The unsolved mystery: Ethereum clogging up and EOS reaching its record capacity at the same time

The unsolved mystery: Ethereum clogging up and EOS reaching its record capacity at the same time

Sudden congestion of Ethereum and EOS reaches a record number of transactions, new tokens on Coinbase (probably), no one wants to use xRapid by Ripple, and the new supernode in the Lightning Network — all in this weekend digest

ETH

272.72 USD
-8.76%

XRP

0.4543 USD
-4.39%

BAT

0.3671 USD
-5.46%

OX

0.000612 USD
-6.38%

Related news

Blockstream Announces New Lightning Network Upgrade

Blockstream announced the v0.7.1 release of C-lightning. This version is one of the several technological improvements presently streaming into the crypto space to make Bitcoin lightning network transactions cheaper, faster, and safer. C-Lightning To Run Faster Synchronizations While Reducing Bandwith Consumption Bitcoin and its underlying blockchain technology offer amazing opportunities for distributed ledgers. However, according to the authors of the paper titled The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, the blockchain, as a payment tool, by itself, cannot yet handle the volume of the world’s commerce. This might eventually change. Bitcoin developers and engineers are continually making improvements to solve critical issues such as scalability and transaction costs. In effect, technological innovations, such as SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, are already helping to solve these issues. Now, Blockstream announces the release of c-lightning version 0.7.1, which brings several technical advances to make the Lightning Network faster and more efficient. In this regard, the most significant improvement is the result of the work that developers Joe Netti and Rusty Russell performed on the gossip protocol. Aware that the Lightning Network is growing exponentially and so far working well, developers Netti and Russel wrote, “However, the burden on hardware is increasing, and if the growth of channels continues to accelerate, the network will be facing scaling issues in the not-too-distant future. Finding an efficient route through a million channels isn’t easy.” We're excited to announce #clightning 0.7.1. This point release includes gossip improvements, longer default invoice timeouts, external-wallet channel funding, more powerful plugin support, better peer error handling, and performance improvements! https://t.co/ir9QCXcWKS pic.twitter.com/7LIncSqmdp — Blockstream (@Blockstream) July 17, 2019 As a result, Netti and Russel, through their “The Million Channel (Lightning) Project,” obtained relevant data that help them to refine the gossip protocol. Thus, with the new deamon gossip, C-lightning transactions can better and more quickly synchronize with peer nodes, while economizing on bandwidth. The Blockstream Engineering Blog states, “The gossip daemon is more selective about which peers it synchronizes its network topology from, considerably cutting down the time to synchronize and the bandwidth consumed by the gossip protocol.” Additionally, the new version allows for longer default timeout invoices. Until now, the default was set to one hour. Now, the timeout for invoices is seven days. Moreover, the new c-lightning version introduces better plugin support, better peer-to-peer handling, and performance improvements. And it facilitates external wallet funding. Lightning Network Continues To Grow Presently, three independent teams are working on the Lightning Network implementation: Blockstream, ACINQ, and Lightning Labs. The aim of these projects, among other things, is to minimize transaction costs, while improving the scalability of the Bitcoin network. Blockstream focuses on the c-lightning network. The Lightning Network continues to grow and get adopted at an increasing rate. For example, on July 8, 2019, the Luxembourg-based Bitcoin exchange Bitstamp announced that it had launched a Bitcoin Lightning node “to help grow the network and encourage other companies to get on board.” As of this writing, according to data provided by 1ML, the Lightning Network boasts over 9,075 nodes, with a capacity of about 903 bitcoins. How do you think technological innovations such as c-lightning will help to solve cryptocurrencies’ scalability issues? Let us know in the comments below! Images via Twitter:@Blockstream The post Blockstream Announces New Lightning Network Upgrade appeared first on Bitcoinist.com.
Bitcoinist

