Polkadot’s Chain Candidate Goes Live in Anticipation for the Proof of Stake (PoS) Version

Polkadot’s initial mainnet has been launched by Web3 Foundation and Parity Technologies according to a blog post on May 26. This much anticipated sharding protocol has been in the works for around three years and is expected to facilitate the integration of blockchain networks.

The recently released live version is, however, centralized as it’s limited to some agents; Polkadot plans to hand over governance to its community once the testing period is over.

According to the announcement, Polkadot’s genesis block has already been mined marking the commencement of its first Chain Candidate (CC1). Notably, this platform was spearheaded by Gavin Wood, an Ethereum co-founder, who branched out to start Polkadot back in 2016 with Web3 Foundation as the lead developers. Wood now says the CC1 might as well be the mainnet,

“Polkadot’s first chain candidate (‘CC1’), which may well become the Polkadot mainnet, has been launched.”

Polkadot’s Mainnet Underlying Value

As highlighted earlier, the Polkadot initiative aims to link chains in a more seamless way for interoperability. Polkadot has, therefore, leveraged a Proof-of-Stake (PoS) algorithm in order to eliminate scalability challenges within its ecosystem through sharding. The blog reads,

“[Polkadot] connects several chains together in a unified network, allowing them to process in parallel and exchange data with strong security guarantees between chains. By parallelizing the workload, Polkadot solves major throughput issues.”

However, the CC1 which went live is currently under a Proof-of-Authority (PoA) consensus as Web3 foundation is in control of the network. As of now, the mainnet client users can receive DOT tokens and stake them to become or nominate validators within Polkadot’s network. Notably, the DOT digital assets were already in the secondary market as Simple Agreements for Future Tokens (SAFT) but will not be transferred within Polkadot’s live mainnet until its community votes to initiate a token transfer feature. Wood echoed that,

“During this phase, nothing will actually become at stake and no rewards will be paid, however once we move to the next stage, the community validators will be selected to maintain the network according to their overall DOT backing and our Proof-of-Stake system (NPoS) will be live. If you want to be in it from the start, then you’ll need to stake now.”

Polkadot’s Prospects

This project kicked off on a good note by issuing 5 million DOT tokens at $144 million back in 2016. By early 2019, the Polkadot was valued at $1.2 billion as per a Wall Street Journal Report. The company later sold another 500,000 DOT tokens towards the end of 2019 and is now making headlines with its much-awaited mainnet. Wood touts the project as a long-term player in the crypto industry,

“Polkadot is, in many respects, the biggest bet in this ecosystem against chain maximalism. Even if there were one perfect chain, I don’t think it would stay perfect for very long.”

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Author: Edwin Munyui

Ethereum Muir Glacier Update: Parity Upgrade Alert Due to Attack, 75.7% of Node Operators Ready

  • Those running Parity nodes are asked to update their clients “ASAP”
  • 75.7% of the node operators are ready for Muir Glacier
  • Down 92% from ATH, it is still one of the best performers of the decade, with nearly 18,000% gains

Just a day before Ethereum’s latest and unexpected network upgrade Muir Glacier, Ethereum client Parity came under attack.

Parity Ethereum took to Twitter to announce that on investigating the reports of some of the Parity Ethereum nodes not syncing, they came to believe there may be an attack underway.

Reportedly, valid blocks with manipulated directions, added or replaced, caused the client to stall, according to GitHub. Sergio Demian Lerner, a cryptocurrency security consultant, explained:

“The attack is simple: you send to a Parity node a block with invalid transactions, but valid header (borrowed from another block). The node will mark the block header as invalid and ban this block header forever but the header is still valid.”

New versions v2.6.8-beta & v2.5.13-stable have been released that will protect against this attack. As per this upgrade,

“Make sure to not mark block header hash as invalid if only the body is wrong.”

Those running Parity nodes are asked to update their clients “ASAP.”

Parties involved were already unhappy with the situation as Ethereum chose New Year’s Day for the upgrade. And now Parity underwent an attack.

