New Lightning: MIT Introduces Spider Routing Scheme to Accelerate Cryptocurrency Transactions
Researchers at the Massachusetts Institute of Technology (MIT) “improved” the Lightning Network by creating a blockchain-based transaction routing network model called Spider.
According to the developers of MIT, the solution is a “network of payment channels” (PCN), which can reduce the time spent on transactions on the blockchain and even make a profit. Its architecture has significant similarities with the Lightning Network, a payment network already operating in Bitcoin and several other public blockchains.
Experts explained that transactions will be carried out with minimal participation of the blockchain. PCN users will create an escrow account outside the blockchain, thereby forming an integrated network of joint accounts. Then, payments will be made through these accounts, and information will be recorded on the blockchain only for creating and closing accounts, which will greatly accelerate transactions. Accounts may also charge a small fee if transactions are routed through them.
In traditional schemes, transactions are made in the shortest way, however, this does not take into account the user's balance, and if, when processing a large number of transactions, the balance on the joint account becomes zero, this will lead to a delay or failure of the operation. The Spider scheme offers a more efficient way to route cryptocurrency payments. It is about dividing transactions into parts that are transmitted through channels with different bandwidths. The developers are confident that such a scheme will work much more efficiently unlike other networks in which the payment is rejected if the payment channel cannot transfer a large payment.
In addition, if the account in Spider cannot process the incoming transaction, it is not rejected, but queued until this account recovers the balance of coins as a result of another transaction. At the same time, a special algorithm will check the workload of nodes to detect delays in such queues, which will allow less often to direct a transaction through a busy route. In the near future, the developers plan to increase the efficiency of the Spider solution for conducting transactions based on DAG and eliminate possible problems related to privacy.
Researchers at the Massachusetts Institute of Technology (MIT) “improved” the Lightning Network by creating a blockchain-based transaction routing network model called Spider.
According to the developers of MIT, the solution is a “network of payment channels” (PCN), which can reduce the time spent on transactions on the blockchain and even make a profit. Its architecture has significant similarities with the Lightning Network, a payment network already operating in Bitcoin and several other public blockchains.
Experts explained that transactions will be carried out with minimal participation of the blockchain. PCN users will create an escrow account outside the blockchain, thereby forming an integrated network of joint accounts. Then, payments will be made through these accounts, and information will be recorded on the blockchain only for creating and closing accounts, which will greatly accelerate transactions. Accounts may also charge a small fee if transactions are routed through them.
In traditional schemes, transactions are made in the shortest way, however, this does not take into account the user's balance, and if, when processing a large number of transactions, the balance on the joint account becomes zero, this will lead to a delay or failure of the operation. The Spider scheme offers a more efficient way to route cryptocurrency payments. It is about dividing transactions into parts that are transmitted through channels with different bandwidths. The developers are confident that such a scheme will work much more efficiently unlike other networks in which the payment is rejected if the payment channel cannot transfer a large payment.
In addition, if the account in Spider cannot process the incoming transaction, it is not rejected, but queued until this account recovers the balance of coins as a result of another transaction. At the same time, a special algorithm will check the workload of nodes to detect delays in such queues, which will allow less often to direct a transaction through a busy route. In the near future, the developers plan to increase the efficiency of the Spider solution for conducting transactions based on DAG and eliminate possible problems related to privacy.
Iota Trinity wallet users ' funds stolen due to a vulnerability in the app
The IOTA team is investigating reports of a possible vulnerability in its Trinity wallet that resulted in the theft of 10 users ' funds. At the moment, transactions in the network are temporarily suspended.
The iota blockchain project was attacked or maliciously exploited by a vulnerability in the Trinity Wallet app. IOTA said it began receiving reports of stolen funds from users on Wednesday and decided to disable the coordinator node on the network for further investigation. The developers recommend that users do not launch the Trinity app until further notice.
The IOTA Foundation is investigating the issue in an earlier version of its wallet. The developers are also trying to analyze the pattern of hacker attacks and perform manual verification. According to the IOTA statement, " the first (but not all) exchanges responded to the request and reported that the tracked funds were not transferred or cashed."
"Most of the evidence points to the theft of "SIDS", the cause of which is still unknown and is being studied by developers, " said the IOTA Foundation. "It seems that all the victims (about 10 people who have contacted the IOTA Foundation at the moment) have recently used Trinity."
