One of the largest cryptocurrency exchanges by trading volume, Binance, announced that it will suspend deposit and withdrawal services for the PIVX (PIVX) network. This temporary suspension is to support the network upgrade and hard fork that is planned to occur today.
Deposit and Withdrawal Services to Be SuspendedBinance will support the PIVX network upgrade and hard fork, which is scheduled to happen today at 15:00 TRT. The cryptocurrency exchange will temporarily suspend deposit and withdrawal services for the PIVX network, including the PIVX token and other tokens operating on the network.
Binance will implement the suspension of deposit and withdrawal services at 14:00 to facilitate the smooth implementation of the network upgrade and to prevent any inconvenience to users during this process.
During the network upgrade and hard fork, Binance users will be able to continue trading PIVX and other tokens available for deposit and withdrawal on the network without any interruption. Binance will handle all technical requirements for the upgrade on behalf of its users.
Deposit and Withdrawal Services to Restart After UpgradeThe upgrade marks a significant milestone for the PIVX network, set to occur at block height 4,281,680. The cryptocurrency exchange does not provide a specific timeline for the resumption of deposit and withdrawal services but indicates it will wait until the network is confirmed to be running smoothly. Accordingly, Binance will restart deposit and withdrawal services for the PIVX network once the upgraded network is deemed stable.
This announcement is part of Binance’s commitment to ensuring the security and reliability of its platform for users. By proactively supporting network upgrades and hard forks for every altcoin it lists, Binance aims to maintain a seamless trading experience and contribute to the overall development and improvement of the crypto ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
$PIVX entered 23 hours ago at 0.1976 exit now at 0.197 profit -0.30%
bid-to-ask ratio is 1 : 11 ($37,660 : $415,082) indicating resistance
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Circle partners with Nomura Securities to enter the Japanese yen foreign exchange settlement service market.
Stablecoin issuer Circle plans to collaborate with Nomura Securities to launch instant foreign currency settlement for Japanese corporate clients as early as 2027. The initiative will enable large cross-border transactions to be completed immediately, aiming to boost cross-border investment and trade. This will mark the first entry of a major stablecoin issuer into Japan’s corporate transaction market, allowing companies to convert yen into US dollar-denominated stablecoins for investment and instant transfers.
12 minutes ago
Institutions' Preview: Overview of US May Core PCE Price Index Monthly Rate
The US May core Personal Consumption Expenditures (PCE) Price Index monthly rate will be released tonight at 20:30 (UTC+8). Below are the forecasts from multiple institutions: Sumitomo Mitsui Banking Corporation: 0.2%; Royal Bank of Canada: 0.2%; JPMorgan Chase: 0.3%; Goldman Sachs Group: 0.3%; Bank of Montreal: 0.3%; Moody's Corporation: 0.3%; Standard Chartered: 0.3%; UniCredit: 0.3%; ING Group: 0.3%; HSBC Holdings: 0.3%; BNP Paribas: 0.4%; Wells Fargo: 0.4%; Capital Economics: 0.4%; Citigroup: 0.4%; Deutsche Bank: 0.4%; Nomura Securities: 0.4%; Pantheon Macroeconomics: 0.4%; Société Générale: 0.4%; Scotiabank: 0.4%; Morgan Stanley: 0.4%
12 minutes ago
DA Davidson Raises Micron’s Price Target to $2,000, Retains Buy Rating
U.S. investment bank DA Davidson released a research note stating that Micron Technology has entered a new phase with one of the best performance visibility in the semiconductor industry, a stark contrast to its past standing in the sector. Driven by another quarter of results that handily exceeded expectations and positive forward guidance, Micron’s stock price surged sharply. These signals indicate that the current memory chip boom cycle is far from over. While the company is ramping up capacity investments (with capital expenditure (CAPEX) projected to hit $10 billion in the fourth quarter of fiscal 2026, which will bring additional supply), management expects the memory market to remain tight on supply and demand at least through 2027. Against this backdrop, DA Davidson reiterated its "Buy" rating on Micron and raised its price target from $1,500 to $2,000, equivalent to a 20x price-to-earnings (P/E) ratio based on the company’s 2026 calendar year expected earnings per share (EPS).
12 minutes ago
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
12 minutes ago
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
12 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
PANews reported on February 2nd that, based on recent review results, Binance will remove and cease trading the following spot trading pairs on February 3rd, 2026 at 16:00 (UTC+8):
Circle partners with Nomura Securities to enter the Japanese yen foreign exchange settlement service market.
Stablecoin issuer Circle plans to collaborate with Nomura Securities to launch instant foreign currency settlement for Japanese corporate clients as early as 2027. The initiative will enable large cross-border transactions to be completed immediately, aiming to boost cross-border investment and trade. This will mark the first entry of a major stablecoin issuer into Japan’s corporate transaction market, allowing companies to convert yen into US dollar-denominated stablecoins for investment and instant transfers.
12 minutes ago
Institutions' Preview: Overview of US May Core PCE Price Index Monthly Rate
The US May core Personal Consumption Expenditures (PCE) Price Index monthly rate will be released tonight at 20:30 (UTC+8). Below are the forecasts from multiple institutions: Sumitomo Mitsui Banking Corporation: 0.2%; Royal Bank of Canada: 0.2%; JPMorgan Chase: 0.3%; Goldman Sachs Group: 0.3%; Bank of Montreal: 0.3%; Moody's Corporation: 0.3%; Standard Chartered: 0.3%; UniCredit: 0.3%; ING Group: 0.3%; HSBC Holdings: 0.3%; BNP Paribas: 0.4%; Wells Fargo: 0.4%; Capital Economics: 0.4%; Citigroup: 0.4%; Deutsche Bank: 0.4%; Nomura Securities: 0.4%; Pantheon Macroeconomics: 0.4%; Société Générale: 0.4%; Scotiabank: 0.4%; Morgan Stanley: 0.4%
12 minutes ago
DA Davidson Raises Micron’s Price Target to $2,000, Retains Buy Rating
U.S. investment bank DA Davidson released a research note stating that Micron Technology has entered a new phase with one of the best performance visibility in the semiconductor industry, a stark contrast to its past standing in the sector. Driven by another quarter of results that handily exceeded expectations and positive forward guidance, Micron’s stock price surged sharply. These signals indicate that the current memory chip boom cycle is far from over. While the company is ramping up capacity investments (with capital expenditure (CAPEX) projected to hit $10 billion in the fourth quarter of fiscal 2026, which will bring additional supply), management expects the memory market to remain tight on supply and demand at least through 2027. Against this backdrop, DA Davidson reiterated its "Buy" rating on Micron and raised its price target from $1,500 to $2,000, equivalent to a 20x price-to-earnings (P/E) ratio based on the company’s 2026 calendar year expected earnings per share (EPS).
12 minutes ago
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
12 minutes ago
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
12 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
This is a general Binance Exchange Notice. Products and services referred to here may not be available in your region. Fellow Binancians, Binance Margin and Loan will delist and cease trading on all margin trading pairs for the following token(s) at 2026-04-17 06:00 (UTC): FC Barcelona Fan Token BAR (BAR)PIVX (PIVX)Verge (XVG) Please note: The delisting schedule may or may not apply to the products listed below, depending on their association with the token(s) being delisted.There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise. Loan At 2026-04-17 06:00 (UTC), Flexible Loan will close all outstanding loan positions for the aforementioned token(s) as loanable token(s) and collateral token(s). VIP Loan will close all outstanding loan positions for the aforementioned token(s) as collateral token(s). Users are strongly advised to repay their outstanding loans before the automatic closure to avoid any potential losses, where applicable. Margin Cross Margin & Isolated Margin Binance Margin will delist the aforementioned token(s) from Cross and Isolated Margin at 2026-04-17 06:00 (UTC) (the “Margin Scheduled Delisting Time”). The cross and isolated margin pair(s) of the aforementioned token(s) will be removed from Margin. Effective immediately, users will no longer be able to transfer any amount of the aforementioned token(s) via manual transfers and Auto-Transfer Mode for Cross and Isolated Margin into their margin accounts. If users hold outstanding liabilities of said tokens, these users may only manually transfer up to the amount of liabilities of that token into their margin accounts, less any collateral already available.At 2026-04-14 06:00 (UTC), Binance Margin will suspend borrowings on the aforementioned cross margin token(s) and isolated margin pair(s). At the Margin Scheduled Delisting Time, Binance Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders on the aforementioned isolated margin pair(s), which will then be removed from isolated margin.At the Margin Scheduled Delisting Time, if users hold both collateral and liabilities of the aforementioned token(s) on cross margin, the collateral will be used to repay the respective liabilities. If there are remaining collateral or liabilities of the aforementioned token(s), one of two options below will occur:If users only hold the aforementioned token(s) in the form of collateral: If the Collateral Margin Level (CML) is above 2, the aforementioned token(s) will be transferred to users’ Spot Accounts, up to the point when the CML reaches 2. The remaining tokens in their Cross Margin accounts that are to be delisted will then be fully sold. If the CML is below 2, the remaining tokens in users’ Cross Margin Accounts that are to be delisted will be fully sold. If users only hold the aforementioned token(s) in the form of liabilities:If CML is at or above 2, pending orders will not be affected. If the CML is below 2, all pending orders in their Cross Margin Accounts will be canceled. The system will then sell other collateral tokens to buy and fully repay the delisting token(s)’ liabilities.Please note that users will not be able to update their positions during the delisting process, which may take approximately 3 hours. Users are strongly advised to close their positions and/or transfer their assets from Margin Accounts to Spot Accounts prior to the cessation of margin trading. Binance will not be responsible for any potential losses. Portfolio Margin If the aforementioned token(s) remain in the Portfolio Margin Account after the Margin Scheduled Delisting Time, they will be automatically liquidated. The delisted margin assets will be sold for USDT, and the proceeds will be added to the user's Portfolio Margin balance. Binance is not liable for any losses incurred. Portfolio Margin users are advised to transfer the aforementioned token(s) out of their Margin Accounts to their Spot Accounts and to top up their margin balance before Margin Scheduled Delisting Time where applicable. Users should monitor the Unified Maintenance Margin Ratio (uniMMR) closely to avoid any potential liquidation that may result from the removal of the aforementioned token(s) from the Margin Account. Please Note: For futures perpetual contracts, please refer to the relevant futures announcements.Refer to this FAQ for more information on how any remaining balances of the aforementioned token(s) in Portfolio Margin users’ Margin Accounts will be treated. We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth. Thank you for your support! Binance Team 2026-04-14
Circle partners with Nomura Securities to enter the Japanese yen foreign exchange settlement service market.
Stablecoin issuer Circle plans to collaborate with Nomura Securities to launch instant foreign currency settlement for Japanese corporate clients as early as 2027. The initiative will enable large cross-border transactions to be completed immediately, aiming to boost cross-border investment and trade. This will mark the first entry of a major stablecoin issuer into Japan’s corporate transaction market, allowing companies to convert yen into US dollar-denominated stablecoins for investment and instant transfers.
