IOTA Trinity Wallet Is Under Attack, Coordinator Node Has Been Turned Off

Through its official Twitter handle, IOTA Foundation revealed that the Trinity wallet is under a possible hacker attack. After various IOTA holders complained about missing coins, the foundation said it was suspending its platform’s node known as the Coordinator as investigations are ongoing, an IOTA status update indicated on Feb. 13.

According to a report by Cointelegraph IOTA emerged as one of the dominant innovations during the 2017 crypto bull run. The IOTA coin is not developed on blockchain technology, making it one of the unique cryptocurrencies in the market. The virtual asset that is contained on the tangle via Directed Acyclic Graph platform which is shortened as DAG.

The Coordinator is run by the IOTA Foundation which is a temporary protection measure within the Tangle platform. While IOTA still depends on the Coordinator but had initiated a discussion to eliminate the node in 2018.

The Trinity wallet was released last summer to store IOTA. on Feb. 12, a team from IOTA Foundation used its Twitter account to urge IOTA holders not to access their private wallets until all the investigations are finished.

After preliminary investigations, the team of investigators from IOTA Foundation revealed that the culprits had acquired the private keys of the affected accounts. The investigators also found that about 10 accounts had been affected and all of them comprised of the use of Trinity wallet. The investigators also stated that about 50% of the affected people had reported cases.

The IOTA Foundation also said that it will provide a full report of the prevailing events after the conclusion of the investigations. The Foundation stated that it was limiting the information released to the public in efforts not to provide the hackers with information they can use to enhance their activities. The Foundation also stated that the current data is not yet fully decisive.

IOTA has faced various troubles since its inception in 2017. In December 2019, the platform shutdown its mainnet for 24 hours.

We will update you as we get more information about the issue.

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Author: Joseph Kibe

Cred and Litecoin Foundation Partner To Offer Up To 10% Interest on LTC Collateral

A press release from February 10th announces that the Litecoin Foundation and Cred have closed a partnership to offer interest on Litecoin (LTC) collateral.

This means Cred customers will be able to stake their coins and this way, earn an annual percentage rate of up to 10%. The partnership also enables holders of LTC to lend the cryptocurrency they’re holding at lucrative rates, just like it’s happening with decentralized finance (DeFi) Ethereum solutions.

See Benefits after a Six Month Commitment

In order to benefit from the interest, customers will have to be with Cred for a period of 6 months. The monthly interest will be paid in either crypto or a fiat currency. The other Cred partners are BitBuy, Uphold and Bitcoin.com. They will facilitate the credit as well. The Litecoin Foundation’s director Alan Austin explained why the partnership is so important for Litecoin by saying:

“Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case.”

Some Partnership Funds will Support the Development of Litecoin

Some of the funds obtained after the joint initiative are going to be used to support the development of Litecoin. Charlie Lee, the founder of Litecoin has already volunteered to make a 1% donation for the Foundation. As for Cred, the company has a crypto-based borrowing and lending platform. It’s also trying to create a credit accessing and maintaining history that’s available worldwide, by using the LBA token in order to supply the interest rate premiums. Cred was founded by Dan Schatt, the former executive at PayPal.

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Author: Oana Ularu

Justin Sun Responds To TRX Coin Burn Criticism, Tron Super Reps Voted To Increase Cap

  • TRON foundation passed its 27th proposal altering the method by which voting and block rewards are issued
  • TRON’s stakeholders (Super Reps and partners) have been the key decision-makers of the networks’ decisions

When TRON Foundation was founded in 2017 they initially started with the ERC-20 token which restricted their hard cap to only 100 billion TRX. However, in June 2018 when they had just announced their mainnet, TRON’s executives took the DPoS (Delegated Proof of Stake) approach. On which they introduced block and voting rewards for TRON’s Super Reps and those that held TRX stake. This resulted in the lifting of their hard cap.

Founder Justin Sun responded to TRX holders that went to social media to call out Tron for not running a coin burn since Justin promised to not let the supply cross 100 billion.

With an estimated reward of close to 500 million TRX annually, the blocks rewards are more often than not reserved for the super reps while the voting rewards are subject to division by the total votes.

Rewards per year = (SR rewards per block + voting rewards per block) * (seconds of one year/seconds of block time)

Therefore;

Rewards per year = (32 + 16) * 365 * 24 * 3600 / 3 = 504,576,000

The 27th proposal.

TRON’s 27th proposal sailed through on the 2nd Nov 2019, whose main objective was to change the Super Reps block rewards to around 16 TRX while altering voting rewards awarded to the 127 partners (27 Super Reps and following 100 partners) to around 160 TRX.