On Twitter, IOTA said it was working with law enforcement and cybersecurity experts to investigate a coordinated attack that resulted in funds being stolen. The company does not disclose the total amount of stolen funds, but Twitter user 00xou reports that about $ 1.6 million was stolen from 10 users. He also notes that the problem most likely occurred in the desktop version of the wallet.
The last update of the iota investigation status was made on February 13 at 23.45. The message reads:
"We are still investigating many possible root causes, including the exploit of the previous version of Trinity with all its dependent objects. We are working on studying the attacked "SIDS" and analyzed the attack pattern using a set of newly created tools, as well as completed a full manual check. Due to the ongoing investigation, we will continue to stop transactions of funds in the network. Please note that data transfer is not affected by this restriction."
Recall that in December, iota developers reported that a crash that suspended the main network was fixed, as well as the release of an updated version of the client for full IRI V1.8.3 nodes.
The IOTA team is investigating reports of a possible vulnerability in its Trinity wallet that resulted in the theft of 10 users ' funds. At the moment, transactions in the network are temporarily suspended.
The iota blockchain project was attacked or maliciously exploited by a vulnerability in the Trinity Wallet app. IOTA said it began receiving reports of stolen funds from users on Wednesday and decided to disable the coordinator node on the network for further investigation. The developers recommend that users do not launch the Trinity app until further notice.
The IOTA Foundation is investigating the issue in an earlier version of its wallet. The developers are also trying to analyze the pattern of hacker attacks and perform manual verification. According to the IOTA statement, " the first (but not all) exchanges responded to the request and reported that the tracked funds were not transferred or cashed."
"Most of the evidence points to the theft of "SIDS", the cause of which is still unknown and is being studied by developers, " said the IOTA Foundation. "It seems that all the victims (about 10 people who have contacted the IOTA Foundation at the moment) have recently used Trinity."
On Twitter, IOTA said it was working with law enforcement and cybersecurity experts to investigate a coordinated attack that resulted in funds being stolen. The company does not disclose the total amount of stolen funds, but Twitter user 00xou reports that about $ 1.6 million was stolen from 10 users. He also notes that the problem most likely occurred in the desktop version of the wallet.
The last update of the iota investigation status was made on February 13 at 23.45. The message reads:
"We are still investigating many possible root causes, including the exploit of the previous version of Trinity with all its dependent objects. We are working on studying the attacked "SIDS" and analyzed the attack pattern using a set of newly created tools, as well as completed a full manual check. Due to the ongoing investigation, we will continue to stop transactions of funds in the network. Please note that data transfer is not affected by this restriction."
Recall that in December, iota developers reported that a crash that suspended the main network was fixed, as well as the release of an updated version of the client for full IRI V1.8.3 nodes.
The Libra Association is considering changing the security of the coin in favor of the dollar
The Libra Association consortium is exploring the possibility of providing Libra's stablecoin with US dollars, rather than a basket of currencies, as originally planned. This is reported by the Block, citing its own sources.
The organization believes that changing the model will help to dispel the concerns of American regulators about the Facebook digital coin.
The project of the social network for the release of stablecoin has faced close attention from regulators, lawmakers and authorities.
At hearings before the Senate Banking Committee and the house financial services Committee, David Marcus, who represented the Calibra initiative, was unable to answer all the questions convincingly, and avoided some of them.
American lawmakers see Libra as a threat to the dollar, and consider it possible to qualify the coin as a security with appropriate regulation.
Kristin Smith, head of the blockchain Association, a lobbying firm, believes that the model change being discussed could change the situation.
"I think the main concern of lawmakers about Libra is that it will undermine the position of the us dollar. Therefore, if they switch to a stable coin based on it, it will solve many problems, " she said.
In Europe, the Facebook project also met with a negative reaction from the authorities. France and Germany have explicitly stated that they will block the development of Libra in the European Union. With the participation of Italy, Spain and the Netherlands, these countries formed a coalition of States that intend to oppose the Facebook project.
Even in cryptocurrency-friendly Switzerland, additional regulation has been introduced for stable coins due to social network plans.
Therefore, according to media reports, Libra Association representatives are negotiating with politicians in Europe to issue several stablecoins, each of which will be backed by one of the Fiat currencies, including the Euro.