12 minutes ago
Institutions' Preview: Overview of US May Core PCE Price Index Monthly Rate
The US May core Personal Consumption Expenditures (PCE) Price Index monthly rate will be released tonight at 20:30 (UTC+8). Below are the forecasts from multiple institutions: Sumitomo Mitsui Banking Corporation: 0.2%; Royal Bank of Canada: 0.2%; JPMorgan Chase: 0.3%; Goldman Sachs Group: 0.3%; Bank of Montreal: 0.3%; Moody's Corporation: 0.3%; Standard Chartered: 0.3%; UniCredit: 0.3%; ING Group: 0.3%; HSBC Holdings: 0.3%; BNP Paribas: 0.4%; Wells Fargo: 0.4%; Capital Economics: 0.4%; Citigroup: 0.4%; Deutsche Bank: 0.4%; Nomura Securities: 0.4%; Pantheon Macroeconomics: 0.4%; Société Générale: 0.4%; Scotiabank: 0.4%; Morgan Stanley: 0.4%
12 minutes ago
DA Davidson Raises Micron’s Price Target to $2,000, Retains Buy Rating
U.S. investment bank DA Davidson released a research note stating that Micron Technology has entered a new phase with one of the best performance visibility in the semiconductor industry, a stark contrast to its past standing in the sector. Driven by another quarter of results that handily exceeded expectations and positive forward guidance, Micron’s stock price surged sharply. These signals indicate that the current memory chip boom cycle is far from over. While the company is ramping up capacity investments (with capital expenditure (CAPEX) projected to hit $10 billion in the fourth quarter of fiscal 2026, which will bring additional supply), management expects the memory market to remain tight on supply and demand at least through 2027. Against this backdrop, DA Davidson reiterated its "Buy" rating on Micron and raised its price target from $1,500 to $2,000, equivalent to a 20x price-to-earnings (P/E) ratio based on the company’s 2026 calendar year expected earnings per share (EPS).
12 minutes ago
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
12 minutes ago
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
12 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Based on recent reviews, Binance will extend the Monitoring Tag to include more tokens on 2026-06-18. The tokens to be added to the Monitoring Tag list are: Act I : The AI Prophecy (ACT)Blur (BLUR)PIVX (PIVX)QuarkChain (QKC) Tokens with the Monitoring Tag exhibit notably higher volatility and risks compared to other listed tokens. These tokens are closely monitored, with regular reviews conducted. Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform. To gain trading access to tokens marked with the Monitoring Tag, users will need to pass the quiz every 90 days on the Binance Spot and/or Binance Margin platforms, and accept the Terms of Use. The quizzes are set up to ensure users are aware of the risks before trading tokens with the Monitoring Tag. Binance will conduct periodic project reviews and decide if the Monitoring Tag should be added to or removed from tokens as per its latest findings. These criteria are considered during the review: Commitment of team to projectLevel and quality of development activityTrading volume and liquidityStability and safety of network from attacksNetwork / smart contract stabilityLevel of public communicationResponsiveness to our periodic due diligence requestsEvidence of unethical/fraudulent conduct or negligenceContribution to a healthy and sustainable crypto ecosystem Please note: Other services related to the aforementioned tokens will not be affected. The Monitoring Tags for the aforementioned tokens will be updated shortly after the publishing of this announcement.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth. Thank you for your support! Binance Team 2026-06-18
Binance has added four more tokens to its Monitoring Tag category, flagging ACT, BLUR, PIVX, and QKC as assets carrying elevated risk. The change takes effect on June 18, 2026.
What the Monitoring Tag actually means Binance’s Monitoring Tag system exists to single out tokens that the exchange considers more volatile or risky compared to its broader listings. When a token gets tagged, users see a warning banner on trading interfaces before they can proceed with transactions.
In some cases, traders are required to complete additional verification steps, including quizzes designed to confirm they understand the risks they’re taking on.
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The tag doesn’t trigger an immediate delisting. But it does put projects on notice: meet Binance’s ongoing listing criteria, or face potential removal down the line.
This isn’t an isolated event. Binance ran a similar extension on May 22, 2026, when it added ALCX, COOKIE, DODO, EPIC, HEI, HFT, STORJ, SYN, and TLM to the Monitoring Tag category. That’s 13 tokens flagged in less than a month.
The four tokens under the microscope ACT is an AI protocol token currently trading near $0.01 with a market cap hovering around $9 to $10 million.
BLUR is the native token of the Blur NFT marketplace, which rose to prominence as a competitor to OpenSea during the 2022-2023 NFT boom.
PIVX is a privacy-focused cryptocurrency with a market cap of approximately $5.4 million. Privacy coins as a category have faced increasing headwinds from regulatory pressure worldwide, with several exchanges in various jurisdictions choosing to delist them preemptively.
QKC represents QuarkChain, a sharded blockchain protocol.
Why investors should pay attention No immediate delistings have been linked to the June 18 update. For holders of any of these four tokens, the practical question is straightforward: does the underlying project have enough momentum, development activity, and community support to satisfy Binance’s criteria going forward?
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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Finally, the wait is over. In a recent press release, Skycoin announced the launching of Skywire Mainnet. Since the beginning of its work on Skywire Mainnet, Skycoin drew everyone’s attention. This is because Skycoin aimed to make a better design bitcoin. Although bitcoin is highly successful and reputed, it does have some philosophical issues tied to its design. One such major issue is the censorship-resistant payment system. From the time of its release of the idea of Skywire Mainnet in 2011, Skycoin has been the talk of the town.
So what exactly is Skycoin? Skycoin is like any other blockchain platform but aims to create a decentralized internet. Though it sounds like a cliché decentralized platform, it does stand out from others with some very unique features like providing a framework like BBS to create a distributed social media network. For instance, Skymessenger is an encrypted messenger service.
One such intriguing service by Skycoin is Skywire Mainnet. After a long wait, Skycoin finally released a developer version to the public for testing. It is perhaps the most exciting thing that happened in the blockchain industry because the main aim of Skywire Mainnet is to create next-gen dApps (Decentralized Applications). It includes a lot of sub-features like secured chat, multi-hop tunneling proxy, etc.
This is the very initial focus of Skycoin. Soon after this, there are many more iterations are ready to be released. It perhaps is a very effective way of marketing and launching a service. Because the users will be anxious to know about what else is in store and also Skycoin is accepting feedback from the users by encouraging them to report any bugs they find while using the apps. It will help Skycoin to make the upcoming iterations more perfect. Even the forthcoming features of Skywire Mainnet are interesting. Some of these iterations include private Skycoin transactions, Remote management of unlimited nodes, etc. If everything went as planned and expected, Skywire Mainnet is going to be a revolutionary turn in the blockchain industry.
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Author
Manisha Agrawal Manisha Agrawal is a cryptocurrency and blockchain enthusiast. She has worked as a content writer for two years and worked as a research based blockchain blog writer too. Also, she worked as a crypto news writer with various known firms like Crypto-News India, Coingape and The Coins Report.
Blockchain cruise the most iconic event in the blockchain space featured one of the most iconic projects – Skycoin. Skycoin founded in 2014 by early Bitcoin Core developer, Synth, is a project focussed on building Blockchain 3.0. Since its inception, Skycoin has been touted as one of the best projects in the cryptocurrency space by John McAfee himself.
According to Synth, there are three main problems with the current implementation of blockchain- TPS is slow, Vulnerabilities in Smart contract and resources are not isolated.
To illustrate his point Synth points out the slowness of Bitcoin’s transaction speed and its susceptibility to a 51% attack.
Synth explained how Skycoin works on the problems of current blockchain networks to build a better blockchain. He takes the example of Fiber and Skywire technologies that are developed by Skycoin.
Fiber & CXA highlight of Synth’s keynote was the part about Fiber. Fiber is a proprietary technology developed by Skycoin which is the backbone of blockchain 3.0. Fiber uses DLT (Distributed Ledger Technology) to allow companies and individuals to create custom blockchains according to their needs which can interact with Skycoin’s ecosystem.
Two things about Fiber on which Synth brought our attention to.
Fiber is completely customizable – That is any business can use their own consensus or a better consensus algorithm in the future to execute contracts/transactions. Fiber chains run in parallel and are infinitely scalable – Each fiber chain is not dependant on other blockchains, but if required they can communicate to each other via the Skycoin network.Fiber is the structural layer of Skycoin’s blockchain and supports the ability to execute a smart contract. Fiber has its own programming language called CX and also comes with a default consensus mechanism called Obelisk.
Synth explains the idea behind Skycoin is not just a token but an entire ecosystem. And Fiber sits at the heart of this ecosystem.
SkywireAnother highlight of Synth’s speech was Skywire. According to Synth, Skywire is decentralized internet built entirely on top of Skycoin’s blockchain. Skywire has its own hardware and antennas to build a truly decentralized internet.
Users can build DApps and run it on Skywire. The new Dapps will focus on security, and privacy combined with the speed of the current Internet.
To support the decentralized internet, Synth explains on how Skycoin has combined game theory with technology. The idea behind Skywire according to Synth is to create a self-sustaining ecosystem much like the current internet. Moreover, users are rewarded in Skycoins for hosting the new decentralized internet.
Synth said,
“As a participant in the network, hosting a Skywire node, users earn Skycoin and Coin Hours for providing bandwidth, storage and computing resources.”
Invest in SkycoinsOne of the problems investors have figuring out is why should they invest in a particular token and Skycoin is no different. Synth’s keynote answered this question by pointing out, Skycoin is not just a coin, it’s an entire ecosystem.
Fiber, it’s own infinitely scalable blockchainSkywire, it’s flagship mesh net applicationSkycoin itself as a currencyAll the features of Blockchain 1.0, 2.0 and moreAll in all Synth’s presentation on Skycoin was a huge hit a fact evident by its current price. Skycoin is currently up by 8.8% and has a market capitalization of $28 million.
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Ishan Garg Ishan is a cryptocurrency trader and a journalist. He joined the cryptocurrency space in 2017. He is the founder of Blockmanity. He is a HODLER and is holding BTC, ETH & UGT.
Binance CEO Changpeng Zhao says he disagrees with Ethereum creator Vitalik Buterin’s recent comments on blockchain scalability.
In an interview with The Star, Buterin said the speed and cost of blockchain transactions remain the biggest challenge facing blockchain technology.
“The main problem with the current blockchain is this idea that every computer has to verify every transaction. If we can move to networks where every computer on average verifies only a small portion of transactions then it can be done better.”
In response, Binance CEO Changpeng Zhao issued a tweet saying newer blockchains have already successfully pushed blockchain transaction volume and speed to acceptable levels.
“I like Vitalik and ETH, but speed and capacity was a problem a year ago, but now a largely solved problem for newer blockchains (for now). We need to increase real applications that people actually use, so that we hit the new capacity issues/limits again. Focus on applications.”
Buterin quickly countered, saying recent attempts to beef up blockchain speed are too centralized, citing EOS as an example.
“It’s not solved at all. Even the newer semi-centralized blockchains have TPS in the hundreds; AFAIK EOS has already had scalability bottleneck issues.”
Hundreds of comments poured in, sparking a rigorous technical discussion about orphan blocks, nodes, Raspberry Pi, reorgs and how to solve the holy grail of scalability without sacrificing security and decentralization.
The team at MetaHash countered that their next-generation blockchain outperforms Buterin’s assumptions.
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Supporters of GoChain, Skycoin, Elrond, EOS and HPB (High Performance Blockchain) all affirmed that solutions are available.
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Buterin also says he’s becoming increasingly doubtful that second-layer solutions like the Lightning Network are the best solution to boost the speed and lower the cost of transactions.