This brought about a substantial increase in TRON’s reward program encouraging more people to pick up Super Reps and partners and be active participants in voting and staking of TRON mainnet. Now all the functions are decentralized with close to 90% of rewards being pocketed by those who have a stake in TRON. This would mean that TRON’s hard cap would be subject to decision by block and voting rewards. Their rewards have since skyrocketed to 1.85 billion TRX annually.

Rewards per year = (SR rewards per block + voting rewards per block) * (seconds of one year/seconds of block time)

Rewards per year = (16 + 160) * 365 * 24 * 3600 / 3 = 1,850,112,000

Notably, TRON foundation doesn’t govern the TRON mainnet. It is mainly controlled by those who hold TRX and the community around TRX. The last decision TRON foundation made in regards to the Network was the original issuing of one hundred billion TRX, while all other key decisions were completely made by the super Reps and partners.

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Author: Lujan Odera

IOTA’s Chrysalis Upgrade To Increase The Usability Of The Blockchain Prior To Coordicide

  • IOTA Foundation launched the Chrysalis upgrade on Monday, Feb 3, 2020.
  • Chrysalis, a series of upgrades on IOTA bridging the blockchain to Coordicide, features a number of updates.
  • IOTA co-founder, Dominik Schiener, expects the full upgrades to be complete by Q2 2020.

In what has been a successful week for the IOTA community so far, the launch of Chrysalis updates (also known as IOTA 1.5), is bringing hope of mass adoption of the blockchain in the coming years. In an interview with CT, Dominik explained the aim and goals Chrysalis is trying to improve on the IOTA blockchain. He expects a number of major changes in the technical aspects and minor changes on security and management protocols. He said,

“Some of the changes are more radical, but they pose great opportunity for IOTA as they have been consistently requested from our community and corporate partners.”

Features upgraded by the Chrysalis update

Some of the features set to be introduced with the Chrysalis update include introducing issuance of tokens on IOTA, a new cryptographic signature that will enable holders to re-use their addresses and new transaction recording for the future.

A. IOTA 1.5, issuance platform

Ethereum (ETH) has for a long time been regarded as the ICO platform, which provides a platform for blockchain projects to issue their crypto tokens. According to Schiener, IOTA holds similar capabilities of leading the field in issuance of tokens with the improvement in the Unspent Transaction model (UXTO) and atomic transactions on the blockchain. Dominik explained,

“UTXO allows for a safer, faster and clearer representation of a ledger. By combining UTXO with Atomic Transactions we will also get rid of bundle constructs, which in turn makes the development of core software much easier (and safer) and significantly increases the performance of IOTA. The biggest advantage of UTXO is an obvious one: colored coins.”

B. New cryptographic signature

The Chrysalis update will also implement new cryptographic signature scheme labelled “Ed25519” that aims to keep the same wallet address in transactions. This new signature will reduce the block space used and increase the rates of transactions per second.

C. The trytes degrade

Most of the computers today store info in bytes, or use the binary system, but as the name above suggests, IOTA had placed its systems in a trytes scheme that uses base-3 algorithms. However, the technology is way ahead of its time and the new Chrysalis update will degrade the system back to the binary system with an aim to boost adoption at the moment.

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Author: Lujan Odera

Hyperledger Fabric 2.0 Launches With New Features; Decentralized Governance And Data Privacy

  • Hyperledger Foundation announced the launch of Hyperledger 2.0 on Thursday.
  • The second version of the open-source blockchain will include new features on governance, scalability improvements, and data privacy on a need to know basis.

In an official launch published by Hyperledger Foundation, users can now access the Hyperledger 2.0, the second version of their enterprise based decentralized ledger, focusing on production.

The open-source blockchain will introduce new data privacy controls on a need to know basis, a new chaincode management cycle that provides decentralized governance for smart contracts. Furthermore, the second version will provide a more scalable platform for efficiency. Rob Palatnick, Governing Board Chair at Hyperledger said,

“The release of Hyperledger Fabric 2.0 is an important step forward in the on-going evolution of DLT, and was developed based on feedback from real-world use, including improved chaincode management capabilities and performance enhancements.”

The Hyperledger Fabric model has been adopted by a number of large companies across the globe since launching in 2015. As of 2019, 30 of the Forbes Blockchain 50 companies, were using the open-source platform or experimenting on it including Amazon Web Services, IBM, Oracle, Tencent, Alibaba, and Google.

“Hyperledger Fabric is an enterprise-grade, distributed ledger platform that offers modularity and versatility for a broad set of industry use cases.”

Traditional financial companies have also adopted the open-source platform with Germany’s Deutsche Boerse testing on Corda and Hyperledger Fabric protocols in November last year.

Hyperledger Fabric 2.0 launches with new features

According to the official announcement, Hyperledger Fabric 2.0 launched with five major improvements from its legacy version. The new protocol will add a number of features including new chaincode lifecycle management and application patterns, data privacy on a need-to-know basis, consensus type of Raft and an external chaincode launcher.

