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Australia Issues White Paper for Central Bank Digital Currency – Finance Bitcoin News

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Reserve Bank of Australia is researching the potential benefits of launching a central bank digital currency. The monetary authority released a white paper outlining its goals and invited interested parties to participate with proposals and suggest pilot projects.

Central Bank of Australia to Pilot CBDC Until Middle of 2023

The Reserve Bank of Australia (RBA) has set out to explore use cases for a digital version of the Australian dollar. It’s collaborating on the project with the Digital Finance Cooperative Research Centre (DFCRC), a research program funded by the government and the financial sector. This week, the two released a white paper for the central bank digital currency (CBDC).

The document titled “Australian CBDC Pilot for Digital Finance Innovation” details the main objectives of the initiative and explains the design of the new currency. Members of the industry have been invited to propose use cases that have the potential to improve the functioning of Australia’s economy and financial system, the RBA announced.

The monetary policy regulator said that one of the key tasks is to also explore business models that could be supported by a CBDC. The pilot project, which was launched in July and will be completed in mid-2023, will also allow financial authorities to better understand technological, legal, and regulatory aspects associated with the issuance of a central bank digital currency.

Compelling use cases, wholesale or retail, will be included in the pilot and used to assess the rationale for an Australian digital currency, the RBA said. A wide range of stakeholders are welcome to take part in the project, including financial institutions, fintech firms, public sector agencies, and tech companies.

Regulators such as the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, will also be engaged and will work on any regulatory implications that may arise during the testing.

Only Residents and Domestic Companies to Hold Australian Digital Currency During Pilot Phase

The Australian central bank also noted that the pilot digital currency, referred to as eAUD in the document, will be its liability and denominated in Australian dollars. The coins in circulation will be capped at an amount which will be determined by the RBA, taking into account the requirements of selected use case providers.

Only Australian residents and entities registered in the country will be able to hold eAUD and the holdings will not bear any interest. All end users will need to be invited by an approved use case provider or know-your-customer provider. The CBDC will be stored in both custodial and noncustodial wallets.

The Reserve Bank of Australia specifically remarked that its research project does not reflect intentions to end the use of paper money. “The RBA is committed to ensuring Australians continue to have good access to physical cash for as long as people need or want to use it,” the authority emphasized.

Amid the growing spread of cryptocurrencies in the past few years, dozens of central banks around the world have started exploring the option of issuing digital versions of their fiat currencies and some have already launched pilot CBDC projects.

In mid-August, Australia’s securities watchdog insisted that the increased popularity of cryptocurrencies makes a “strong case for regulation.” ASIC quoted a survey, according to which 44% of the country’s retail investors held crypto in late 2021. Later that month, the Australian Treasury announced a plan to stocktake crypto holdings.

Tags in this story
Australia, australian, Australian dollar, CBDC, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, eAUD, monetary authority, pilot, pilot project, project, Research, Reserve Bank of Australia, use cases

Do you think Australia will catch up with other nations developing central bank digital currencies? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Chinese Investors Could Snap Up Cryptocurrencies as Yuan Slides, Hedge Fund Says

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Bitcoin is trading below $19k again and could dip further

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Bitcoin recovered its $20k resistance level yesterday but couldn’t maintain it as the broader market embarked on a bearish run.

Bitcoin, the world’s leading cryptocurrency, has been underperforming over the last few hours. It has lost more than 7% of its value in the last 24 hours despite starting the week positively.

The poor performance coincides with that of the broader cryptocurrency market. The total crypto market it currently stands below $920 billion, down by more than 5% in the last 24 hours.

Bitcoin reached the $20k mark earlier this week after performing well. However, the bears regained control of the market, and BTC is now trading at around $18,700 per coin. 

Ether, the second-largest cryptocurrency by market cap, briefly surged past the $1,300 resistance mark earlier this week. However, it is now down by more than 7% in the last 24 hours and is trading around $1,280 per coin.

Key levels to watch

The BTC/USD 4-hour chart is turning bearish as Bitcoin is relinquishing some of the gains it accumulated earlier this year. The technical indicators show that Bitcoin is currently underperforming against the broader market.