Binance launched its own blockchain, called Binance Chain, in April of this year. Zhao says it can handle about 2,000 transactions per second. In contrast, the Ethereum blockchain currently supports roughly 15 transactions per second. However, Binance Chain is not designed to support smart contracts, a key factor in its ability to support higher transaction volume.
Blockchain is a decentralized, secure and very fast technology that is already making waves in the business world. The blockchain is beginning to run the world with numerous blockchain projects being developed and deployed on the internet. There are companies already trying to build on what other people developed. All of these blockchain developments are done in different programming languages, some of which are explained below.
1. JavaScript
This is a high-level programming language and more importantly, it is a weakly typed, dynamic, prototype-based and leading web technology in the world. This programming language is very popular, and there are already new frameworks being created for javascript, which can be used to develop codes.
Javascript is very easy and you only need to understand the basics to start to work on this language. It is mostly used in blockchain development in ethereum.js and web3.js which are used to connect the application frontend with smart contracts and ethereum networks. It is also used for node.js in the Hyperledger Fabric SDK which is the framework that many big companies use. Another blockchain you can use javascript for is the NEO.
2. C#
C# is an object-oriented, compiled and high-level programming language that was created for Microsoft late into the 90s/the early ‘00s. Numerous ivory research has shown that this language is similar to C++ or Java, and it is more difficult to learn this language than the Javascript language. Although, it is also not as complicated as some other languages such as Go.
There are a number of popular blockchain projects that the C# language is being used for. The most popular of such blockchain project is the NEO, something that’s popularly referred to as the Chinese rendition of Ethereum. Another popular blockchain project it is used for is IOTA, zero-fee transactions and highly scalable projects centered on IoT (Internet of Things).
3. C++
This is an object-oriented, high speed, strongly static and compiled programming language. This language has access to hardware and high-level efficiency. Even though it was developed back in the 70s and 80s, as an extension of the C language.
This language is quite complicated and is more difficult to learn than the C language, as some top writers have noted. And if you are a beginner or just learning to code, this language is not for you.
Interestingly, it has been used in many popular and important blockchain cryptocurrencies and projects such as Bitcoin, Bitcoin cash, Eos, Monero, QTUM, Stellar, Cpp-ethereum, Ripple, Litecoin, etc.
4. Python
Python is a dynamically typed and trendy high-level programming language that supports functional programming and is also object-oriented. This programming language is growing in popularity than before and is the ideal language to use in developing artificial intelligence and machine learning features.
Many big IT companies create frameworks and smart tools to support Python, and it’s often used to create chatbots.
This very easy and popular language has also been used for numerous projects in the blockchain. One of such examples is its implementation of Ethereum, known as pythereum. It can also be used to create smart contracts for Hyperledger as well as NEO contracts. Python also has its own implementation of steemit known as steempython.
5. Golang
This language called Go for short, is a compiled, statically typed programming language that was developed by employees from Google. The idea of Golang is to have a combination of the efficiency of a compiled language such as C++ and the ease of developing codes such as Python.
This language is quite complicated and developers at papersowl are of the opinion that it is very difficult to learn this language. However, most of the developers with this opinion are python and javascript developers. Developers on C++ will find it easier to learn Go.
There are a lot of blockchain projects that Go has been used for. One of such is the Go-Ethereum blockchain written in this language. Another one is Hyperledger Fabric which is the blockchain solution that big organizations opt for.
6. Solidity
Solidity is a statically typed and contact-oriented programming language developed by the developers of Ethereum. This language was created the main language for the development of the smart contract, and is, therefore, the ethereum’s smart contract primary language.
Solidity is like a smaller copy of javascript with little changes. It is therefore not very complicated. So if you’re a mid-level developer, it’ll take you just a few days to learn this language.
This language is used primarily in the development of Ethereum smart contracts.
7. Java
This programming language, developed by Sun Microsystems, is a strongly typed language, based on object and class. Java is an object-oriented language popularly used in many big companies.
The difficulty level of java can be compared to that of C#, which is quite complicated and harder to learn than python or javascript. But still, this programming language is still very popular and there are numerous custom papers to help if you are just learning to code. But it is difficult to tell which is easier, Java, C++ or Golang?
Java is also used very widely in the blockchain industry. It is popularly used in IOTA, P2P cryptocurrency and NEM platform also uses java. Other objects where java is being used in the blockchain are the IBM blockchain, NEO contract, Ethereum, Bitcoin J, Hyperledger’s contract.
8. Rust
Rust is a strongly typed and compiled programming language that has been sponsored by Mozilla since 2009. This language is very similar to the C++ programming language, so you really can’t say that it’s a language that can be learned easily. The entry level for this language is high as it has a very small community, so we can safely rate its difficulty as hard.
There are only very few blockchain projects using this programming language. Parity is one of the few. A secure and fast ethereum client written in Rust. The most popular blockchain project written in Rust is the Ethereum Classic, a cryptocurrency birthed after Ethereum was hacked. Exonum, a security-oriented blockchain framework is also written in Rust.
9. Ruby
Ruby was developed in Japan by Yukihiro Matsumoto in the 1990s. This programming language is purely object-oriented. In fact, everything is an object in Ruby apart from the blocks, and they also have their replacement in procs and lambda.
Ruby was developed to act as a buffer between the underlying computing machine and human programmers. The syntax of this programming language is similar to other languages like Java and C, so it’s easier to learn this language for C and Java programmers.
10. CX
CX gives pointers, propelled cuts and array, and it also possesses the simple error control highlights which makes it convenient to design any blockchain with it. It was assembled over Go initially, and this stops the frameworks of CX from performing discretionary codes, which is a problem associated with business programming.
This programming language was made for the blockchain development of Skycoin, with a capacity for it to work as an intermediary for digital contracts.
CX integrates with Open Graphics Library (OpenGL) and uses the capacity of the GPU proficiently.
11. Simplicity
This is a relatively new programming language birthed in late 2017. It was designed mainly for blockchain development and smart contracts. It helps to increase productivity by hiding low-level logical components.
This language is object-oriented, similar to C++, and it uses blockchain principles to prevent data changes and errors.
The developers are still working on expanding the capabilities of this language, the features are going to be finalized and it will be added to bitcoin. So, we expect that from mid-2020, Simplicity should have more applications.
Conclusion Blockchain technology which makes it possible for us to have cryptocurrency exchange is, without doubts, here to stay. Blockchain developments are getting better with languages such as simplicity being specifically to make blockchain development a smoother process.
Having appeared in March 1989, 31 years ago, the Internet has become one of the fastest-growing projects in the history of mankind. By 2025, it can turn into one of the basic human needs, at least for the vast majority of people on the planet.
Obviously, most people know what the Internet is. However, very few of them can clearly explain how the Internet works, what decentralization is and what is special about the decentralized network. It is these concepts that can hold the key to solving the question of ensuring maximum data security on the Internet.
A decentralized Internet is a blockchain in which data is stored in encrypted form. It means that only the person whom this information belongs to or the one who has such rights can change the data. Information cannot be compromised, altered, or deleted by a random person. Thus, almost total protection of information from hacking is provided.
All data kept on the blockchain network is encrypted with a reliable information protection protocol. On the one hand, this may seem to be very ambiguous, since by 2024 the first quantum computer is expected to be able to crack any cipher in a matter of seconds due to a significantly higher production power compared to traditional computers. However, there is still a whole 5 years in order to improve existing cryptographic algorithms that are resistant to quantum computing.
Now the question is: can the modern centralized Internet provide the necessary level of data protection? And the answer is obviously no. With the growing power of Internet giants such as Google and Facebook, user data no longer belongs to them. If earlier we could place a home page even on our own computer, now we give all our data to Internet giants and, as a result, we are increasingly seeing news about another leak of information.
Decentralization as it was originally conceivedThe "worst-first" concept also affected decentralization, or rather its first form with many shortcomings – the first peer-to-peer (p2p) networks that appeared long before web 2.0. The original use case of p2p is file-sharing; the first networks were designed to share music. While the first networks (such as Napster) were essentially centralized, the degree of decentralization gradually increased and technologies improved. Eventually, systems with a “download queue” were replaced by torrents, and the concept of distributed DHT hash tables appeared. It was also assumed that in p2p networks the content is stored locally on the user's device and distributed to other participants.
Now, a large number of users refuse to store information on the device and completely rely on online services. One way or another, a decentralized architecture is always more complex than a centralized one. In centralized resources, there is a strict dictate of server code. In decentralized – the need to negotiate between many equal participants. Of course, one cannot do without cryptography, blockchains, and other achievements worked out mainly on cryptocurrencies.
It is likely that in the future, the formation of an ideal decentralized network may require some cryptographic mutual trust ratings created by network participants for each other. At the same time, the network architecture should allow for effective protection against botnets, which, existing in a certain cloud, can, for example, win ratings together. Another threat is Internet giants and large corporations with technical superiority and the ability to take control of such a decentralized network still having access to user data and thereby discounting the very idea of decentralization.
Decentralized Internet (not) here and now – real pioneer experienceAccording to experts, the global market for blockchain systems will grow from $2 billion in 2018 to $23-54 billion in 2025. However, users are now much more interested not in the numerical indicators, but in the privacy and security of personal data. This issue is being addressed by a number of companies and leading international experts. Among them is the inventor of the World Wide Web and one of Time Magazine's '100 Most Important People of the 20th Century', Sir Tim Berners-Lee, who is currently working on Solid open-source software aimed at putting a person in the Internet development center instead of making money out of it for large enterprises.
The purpose of Solid is to enable users to decide where their information can be sent, who will be able to see it, and which applications will gain access to it. Solid developers have taken the existing WWW protocols (HTTP, REST, HTML) as the basis, but the concept of the new network lies in the creation of "decentralized sites" that supposedly will be entirely owned by users.
Solid is expected to work on the principle of cryptocurrencies with users receiving a kind of virtual passport – WebID, which will serve as an identifier for both network participants and any information resources. It should allow for better control over the security of personal data, and provide an opportunity for network participants to personally decide who should be given rights to process their information.
So far, Solid is very limited in its functions and scale, and it is unlikely that a new ecosystem will soon appear, even despite recent statements about the expansion of the development team. In one of the latest blog post, Tim Berners-Lee wrote:
“For the world to experience the true value of the web we’re building, we must address the vital issues related to privacy, trust and security.”
Alternative decentralized internetThe WWW inventor is not the only one who deals with the issue of decentralization of the Internet: MaidSafe, Tachyon, Orchid, Skycoin, BlockCloud are also on the market. Mostly among these solutions are decentralized Internet protocols. One of the most popular of them, for now, is the Tachyon Protocol – the first decentralized VPN that has been recently launched on Google Play and backed by IPX - the new Top 130 cryptocurrency according to Coinmarketcap. It reconstructs the TCP / IP stack using its own iterations of proven P2P technologies – DHT, blockchain, UDP, and encryption. This, in turn, provides high data transfer efficiency, a more reliable, stable and anonymous Internet connection.
Even without being the first in the Internet protocol market, the Tachyon team offers an advanced technical solution, actively collaborating with a blockchain database cloud project that uses a unique Supernode-Proof-of-Stake consensus mechanism for security, V Systems, and X-VPN, a renowned VPN service provider used by 50 million + people worldwide, still expanding its community, as well as introducing a Tachyon VPN product on various platforms, including iOS, Android and Mac.