The Libra Association consortium is exploring the possibility of providing Libra's stablecoin with US dollars, rather than a basket of currencies, as originally planned. This is reported by the Block, citing its own sources.
The organization believes that changing the model will help to dispel the concerns of American regulators about the Facebook digital coin.
The project of the social network for the release of stablecoin has faced close attention from regulators, lawmakers and authorities.
At hearings before the Senate Banking Committee and the house financial services Committee, David Marcus, who represented the Calibra initiative, was unable to answer all the questions convincingly, and avoided some of them.
American lawmakers see Libra as a threat to the dollar, and consider it possible to qualify the coin as a security with appropriate regulation.
Kristin Smith, head of the blockchain Association, a lobbying firm, believes that the model change being discussed could change the situation.
"I think the main concern of lawmakers about Libra is that it will undermine the position of the us dollar. Therefore, if they switch to a stable coin based on it, it will solve many problems, " she said.
In Europe, the Facebook project also met with a negative reaction from the authorities. France and Germany have explicitly stated that they will block the development of Libra in the European Union. With the participation of Italy, Spain and the Netherlands, these countries formed a coalition of States that intend to oppose the Facebook project.
Even in cryptocurrency-friendly Switzerland, additional regulation has been introduced for stable coins due to social network plans.
Therefore, according to media reports, Libra Association representatives are negotiating with politicians in Europe to issue several stablecoins, each of which will be backed by one of the Fiat currencies, including the Euro.
Ankr to Host Ferrum’s Ethereum Node Infrastructure
A lot has been happening in the cryptocurrency industry recently, where businesses are trying to entice their users with new features and services. In the chain of events comes news where Ankr, a one-click node hosting platform, will host Ferrum Network’s Ethereum node infrastructure on its platform.
Why Did Ferrum Choose Ankr
There were primarily two reasons why Ferrum migrated to Ankr. First, it needed an affordable solution, and that is why it moved away from Infura, a hosted Ethereum node cluster. Second, Ferrum sees an increasing demand for its product line of cryptocurrency exchanges and wallets, which needs a node hosting platform. Ankr is a one-stop destination for Ferrum.
How Will Ankr Support Ferrum
Ankr’s distributed cloud infrastructure enables the deployment of Ethereum nodes for blockchain enterprises. Hosting of Ethereum node infrastructure on Ankr will surely help Ferrum to meet the increasing demand for its products. Deployment of Ethereum nodes will support:
First Kudi Exchange: A fiat to crypto exchange that enables the unbanked in Africa.
UniFyre Wallet: A crypto wallet, which is powered by the DeFi focused Ferrum Network and works on the Link Drop technology.
Ankr’s features like high uptime and fast linear scalability make it desirable for a crypto wallet. While speaking on its association with Ferrum, Ankr praised Ferrum Network’s decentralized application (dApps) platform. Ankr added that apart from this association, its partnership with crypto wallet UniFyre in June 2020 will enable users to take full advantage of blockchain technology.
Benefits of Ferrum-Ankr Association
As a first glimpse of what this association could look like, Ferrum has debuted its new Pool Drop feature. And to support that Ankr has decided to offer $50 worth of tokens to its 50 lucky winners.
Ferrum further has its vision of integrating Ankr tokens into UniFyre’s peer-to-peer (P2P) fiat/altcoin trading platform. A cryptocurrency trading platform such as the-crypto-investor automatically scans the markets, analyzes the data, and lists lucrative trading opportunities for users. This will enable users to both buy and sell Ankr P2P coins using local fiat currencies without relying on a centralized cryptocurrency exchange.
What Is Pool Drop Feature
Ferrum’s Pool Drop feature is nothing but an extension of Unifyr’s Link Drop technology. The uniqueness of Link Drop technology lies in the fact that it lets users use links instead of addresses for both sending and receiving cryptocurrency.
A lot has been happening in the cryptocurrency industry recently, where businesses are trying to entice their users with new features and services. In the chain of events comes news where Ankr, a one-click node hosting platform, will host Ferrum Network’s Ethereum node infrastructure on its platform.
Why Did Ferrum Choose Ankr
There were primarily two reasons why Ferrum migrated to Ankr. First, it needed an affordable solution, and that is why it moved away from Infura, a hosted Ethereum node cluster. Second, Ferrum sees an increasing demand for its product line of cryptocurrency exchanges and wallets, which needs a node hosting platform. Ankr is a one-stop destination for Ferrum.