BTC/USD Chart By TradingView

The MACD line remains above the neutral zone but could soon fall into the negative region if the bearish trend continues.

Furthermore, the 14-day relative strength index of 41 shows that Bitcoin could enter the oversold region if the bears remain in charge.

At press time, BTC is trading at $18,717 per coin. If the bearish trend continues, Bitcoin could dip below the first major support level at $18,298 over the next few hours.

Bitcoin has managed to stay above $18k in recent weeks, and the bulls could defend their position above that price in the near term.

The bulls could also regain control of the market before the end of the week and push Bitcoin towards the $20k psychological level once again. 

However, unless there is an extended bullish run, Bitcoin should steer clear of the $20,819 resistance level over the next few days. 

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LBank Exchange Will List Genesis Token (GTN) on September 29, 2022 – Press release Bitcoin News

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PRESS RELEASE. INTERNET CITY, DUBAI, Sep. 28, 2022 – LBank Exchange, a global digital asset trading platform, will list Genesis Token (GTN) on September 29, 2022. For all users of LBank Exchange, the GTN/USDT trading pair will be officially available for trading at 10:00 UTC on September 29, 2022.

Based on the most advanced blockchain generation – Blockchain 5.0, Relictum Pro creates a global platform that covers all the aspects of human life in a distributed registry, offering unmatched solutions for real-world problems. Its native token Genesis Token (GTN) will be listed on LBank Exchange at 10:00 UTC on September 29, 2022, to further expand its global reach and help it achieve its vision.

Introducing Relictum Pro

Relictum Pro is a scalable, advanced public and private blockchain platform, where every device is a node able to conduct instant and cheap transactions. It’s a platform that can be used both with thin clients and with more powerful processors, basic stations, as well as with the latest electronic and computer technologies, including quantum computer.

A blockchain is a chain of blocks, and Relictum Pro is a system of event formalization having dynamic blocks in addition to the chains of blocks themselves. This greatly expands the possibilities and brings to another level of the mathematical apparatus, and allows users to create not only one-dimensional models of chains, but two-dimensional, three-dimensional, and even four-dimensional models of event formalization.

Compared to the current blockchain, Relictum Pro network instantly self-organizes and establishes virtual channels between nodes, and its transaction speed (the rate of filling the entire network with blocks in each node) takes from 0.5 to 1 sec, with an estimated system performance value of 1,000,000 trns/s under ideal conditions.

Relictum Pro is a full-fledged blockchain platform capable of operating in both private and public access for government, commercial and private activities. It is an endless distributed registry with a developed system of smart contracts, describing (formalizing) any event in human life, ranging from buying and selling goods and services, recording logistic events, to tracking copyright and interacting with legal entities, including a number of self-executing transactions (smart contracts) in any field of activity.

In addition to the Relictum Pro Blockchain, there’s also a group of the most modern blockchain ideas created for the Relictum ecosystem in the form of products working on a single platform, including: Relictum Wallet; Relictum Decentralized Storage; Relictum DEX; Relictum NFT; Relictum Pay; Relictum Games; Relictum StartupLaboratory.

Solving the problems of existing platforms and having the most advanced parameters, Relictum Pro Blockchain can offer solutions on a global economic scale, making processes transparent and honest, and making human life simpler, safer, and more comfortable.

About GTN Token

Genesis Token (GTN) is the governance token that expresses the intellectual property (IP) right of Relictum Pro network. It allows users to receive rewards from the transactions within the network, and provides users with the possibility to receive royalties for using the intellectual property (IP) of the Relictum Pro network program code in the amount of 2% of the size of the forging (emission) of USDR, a completely transparent, secured stable coin, issued by Relictum’s special emission center Relictum Finance.

The total supply amount of GTN is 10 billion (i.e. 10,000,000,000) tokens, of which 38% of is allocated for the team to build the blockchain network, develop the project and further develop the code, 50% is provided for early participants, 7% will be used for marketing, 2% is provided for bounty program, and the remaining 3% is allocated to advisers and experts.