Among other things, this decentralized protocol has an optimized economy that can motivate all participants to honestly develop the ecosystem. The official digital currency of the protocol already has a certain value and is placed on many top exchanges, such as HitBTC and OceanEx, and according to recent data, IPX is waiting for placement on another major exchange called HotBit, which is in the top 2 in terms of trading volume according to Coinmarketcap.
It is interesting to note that behind the project is none other than Sunny King, the creator of the Proof of Stake consensus mechanism. Sunny is a cult hero figure in the cryptocurrency space making rare appearances in public to maintain his anonymity.
Blockchain vs data leakage via Internet giants’ services - is there an obvious winner?Existing TCP/IP-based Internet connectivity lags behind the growing user demand for stability, speed, and security. Therefore, developers of decentralized Internet protocols intend to solve this problem by implementing them in various industries, such as VPN, IoT, decentralized storage, decentralized financial systems, CDN, games, etc.
Let's analyze how the decentralized Internet protocol works using the example of Tachyon: it is an open-source decentralized network stack that combines decentralization and encryption methods to provide a self-contained Internet environment with a high level of security, traceability, availability and maximum network speed.
The Tachyon protocol is based on three main components: Tachyon Booster UDP, Tachyon Anti-Analysis (TAA) and Tachyon Security Protocol (TSP). TSP is responsible for preventing network interception and “man-in-the-middle” (MITM) attacks, playing an important role in preventing almost all types of attacks, bypassing firewalls and filtering. Tachyon Anti-Analysis (TAA) is used to decompose and transmit information. This protocol is based on a parallel multi-path routing scheme and is able to split a piece of information into several different IP packets and then redirect them along different paths, so single-point attacks cannot receive all the information.
Tachyon Booster is responsible for the Internet, in particular, for the transport and application layers of the TCP/IP protocol using proven technologies such as point-to-point protocol at the IP network layer, distributed hash table, user datagram protocol, and blockchain. It is able to accelerate data transfer up to 1000% without sacrificing data security, which in itself is an excellent achievement of the industry.
A decentralized Internet is no longer just a theory. Every day more and more practical applications are invested in this concept. Undoubtedly, we are still at the initial stage when decentralized technologies are still in development and it is too early to talk about the beginning of the mass adaptation of cryptocurrency and complex decentralized systems. It may take more than a decade to completely change the web landscape, but the trends are already clearly defined and all that remains is to wait for the technical implementation of existing ideas and the first technologies.
Skycoin (SKY) can be described as an open-source, community-governed, hardware-based, and peer-to-peer internet network. Skycoin’s aim is to leverage the benefits of blockchain infrastructure to create a network that synthesizes blockchain and the internet. The Skycoin platform is described by the project team as “completely secure, infinitely scalable, and independent of ISP limitations.” Written in the Go programming language, Skycoin currently operates on the Obelisk consensus algorithm. Skycoin is a platform created with a focus on security, scalability, and ease of use.
Obelisk is a consensus structure created based on the “network of trust dynamics.” This essentially allows consensus decisions to be made based on the influence score of each network node, presenting a situation that is very different from both Bitcoin and Ethereum. Each network node selects a few other network nodes, and participants determine its effectiveness in the network based on network node density.
Skywire, the most important product of the Skycoin network, aims to decentralize the internet at least at the hardware level. Skywire’s goals go beyond simply providing decentralized bandwidth; it also aims to offer decentralized storage and computing services to users.
What is Skycoin (SKY)?As of the writing of this article, SKYCoin has a market value of $51 million and is trading at $2.59. SKYCoin is ranked 529th and has a total maximum supply of 100 million. However, there are currently 20 million Skycoin Coins in circulation. Skycoin Coin reached its highest level in 2018.
Where to Buy SKY Coin?To purchase SKYCoin Coin, Binance can be used. This requires first creating an account on the Binance exchange and then sending funds there. Alternatively, you can follow the steps below:
First, send USD to the exchange to buy SKY Coin.In the opened tab, select how much USD you want to trade with, and mark Bitcoin, that is, BTC, in the Coin section.After buying BTC, preview the “Buy-Sell” option in the top left, click on the “Classic” tab.In the section that opens, select the BTC tab from the top right, type SKY in the search button, and select the SKY/BTC pair that opens below.Enter the amount you want and confirm the transaction to complete the purchase of SKY Coin.Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Crypto wallet and trading platform Abra recently enabled access to 17 Altcoins.Abra which is led by Bill Barhydt added native support to 17 altcoins including Digibyte (DGB), Dogecoin (DOGE), Dash (DASH), Basic Attention Token (BAT), Neo (NEO), 0x (ZEX), OmiseGo (OMG), Qtum (QTUM), Vertcoin (VTC), Zcash (ZEC), Golem (GNT), Stratis (STRAT), Augur (REP), Ethereum Classic (ETC), TRON (TRX), Lisk (LSK) and Status (SNT).
In addition to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) users will soon be able to deposit and withdraw an additional 17 Crypto assets.
Native withdrawals for the other cryptocurrencies will be turned on in the coming days.
— Abra (@AbraGlobal) May 8, 2019
Abra is a non-custodial wallet meaning the private keys will not be held by the company but within the user’s device instead. The firm has also previously announced that it will enable users to buy synthetic equivalents of stocks and ETFs using Bitcoin smart contracts.
Abra Partners with Plaid to connect to “Thousands of banks”Abra has partnered with San Francisco based Fintech firm Plaid to connect user accounts to thousands of US banks. App users had to use bank transfers to deposit into their wallets, but with the new feature, they will able to connect to their bank accounts directly in-app using their API.
Bill Barhydt, CEO of Abra said:
“The addition of these new liquidity enhancements in our app gives users more ways to move between crypto and fiat. We’re particularly excited about our partnership with Plaid, which brings thousands of additional financial institutions into the Abra ecosystem for US customers.”
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Shrikar Parashar Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.
Vertcoin (VTC) is one of the more established cryptocurrencies that was launched "way back" in 2014 without too much fanfare.
It was released without an ICO, without an airdrop, and without a pre-mine as a simple blockchain project on Github. It was and is open-source and was built on the Bitcoin codebase with one simple change – Vertcoin is committed to remaining ASIC-free.
However, with so many newer projects, can Vertcoin still stand out?
In this Viacoin review, I will give you everything that you need to know about this project. I will also take a look at the long term adoption potential of VTC tokens.
What is Vertcoin?Vertcoin is a fork of Bitcoin that took place in January of 2014. It was created as a GPU mined version of Bitcoin in order to ensure decentralization and therefore, network security.
It’s this strong commitment to mining fairness that distinguishes Vertcoin from other cryptocurrencies that are Proof-of-Work but have fallen to the power of ASIC mining and the decreasing decentralization that follows.
Vertcoin remains the coin that can be mined by anyone with a GPU, and the community of volunteers that support the project have ensured it remains this way, even though the project has already faced three hard forks to keep it free from ASIC miners and botnets.
In the past Vertcoin has referred to itself as “The People’s Coin” because it remained committed to the ideals from the Bitcoin whitepaper that kept voting power of the network with the individual. That ideal was that one CPU is equal to one vote, but the rise of ASIC miners and large mining pools has sadly meant that most Proof-of-Work cryptocurrencies no longer adhere to that ideal.
The Vertcoin AlgorithmBeing based off of Bitcoin, Vertcoin was created to use Proof-of-Work as its consensus method. Unlike Bitcoin’s use of SHA-256, Vertcoin used Scrypt Adaptive N as its algorithm when it launched in order to remain ASIC resistant. It was less than a year later that the coin had to undergo a hard fork to remain ASIC resistant, and it switched to the Lyra2RE algorithm.
Less than a year after that the Vertcoin development team found that a botnet had taken control of more than 50% of the network, and this prompted a move to the Lyra2Ev2 algorithm.
Algorithms ASICs hash & resistant Algorithms. Via Vertcoin Blog
That lasted until late 2018, when it was discovered that an ASIC capable of mining the Lyra2REv2 algorithm had been created in China. On February 1, 2019, Vertcoin forked for a third time to the Lyra2REv3 algorithm.
Vertcoin has also taken the trouble to make itself Lightning Network compatible, as well as implementing Segregated Witness, and providing compatibility with Stealth Addresses. The development team is now working on upgrading the blockchain to allow for instantaneous atomic swaps.
Vertcoin Fair MiningAs mentioned above Vertcoin has already been through three hard forks, and another is on the way due to new developments in the hardware used to mine cryptocurrencies.
This new development is the rise of Field Programmable Gate Array (FPGA) hardware.
The FPGA device is the GPU equivalent of ASIC mining, which is a CPU based device. The previous Lyra2REv2 algorithm was totally exploitable by FPGA devices, and the newer Lyra2REv3 algorithm will soon be affected as well. This would do away with fair mining and could push all the individual GPU miners away from Vertcoin.
FPGA Compared to other computing chips. Via Reconfigure.io
The Vertcoin developers are now working on a new algorithm which they are calling Verthash. It’s been in development for quite some time, and while there is still no release date set for the new algorithm the team has been diligently working to release it as rapidly as possible.
The team has said the algorithm will be similar to the Ethash algorithm used by Ethereum and will not only secure the blockchain for fair mining, but will also maintain the security of the network.
One other consideration the team has to deal with is the mining platforms that sell hashing power. These platforms could make it possible for a single entity to purchase enough hashing power to successfully launch a 51% attack on the network. As long as Vertcoin is able to keep its fair mining standard this type of activity will be blocked.
Even though remaining ASIC free and maintaining a fair mining environment is one of the goals of Vertcoin, it doesn’t mean the project will be successful. However, it does almost guarantee that the project will continue to live on with at least a small, but dedicated community of miners and users.
Vertcoin’s 1-Click MinerIn order to make mining as simple for users as possible Vertcoin has developed and released their own 1-click mining software. It has to be the easiest mining software for any cryptocurrency.
You can download the 1-Click miner from the Vertcoin website, but unfortunately, it is only available for Windows. In addition to the 1-Click miner, you’ll also need a wallet capable of storing Vertcoin and a Vertcoin mining pool.
UI of one-click miner. Via vertcoin.org
Aside from letting the software know which mining pool to use and what wallet address to send rewards to you also specify either CPU or GPU mining. Once you have those three things in place you can simply run the miner and collect your VTC.
Merged Mining with VertcoinVertcoin has enabled merged mining, allowing users to mine more than one coin at a time, but currently, there aren’t many other coins that can be merge mined with Vertcoin. Unitus (UIS) has been available to be merge mined since the beginning, and according to the information at Give Me Coins you can also merge mine Monocle and Parallaxcoin through them.
The Vertcoin TeamVertcoin has historically been little more than a loose group of volunteer developers, and that’s still true in 2019. That will likely change in the near future as there has been an application filed with the IRS in March 2019 to create the Vertcoin Foundation.
This will help the project take advantage of tax-exempt status, and will give the project the legal framework necessary to file for trademarks and copyrights.
Some of the Vertcoin Developers & Team members. Image source
Many of the developers working on Vertcoin over the years have come from MIT since the coin and the project has close ties with the school. In fact, some of the work done with Vertcoin comes from other MIT projects, which allows for some free development for Vertcoin.
