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MoneroV [XMV], a thorn in the flesh of Monero [XMR]?

Abhishek Anil

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MoneroV [XMV], a thorn in the flesh of Monero [XMR]?
Source: Pixabay

MoneroV, a fork of Monero blockchain announced its presence in the Monero community recently. MoneroV has promised users that it offers them a new secure, private, scaleable currency which addresses the problems faced by the Monero blockchain.

A Twitterati says:

“Another cryptocurrency fork that exists purely to maintain mining profitability for Bitmain….. What could go wrong….. I’m simply shocked Bitmain would create a Bcash for Monero. I’m in utter shock.”

A fork is a term that is used to trace several processes in cryptocurrency. It is a change in the protocol which makes invalid blocks valid, thus requiring all users to upgrade to the latest version of the software. There are different types of forks, some of which include scheduled hard forks, code forks, and blockchain forks.

Riccardo Spagni, a core member of the Monero team tweeted:

“Any Monero fork that retains ASIC support not only carries the usual naive fork privacy risk but also creates a massive DoS attack surface for exchanges that add it.”

MoneroV is expropriated from the software Monero. It has announced that mining operations will commence from 30th April 2018.

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Specialists and many influencers have suggested that MoneroV offers several high-risk attack possibilities to the cryptocurrency to its policies.

This has brought critical comments from users among which was this tweet:

“Really? shocked? … It was inevitable that the existing chain was going to live on. Plenty of mining botnets with lost C&C that will stay on the old chain. …..Personally, I’ve always been against a hard-fork for ASIC resistance, and many others are too”

Monero recently tweeted:

Monero tweets about MoneroV

Monero tweets about MoneroV

Monero has announced in a tweet that it is not anyway related to the development of MoneroV and has recommended its users to be careful with the new software. It assured its users that it is working to put shields in place to minimize attack vectors against Monero’s privacy due to blockchain forks.

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Bitfinex partners with EOSIO as a Blockchain Producer

Sthuthie Murthy

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Bitfinex partners with EOSIO as a Blockchain Producer
Source: Pixabay

Bitfinex, headquartered in Hong Kong is the largest Bitcoin trading platform with over 10% of the exchanges’ trading. They offer state-of-the-art services for digital assets and liquidity providers. While their search for advanced technologies with the capacity to meet high-demands of a high-volume blockchain both legally and technically was in process, they came across EOSIO community to which they believe they can contribute significantly.

Latest tweet by Bitfinex:

“Bitfinex is pleased to present itself as an EOS Block Producer candidate.”

Bitfinex will act as an incubator to fund, nurture and advise teams that are serious about the future of EOS. Their team is an assortment of more than 100 experts from the industry including a highly versatile development team, legal experts, technical support agents, and industry advocates.

They claimed:

“Our team has gained invaluable industry experience along the way, and we aim to make use of this to enrich the teams around us — sharing information and providing guidance whenever possible.”

Being a block producer candidate, they pledge to grow the open-source nature of the decentralized digital asset space. This is done through intense research, collaborations, and community development. They aim to combine the potential of EOSIO with their own terms of research, development, and adoption at a much higher level.

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A high-performance decentralized exchange platform, EOSfinex also aims to combine the scalability and potential of EOSIO. It is built on EOSIO technology, along with the financial/development expertise of the Bitfinex development team. EOSfinex looks forward to delivering a highly-scalable, on-chain trading platform.

They added:

“EOSfinex has been developed by considering speed, transparency and scalability and will be the first trust less exchange to be implemented on EOSIO-based networks.”

Apart from the development of a trustless exchange, EOSfinex will be leading the development of a secure and intuitive EOS wallet as well. The partnership is meant to leverage EOSIO’s platform for horizontal scaling of DApps. As their continuous search led them to the EOSIO platform, they aim to process tens of thousands of transactions per second with the lowest fees.

Judy Steven, a Bitfinex user says:

“This is exciting. I’m interested in learning more about this “intuitive wallet” you are developing.”

Ariana Paul, a speculator says:

“Congrats Bitfinex! Looking forward to seeing what great accomplishments Bitfinex will bring to the EOS ecosystem. I can see a three-digit price for EOS soon.”

Lessie Grundon, a market observer said:

“Honestly, I don’t think this is good. To me decentralisation is all about random people having a right to produce blocks and vote the way ahead.”

EOS has been one of the top gainers in the market that has turned bearish recently displaying significant volume gains up to 52% and currently trading at $13.19. The market cap has also noticeably gained and is worth $10 billion roughly as seen at press time.

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Jed McCaleb talks about the foundation of Stellar Lumens [XLM]

Ketaki Dixit

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Jed McCaleb talks about the foundation of Stellar
Source: PxHere

The BayPay Thought Leadership event was held on 19th April, where Jed McCaleb, the Co-Founder, and CTO of Stellar Development Foundation spoke about the past, present, and future of Stellar.

He started by explaining how the transactions on Stellar work and about how they get banks on board. He says that banks are not the first ones to take up this system of transaction. However, smaller financial institutions like money transfer operators that focus on payments will be more open to adopting this method of sending money.

He said:

“We are working with a few banks and none of them are in production. I don’t think of the banks using cryptocurrency are in production… I don’t think they’re going to do anything until they see a lot of money flowing somewhere else in the ecosystem first because they are the most risk-averse, they have the most to lose essentially.. we spend most of our time outside the US – mainly focus in South Asia, Africa.”

He further explains that there is a lot of friction in places where people do not have bank accounts, wherein the adoption of the Stellar network makes it easier for them to adopt the system.

When asked about how much responsibility they have as a network to allow ICOs to function, Jed talks about the company being unable to stop anyone from issuing a token on the network but they wouldn’t be involved in the same. However, he says “Our responsibility falls on the ones that we do work with.. we want to make sure there is reputable and valuable projects”.

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He also says that people need to be careful while investing in ICOs as these are the early days in the space, due to which there are a lot of scams and fraudulent activities.

A crypto enthusiast commented:

“This was a great discussion. I loved how Jed did a great job answering the questions even though they were irrelevant. I think it could have been more detailed about the backstory of Stellar and the challenges the faced instead of talking about Jed’s life history. Im sure the audience wanted to know more than just unnecessary things.”

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