The GTN token will be listed on LBank Exchange at 10:00 UTC on September 29, 2022, investors who are interested in Relictum Pro investment can easily buy and sell GTN token on LBank Exchange by then. The listing of GTN on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.

Learn More about GTN Token:

Official Website: https://relictum.pro

Official Telegram Groups: https://t.me/relictum_pro_chat

Twitter: https://twitter.com/relictumpro

Facebook: https://www.facebook.com/relictumpr/

Instagram: https://www.instagram.com/relictum_pro_official/

Reddit: https://www.reddit.com/user/RelictumPro_official

Medium: https://relictumpro.medium.com/

YouTube: https://www.youtube.com/c/relictumpro

Github: https://github.com/relictumblockchain/docs

LinkedIn: https://www.linkedin.com/company/relictum-pro/

Bitcointalk: https://bitcointalk.org/index.php?topic=5221631.0

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute the global adoption of cryptocurrencies.

Start Trading Now: lbank.info

Community & Social Media:

l Telegram

l Twitter

l Facebook

l LinkedIn

l Instagram

l YouTube

Contact Details:

LBK Blockchain Co. Limited

LBank Exchange

marketing@lbank.info

business@lbank.info

 

 

 


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The CFTC Served Ooki DAO Papers By Posting Them in an Online Discussion Forum

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The lawsuit, announced last week, is the first to be brought against members of a DAO by the CFTC, and could have wide-ranging consequences for DAO regulation in the future. Charges were also filed and settled against a blockchain protocol, bZeroX – which the CFTC claims operated the same service before handing over the reins to Ooki DAO – and two of its founders, who settled for a $250,000 monetary penalty.

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Binance takes aim at cyber financial crime; CEL tanks after Celsius’ Alex Mashinsky resigns

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The biggest news in the cryptosphere for Sept. 27 includes Binance’s new global program that aims at helping law enforcement fight cybercrime, FTX’s acquisition of the bankrupt Voyager, and Celsius CEO Alex Mashinsky’s resignation. 

CryptoSlate Top Stories

Binance launches new program to help law enforcement fight cyber crime

Binance announced the launch of its new Global Law Enforcement Training Program on Sept. 27. The program will aid law enforcement worldwide in detecting cyber financial crime and assist in prosecuting criminals.

The Program will be led by a selective few with hands-on global experience in cyber financial crime from the Binance investigations team, which grew exponentially over the past year.

FTX wins bid to acquire bankrupt Voyager’s assets

Bankrupt crypto lender Voyager had been meeting with numerous investors, including exchange gain FTX, that were interested in purchasing the company. On Sept. 27, Voyager announced that FTX won the bid to acquire the company.

Celsius CEO Alex Mashinsky resigns; CEL tanks

Celsius Network’s CEO Alex Mashinsky announced his resignation from the company on Sept. 27. Celsius’ native token, CEL, responded to the announcement by tanking 7.5% to reach $1.37.

Celsius Network announced the appointment of Chris Ferraro as the Chief Restructuring Officer and the interim CEO immediately after Mashinsky’s resignation announcement.

EPNS rebrands to Push Protocol as it moves to a multi-chain future

The Ethereum Push Notification Service (EPNS) announced that it rebranded to “Push Protocol” on Sept. 27.  According to the announcement, push protocol indicates the first step of the service toward becoming a multi-chain communication feature.

ATOM up 3% as Cosmos releases new whitepaper

The whitepaper on the Cosmos (ATOM) update got released on Sept. 27. Even though the document is in a state of proposal, ATOM responded by recording a 3.4% increase to reach $14.57 at the time of reporting.

The proposal suggests adding interchain security to Cosmos hub to turn it into an interchain web. The draft also offers updates to increase ATOM’s utility and value.

Ethereum proof-of-stake client bug caught and patched without incident

Ethereum (ETH) developers detected a bug with the Besu Ethereum client before it could create a consensus error in networks. The find was posted on the Hyperledger GitHub repository, and it was understood that “no production networks had transactions that would trigger this failure.”

Polkadot looks to 10x transaction speed in new updates

Polkadot (DOT) announced upcoming improvements to the network, which include its asynchronous backing update that’ll increase the transaction speed by at least 10x.