The downside to working solely with volunteer developers has been a negative impact on Vertcoin when developers have inevitably left for better-paying work over the years.
Once the Vertcoin Foundation has been created it will be able to offer salaries to the lead developers, giving the project a more consistent development atmosphere and maintaining top talent.
One of the most effective ways in order to increase adoption for a cryptocurrency is through an active and engaged community. To that end, Vertcoin prides itself on its community.
Firstly, they have their official Discord channel. They have over 9,400 members in the channel. I jumped into it to get a sense of the discussion and it was encouraging to see that many of the members.
Vertcoin Discord Channels with Community Chat
On the social media front, the Vertcoin Twitter has over 62k followers. They regularly keep their community up to date over here and they get a great deal of engagement from their followers.
There are also two subreddits on Reddit for the Vertcoin community. The official one has over 33k users. Then you have the vertcoin mining subreddit and this has 3.8k members. Both of these are pretty active with regular discussion.
Finally, Vertcoin has an official Medium blog that is relatively active. Every month they will share the latest updates on every aspect of the project - well worth following.
The VTC TokenWhen Vertcoin launched in 2014 the token was trading at $0.07, but by the second day, it had nearly tripled to $0.20. It continued climbing and in just two weeks the price skyrocketed as investor demand for the coin reached a fever pitch. It hit $10.12 on February 5, 2014.
That spike was short-lived and just a week later price had gone back to $3.47. It continued declining and by September 2014 it was back at $0.07 for a loss of 99.25% from its high.
From there VTC declined even further, and by May 2015 it was at its all-time low of $0.005343. That was on May 6, 2015. By May 28 the price of VTC was nearly back to $0.20 and after a couple of weeks, it had nearly tripled again to almost $0.60 each. Price declined from there and was around $0.02 as 2016 began.
It remained in the range of $0.02 to $0.06 throughout 2016 and into 2017.
VTC's rocky price history. Image via CMC
A new rally began in April 2017, with levels reaching above $1 by June. Price pulled back and shot higher at the end of 2017 along with the broader cryptocurrency markets, reaching an all-time high of $10.53 on December 6, 2017.
2018 was a bad year for Vertcoin as it declined steadily alongside the rest of the cryptocurrency market during the bear market that lasted until 2019. As of mid-June 2019 price was above $0.60, but by late June 2019, the price pulled back to $0.52, showing that volatility remains high in this coin.
Buying & Storing VTCThose who believe now is a good time to load up on some VTC can head over to CoinEgg, Bittrex, Upbit or Poloniex to buy. It is also listed on a few other exchanges but there is almost no trading volume on these exchanges.
When it comes to VTC trading volumes in general, they are quite thin on each of the individual exchanges. This could present an issue from a liquidity perspective. If you were looking to buy / sell large block orders of VTC then you may run into some slippage on the orders - so trade carefully.
Once you have your VTC, best practices would have you taking it off the exchange and storing it in an offline wallet. We are all too aware of the risks that come from the some of the largest exchange hacks.
Perhaps the safest place to store your VTC would be on a hardware device such as a Ledger Nano. This will keep your keys in a secure offline environment and interact with the Ledger PC client through a USB cable.
If you don't have a ledger then you can always use Vertcoin's Electrum Wallet. This is forked from the original Electrum wallet and is quite intuitive and easy to use. It is also a light wallet so it means that you can connect to remote nodes and don't have to download the entire blockchain.
Finally, if you are looking for a third-party wallet with mobile support then the Coinomi wallet could be ideal. This is also a multi-currency wallet that supports numerous other cryptocurrencies - over 500 to be exact!
Vertcoin DevelopmentSomething that I always like to do in order to determine how much work is been done on a project is to take a look at their public code commits.
For an open source project like Vertcoin, it really is "the proof is in the pudding".
Hence, I decided to dive into the Vertcoin GitHub and take a look at their three most active pinned repositories. Below is the commit activity in these repos.
Number of commits in select repos over past 12 months
As you can see in the above, the developers are still busy pushing code to their repositories. Of course, this is much less than we see on some of the newer projects.
For example, if we were to take a look at the ranking of Vertcoin as based on the number of code commits, they come in at number 383 on Cryptomiso.
Having said that, Vertcoin is a more established protocol and was built off the Bitcoin core. This means that they did not have to build a protocol from scratch. This is also the reason why some of the newer projects like Insolar have so many commits.
Finally, Vertcoin is mostly community driven and the developers are not paid for their contributions. This is unlike many of the other projects that may have held an ICO or a pre-mine where the developers pocketed it.
ConclusionIn 2014 the International Business Times wrote an article praising Vertcoin and calling it a superior alternative to Bitcoin because of its fair mining policy. It also claimed that Vertcoin could be one of the altcoins to make its way to mainstream adoption.
That hasn’t happened yet, and as of June 2019, Vertcoin is ranked in the 188th spot based on its market cap. That certainly isn’t mainstream, but no other cryptocurrency has made it to mainstream adoption levels yet either, so there’s still hope.
Continued development and a dedicated community will keep it in the running, and if fair mining becomes one of the most important factors of a useful cryptocurrency Vertcoin will quickly jump into the top positions.
Considering its early start we can say that it’s impressive to see Vertcoin hanging on for six-and-a-half years already. It kept chugging along during the ICO and airdrop mania of late 2017, survived the bear market of 2018 and has come out stronger than ever.
And even though it had to fork three times over the years, it remains one of the few ASIC resistance coins, thanks to the commitment of the development team. That alone should ensure the survival of Vertcoin, and ensure it maintains a strong mining community.
While the mainstream prospects for Vertcoin may not look great right now, its consistent and steady growth could eventually leave it as one of the remaining cryptocurrency after most other disappear into the mists of history.
Featured Image via Fotolia
Disclaimer: These are the writer's opinions and should not be considered investment advice. Readers should do their own research.
In this Zcoin review we will be taking a look at another interesting anonymity coin that has been rolling out developments recently.
ZCoin is one of the major privacy coins that attempts to establish anonymous transactions, fungibility and decentralization of mining in a unique and scalable way.
Originally the Zerocoin protocol was developed to be an extension of Bitcoin, but when it wasn’t adopted by the community it was released as a coin and blockchain of its own.
With ZCoin you can spend without any transaction history or link to your identity. This is a dramatic improvement on privacy versus Bitcoin, where addresses are made transparent to combat the double spending problem.
Zcoin and the Zerocoin ProtocolImage via Wikipedia
The idea for the Zerocoin protocol came from Johns Hopkins professor Matthew D Green and two of his graduate students – Ian Miers and Christina Garman. While it was proposed as an improvement for Bitcoin, it never gained consensus, and so in September 2016 Poramin Insom released a blockchain and cryptocurrency using the idea of the Zerocoin protocol.
Zcoin is unrelated to other cryptocurrencies utilizing the Zerocash Protocol. Although Zerocash is a development from Zcoin’s old protocol Zerocoin, their respective implementations are not simple forks of each other, but rely on different cryptographic assumptions with various tradeoffs
Because it was developed as a Bitcoin improvement, sending ZCoins works exactly like Bitcoin and the transactions are recorded in a public ledger. However the Zerocoin protocol uses minting to make these transactions anonymous. Basically, ZCoin requires that you mint Zerocoin before you are able to spend.
These new Zerocoins have no transaction history, and because there are so many users minting coins at the same time it becomes impossible to trace the newly minted coins to any particular user. It has been likened to a type of money laundering, where the old coins are destroyed, and the newly minted coins are untraceable.
The Sigma ProtocolThe Sigma Protocol was implemented in July 2019 and replaced the Zerocoin Protocol.
Zcoin is the first full implementation of the Sigma Protocol, which allows users to have complete privacy via zero-knowledge cryptographic proofs. One of the main benefits of the Sigma protocol is that it has removed the need for the trusted setup.
The trusted setup is something that other cryptocurrencies such as ZCash have had to rely on through their "Ceremony". This has also been one of the major bones of contention for the security of the ZCash blockchain. You will really have to believe that the setup was done correctly in order to trust it.
By removing this trusted setup, the Sigma protocol places Zcoin at a unique advantage.
The Sigma Protocol is a precursor to the next-gen privacy protocol Lelantus being developed by the ZCoin cryptographer Aram Jivanyan which will further build on Sigma and greatly expand its functionality and privacy features by removing the need for fixed denominations in minting and spending.
You can learn more about the Sigma Protocol here.
Zero-Knowledge ProofsZerocoins uses something known as Zero-Knowledge Proofs to help maintain anonymity. Cryptography defines a zero knowledge proof as a method for one party to prove to another party that they know what the value of x is without having to share any additional information aside from the fact that they know what the value of x is.
One simple way of demonstrating this definition is to prove to a friend that you know your Gmail password without telling them what it is by logging into your Gmail account. This would prove you know what the Gmail password is, without giving any additional information.
Image Source: Zcoin Blog
Zero knowledge proofs work for ZCoin in showing proof you own the Zcoin you are sending, without letting anyone know the source of those ZCoins.
How Zerocoin Achieves AnonymityWhen a Zerocoin is minted it destroys a ZCoin in the process. When this occurs the Zerocoin protocol generates a random serial number “R” and a secret number “s”. These randomly generated R and s are then used in a cryptographic function to generate a value “V”, which you become committed to.
The V value is posted to the blockchain to prevent it from being changed in the future. This value V is publicly viewable, as are all the other V values being created by people who are minting.
Now to spend the Zerocoin R a zero knowledge proof is given showing your R value corresponds to the public value of V. This zero knowledge proof only shows that there is some V corresponding to your R, but it doesn’t reveal which one. This allows Zerocoins to be spent without anyone being able to determine their origin.
To avoid double spending of Zerocoins, Znodes verify that the zero-knowledge proof was valid and that Zerocoin R was not previously spent.
Mining ZCoinZcoin began using the Lyra2z algorithm for proof of work, but recently moved to the Merkle Tree Proof of Work algorithm (MTP) to address several problems.
MTP Compared to Other Algorithms. Image Source: YouTube
MTP is known as a memory hard algorithm and it has several benefits, one of which is the prevention of the development of ASIC chips which could lead to centralization of mining. It also helps prevent infecting computers and making them part of mining botnets. The founder of ZCoin has the following to say:
The basic concept is that it should establish the same price/cost for a single computation unit on all platforms meaning that there is no single device that should gain a significant advantage over another for the same price hence promoting egalitarian computing
So, the goal is to keep ZCoin feasible for CPU mining as a way to decentralize the security of the network. The MTP being used by ZCoin has also been made less memory intensive than previous versions, and it is less vulnerable to DOS attacks. That said, the ZCoin team isn’t against GPU mining, but with MTP CPU mining remains competitive even if GPU mining is also utilized.
If you want more information then you can read our comprehensive guide on mining ZCoin.
Founder’s RewardThe Founder’s Reward was implemented to fund the development of ZCoin, and it specifies that for the first four years 14% of mined ZCoins will go to the Founder’s Reward pool. That 14% will be split as follows:
ZCoin Team received 6%Seed Investors receive 6%ZCoin Founder Poramin Insom receives 2%Once the first four years have passed (in September 2020) the block rewards will revert to going entirely to miners and Znodes.
ZnodesZnodes are similar to master nodes in that they are computers on the ZCoin network that are running a full copy of the blockchain, and are working to process transactions. The Znodes are incentivized by receiving 30% of newly minted ZCoins, currently 7.5 per block.
