Is There A Point In Running Your Own Ethereum Node Now?

  • “If we don’t stop relying on Infura, the vision of ethereum failed.”
  • This was Afri Schoedon, former Ethereum Core developer who quit the project in early 2019, describing the technology in October 2018.

As of last year, Infura was reportedly handling around 13 billion code requests per day and underpinning the majority of decentralized applications (dapps) in the Ethereum ecosystem.

However, Infura has been operated by a single provider, ConsenSys. As such, there were concerns about a single point of failure for the entire network.

Also, Joseph Lubin, the co-founder of Ethereum who also founded ConsenSys is an investor in Infura.

Now, on Oct. 4, ConsenSys fully acquired Infura announcing,

“…We’ve decided that a future inside ConsenSys is the best future for our team, our users and this rapidly emerging ecosystem.”

Back in 2018, Michael Wuehler, the co-founder of Infura, told CoinDesk,

“If every single dapp in the world is pointed to Infura, and we decided to turn that off, then we could, and the dapps would stop working. That’s the concern and that’s a valid concern.”

He further stated at that time that any dapp that uses Metamask is also “inherently” dependent on Infura, as a matter of fact, “nearly all dapps potentially depend on Infura.”

And this raises the bigger concern, decentralization applications are basically built on centralized services.

Centralization Issues Go Deeper

Moreover, more than 60% of the Ethereum nodes are running on the cloud, with the majority of them on Amazon Web Services (AWS). It operates almost 25 percent of all Ethereum nodes.

Comprised of 8,933 nodes, only just over 34 percent are hosted independently while the top 10 cloud hosting providers amount to over 57% of all Ethereum nodes. Furthermore, Alibaba Cloud, Google Cloud Platform, DigitalOcean, and Hetzner together host a major chunk of the network.

In such a case, if one day Amazon wants Infura no more, 25% of the network will be suddenly working no more. And if the rest of the cloud provider were to do the same, over half of the network will go dark.

Recently, cryptocurrency exchanges like Binance had problems with withdrawals due to AWS failures. Last year as well, South Korean exchanges were forced offline after AWS servers suffered nationwide failure.

This is certainly a real risk for a blockchain that is supposed to be decentralized but only seems to be making a move to centralization.

Read Original/a>
Author: AnTy

Planned Sell-Off Causes XRP Prices To Crash By 40% On Beaxy Exchange

The crypto market is prone to manipulation. If you don’t believe it, you can just check the many examples that can be easily found. The latest one was a coordinated sell-off of Ripple’s XRP tokens on the Beaxy Exchange.

This new crypto exchange platform was just launched, but it had to suspend its activities for being targeted by manipulators. According to the reports, soon after the launch, the exchange suffering a massive XRP dump with a lot of people selling the asset at the same time.

In order to deal with this obvious market manipulation situation, Beaxy had no choice but to shut down the platform for a few days. It has been a rough start for the exchange, which was launched back in June. So far, technical issues, manipulation and the lack of infrastructure are getting in the way of the company.

Action was taken very quickly, as the abnormal volumes were pretty easy to spot. The prices tanked pretty fast and now all token wallets are frozen, so the manipulators are unable to pull their funds away from the exchange, which prevented more issues from happening.

Fortunately, the exchange will be able to identify the manipulators soon. The company had a Know Your Customer (KYC) system ready since its launch, so the people who caused the crash can be found. However, the exchange did not determine whether it will take action against the scammers or not.

Ripple, the responsible for XRP tokens, has not commented on the situation at the moment.

Read Original/a>
Author: Bitcoin Exchange Guide News Team

Enraged South African Bitcoin Scam Victims Burn Down The House Of Alleged Scammer

Enraged South African Bitcoin Scam Victims Burn Down The House Of Alleged Scammer

You don’t mess with Bitcoin investors from Ladysmith or, maybe, well, you do, but your house gets torched. After several South Africans lost their money to a Bitcoin Ponzi scheme in the rural town of Ladysmith, they decided to torch the house of the alleged mastermind of the crime, Sphelele “Sgumza” Mbatha.