The asynchronous backing update will shorten parachain block time to six seconds, thereby increasing each block’s space by five to ten. The new update will be ready for Kusama deployment by the year-end.

California issues cease, refrain order to Nexo over offering clients an Earn Interest Product

California’s Department of Financial Protection and Innovation attempted to refrain order for the crypto lender Nexo. The charge accuses Nexo of allegedly behaving “against interest-bearing cryptocurrency accounts.”

On the other hand, Nexo responded by saying it stopped onboarding new users from the U.S. to its Earn Interest Product in Feb. 2022.

Usage of non-renewable energy in Bitcoin mining increased by 13% in 2021

According to the Cambridge Centre for Alternative Finance (CCAF), sustainable energy usage in Bitcoin (BTC) mining decreased by 13% in 2021 compared to 2020.

The numbers show that over 40% of Bitcoin mining was done using renewable energy sources in 2020. This percentage fell to 28.48% in 2021, which led to a 63% increase in greenhouse gas emissions.

DeFi needs to be regulated ‘carefully and thoughtfully,’ says Fed chair, Jerome Powell

The U.S. Federal Reserve’s Chair Jerome Powell spoke at a roundtable conference on Sept.27 and called on lawmakers to take cautious steps when regulating DeFi protocols. He said that regulators have to be:

“…very careful about how crypto activities are taken within the regulatory perimeter.”

He added that central banks will always be the main trust factor behind money, while stablecoins only “borrow” the trust from their issuer.

Nexo acquires stake in Summit National Bank to expand U.S. offering

Nexo inked a deal with Summit National Bank that’ll enable Nexo to offer various services in the U.S., including bank accounts, asset-backed loans, card programs, and custodial solutions.

Research Highlight

Research: Bitcoin on-chain metrics suggest the bottom is now in

Analyzing various metrics, the CryptoSlate research team concluded that Bitcoin bottom had been reached.

The conclusion was drawn after looking into the percentage of Bitcoin addresses in profit, market value to realized value (MVRV), and supply in profit and loss. These metrics have been under the CryptoSlate radar, and just last month, they indicated that Bitcoin could have fallen further.  However, all three showed signs of Bitcoin reaching its bottom this month.

Crypto Market

Bitcoin (BTC) was down 0.57% in the last 24 hours to reach $19,030. Ethereum (ETH), was also down 0.26%, reaching $1,321.

Biggest Gainers (24h)

Biggest Losers (24h)

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Gemini and Betterment partner to offer crypto portfolios

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  • Gemini partnership with Betterment will allow the company to provide crypto custody services to the digital investment advisor.
  • Betterment has over 730,000 customers across its business who could gain exposure to the crypto asset class.
  • Institutional interest in crypto remains despite crypto winter.

Gemini, one of the leading crypto exchange and custody providers in the industry, has struck a partnership with digital investment advisor Betterment in a deal that is set to bring diversified crypto investment portfolios to investors.

A press release by Gemini on Tuesday stated that the new offering will be available to Betterment’s retail investors as well as Betterment for Advisors customers. 

The partnership means Betterment’s upcoming crypto product will offer customers an investment opportunity in crypto portfolios designed around digital assets on Gemini. The exchange, on the other hand, will act as a crypto custodian for Betterment, opening crypto adoption to more thousands of investors across the financial advisor’s market.

Notably, the partnership is likely to open up the crypto investing space for over 730,000 of Betterment’s customers. As noted in Gemini’s blog announcement, these customers now have a chance to diversify their long term investments via exposure to the increasingly popular crypto asset class.

Betterment will begin to offer expert-built digital assets portfolios next month, which its customers will be able to access via their accounts.

Additionally, partners of Betterment for Advisors will have an opportunity to leverage the crypto product to provide exposure to crypto to their own clients.

Institutional investors continue to warm up to crypto

Gemini’s partnership with Betterment comes amid increased interest from leading Wall Street companies in offering crypto products to their clients.

In April this year, Fidelity Investments announced its clients in the US would add Bitcoin to their 401(k) accounts. A few months later, (in August) BlackRock partnered Coinbase to offer crypto trading to its customers.