Those running Znodes are required to stake 1,000 ZCoins however, as a way to prove that they are highly invested in the ZCoin network. The stake is an incentive to keep the network running honestly and with consistent uptime.
Before & After ZNodes on ZCoin
As of August 30, 2019, the rate of return for running a Znode is roughly 15.8% based on data from Masternodes.online. It estimates that a node will receive a reward every 17 days 7 hours 50 minutes.
With the price of XZC currently at $5.82 monthly income for running a Znode is roughly $75. This is based on 4,990 active master nodes. If the number of master nodes increases the payout would decrease and vice versa.
Coin Supply and SustainabilityBecause ZCoin was based on Bitcoin, there were 21 million coins originally meant to be created, however, a bug in the code led to the creation of an additional 388,450 coins. That bug has been fixed and the maximum supply of ZCoin is now set at roughly 21.4 million. As of August 2019, the circulating supply of ZCoin is 8,261,093 XZC.
Like Bitcoin, ZCoin began with a block reward time of 10 minutes, however, that was decreased to 5 minutes as of June 2018. Currently, there are 25 coins awarded per block. This award will halve roughly every 4 years until all of the ZCoins have been minted. Once all coins have been minted miners will continue to be rewarded through transaction fees.
Zcoin TeamWhile Matthew Green originally came up with the idea for ZCoin, the implementation was the work of Poramin Insom. At the time he was working under Matthew Green at Johns Hopkins, which made for a perfect mentor relationship.
Prior to developing ZCoin, Poramin developed Vertcoin, but he moved to work on ZCoin as he saw a need for anonymous transactions in the cryptocurrency space. He plans to eventually return to the development of Vertcoin, but is fully focused on ZCoin for the time being.
From Left: Poramin Insom (Founder), Peter Shugalev (Lead Dev), Tadhg Riordan (Solidity Dev), Snguyen (Dev)
The lead developer of ZCoin is Peter Shugalev, a software architect and programmer who brings over 15 years of experience to the ZCoin project. Based in Moscow, he has a Masters degree from Moscow State University in Computer Science and Mathematics and has even created his own programming language which was used in a signature-based intrusion detection system.
On the business side, the COO of ZCoin is Reuben Yap, a corporate lawyer for 10 years, who joined ZCoin in October 2016 and has been pivotal in shaping the vision and direction of the ZCoin project.
He is very well-versed in blockchain privacy protocols and spends a good deal of time traveling and speaking about them in a simple and easy to understand manner. He has long been a proponent of privacy and was previously the founder of one of the top VPN services in SE Asia (bolehvpn.com).
The XZC TokenThe XZC token got off to a strong start, opening in October 2016 at just above $0.90 each. Within a week it was trading above $5, and at the end of the second week, it had rallied to $8. It couldn’t hold those levels, however, and by November it had slid back down to trade under $1.
It continued to slide throughout the remainder of 2016, although there was also a good deal of volatility, and the price was apt to change by as much as 30-50% within a matter of days.
As 2017 got started XZC had rallied back above the $1 level and was soon trading back above $2 as well. It continued climbing and June/July 2017 saw it trading in a range of $10-$20. There was a drop back under $7 in August, but XZC soon recovered, trading from $10-$15 throughout the autumn of 2017.
XZC Price Performance. Image via CMC
Price really began to take off in November 2017 and as is the case with most cryptocurrencies, ZCoin saw a huge run-up in price during December 2017, hitting a high of $169.99 on December 26, 2017. Since then the price has retraced quite a bit, and with the exception of a bounce in April 2018 has been steadily moving lower.
As of August 2019, one ZCoin (XZC) is worth $5.83, with price moving steadily lower for most of 2018, with a low of $4.21 hit in December. Price recovered in early 2019 and by June was trading near $15. It spent June and much of July trading in a range of $10 to $13 but then retreated along with the broader crypto markets.
Buying & Storing XZCThe largest trading volume for ZCoin (XZC) can be found on MXC, although there is also a good amount of trading volume on the CoinEx platform. CHAOEX also has a good deal of volume, and beyond that, you can get XZC at Binance, DigiFinex, Huobi Global and a number of other smaller exchanges.
In terms of volumes, it is relatively well split out on the exchanges although over 80% is concentrated in the top 3. There is decent liquidity though with healthy order books that are quite deep. This means easy execution for the large block orders.
Register at Binance and Buy XZC Tokens
The ZCoin project does have an official desktop GUI wallet, which is probably the best choice since it has built-in mint and spend functions. There is also an Electrum light wallet available.
For those who prefer mobile wallets, there are a number of choices including the Trust Wallet, Coinomi, Edge Wallet, Cobo Wallet and a number of others.
Plus the ZCoin developers are working on a native mobile wallet that is expected to be released by the end of 2019. Both popular hardware wallets, the Ledger and Trezor, also support XZC.
ZCoin Developement & RoadmapSomething that I sometimes like to do in order to determine the development progress on a project is to look into their GitHub repositories. By observing how much code is being pushed, one can get a good idea of exactly what is being done.
Hence, I decided to jump into Zcoin's official GitHub. Below are the code commits for the top three most active repos in their GitHub. These are the total number of commits pushed in the past year.
Commits to select repos over past 12 months
As you can see, they have been quite active with a regular stream of commits. There are also a further 66 other repositories with varying degrees of activity.
This level of development is more than we have seen on other projects at similar stages. In fact, if we were to compare Zcoin to other projects based on the total number of commits, it comes in at number 52.
This of course makes sense given that there were a number of updates that the Zcoin developers have recently been working on. The prime among these is of course the Sigma protocol which is finally out.
There are also some really exciting updates that are planned in their roadmap. Below are some of the most notable updates still planned for 2019.
Overhaul of User Interface: A new GUI wallet is on the way that will be based on Vue.js.RAP: Receiver Address Privacy: This will allow users to share one static public address that will route transactions to brand new addresses. This will preserve privacy and has not been used by any other privacy coin.Encrypted Node Communications: This encrypted node communication will allow Zcoin traffic to be censorship resistant.MTP Revamp: They will improve on MTP in order to further the ASIC resistant featuresNative Mobile Wallet: Launch of a mobile wallet that will have full privacy supportThen, heading into 2020 one can expect to see research on scaling, governance and quantum resistant algorithms. If you wanted to keep up to date with the development then you can head on over to their official blog.
ConclusionZCoin sees some advantage from having code that is based on Bitcoin’s core code. It makes it easier for the project to implement changes that Bitcoin makes. And the anonymity factor is certainly a big deal, especially in countries such as China, where privacy is difficult to come by.
As Western nations begin to regulate cryptocurrencies there is a good chance that privacy will become increasingly important across Europe and in the U.S.
While some have complained about the Founder’s Reward being included in ZCoin, there are other cryptocurrencies out there who have implemented similar features.
After all, the development team needs funds if they are to continue working on ZCoin, and Insom himself admitted that the reason he had to halt work on Vertcoin was from lack of funds. In any case, there’s only one more year until the Founder’s reward is done, and I’m betting five years from now no one will even remember the Founder’s reward.
A dedicated founder and lead developer, combined with funding for development, and a solid roadmap makes ZCoin’s future look bright.
Disclaimer: These are the writer's opinions and should not be considered investment advice. Readers should do their own research.
Coinbase, Kraken and other cryptocurrency exchanges are taking positions on proof-of-work consensus and Bitcoin mining. Despite criticisms against proof-of-work, they argue there is little risk of centralization-induced attacks.
Proof-of-work is one of Bitcoin’s core features which allows to reach consensus and keep the blockchain secure. Miners are responsible for finalizing transactions and generating new Bitcoins. However, proof-of-work isn’t perfect – to its critics, it’s a system that results in centralization of power.
Though there are alternatives, proof-of-work is here to stay as far as Bitcoin, Litecoin, Monero and many other cryptocurrencies are concerned. Proof-of-work largely operates behind the scenes, but it can have far-reaching effects — which has led some exchanges to weigh in on the matter.
Coinbase Endorses ASIC Mining Coinbase has recently argued that proof-of-work networks can benefit from ASIC mining. This is a controversial claim — it’s widely held that ASICs bring about monopolized ownership because they are specially designed to mine certain coins. CPUs and GPUs, by contrast, are general purpose chips that are available to anyone who owns a computer.
However, Coinbase sees things differently. It argues that general purpose hardware is a greater threat to centralization. There are many GPUs and CPUs that are not being used for mining, and these could suddenly be harnessed to attack a mining network. ASIC devices, which are only useful for certain types of mining, can’t suddenly join a network en masse.
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Coinbase adds that Bitcoin Gold, Vertcoin, and Verge have fallen victim to 51% attacks despite attempts to become ASIC-resistant. The company suggests that coins should bring about decentralization in a different way — they should instead turn to ASIC-friendly algorithms that support affordable manufacturing and turn ASICs into a widespread commodity.
Coinbase concludes that ASIC mining is inevitable: “Participants have to ask themselves if the industry is going to be secured by hobbyists running old laptops,” it insists. “Every at-scale, professional industry utilizes specialized equipment — it is naive to think that cryptocurrency mining will or should be any different.”
Kraken Argues Mining Pools Are Secure Kraken has published its own in-depth report on mining mentioning centralizing effects of mining pools. At the time of its publishing in April, many people were concerned that a few major mining pools could coordinate a 51% attack due to their hashrate dominance. That fear has intermittently come and gone.
Kraken argues that there is little reason to fear such an attack. It believes that heavily invested miners cannot carry out an attack sustainably as the effects on market price would devalue any profits. “We believe there is a greater incentive for [pools] to conduct honest operations and uphold the value of the network,” Kraken says.
Citing rules of game theory, Kraken suggests that dishonesty is a poor strategy for miners: “Any deviation will certainly result in short-term cost with unpredictable compensation.” It also notes that pools don’t have guaranteed dominance —since users can switch between pools, new pools can form to deter collusion.
Other Exchanges Are Also Getting Involved Some exchanges have attempted to get involved in mining more directly. Huobi, for example, runs a mining pool that accounts for 6% of Bitcoin’s hashrate, while OkEX runs a much smaller pool. Though they are not very significant, their existence does indicate that exchanges are interested in taking on big, Bitmain-owned mining pools.
BitMEX, meanwhile, is trying to keep mining security in check. It runs Forkmonitor.io which scans Bitcoin and its forks in real time for unusual activity. BitMEX Research also covers various mining-related issues, some of which are quite obscure and gain very little coverage elsewhere.
Finally, Binance has courted controversy by overstepping boundaries. After it suffered an attack in May, Binance briefly considered incentivizing miners to undo the theft. Binance eventually refrained from pursuing that plan — while miners showed no interest in complying. However, the event did raise the question of whether mining is truly irreversible.
Why Exchanges Care About Proof-of-Work Exchanges typically have no direct influence over mining and proof-of-work. They can only suspend trading activity and block bad actors if an attack or vulnerability occurs. Coin developers are ultimately responsible for designing proof-of-work schemes that produce a decentralized, accessible, and secure mining network.
Instead, exchanges are concerned with mining because they adjust their services around each coin’s proof-of-work model. For example, Coinbase recently decided that it is safe to reduce its confirmation times for Bitcoin, Zcash, and Ethereum Classic. On the other hand, exchanges like Bittrex have delisted attack-prone coins entirely.