Moreover, currently, 75.7% of the node operators are ready for Muir Glacier, as per Ethernodes.org.

Binance however, has announced its support for the ETH Muir Glacier upgrade. Because of which, deposits and withdrawals of ETH will be suspended.

When it comes to mining pools, only one, Ethermine is ready while the rest Sparkpool, F2Pool, Nanopool, Zhizhu, and MiningPoolHub still showing ‘no information’.

Earlier this month, the Ethereum network has its Istanbul upgrade and now they are ready for another. Ethereum was forced to have another update (EIP-2387) in less than a month due to a mistake and to delay the difficulty bomb feature that will slow down the Ice Age by about 611 days.

2020 to be the year of Ethereum?

The second-largest cryptocurrency by market cap is currently trading at $131, down 92% from its all-time high of $1,570. Ethereum’s 2019 performance surely has turned negative by 3.50% but it is still one of the best performers of the decade, with nearly 18,000% gains.

For the next year, Ethereum might be in for some good time as it might have hit the bottom.

Trader Crypto Michaël also sees 2020 a good year for Ether as he says, “Each massive breakout of ETH in January showed a significant move.”

Historically, he says Q1 of the year has been a great period for altcoins and their dominance bottoming. So “Let’s rock in Q1 2020!”

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Author: AnTy

Parity Updates Technology Allowing Users to Turn Dated Phones Into Cold Storage Wallets

The crypto developer Parity Technologies has released a new version of its Parity Singer app. The function of this app is to turn old smartphones into cold storage crypto wallets.

Parity announced the V3 beta service will be launched soon. The technology can be used to store cryptos offline, sign transactions offline, vote for governance proposals and the software is easy to integrate with both the Ethereum network and Polkadot.

According to the company, offline wallets are the best way to be protected from hackers because hackers have no way to access it. The idea is that people can let their cellphones running the app while on airplane mode to be protected. Because of this, it is important to remember that you should never connect your cellphone to the internet if you want to use this.

This new version of the app can also be used to create Kusama accounts, which can be used to connect to apps based on Polkadot. All transactions will not involve private keys and will use QR codes instead to make the process more secure. Parity affirmed that the upgrade was already audited by Trail of Bits before the launch.

Parity Technology, which was founded by Gavin Wood and Jutta Stein, two important Ethereum developers, has the goal of creating decentralized solutions for the crypto world. This year, the company received a $5 million grant from the Etheruem Foundation, one of the largest grants of the season.

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Author: Silvia A

ZCash Unveils New Zebra Software Client to Improve ZEC’s Blockchain Network Health with Parity

ZCash-Unveils-New-Zebra-Software-Client-to-Improve-ZECs-Blockchain-Network-Health-with-Parity
  • ZCash and Parity Technologies work together to provide improved security to users
  • The goal is to offer better services to users

The ZCash Foundation has partnered with Parity Technologies in order to release a new open source client for the ZEC cryptocurrency. This is according to a press release unveiled on June 17. ZCash (ZEC) is one of the largest cryptocurrencies in the market offering privacy features.

ZCash Foundation And Parity Technologies Work Together

The new software client is called Zebra and it has been released to provide redundancy in the case of its client failing. In this way, the network is expected to work in a much more secure way and users would be more protected than before.

There are going to be other improvements to ZCash with this partnership. For example, the network would be able to detect implementation-specific bugs and also avert problems related to the consensus mechanism that the network has.

Parity Technologies has been working on other crypto clients in the past. For example, they have developed Parity Ethereum.

About the new partnership to improve ZCash, the CTO of Parity, Fredrik Harryson, commented:

“The community wins across the board … Zcash can now boost a more diversified community that can effectively tailor experiences for Layer 2 developers as well as end-users.”

At the time of writing this article, ZEC is the 23rd largest crypto in the market with a price per coin of $100. ZEC’s market capitalization reached $677 in the last few hours.

[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.

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Author: Carl T