The new governance chaincode lifestyle management will let multiple parties reach a consensus on the chaincode before accessing the chaincode, a new decentralized governance structure. Furthermore, the new data privacy protocols are set to improve how data is channeled in the system increasing privacy.

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Author: Lujan Odera

Zcash Community Reaches Consensus, 20% Miners Rewards To Development Fund

Zcash Foundation organized a community poll and the results revealed that it has the green light to start a new development fund with Electric Coin Co. (ECC).

The fund will be created with 20% of the mining rewards, as the miners will receive 80% as of block 1046400. If the agreement is closed, the fund is going to be implemented in November this year, at the same time with the Zcash halvening because total block rewards are going to be reduced to half as much ZEC for each block then.

ECC to Get 7% of Mining Rewards

The development fund’s distribution will be as it follows: 7% of mining rewards to ECC, 5% to the Zcash Foundation, and 8% to an additional fund used by grants that are supporting efforts made for Zcash by third parties. The grant participants will get most of the development funds, in an effort to decentralize Zcash. They will also be required to keep a formal accountability and file reports.

What’s Next?

The Zcash Foundation and ECC need to agree upon a Zcash Improvement Proposal (ZIP) that reflects the will of the community. This ZIP is going to be coded in Network Upgrade 4, which is to be given a name, until November 2020. The final step will be the launch of the upgrade, in November. There won’t be a trademark for neither Zcash, nor for ECC, as none of the 2 companies doesn’t have independent authority to name a specific chain its own. An agreement must be closed so that both parties fulfil the Zcash community’s will together.

The Same Type of Rewards Division for the Controversial BCH Development Fund

Let’s not forget that the same type of rewards division for a Bitcoin Cash (BCH) development brought trouble for BCH. Bitcoin.com, the mining pool that’s associated with Roger Ver, has only yesterday made the announcement it no longer supports the fund that was created before consultations with the BCH community. However, the situation here is different, as the Zcash community has already approved ECC and Zcash’s plans.

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Author: Oana Ularu

Cardano ‘Laser Focusing’ on Delivering Value, Brand Recognition & Promotion in 2020

  • Cardano is “laser focusing” on areas where it can “really deliver value”
  • Cardano Foundation team and community expanding
  • They have initiated a “major brand reappraisal project” to increase brand recognition & Cardano promotion

2019 marked Cardano’s second anniversary that saw the Cardano Foundation team expanding and its community increasing in size and becoming more geographically and linguistically diverse.

Entering into 2020 which is expected to be another busy one, the Cardano Foundation team will continue its “geographic expansion to strengthen our collective skillset as the Foundation and as a community,” said Hinrich Pfeifer, General Secretary of the Foundation.

As Deloitte’s 2019 Global Blockchain Survey revealed 53% executives believe Blockchain Technology has become a ‘critical priority’ while a whopping 83% sees its compelling use cases. 23% of the responding executives have already initiated a blockchain deployment which points to the fact that Demand for blockchain-enabled solutions is there and will continue to grow.

Cardano just needs to work on areas where it can “really deliver value for a wide range of stakeholders,” said Manmeet Singh, Chairperson of the Cardano Foundation says they have started “laser focusing” on them.

Supporting the revolutionary technology & the entire industry

Nathan Kaiser, Chairperson of the Cardano Foundation also shared that 2019 was about getting the non-profit behind the 12th largest cryptocurrency back on track and focused on the legal affairs, taxes, and partnerships including the one with Konfidio to develop “real-life use cases ranging from supply chain and logistics, IoT to Identity Management.” The Foundation also teamed up with COTInetwork to introduce an adaPay solution.

Cardano community is seeing “incredibly strong growth,” with over a million individuals now part of it.

Cardano Foundation emphasizes that its focus isn’t only on Cardano but to support the entire industry and the revolutionary technology. As such, they are “working with other foundations, policymakers, regulators and key stakeholders in the blockchain ecosystem,” shares Tamara Haasen, Council Member of the Foundation.

The idea is to have the necessary legislative support and increased education, awareness, and collaboration to drive the adoption and meeting the demand of the future.

Towards this, Cardano has initiated a “major brand reappraisal project.” This will further help them increase their brand recognition, increase it engagement and share of voice in the media to promote Cardano.

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Author: AnTy

Virgil Griffith, ETH Dev Indicted by A Grand Jury For Violating IEEPA During North Korea Event

Virgil Griffith, an Ethereum Foundation Researcher is about to be indicted by the United States District Court for the Southern District of New York. Court records indicate that he was indicted by a grand jury on 7th January 2020. According to the charge sheet, Mr. Griffith is facing charges related to a conspiracy to violate the IEEPA (International Emergency Economic Powers Act).

