The mining difficulty of the Bitcoin (BTC) network is set to grow at least 60% in the third quarter of the year. Data from Kevin Rooke, a well-known crypto analyst, seems to indicate that the mining difficulty will have expanded a lot when the quarter is over.
Rooke affirmed that the mining difficulty has gone up around 42% per quarter since 2016, but that this time the difficulty will get even higher. According to him, the growth has been big ever since the bear market was ended. The difficulty was already at an all-time high when the last quarter ended, so it is going to reach new highs soon.
In case you are not familiar with how the difficulty of mining is handled, you should know that it goes up when more people are mining and down when miners decide to stop mining. This is done in order that a single BTC block is mined around 10 minutes. The difficulty is adjusted every two weeks.
These recent changes seem to indicate that Bitcoin metrics are getting stronger than they ever were, which can be considered a great sign for the network. The difficulty is just one of the fundamentals that affect how well the network is faring, but most indicators seem to be going along fine.
The hash rate, for instance, is also reaching all time=highs and the prices may not be going up, as the $10,000 USD price range seems to be a strong barrier, but they are certainly holding up pretty well. This puts miners on bullish mode as they believe that prices will go up a lot in the next few months.
Author: Gabriel Machado
The Ethereum network is too clogged these days. This one of the most unfortunate side-effects of creating a successful network. As time passes, they tend to become too clogged and slow for their own good and people start to abandon them. This will not happen to Ethereum, though, if the devs have any say on it.
Several developers, including Vitalik Buterin, the co-founder of Ethereum, have recently claimed that there are people testing new ways to reduce transaction fees and increase the performance of the ETH network.
Now, some of the developers are considering to shift to 10 million gas (the token that is paid for performing operations in the network), which would increase the capacity of the whole network by 25%.
One of the main reasons why the network is so expensive and slow right now is because the popular Tether stablecoin has decided to launch Ethereum-based tokens. As they work on top of the Ethereum network, they make it harder for people to use Ethereum because several transactions are being made with the newly-created assets.
The impact on prices was so big that people went from paying around $0.11 USD per transaction to $0.39 USD, over three times more than that. Transactions are so important because all Ethereum-based apps need to pay them to work properly.
Initially, these changes impacted the price of the token, which went up but started to go down soon afterward, as the price of BTC lowered and took the whole market together.
Author: James W
Bitcoin network appears to be growing strong day by day. The latest reports show that Bitcoin network’s hash rate has reached a new high surpassing 102 quintillion hashes and setting a new record.
Reliable data from monitoring platform Blockchain revealed on Wednesday that Bitcoin’s hash rate has reached a new high of 102.8 quintillion hashes. The latest new record comes after several records this year.
Hash rate is the total computing power that is necessary in the processing of Bitcoin transactions. A higher hash rate implies that there are many Bitcoin miners out there. The high hash rate also signifies that Bitcoin network is more secure at the moment and cannot be easily infiltrated.
Bitcoin’s hash rate has been on the rise since December 2018 when it was at 31 quintillion hashes per second. The new high means that the hash rate has increased by about 230% since December 2018.
Bulls Excited by the New Hash Rate
Following the revelation of new hash rate, majority of Bitcoin worshippers have shown enthusiasm going by their comments. However, the high hash rate comes at a time when Bitcoin has registered a slight decline in its value trading below the $10,000 mark.
Many commentators remain optimistic that the new hash rate may trigger a price increase for Bitcoin in the near future.
In his twitter account, Lightning Torch organizer Hodlonaut, stated that the new hash rate figures highlight that miners have high confidence in Bitcoin. He forecasted that Bitcoin’s price may rise by 11.85% in the near future. He stated:
“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase.”
Majority of Bitcoin worshippers have given their bullish forecasts with some remaining adamant that the king coin will reach a fresh historical high before the end of the year. It remains to be seen whether the prices will follow the hash rate growth. Keep it here as we will keep a hawkish eye on the developments in the market following the new high in hash rate.