Fidelity, Charles Schwab and Citadel Securities also recently joined up with other top Wall Street firms to launch a crypto exchange dubbed EDX Markets.  

These developments have continued despite the crypto winter, highlighting the growing interest in the crypto asset class.

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Frankfurt’s Euro Sculpture Is Saved by New Sponsor CAIZ Development – Press release Bitcoin News

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PRESS RELEASE. The preservation of the Euro sculpture in downtown Frankfurt, Germany, has been in danger in recent months as no sponsors were willing to provide the required financing. At the same time, the costs of maintaining the sculpture have risen considerably, mainly due to increased levels of vandalism.

The independent non-profit association Frankfurter Kultur Komitee e.V., the owner of the Euro sculpture, would have been forced to have the sculpture auctioned off as a last resort by 15 October 2022 if no one had stepped forward to help.

Because of this situation and the resulting discussion in the media, the issue became a hot topic. Through this media attention, the Frankfurt company CAIZ Development GmbH became aware of the problem. As a local company with its roots firmly in the financial centre, they quickly decided to develop the financing necessary for the Euro sculpture to remain in Frankfurt.

CAIZ Development is a fintech company headquartered in Frankfurt, and it is developing a blockchain-based ecosystem for financial inclusion. For CAIZ Development, that means, among other things, access to a transactional account – currently unavailable to more than two billion people worldwide. “Caiz” in Arabic stands for “permitted, trustworthy and legal,” and it represents a general ethical orientation in the financial world.

The sponsorship contribution doesn’t only cover the maintenance costs for the Euro sculpture for the next five years. The main sponsor will also organize events on topics that match the statutory purpose of the Frankfurter Kultur Komitee e.V. association.

The city of Frankfurt, the European Central Bank and the local state (Hessian) Ministry of Finance will continue to be involved in the activities around the Euro sculpture.

Of course, further sponsors to support the Frankfurter Kultur Komitee, e.V. are always welcome.

Media contacts:

Frankfurter Kultur Komitee e.V.

Prof. Dr. Manfred Pohl

Tel: +49 (0)172-678 5628

manfred.pohl@frakk.de

CAIZ Development GmbH

Steffen Rieger

Tel: +49 (0)162-7963310

Steffen.rieger@caiz.com

LinkedIn: https://www.linkedin.com/in/steffen-rieger-b1504b149/

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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CEO of $4,500,000,000 Crypto Hedge Fund Says Bitcoin Will Go up a Ton, but Other Projects Will Outperform

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Pantera Capital CEO Dan Morehead says that although he sees Bitcoin’s (BTC) value increasing, its share of the cryptocurrency market will decline over time as he expects other digital assets to outperform it. 

During this month’s SALT New York conference, Morehead says he’s long-term bullish on Bitcoin but notes that other crypto assets have better upside potential.

“Obviously, there was a time [BTC] was the only blockchain so it was 100% of the industry. And then as more and more interesting use cases come out, I think Bitcoin dominance, or its share of the overall market, is in a long-term secular decline while it’s going up 10x.

I think Bitcoin’s going to go up a ton. It’s just other things I think would go up more.”

Morehead, who oversees a crypto hedge fund with $4.5 billion in assets under management, highlights that a similar phenomenon took place in the tech sector.

“It’s kind of like in the tech space. Twenty years ago, Microsoft was kind of the whole industry. And since then, it’s gone up 10x, which is amazing, you know great return, but other things Apple, Google, Facebook, whatever, have gone up even more, and so I think that’s my analogy for the blockchain space.”

Morehead also explains why he is extremely bullish on decentralized finance (DeFi) platforms.

“All of DeFi is only worth $20 billion today. And traditional finance is worth $3 trillion. I wouldn’t bet all my life savings that DeFi is going to work or be great or whatever. But when you have that kind of leverage, it’s less than 1% of the value of traditional finance, that I think it is really, really asymmetric trade.