Some investors make decisions about which coins to invest in based on technical matters such as proof-of-work. Though exchanges are naturally concerned with market data, they often tend to keep investors informed about technical matters — a level of dedication to the public that often goes unnoticed.
Disclosure: This article was edited by Mike Dalton. For more information on how we create and review content, see our Editorial Policy.
Vertcoin was 51% attacked. Coins were double-spent and 603 blocks were replaced by the attacker’s transactions.
Vertcoin Attacked On Dec. 1 at 15:19 UTC, 603 blocks were removed from VTC’s main blockchain and replaced by 553 attacker blocks. There were 5 recorded double-spent transactions. A total of 125 VTC ($29) was redirected to the hacker’s wallet address.
Bittrex, Vertcoin’s most trafficked exchange by real volume, disabled withdrawals on the platform once it became clear the attack was in progress.
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Vertcoin is a Bitcoin clone that claims to be ASIC-resistant through regular mining algorithm changes introduced via hardfork. Vertcoin currently ranks 194th by market capitalization and boasts a market cap of $12.5 million. Vertcoin was previously 51% attacked in December of 2018.
Details on the 51% Attack On Nov. 30, hashrate rental prices for Vertcoin’s mining algorithm Lyra2REv3 increased significantly. There is strong evidence that hashrate rental service Nicehash was used to conduct the attack.
According to James Lovejoy, lead maintainer of Vertcoin, the attacker spent between 0.5-1 BTC to perform the attack. The total value of the attack was roughly 0.44 BTC, meaning the attack likely not profitable.
“Given the reorg was just deeper than 600 blocks (Bittrex’s confirmation requirement for VTC), it is possible that Bittrex was the original target,” said Lovejoy. “But the double-spend portion attack was aborted due to Bittrex disabling their wallet before the fork could be released.”
It is also possible that the attack was merely a proof-of-concept or sabotage attack, continued Lovejoy.
Disclosure: This article was edited by Mitchell Moos. For more information on how we create and review content, see our Editorial Policy.
A second 51% attack on Vertcoin was just attempted earlier today The hackers (unknown) ended up paying for the attempt out of their own pockets!
The hackers seem to have come out of this whole ordeal $440 worse off. A second 51% attack on Vertcoin was just attempted earlier today but the hackers (unknown) ended up paying for the attempt out of their own pockets!
Turns out, crime DOES pay… just not in the way they intended...
51% Hacking
The lead maintainer on Vertcoin, James Lovejoy revealed that a malicious person(s) targeted the crypto platform Bittrex. This was in order to try and force a manipulative manner onto the Vertcoin blockchain.
In 2014, the cryptocurrency left Bitcoin in the form of a fork. This led to a major attack in December of last year in which a whopping $100k was stolen by hackers.
But the exploit attempt this year has clearly been a whopping fail instead.
“Based on the market prices during the attack's preparation and the difficulty of the blocks the attacker produced, we estimate the attacker spent between 0.5-1 BTC to perform the attack,” Lovejoy explained.
The hackers seem to have come out of this whole ordeal $440 worse off. That’s at the very least too, $4.1k is the most they could have reportedly lost.
“The total value of the block rewards the attack received is 13825 VTC (~0.44 BTC). Given the attack was likely not profitable to perform based solely on block rewards, the motivation for the attack is not certain.”
The Rise of Crypto
The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency and get involved with the space. Just as institutional investors got attracted into the space through the idea of money, hackers and scammers also jumped on the bandwagon...
For more news on this and other crypto updates, keep it with CryptoDaily!
Last week was quite impressive for Bitcoin as the cryptocurrency recorded a bullish reversal from a low of $6,750 to $7,800 in two days. The bulls were unable to defend the new region, swinging the price back to $7,230 during today’s early hours.
Bitcoin is currently down about 1.29% on the day as it trades at around $7,316 at the time of this writing.
BTC/USD. Source: TradingView The altcoin market, on the other hand, is in a mixed state as some cryptocurrencies are recording slight gains while others are on a disappointing trend. For example, Ether (ETH), is up by 0.20% and trading at $148 while XRP, despite its latest listing on Japan’s largest crypto exchange, is recording losses of 1.14%, trading at $0.218.
It’s also worth noting that Tether (USDT) – the most popular and widely used stablecoin, is currently the world’s fourth-largest cryptocurrency. This is a sign that altcoins are seemingly in a struggle as they lose their positions against a stablecoin, the market cap of which is only increased when Tether issues new USDT.
The total market cap is $198 billion | Bitcoin’s market cap is $132 billion | BTC dominance: 66.4%.
Major Crypto Headlines Huge Responsibility: Coinbase Holds Almost 1 Million Bitcoins. Considering that crypto exchanges are the major target of hackers, Coinbase seems to have a huge responsibility on its shoulder as new reports reveal that the US-based exchange has custody of 966k bitcoins in its wallets.
Japan’s Largest Crypto Exchange, BitFlyer, Adds Support For XRP. Good news for XRP fans and traders as Japanese exchange BitFlyer has officially announced that Ripple (XRP) will be available on its Altcoin Market for trading as of Monday, December 2. Yet, the price failed to react positively, and XRP is down during today’s trading session.
You may also like: Brutal Bitcoin Liquidation Cascade Imminent Below $59K, Warns Analyst Bitcoin Price Crashes Below $60K as Strategy’s MSTR Plunges 10% Mining Profits Dry Up Across Bitcoin, DOGE, LTC, and BCH Vertcoin 51% Attack ‘Motive Uncertain’ as Hackers Lose up to $4,000. Hackers who attempted to steal Vertcoin (VTC) from Bittrex through another 51% attack on the Vertcoin blockchain, netted a total loss between $440 and $4,100. According to the network’s leading maintainer, the wrongdoers targeted Bittrex to manipulate the cryptocurrency’s blockchain.
Significant Daily Gainers and Losers Ebakus (+340.47%) Ebakus (EBK) is in the green zone today with a massive gain over the last 24 hours. Although the cryptocurrency started the trading session with a price around the $0.007200 region, it is now trading at $0.031521, giving traders a remarkable 340% profit on the day. EBK holds a market cap of $2,846,200, with a daily trade volume of $190,944.
Blockium (+84%) A massive 84% profit today has placed Blockium (BOK) as the second most significant gainer over the last 24 hours. BOK is the native token of Blockium, a project that describes itself as a unique P2P financial gamification platform that unites stock and crypto traders. The uptrend movement today shows a recovery from its last week low of $0.000537 to $0.001669. At the time of this writing, the token is exchanging hands at $0.001094 with its 24h trading volume at $203,931.
Fusion (FSN -51%) Today’s trading session is quite sad for FSN traders and holders as the cryptocurrency has lost over 50% of its value in the last 24 hours. FSN’s 7-day chart shows that the token has been on a downward decline falling from a price of $1.2 in the past week to a current price of $0.2.
Investors have long been awaiting another 2017-esque bull run that shakes up the standing of the top cryptocurrencies and possibly leads some smaller altcoins to see meteoric gains that propel them up to the top of the markets.
This rally has not happened, however, and as the crypto markets face a prolonged bear market many of these altcoins have dropped virtually to zero, leading them to be delisted from exchanges.
Poloniex Delists Multiple Altcoins as Smaller Cryptos Begin Dying Out Poloniex recently announced that they would be delisting a handful of cryptocurrencies from their platform, including DigiByte, Factom, MaidSafeCoin, Omni, Primecoin, Vertcoin, and Viacoin.
Of the aforementioned tokens, DigiByte is the largest, with a $75 million market cap that makes it the 55th largest cryptocurrency. Omni is another notable cryptocurrency, as it was the very first Initial Coin Offering (ICO) and was the blockchain that spawned Tether (USDT).
As for why the crypto exchange is delisting these altcoins, Poloniex explains in a blog post that they are doing it in an attempt to “improve the performance of the exchange and to better serve our customers.”
They further go on to note that they delist certain assets from time to time in order to “provide customers with access to the most innovative projects that fuel the industry and to ensure the assets meet the high standards of our customers.”
These justifications signal that the projects being delisted may – in the eyes of Poloniex – face declining development activity, legal issues, low trading volume, or compromised network security, although the exchange does not offer specific justifications for why they are delisting each individual token.
Altcoin Purge Comes as Investors Learn That Tokens Don’t Pump in Consecutive Cycles The dwindling trading volume amongst smaller altcoins comes about as the aggregated crypto markets face a prolonged and unwavering bear market, which has all but eradicated the cyclical parabolic trends that were previously seen by many of these smaller assets.
Nic Carter, a popular figure within the cryptocurrency industry, spoke about this in a recent tweet while referencing the Poloniex purge, saying:
“Also – more eveidence that old altcoins don’t pump in consecutive cycles (with very few exceptions), they just get churned out. New alts take their place. But the net effect is investors lose,” he explained.
Also – more eveidence that old altcoins don’t pump in consecutive cycles (with very few exceptions), they just get churned out. New alts take their place. But the net effect is investors lose
— nicolas, 30 ans (@nic_carter) December 21, 2019
It is highly probable that cryptocurrency exchanges will continue delisting tokens that don’t have much engagement amongst investors, with the most favored cryptocurrencies rising to the top of the markets.
“Today we know that centralization and big bureaucracies have not, as promised, been the answer for promoting better opportunities for society” ~ Carlos Salinas de Gortari
To ASIC or not to ASIC has been the dilemma for years now. For some, the distinction is very easy; it comes down to choosing between centralization and decentralization. For others, it is about taking all the aspects of mining into consideration and opting for what’s best suitable for the end participants and the network altogether. With ASICs in the scene, one side of the coin depicts decentralization, the other side portrays centralization. A coin that’s puzzling not only to the ones in the cryptocurrency space, but also to the ones outside.
While there are many projects that completely oppose even the idea of ASIC mining, there is an equal number of projects or even more that have warmly embraced the new idea. And, why not? Decentralization means an open-market, which in turn symbolizes technological advancement.
Skating on thin ice On one hand, the argument that’s pro-ASIC is that “it contributes to the network security,” which is debatable. On the other hand, the argument that it leads to centralization of the network is something that’s hard to be brushed off. The security threats of ASIC mining centralization include ASIC boost, selfish mining, eclipse attacks, and launching a 51 percent attack without having 51 percent hash power (just by collaborating with three or four other mining pools). The problems of ASIC mining have taken a prominent seat in the crypto-market.
However, this is not the only factor that bothers miners and participants. There is only a portion of the community that can afford ASIC miners and the ones who can also have their table full with the question of whether or not their ASIC miners will be profitable by the time it ships.
The largest cryptocurrency, Bitcoin, is among those cryptocurrencies that have been pro-ASIC mining, and it is because of this very cryptocurrency that ASIC mining has gained a strong foothold in this space. The mining evolution from CPU to GPU to FPGA to ASIC completely superseded Satoshi Nakamoto’s “one CPU, one vote” rule.
Speaking to AMBCrypto, Bob Summerwill from ETC Cooperative said,
“If you see what’s been happening with every single cryptocurrency has ASICs, even the ones that claim to be ASIC resistant. And the reason is very simple, it just you can do it more efficiently. You are just doing a fairly simple algorithm and doing that in hardware is going to more efficient than doing it in software. There’s no going around that and the economic is such that you just cannot resist. It’s just futile to try and resist. The ASICs are going to happen anyway and they are actually good for you. So, resisting is futile and actually counter productive.”