Author: Joseph Kibe
The Harmony blockchain network has recently decided to team up with the Lympo app, a Lithuanian company that is focused on creating a blockchain-based health app that can be used for customers to share health data easily and privately.
According to the press release, the Lympo app is used to reward the clients with LYM tokens. They can complete health and sports-related challenges to get points that can be used to buy products.
With this new partnership, the LYM tokens will now be able to be held in Samsung wallets, which can be accessed by users of the company’s blockchain phones. At the moment, these products are available in both South Korea and the U. S. and have over 250,000 users so far.
The CEO of Lympo, Ada Jonuse, affirmed that the partnership will help the company to scale its project and to offer more security for its clients worldwide. This will, over time, incentivize more people to start a healthier life.
Harmony’s technology is a blockchain that is based on sharding. In case you are not familiar with the term, sharding is a process that consists of breaking up a large amount of data into smaller data, which can make it more manageable and quick to process.
Some months ago, Harmony also completed its Initial Exchange Offering on the Binance Launchpad, which was a successful, as well as the other IEOs that happened on the platform.
Author: Hank Klinger
An unfortunate event happened in the Bitcoin Lightning Network recently. According to the recent announcement made on Twitter by Lightning Labs, the network is currently being exploited due to a vulnerability.
According to the tweet, all Ind 0.7, c-lightning 0.7, eclair 0.3 and their editions below that are possible to be affected by the exploit, so people should upgrade to the latest version of the system in order to protect themselves from the attack. The latest versions, 0.7.1 and 0.3.1, are not subject to the attacks.
Olaoluwa Osuntokun, the Chief Technology Officer (CTO) at Lightning Labs, affirmed that there are several cases of people exploiting the network. The exploit was originally discovered a few days ago by Rusty Russel, another LN coder.
According to Russel, security vulnerabilities could make several projects to lose funds. He did not disclaim exactly what was the bug, obviously, in order to protect the users, but someone or a group of people may have discovered the exploit and is using it to steal money from the LN.
The Twitter profile also warned people that LN technology is prone to have bugs as it is still during its experimental phases. Because of this, nobody should put more money on the network than they were willing to lose if a bug happens.
Author: Hank Klinger
The police enforcement from Portugal has recently disrupted a counterfeit money network that operated on the dark web. The criminals used to sell fake cash notes in exchange for Bitcoin and other cryptos.
According to the Portuguese police, the operation lasted two years and produced over one million EUR in fake notes that circulated in at least four countries: Portugal, Spain, France and Germany. This was the second-largest group of Europe at the time. There are no indications whether the notes made it to other countries as well.
Europol assisted the Portuguese police in this criminal investigation and affirmed that a total of five people were arrested for the crime. According to the official statement, the counterfeit notes were advertised on sites based on the dark web and the deals were made on encrypted chat platforms.
During the arrest, the police were able to seize 1,833 counterfeit notes, which were worth around $70,000 EUR. Objects that were used in order to create the fake notes were also apprehended by the police during the operation. These included computers, holographic stickers, ultraviolent ink and printers.
Selling fake money on the dark web is not really something uncommon. There are several black markets around the world in which people can buy illegal goods and most of the time people use cryptocurrencies because they are harder to track than bank deposits. Obviously, they also leave a track, unless you use a privacy coin such as Monero, so it is dangerous to use them.
Author: Hank Klinger
Telegram’s blockchain project, Telegram Open Network (TON), is on the verge of launching its main net following the release of its test net node software and blockchain explorer on Sept 5. The messaging app released its implementation code on its test network website earlier on Friday providing users with a node, validator node, and explorer. Telegram’s blockchain is designed as a proof-of-stake protocol with the support of multiple
The official launch of the test net was scheduled for September 1 but due to unconfirmed reasons, the company delayed the release. Now users are in access of the nodes allowing them to test the validation and authentication of transactions on the TON network. The public beta release is expected to be launched on Sept 9. As confirmed by Mitja Goroshevsky, CTO of TON Labs. He said,
“Source code for a full node that can access test net, create and validate blocks has been released. Lite client was released several months ago. TON Labs will release Public Beta of its developer tools suite on Monday.”