And one of the things we learned with the rest of the internet is you not only replicate what was pre-existing like e-mail didn’t just replicate snail mail. It created all kinds of ways to communicate that we didn’t have before that. And so DeFi might do things that we don’t even have in traditional finance yet. So it seems pretty clear to me that at these levels blockchain is one of the most compelling trades I’ve ever seen.”

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An Urbit Airdrop Highlights Promises and Problems of Permissionless Development

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The new token was airdropped to 4.5 million Ethereum addresses, including all users who have an .eth wallet address as well as all Urbit “ship” holders, in an attempt to spur adoption, doplur said. The blockchain’s validation process will open this week, giving people a chance to stake their tokens and earn yield. A healthy fraction of the tokens was held in reserve to pay for later network development, including bridges to Ethereum, privacy tools and scaling products.

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Ethereum proof-of-stake client bug caught and patched without incident

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Ethereum developers identified a bug within the Besu Ethereum client that could have led to “consensus failure in networks with multiple EVM implementations.”

Gary Schulte reported the issue to the Hyperledger GitHub repository and was found by Martin Holst Swende. It is understood that “no production networks have transactions that would trigger this failure.”

Bug identified during The Merge code review

Swende documented that he found the bug while “doing some #ethereum fuzzing in preparation for #TheMerge.” In response to a CryptoSlate journalist, Swende stated that users running a Besu node would have become stuck and “not able to follow the canon chain.” Further, any “besu-dominated network could have been stopped in it’s tracks.”

The Besu client is the second most popular client on the Ethereum network behind Geth. According to data available via ethernodes.org, The Besu client is used by 7.81% of Ethereum mainnet clients.

Vulnerable Besu client versions

Version 22.7.1 of the Besu client contains a fix to ensure “excess gas will not be allocated to inner transaction calls and correcting the excess gas errors.”

Versions earlier than 22.1.3 will also “prevent incorrect execution,” however, Ethereum mainnet requires other features only available in later versions. Client versions 22.4.0 to 22.7.0 are currently considered vulnerable to the gas bug.

As a result, Besu client users on the mainnet must upgrade to the patched version.

Impact and resolution

Danno Ferrin created a full write-up of the issue in a Hackmd article published Sept. 21. Ferrin’s analysis stated that

“A flaw in handling unsigned data as signed data a properly coded smart contract can create a function call that will return more gas than was passed in.”

Further technical information regarding the bug can be found in Ferrin’s post. However, the main takeaway is that the bug was resolved without any issue on the Ethereum mainnet. For a bad actor to maliciously exploit the bug, they would have had to act in a precise manner.

“In order to elevate this to a chain-halting bug a deliberately crafted call was needed, involving some interactions with the EIP-150 “all but one 64th” rule and reserving a portion of available gas for the calling contract.”

If the bug was not found, any chain with high participation from the Besu client could have experienced a smart contract “infinite loop” whereby the contract would “truly execute forever.”

Ferrin stated that fuzzing enabled the developers to identify and patch the bug without issue. Fuzzing is a method used by software developers “that involves providing invalid, unexpected, or random data as inputs to a computer program.”

“The biggest lesson demonstrated by this exploit is that the comparison of trace data in a fuzzing execution catches more bugs than simply comparing the end results.”

The excess gas bug became a non-event due to the diligence of Ethereum developers dedicating themselves to protecting the network. However, the potential harm it could have caused showcases the complexity behind executing the merge without issues.

The bug was patched in version 22.7.1 using “different conversion method that will “clamp” overflow values to the maximum expected values avoiding the signed translation issues.” Ferrin commented that users running nodes within the vulnerable range should update to the most recent version.



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Strike closes $80 million funding round led by Ten31

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  • Strike has closed an $80 million series B funding round led by Ten31 and joined by Washington University in St. Louis and the University of Wyoming.
  • The company, which is built on Bitcoin, will use the funds to grow its products as it looks to revolutionise the payments industry.

Strike, a leading digital payments provider on the Bitcoin Lightning Network, has secured $80 million in its series B funding round as it looks to revolutionise the global payments space, the company said in a press release.

The funding round was led by Ten31, a blockchain-focused fund that’s helping companies building on Bitcoin and the Lightning Network. 

