On 1st September, IoT based blockchain platform IOTA [MIOTA] released a post sharing the team’s development update on their official Twitter handle. The update is presented by developer Hans Moog. In an elaborate Medium post, the techie speaks about the concept of local snapshots.
According to the blog, the foundation has been seeing a lot of activity lately, with several developers adopting IOTA Tangle to implement solutions to real-world problems. Furthermore, Hans Moog stated that the increase in usage has led to an increase in database size. He also added that it may raise problems for nodes with limited hardware resources.
The developer reveals that the company has been obtaining global snapshots during regular periods of intervals. The process involves pruning the transaction history. Next, he stated that the ‘resulting balances are consolidated into a new genesis state that allows nodes to start over, with an empty database’.
He further added that the team was required to temporarily stop the coordinator, generate the snapshot state, allow the community to verify the generated files and in the end restart the coordinator. The steps proved to be impractical with the growing ledger size, he mentioned.
As a solution, Moog stated that the IOTA team has been working on the concept of local snapshots. The project has been IOTA’s central roadmap, he added.
The team has begun testing the feature internally reviewing all the implemented changes and it further plans to gather sufficient metrics about the behavior of local snapshots.
Hans Moog also posted a screenshot of the console output obtained from their internal analysis.
Additionally, Moog attempts to summarize the new features that it offers to node operators. The points are summarized below:
- The feature makes it possible to sync small local snapshot file, with the creation of new nodes. The nodes can be fully synced in a few minutes.
- The nodes have reduced disk requirement.
Moog further adds that this feature allows nodes to handle thousands of transactions per second, without the database size posing as a problem. Moreover, he added that in a theoretical sense, the nodes could run for years without the need for maintenance.
Moving further into the technical aspect of local snapshots, Moog explains that the basic principle behind it involves four key aspects namely, Pruning of old transactions and persisting the balances, Solid Entry Points, Seen Milestones and Permanodes.
Moog also mentions that the entire process will be automatically repeated to allow the nodes to run parallel with a constant space requirement without requiring additional maintenance.
Lastly, he concluded by saying:
“The upcoming feature of Local Snapshots will not just solve the space problems that arise with the growing adoption of IOTA, but will also simplify the setup of new nodes and allow organisations and community members to operate permanodes”.
He also added that the feature will be up for beta testing in the weeks to come.
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WAVES/BTC sees dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order
Waves, the 29th largest cryptocurrency, hit lows against BTC on April 17, and users speculated that this could have been due to a massive sell order.
Waves, at press time, was trading a $2.71 with a market cap of $270 million and had a trading volume of $15 million. However, on April 17, the price of Waves hit rock bottom due to a massive sell-off similar to one that Ethereum witnessed a few years back.
As seen in the above chart, the price of Waves against BTC hit exactly 0.0000001 BTC, which amounts to 1 Satoshi. The volume for the said candle is also massive, further confirming a sell order of massive amounts. The coin has since increased by approximately 3% against Bitcoin in under 24 hours.
Crypto enthusiasts on Twitter couldn’t hold back their opinions as one user, @BitBitCrypto tweeted
“- $WAVES did not trade at 1sat, it traded at 10sat
– It is still a great project and with a huge potential
– This sell order has nothing to do with WAVES (the project)
– This trade wasn’t done on Binance web cause you can’t place this low, it was API
– I didn’t buy it at 10 sat”
Another user @BITCVIX tweeted:
1min WAVES/BTC flash crash on Binance (from 5200 sats to 1 sat) pic.twitter.com/C9WAGyjwp9
— BTCVIX (@BTCVIX) April 17, 2019
TradingView commented on this matter saying:
“Something strange is always happening in the #crypto market”
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