According to reports, a group of angry investors decided to loot and set on fire the house of the man who operated the alleged Ponzi scheme. Some people took electronics from the house, but it was unclear whether they were investors or not. The local firefighters were called to the house and ended the fire, but most of what was there was lost. Other items that were damaged included a luxury car.

According to a local community leader, Mbatha was “unreachable” so they decided to take matters into their own hands.

The crowd of angry protesters included around 1,500 people. Most of them, however, were not directly involved in the fire. The same community leader quoted before also affirmed that these people gathered in front of the Bitcoin Wallet (the alleged scam) office before they decided to torch the house.

These people decided to go to the police because it was falsely reported that the alleged scammer was arrested, but they didn’t find him there, so they decided to leave.

He affirmed that most of these people were very angry because they believed that the scam would make them rich. In fact, the truth could not be more different. The scam promised them a return on investment of 100% in only two weeks but it delivered nothing instead.

As soon as Mbatha ran out of money to pay the investors, he simply decided to shut down the company and they were left without any kind of support. He affirmed that this happened because hackers infiltrated his site and stolen his money, however, this is not very likely.

He was clearly operating a Ponzi scheme with returns that were simply too big to be true. The “hack” was probably just an excuse to run away with the money. Mbatha also lied that he was only an employee in the company when there was proof that he was actually the director of Bitcoin Wallets Achievers, the official name of the company.

The community leader also affirmed that the whole situation was very sad. A lot of people who invested were very poor and lost the little that they had in the shady business. Some people are claiming that Mbatha has decided to run away, but no one has either denied or confirmed that so far.

While Mbatha was still not being chased, he got known as the “Lord of Ladysmith”. People called him that because he was often seen in the streets with an expensive car and living an ostentatious life in the small town.

At the moment, Mbatha is not only being hunted by the mob, as the police are also after him in order to determine if he really robbed the money or not.

Read Original/a>
Author: Gabriel Machado

Australian Central Bank Doesn’t Expect Bitcoin To Hit Mass Adoption Due to Payment Fees

Australian-Central-Bank-Doesnt-Expect-Bitcoin-To-Hit-Mass-Adoption

The Reserve Bank of Australia has ruled that Bitcoin and other cryptocurrencies don’t threaten Aussie dollars or other forms of fiat payment. After a review on cryptos, they think it’s “difficult to envisage” an outbreak of Bitcoin users in the country.

They think that if they have the fundamentals of the Australian dollar in place, they have nothing to worry about, as stated:

“As long as the Australian dollar continues to provide a reliable, low-inflation store of value, and the payments industry continues to work on the efficiency, functionality, and resilience of the Australian payments system, it is difficult to envisage cryptocurrencies presenting a compelling proposition that would lead to their widespread use in Australia.”

The article details out that there have been a lot of interesting innovations in terms of cryptocurrencies in recent times but ultimately concludes that, despite the various innovations and developments in cryptocurrencies, none are currently functioning as money in the economy.

They Join Blockchain Not Bitcoin Group

The recent evolution of cryptos to overcome the shortcomings has been acknowledged by them. However, they think that no cryptocurrencies currently function as money in Australia, or as widely used payment methods. They think that these developments and improvements in the crypto ecosystem have not added sufficiently to the overall reliability, functionality, and credibility of cryptocurrencies to make them an attractive alternative to established payment systems for everyday payments for the population at large.

They say:

“DLT is likely to continue to evolve, including in ways that are unrelated to cryptocurrency. For example, there are several private-sector initiatives focused on ‘private permissioned’ DLT systems, for example, Corda and Quorum, which – while not suitable for a widely used cryptocurrency – are being explored for use in financial market infrastructure and wholesale payments. Accordingly, the Reserve Bank will continue to study the implications of cryptocurrencies and DLT for the financial system, and the economy more broadly.”

The Reserve Bank of Australia and the government still consider crypto as high-risk assets and continue to inform the public of the risks affiliated with them in addition to driving for proactive taxation and data collection policy.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

Read Original/a>
Author: Sritanshu Sinha