The federal law was introduced by the United States federal government in 1977. It’s a law that provides the president with sweeping powers to regulate global trade in the event of a national emergency, more so, an emergency that is coming from outside the country’s borders. Virgil is being accused of willfully and knowingly attempting to violate the sanctions that have been placed against the DPRK (Democratic People’s Republic of Korea).

Virgil Griffith’s Arrest

His arrest was executed in late 2019 where he was charged with giving a presentation on how North Koreans can use cryptocurrency and other digital assets, including the blockchain infrastructure to bypass the restrictions placed on the country by global powerhouses. Prosecutors believe that Virgil did so together with the help of others.

A second party is expected to be arrested and arraigned in the Southern District of New York. His charge sheet as presented by the prosecutor’s office reads:

“It was a part and an object of the conspiracy that Virgil Griffith, the defendant, and others known and unknown, would and did provide and cause others to provide services to the DPRK, without first obtaining the required approval.”

The same court is also asking the authorities to seize any property that Virgil may have purchased or earned from the activities he engaged in while in the DPRK. If found guilty, he may spend up to twenty years behind bars.

Varied Sentiments in the Crypto Community

The cryptocurrency community has been divided along the middle with different people expressing different opinions. Vitalik Buterin, the Ethereum founder stated in December 2019 that Virgil’s actions were a good indication of the benefits that come with geopolitical open-mindedness.

Credit: Document uploaded by CoinDesk

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Author: Daniel W

Year 2020 Will Bring Updates to Scalability, Privacy and Software for IOTA Foundation

  • The IOTA Foundation added blockchain technology to the Internet of Things with their platform.
  • The launch of Bee software will make IOTA accessible to users with fewer resources than others.

New Years’ resolutions – everyone makes them. While the average individual makes promises of shedding weight and giving up vices, cryptocurrency companies and the rest of the financial industry see it as an opportunity to make big promises to get investors involved with their platforms. The IOTA Foundation, which gained notoriety for integrating blockchain into the Internet of Things, has just released their 2020 roadmap with many developments in their technology to usher in the next decade.

One of the first matters at hand is an update to the current IOTA technology stack, which will help them better serve real-world applications. Autopeering technology, for example, allows nodes to run and connect with neighbors, though users previously had to manually search for these matches.

IOTA is also taking on issues with decentralization, as the platform offers a new implementation of node software, written in Rust, which will open access for “users with very limited resources.” This step is set to last from this month until February 2020, and the official integration of the Bee software will be available sometime before April next year.

To solve privacy issues on the website, OTA aims to implement the Masked Authenticated Messaging (MAM) solution. MAM will offer access to encrypted data streams for any device size, as the platform aims to launch it on six different programming languages.

Amongst these updates is an upgrade to IOTA’s Trinity wallet, as well as the release of a light version of the wallet called Spark. Spark is meant to be used by wallets with low balance, and this release will be a web-based solution.

Other changes taking place in 2020 for IOTA will include improvements in node software to meet increased demands, support for reusable addresses, and tip selection algorithms for the Tangle. To view the roadmap in its entirety, visit https://roadmap.iota.org/.

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Author: Krystle M

MakerDAO Sells $27.5M MKR To Venture Capitals To Expand DAI Use In Asia

The Maker Foundation has just announced that two venture capital funds acquired $27.5 million worth of MKR coins. The companies involved in this transaction were Paradigm and Dragonfly Capital Partners. The information was shared by the company in a press release on December 19.

5.5% Of MKR Supply Sold To Venture Capital Firms

The new investment made by these companies would allow them to be part of the decentralized governance of the Maker Protocol that became a very important part of this blockchain network.

At the same time, these firms became net holders of around 5.5% of the total supply of MKR in the market. This cryptocurrency has a total supply of 1 million MKR.

The Maker Foundation is trying to continue its expansion in the market, specifically in Asia, where they see there is a growing demand for stablecoins. These stablecoins are cryptocurrencies that do not have a value that fluctuates at all times, instead, they have a very stable price that helps users reduce their exposure to the inherent volatility of the crypto market.

According to the CEO of the Maker Foundation, Rune Christensen, the stablecoin Dai has been growing in Asia, which could also be very positive to bring new decentralized finance (DeFi) solutions to users.

The Decentralized Finance market has also been expanding all around the world. According to DefiPulse, the total value locked in USD reached $644 million a few hours ago. Maker represents almost 50% of the total value locked in decentralized finance applications.

Other firms that have been growing in this market include Synthetix and Compound. Each of them has $166.3 million and $90 million in funds locked, respectively. With the recent investments, Maker will secure its position in the market and remain a leader in the space.

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Author: Carl T