lightning payments are crucial for Bitcoin’s mass adoption. Certainly, in the consumer market, vending-machine-type micro-payments, are one killer app that people demand. Major institutional investment has been ‘just around the corner’ for over a year now, and we still don’t know where that ‘corner’ is. Mass adoption will come quicker with a two-pronged approach, from both institutions and consumers. You ask, “When moon?” My answer, “When Lightning!” Have you tried the Bitcoin Lightning Network? Share your experiences below! Images via Shutterstock The post How To Send Bitcoin Lightning Payments With No Invoice appeared first on Bitcoinist.com.
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