Washington University in St. Louis and the University of Wyoming among other investors joined the funding round.

We appreciate the continued support of investors who’ve backed Strike since our founding and are excited to welcome new partners to support our mission, disrupt the industry, and define the future of payments with a truly global, open, secure, instantaneous, virtually free network,” said Jack Mallers, the founder and CEO of Strike.

Accelerating adoption of Bitcoin Lightning Network

Strike will use the new capital infusion to drive its growth, particularly around the need to revolutionise the payments industry. In this, the company is eyeing solutions tailored to suit demands for payments for the world’s leading merchants and marketplaces.

Already, Strike has partnered with leading ecommerce and point of sale providers, including Blackhawk and Shopify, most of these deals coming after Strike’s recent launch of its application-programmable interface (API). 

With Strike’s integration, users can leverage the Bitcoin Lightning Network to access instant, global payments – all without the high fees of legacy card networks.

Strike and Ten31 have a shared vision for the positive impact bitcoin can have on the world and are mutually aligned on accelerating its adoption. It was therefore a natural fit to partner with Strike as its lead investor,” Grant Gilliam, co-founder and managing partner of Ten31 noted in a statement.

As well as the commerce API, Strike is eyeing a new product tailored to the needs of large financial institutions and other global businesses. The new product line, the company revealed in the press release, targets allowing not just the ease of receiving payments but also for these customers to get similar benefits when sending them.

Currently, Strike’s integration is available to any consumer looking to move money via the Lightning Network.

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Posh Markets Inc․ to Launch the Presale of PoshCoin, the Newest Cannabis Crypto Coin – Press release Bitcoin News

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PRESS RELEASE. New York, 09/27/22: US-based Posh Markets Inc has announced the presale of PoshCoin, the all-new cannabis cryptocurrency, on September 28, 2022. With this presale, the company aims to offer end users – cannabis fans an opportunity to gain insights into PoshCoin before unveiling it to the general public.

The much-awaited presale of PoshCoin will happen on PinkSale, a dedicated launchpad for crypto tokens. Posh Markets Inc has fixed the value of PoshCoin at 0.0087 USD exclusively for this presale round.

“Our objective is to assist cannabis enthusiasts in taking a closer look at the PoshCoin, all aspects of it before it officially hits the market. This will help them understand this new crypto coin’s business potential for the entire cannabis ecosystem,” said Vic Devlaeminck, Chairman of Posh Markets Inc.

With PoshCoin, the New York-headquartered firm aims to empower marijuana/cannabis enthusiasts to purchase cannabis and other related products easily via its eCommerce platform.

Contact:

Dorothy C. Plummer

Chief Communications Officer

dorothy@poshcoin.io

Learn More About PoshCoin and JOIN NOW

Telegram: https://t.me/poshcoin_pscn

Website: https://poshcoin.io/

Twitter: https://twitter.com/poshcoin_pscn

Instagram: https://www.instagram.com/poshcoin_pscn/

Facebook: https://www.facebook.com/Poshcoin

 

 

 


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Digital Neobank Nubank Reaches 70 Million Customers in Latam; Almost 2 Million Have Purchased Crypto – Exchanges Bitcoin News

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Nubank, a Brazil-based digital bank, has announced a new milestone in its operations. The company announced that it has reached 70 million customers in Latam, making it one of the biggest financial institutions of its kind in Brazil. The company also announced that almost 2 million of its customers are cryptocurrency investors.

Nubank Reaches 70 Million Customers; Crypto Customers Reach 1.8 Million

Latam has become fertile ground for companies providing alternative finance and cryptocurrency-based services, due to its unique set of circumstances. Nubank, a Brazil-based digital neobank, has recently reached a milestone in the region, announcing it now serves 70 million customers. Most of these customers, as expected, are based in Brazil. However, the neobank has also managed to get into other markets, such as Mexico, where the company has 3.2 million customers, and Colombia, with 400,000 customers.

The products of the company that have experienced the most significant growth include Money Boxes, which are investment and planning options that have registered more than 1.7 million users as investors. Another area that has powered the growth of Nubank is its cryptocurrency division, which allows customers to purchase, hold, and sell digital assets from the same app. According to a press release, more than 1.8 million customers have already made at least one cryptocurrency purchase using Nubank’s app.