Japan Plans To Build A “SWIFT-LIKE” Blockchain Payment Network

According to an insider familiar with the matter on Thursday, the Japanese government is leading innovation to build a payment network for cryptocurrencies similar to SWIFT used by banks. This news comes in an effort of the Japanese government to fight financial crimes and money laundering. According to the report,  these are issues resulting from either the adoption and/or use of the blockchain and cryptocurrencies in the region. As the innovation is yet to be made public. The insider source, whose identity is not certain for security reasons, clarified that the innovation is in active development. The new crypto payment system would allow for a much easier mode of settlements, transaction speed, and cost-effectiveness. According to the source, the Japanese government aims to corporate with other countries in achieving this accomplishment. The developments would be monitored by the Intergovernmental Financial Task Force (FATF). The development, according to the report was proposed by the Japanese Ministry of Finance and approved by the FATF in June of this year and plans of implementation have since then begun. Japan is known to have widely adopted the blockchain technology and made many innovations from its building blocks. The country leads a pack including other countries which have active blockchain and cryptocurrency regulatory practices and allows for active developments in the blockchain and crypto space. Although recently, Japan was one of the countries which disapproved of the much controversial Facebook cryptocurrency, Libra. The Bank of Japan (BoJ) too recently went against the idea of central banks developing national cryptocurrencies. The nation has been investing heavily in developing itself using the blockchain as a means of substantial economic growth and developments. At the moment, no regulatory measures have been taken by the country’s Financial Service Agency (FSA) and how this new crypto payment network would be regulated. The post Japan Plans To Build A “SWIFT-LIKE” Blockchain Payment Network appeared first on Coingape.
CoinGape

Ripple Price (XRP) Signaling Fresh Increase While Bitcoin Still Below $10K

Ripple price found support near the $0.2830 level and recovered recently against the US dollar. The price traded above the $0.2940 resistance and the $0.3000 pivot level. This week’s followed bearish trend line was breached with resistance near $0.3040 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is now trading with a few positive signs above the $0.3050 support area. Ripple price is currently trading with a bullish angle against the US Dollar and bitcoin. XRP price could extend its recovery if there is an upside break above the $0.3230 resistance area. Ripple Price Analysis Yesterday, we saw a strong drop in bitcoin and Ethereum, but dips were limited in ripple price against the US Dollar. The XRP/USD pair broke the $0.2940 support level and traded to a new monthly low. A swing low was formed near $0.2833 and recently the price started an upside correction. There was a break above the $0.2940 and $0.3000 resistance levels to start a recovery. Moreover, this week’s followed bearish trend line was breached with resistance near $0.3040 on the hourly chart of the XRP/USD pair. It opened the doors for more gains above the $0.3150 resistance. However, the upward move is facing hurdles near the $0.0.3230 and $0.3240 resistance levels. As a result, the price corrected gains below $0.3150 and the 100 hourly simple moving average. Besides, there was a break below the 23.6% Fib retracement level of the recent wave from the $0.2833 low to $0.3248 high. However, there are many supports on the downside near the $0.3050 and $0.3040 levels. The 50% Fib retracement level of the recent wave from the $0.2833 low to $0.3248 high is also near the $0.3040 level. There is also a connecting bullish trend line forming with support at $0.3045 on the same chart. Therefore, the price is likely to find bids near the $0.3040 or $0.3050 level. Below the trend line and $0.3040, the price may perhaps test the $0.3000 pivot level. On the upside, the main resistance is near the $0.3230 and $0.3240 levels. If there is a convincing break above $0.3240, the price could accelerate gains in the near term. Looking at the chart, ripple price remains well bid above the $0.3040 level. As long as there is no close below $0.3000, the price is likely to continue higher. A clear break above $0.3240 might push the price to $0.3450. Technical Indicators Hourly MACD – The MACD for XRP/USD is likely to gain strength in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level, with a bullish angle. Major Support Levels – $0.3050, $0.3040 and $0.3000. Major Resistance Levels – $0.3230, $0.3240 and $0.3320. Ripple Price (XRP) Signaling Fresh Increase While Bitcoin Still Below $10K was last modified: July 18th, 2019 by Aayush JindalThe post Ripple Price (XRP) Signaling Fresh Increase While Bitcoin Still Below $10K appeared first on NewsBTC.
NewsBTC/analysis

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.