How Will Ankr Support Ferrum
Ankr’s distributed cloud infrastructure enables the deployment of Ethereum nodes for blockchain enterprises. Hosting of Ethereum node infrastructure on Ankr will surely help Ferrum to meet the increasing demand for its products. Deployment of Ethereum nodes will support:
First Kudi Exchange: A fiat to crypto exchange that enables the unbanked in Africa.
UniFyre Wallet: A crypto wallet, which is powered by the DeFi focused Ferrum Network and works on the Link Drop technology.
Ankr’s features like high uptime and fast linear scalability make it desirable for a crypto wallet. While speaking on its association with Ferrum, Ankr praised Ferrum Network’s decentralized application (dApps) platform. Ankr added that apart from this association, its partnership with crypto wallet UniFyre in June 2020 will enable users to take full advantage of blockchain technology.
Benefits of Ferrum-Ankr Association
As a first glimpse of what this association could look like, Ferrum has debuted its new Pool Drop feature. And to support that Ankr has decided to offer $50 worth of tokens to its 50 lucky winners.
Ferrum further has its vision of integrating Ankr tokens into UniFyre’s peer-to-peer (P2P) fiat/altcoin trading platform. A cryptocurrency trading platform such as the-crypto-investor automatically scans the markets, analyzes the data, and lists lucrative trading opportunities for users. This will enable users to both buy and sell Ankr P2P coins using local fiat currencies without relying on a centralized cryptocurrency exchange.
What Is Pool Drop Feature
Ferrum’s Pool Drop feature is nothing but an extension of Unifyr’s Link Drop technology. The uniqueness of Link Drop technology lies in the fact that it lets users use links instead of addresses for both sending and receiving cryptocurrency.
​​China To Test Digital RMB Via Chinese Uber
Information leaked to Bloomberg suggests that China is preparing for the first real test for the state-sanctioned digital currency via the Didi Chuxing app, an Uber-equivalent in China.
The ride-hailing application is integrating the digital yuan as a payment method, enabling citizens to use DRMB to pay for rides and potentially more in the future, according to the unnamed source.
The integration is led by the People’s Bank of China, together with Soft Bank to create what is being internally called the Digital Currency Electronic Payment virtual legal tender.
There is no official statement on when this system will become operational, and the PBOC did not answer to inquiries made by Bloomberg journalists.
The wide-spread acceptance of a blockchain-powered future for China started with Xi Jinping’s speech last year, and since then, the state has worked tirelessly to create the infrastructure for the digital yuan.
This move by the Chinese government is preceded by hypothetical simulations during their pilot program in April earlier this year. The goal of simulations was to provide Beijing with insights and estimate the level of control over the country’s financial system should it be implemented across the entire country. The pilot was limited to four major cities in China.
Details about countrywide implementation remain a mystery. However, we don’t expect to see fast results considering the USD 27 trillion payments industry in China. The rollout of the digital yuan is likely to happen in stages, similar to the current “Didi” test.
Didi is going to be the first real stress test for the blockchain network and will define the course of action for the Chinese government.
Information leaked to Bloomberg suggests that China is preparing for the first real test for the state-sanctioned digital currency via the Didi Chuxing app, an Uber-equivalent in China.
The ride-hailing application is integrating the digital yuan as a payment method, enabling citizens to use DRMB to pay for rides and potentially more in the future, according to the unnamed source.
The integration is led by the People’s Bank of China, together with Soft Bank to create what is being internally called the Digital Currency Electronic Payment virtual legal tender.
There is no official statement on when this system will become operational, and the PBOC did not answer to inquiries made by Bloomberg journalists.
The wide-spread acceptance of a blockchain-powered future for China started with Xi Jinping’s speech last year, and since then, the state has worked tirelessly to create the infrastructure for the digital yuan.
This move by the Chinese government is preceded by hypothetical simulations during their pilot program in April earlier this year. The goal of simulations was to provide Beijing with insights and estimate the level of control over the country’s financial system should it be implemented across the entire country. The pilot was limited to four major cities in China.
Details about countrywide implementation remain a mystery. However, we don’t expect to see fast results considering the USD 27 trillion payments industry in China. The rollout of the digital yuan is likely to happen in stages, similar to the current “Didi” test.
Didi is going to be the first real stress test for the blockchain network and will define the course of action for the Chinese government.