About the growth of the company and the services offered, David Velez, CEO and founder of Nubank, stated:

Our accelerated growth is driven by an ongoing search for efficiency, which balances expansion, new products, and increased revenue per customer. Nubank is a project for the next decades and we remain firm in our purpose of freeing all people from any complexity in financial services in Brazil, Mexico, and Colombia.


Crypto Market Thrives in Brazil

The company opened its cryptocurrency trading services for more than 54 million customers in Brazil in June, also holding bitcoin as part of its balance sheet. This announcement opened the floodgates for more companies in Brazil to follow in Nubank’s footsteps and also enter the cryptocurrency services market.

One of the biggest rivals of the company is Mercado Libre, an e-tailer company that started offering crypto services last year, and that recently issued its own cryptocurrency, called Mercadocoin. Other companies have also followed suit, including Rico, a financial brokerage platform that aims to offer cryptocurrency services for 2023, and Picpay, a payments platform that plans to roll out its own Brazilian real-based stablecoin.

Even traditional banks like Santander have announced they will include cryptocurrency in their service portfolio in the coming months. However, crypto is still not regulated in the country, as the national cryptocurrency bill has failed to be discussed by the Brazilian Congress due to election-related matters.

Tags in this story
Argentina, Brazil, Cryptocurrency, digital neobank, growth, latam, mercado libre, nubank, picpay, RICO, Santander

What do you think about the crypto-powered growth of Nubank in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Filecoin Registers Impressive Growth As FVM Launch Approaches

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Regarding blockchain technology, file sharing is a vital aspect of all functionality, and Filecoin is a pioneer in the sector. The distinctive approach for this process is the decentralized nature of maintaining the process. Decentralized file sharing replaces the single-server method by storing data on several nodes or servers in a network.

It then becomes impossible to lose information when a single node shuts down. All information is replicated on all the nodes and is easily accessible from anywhere. This is the category to which Filecoin belongs as a decentralized filesharing protocol in the DeFi space.

Filecoin Disclosed Major Increase In Data Suppliers

In a recent development, Filecoin reports its tremendous achievement in the DeFi ecosystem. The project noted that it has almost increased its data suppliers by seven times since 2022. This remarkable feat comes before its FVM launch, a significant upgrade in 2023.

During its FIL Singapore event, the protocol revealed its latest accomplishment on Monday. In his speech, the co-lead at Protocol Labs, Filecoin development lab, Colin Evran, commented on the protocol’s storage providers.

Evran noted that providers increase gets up to 20% every month. Also, he highlighted that most of the activities are in Hong Kong, Korea, and North America. Finally, the co-lead noted that new developers creating applications on the FIL network are up to 7,000.

Filecoin operates with its native token, FIL, as a crypto asset that allows the buying and selling of computer storage on a system. It facilitates the decentralized storage of files and data on a network.

At the time of writing, the price of FIL is trading around $6.4, showing a 5% growth over the past 24 hours. It boasts a market cap of over $1.6 billion.

Filecoin approaches the $6 mark on the chart l FILUSDT on Tradingview.com

Through its operation, the protocol eliminates using centralized platforms like Amazon Web Services (AWS) for data storage.

Filecoin Plans FVM Launch By Early 2023

Filecoin is celebrating its new achievement ahead of its upcoming upgrade. The protocol is planning to launch its FIL Virtual Machine by the beginning of 2023. This is a virtual computer of a software platform where developers could build dApps based on the Filecoin system.

According to Molly Mackinley, the head of development at Protocol Labs, the firm will release a testnet by November 28. Mackinley noted that prototypes for layer two are already running in their initial testing phases. These chains operate on the main blockchain to enhance the scalability of Filecoin after its upgrade.

Additionally, Juan Benet, the founder of Protocol Labs, reported that about 20,000 customers are using Filecoin. Their recorded storage covers more than 50 million data objects for running dApps.

Featured image from Pixabay, Chart: TradingView.com

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