Telegram raised its private initial coin offering during the past one year selling tokens worth a total of $1.7 billion USD. The Telegram tokens (GRAM) are set to be launched in the coming month as reported earlier.
Telegram Embracing Crypto
The messaging app is showing affinity to crypto with the latest TON project release. Furthermore, the app is planning to introduce Bitcoin transactions on the app, opening a gateway to over 300 million users to the cryptocurrency world.
Author: Lujan Odera
A developer of the Bitcoin Cash (BCH) network has recently talked about the mining capabilities of the popular cryptocurrency. Amaury Séchet, a prominent developer of the community, has recently suggested that the network could not mine any block larger than 2 MB.
Séchet is known for being the lead dev behind the first implementation of Bitcoin Cash, Bitcoin ABC. For him to admit this is a big deal, especially when we remember why BCH and Bitcoin Satoshi Vision (BSV) split. Roger Ver, the creator of BSV, has championed bigger blocks as the cure for all the problems that could be found in Bitcoin.
Some people, such as “Grubles”, the engineer from Blockstream, affirmed that it was not really a big deal, but others seemed concerned about the problems that could arise from the newly found limit.
AvatarX, the forum moderator of Bitcoinated, claimed that BCH was not even able to maintain blocks of over 1 MB for 30 days straight, so it was not really that surprising to find out that the network actually had problems to go other the 2 MB mark.
Recently, BCH has been falling in comparison with BTC, so this reveal is certainly not getting people any more bullish. One of the reasons why BCH was created was to actually have big blocks that could be more efficient, so not being able to provide an answer for this problem can certainly become a problem for the network in the long term.
Ever since its latest hard fork back in November last year, the BCH team has been facing more and more difficulties, so its future is uncertain right now.
Author: Gabriel Machado
Rusty Russell, an Australian programmer that is focused on the Bitcoin Lightning Network, has recently affirmed that the community should know that some issues have been found in the code of the LN.
According to him, several Lightning projects could be the victim of major problems if they did not update their code. He affirmed that he found several issues in versions prior to the 0.7.1 one. The issue was started in version 0.3 and continued until it was patched out in the 0.7.1 version.
The 0.7.2 version of the LN has just been launched by Blockstream recently, but this does not mean that everybody has already updated, so problems could appear.
Despite the warning that the code could have been compromised and that bugs would possibly be found within the network, Russell did not explain specifically which problems could happen and what exactly was the exploit that he found.
He only affirmed that all the details about the issue would come in 4 weeks and that everybody should upgrade before then. It was a smart actually a quite common decision. Revealing the details could expose the network to hackers and bad actors, so it is best to wait until everybody has upgraded their systems before revealing the possible issues to the world.
The LN, in case you are not aware of this, is a second layer solution that was created last year to turn the Bitcoin network into a much more effective payment method. The idea was to offer payments that could be cheap and fast.
Author: Lillian Peter
BitTorrent, the largest P2P sharing network of the world, has recently announced that the internal testing of its social streaming platform was about to start. While an official date was not unveiled, the process is set to start within the next few weeks.
According to the Tron-owned company, the new feature will be important to empower users who want to connect with others in the network. They can create live video content, express their creativity and even gift the people they admire with tokens.
The platform, which is called BitTorrent Live (or BLive) will have a video streaming program and a messaging system. BTT tokens will be used to make payments or donations within the ecosystem. This way, people will be rewarded by the quality of their content. If they produce something interesting, the system will allow their fans to tip them quite easily.
The users will also be able to withdraw or deposit tokens in any place in the world without having to pay any kind of transaction fees. This is set to enable them to make easy cross-border transfers.
BitTorrent Live is set to be a disruptive platform that intends to change the way that people deal with live streaming. It wants to decentralize how this market works so that people will have more freedom to consume media.
It was also affirmed that the company will release its testnet soon, although no date was set at the moment.
Author: Matthew North