While Bitcoin itself is relatively safe from the biggest problems of ASIC mining and centralization – 51 percent attack, the same, however, does not hold true for other cryptocurrencies. The reason is quite simple; the cost of BTC mining and the price is higher compared to the rest of p-o-w coins. In short, it’s possible, but it’s not quite feasible for the attacker considering there would also be a war against the rest 49 percent, and even if one percent hash rate is lost to the other side, it would mean game-over. Meaning, there’s zero economic incentive for launching a 51% attack on Bitcoin.
The Hash War A classic example of the blunders that can be caused by mining pools powered by ASICs is the Bitcoin Cash vs Bitcoin Satoshi Vision hash war that took place towards the end of 2018. Some market speculators even claimed that the hash war resulted in not only two different chains, but also the crash of Bitcoin’s price and hash rate towards the end of last year.
This was not the first time Bitcoin Cash got dragged into a mining war, nor was it the last time that BCH made headlines concerning matters related to mining. The cryptocurrency was itself a result of a fork war that took place in 2017 over the bigger block size argument. The latest on the shelf was this year’s report on re-org, carried out by BTC.com and BTC.top, with both pools joining hands to reverse blocks of transactions in order to cease an unknown miner from gaining access to coins, an exploit taking advantage of after May 15 hard fork.
Such instances show how the most important pillar of any cryptocurrency in the market, decentralization, can be undermined.
An achievable goal? While many are of the opinion that ASIC-resistance is futile, there are still projects that stand firm against ASIC-mining, keeping decentralization as the most important goal, even though there hasn’t been any substantial proof that this is an achievable goal.
Ethereum and Monero were the two coins that held the beacon of ASIC Resistance; Ethereum with back-and-forth discussion over implementing ProgPoW, and Monero with RandomX.
The Valladolid Debate
While ‘To ASIC or not to ASIC’ is a dilemma that the entire ecosystem faces, ‘to ProgPoW or not to ProgPoW’ is the question the Ethereum community is struggling with.
The reason to implement ProgPoW is simple, ASIC resistance, which even had a greenlight from the auditors. There are several reasons against it: debates of GPU miners buy-outs, Proof-of-Stake shift, and problems with the teams that proposed the algorithm.
Bob Summerwill said,
“When Ethereum was started it was like we don’t want ASICs, we don’t want to be like Bitcoin, we don’t want our mining to be dominated by a few of these Chinese companies. So, we are going to do something which is memory hard and runs on GPUs and not specialist hardware. It’s a different time now and I think what we’ve ended up inheriting there is not something that really makes sense anymore. The ASIC resistance is a myth. You can’t resist it.”
How does ProgPoW aim to answer the ASIC question? ProgPoW would have five key elements to its algorithm: change from Keccack_f1600 to Keccack_f800 [shift from 64-bit words to 32-bit words], the random sequence generated would change every 50 blocks, the DRAM would increase to 256 bytes from 128 bytes, adds reads from a small, and low-latency cache that supports random addresses.
ProgPoW would not eliminate the threat of ASIC mining. It would merely make it minimal by giving GPU miners a boost. The GitHub post reads,
“The design goal of ProgPoW is to have the algorithm’s requirements match what is available on commodity GPUs. If the algorithm were to be implemented on custom ASIC there should be little efficiency gains compared to a commodity GPU.”
The algorithm was supposed to make a debut this year with the Istanbul hard fork, but was postponed to the next one due to audit delays. Sailing through these troublesome factors, it is still unclear whether ProgPoW would ever make it to the Mainnet.
The ‘I have a dream’ of Monero
When Bitmain announced an Antminer designed for Cryptonight-based cryptocurrencies, it left the entire Monero community in a state of shock. If there was one thing that this community was sure of, it was that ASIC miners were a no-no.
The immediate response was to tweak the network algorithm on a constant basis, in this case – every six months. While the strategy did come at a cost – compromising the security of the network, it did work. In the ASIC-manufacturers‘ perspective, it would be pointless in terms of cost and effort to build an ASIC only to see the cryptocurrency change its algorithm to a different one.
Interestingly, the tweak in the mining algorithm brought an end to the popular crypto-jacking service, Coinhive, on 8 March 2019. The official announcement on the discontinuation of the service, stated,
“The drop in hash rate (over 51%) after the last Monero harh fork hit us hard. So did the ‘crash’ of crypto currency market with the value of XMR depreciating over 85% within a year. This and the announced hard fork and algorithm update of Monero network on March 9 has lead us to the conclusion that we need to discontinue Coinhive.”
The Monero community upped the ante with RandomX. The algorithm will be using all components of the core but not all of the chips, including the memory interface of the uncore; a difficult aspect to achieve for ASICs as it only focuses on one element in mining. The algorithm was changed from CryptonightR to RandomX at the end of November 2019. Its maiden voyage has been on easy waters so far. “Test fast, fail fast, adjust fast” has been Monero’s mantra so far.
Hit-and-miss
In December 2019, Vertcoin [VTC], ranked 306 on CoinMarketCap, recorded a 51 percent attack. Interestingly, the cryptocurrency has always been at arms against ASIC mining and had opted for Lyra2REv3 proof-of-work algorithm. Notably, this was not the first time the coin succumbed to the attack as the network faced a 51% attack in December 2018 too. A GitHub post on the attack stated,
“On Sunday, 1 December 2019 15:19:47 GMT 603 blocks were removed from the VTC main chain and replaced by 553 attacker blocks. We note that 600 blocks is the current confirmation requirement for VTC on Bittrex. There were 5 double-spent outputs in which ~ 125 VTC (~$29) was redirected. Each of the double-spent outputs are coinbase outputs owned by the attacker and it is unknown to whom the coins were originally sent before being swept to an attacker address after the reorg.”
Decentralized ASIC mining?
While the topic of ASIC centralization continues to be hot debate every now and then, Blockstream, a blockchain technology company, unveiled its mining colocation service and Blockstream Pool, earlier this year. In an episode of Magical Crypto Friends, CSO of Blockstream, Samson Mow, said that the pool would be contributing to Bitcoin’s mining decentralization as it utilizes BetterHash protocol. Mow had stated,
“So, you can run your own node at home, you can host your miners in a facility or you could have your own miners in your facility and then run BetterHash node that would connect to our pool and then it’s just more decentralized overall […]”
After all that’s said and done, the question here is not if ASIC resistance or mining is the way, but is Decentralization truly achievable?
Decentralization in mining is always going to be something that’s going to be hard to achieve as mining would always centralize in a place where electricity is cheap, farms with either CPUs or GPUs or ASICs are always going to exist.
“Maybe wars aren’t meant to be won, maybe they’re meant to be continuous.”
Bitcoin Gold (BTG), a less popular Bitcoin spinoff, was hit with a 51% attack last week, as per a report published on GitHub. While bitcoin is up by a meager 3.19% amid a crypto market-wide resurgence, BTG has gained over 12% in the last 24 hours. This rally comes despite the attackers making away with roughly 7,000 BTG.
Bitcoin Gold Suffers Two 51% Attacks In A Span Of Hours Vertcoin maintainer and researcher at MIT’s Digital Currency Initiative, James Lovejoy, published a report on GitHub over the weekend. He explained that two deep reorganizations had taken place on the Bitcoin Gold network on January 23 and 24.
By mining with more than half of BTG’s hash rate, the attacker stole 7,000 BTG within a period of approximately six hours. In particular, 1,900 BTG was double spent in the first attack on Thursday, Jan 23 and then 5,267 BTG was double spent a few hours later on Friday, Jan 24. At current market prices, these two attacks led to a loss of $84,840.
Conducting a 51% attack on other proof-of-work networks like Bitcoin, for instance, is practically impossible. This is especially because of Bitcoin’s high hash rate which would render such an attack unprofitable. BTG’s hash rate, however, has been on a firm downtrend since July 2018.
As such, Lovejoy observed that based on the present Nicehash prices, the attacker spent approximately $1700 for each reorg. He added:
“Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack insignificant.”
At the moment, leading crypto exchange Binance has increased its withdrawal times from 12 confirmations to 20 blocks to avoid another attack in the future.
Unfortunately, this is not the first time the Bitcoin Gold blockchain has been hit with a 51% attack. Back in May 2018, BTG worth $18 million was lost through double-spending, which led to the coin being delisted by exchanges like Bittrex.
BTG is among the best performing cryptocurrencies today, outperforming its big brother and most of the cryptocurrencies in the top 50. It has gained 12.71% in the last 24 hours to trade at $12.12. The rally has put its total market capitalization at $209.49 million.
This upsurge comes as a big surprise given that the Bitcoin Gold network recently fell victim to two separate malicious attacks. Moreover, it’s not clear what’s behind the surge, but with the coin’s deteriorating fundamentals (case in point, the hash rate), it is likely going to be a short-lived rally.
MIT Media Lab’s Digital Currency Initiative has delved into a recent attack on Bitcoin Gold and discovered counterattacks in which miners put the blockchain back on its original course.
James Lovejoy, who publicized the attack earlier this year, published a Medium post on the topic today, co-authored by MIT DCI researchers Dan Moroz and Neha Narula.
Counterattacks on Bitcoin Gold In January and February, attackers carried out a series of attacks on Bitcoin Gold.
Those attacks involved chain reorganizations (reorgs), double spending, and 51% attacks, all of which require the attacker to wield a considerable amount of mining hashpower.
The MIT DCI team, which has been monitoring attacks on several proof-of-work blockchains, reported those attacks publicly at the time. However, the group has since discovered “retaliation games” that were not apparent at the time.
The researchers explain:
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“It started as a typical attack, as a transaction was reversed in a double-spent, but then that double-spend was itself reversed, with the original transaction valid again. On February 8th the attacker and counterattacker went back and forth four times over the course of 2.5 hours.”
Ultimately, the counterattacker won, invalidated the double spend, and restored the original chain.
The team additionally observed two shorter “one-shot” counterattacks on Feb. 9 and 11. Those counterattacks restored Bitcoin Gold’s original blockchain as well.
Alternate Explanations At first glance, it appears that miners carried out counterattacks to maintain Bitcoin Gold’s original chain, but MIT DCI researchers speculate that this may not be the case.
Instead, a single actor may have been on both sides of the attack. For example, an exchange or merchant service may have been testing the strength of the blockchain. This hypothesis is supported by the fact that one counterattack had no double spends, suggesting that profit was not the motive.
Alternately, the counterattacker may not have been attempting to restore Bitcoin Gold to its original condition; instead, the counterattacker may have intended to steal the reward for themselves.
Finally, technical errors, such as a network partition, a software bug, or random chance could have caused reorgs to arise naturally—though researchers say that most of these cases are unlikely.
Of course, the counterattacks may be exactly what they seem to be.
NiceHash May Not Be to Blame NiceHash is a service that allows users to rent hashpower, which is instrumental in 51% attacks. The service was responsible for the hashpower used in an recent attack on Vertcoin, for example.
MIT DCI researchers note that NiceHash and other hashrate marketplaces pose a threat to proof-of-work blockchains, and that NiceHash offers enough hashpower to attack Bitcoin Gold.
However, the research team says that they have not seen “conclusive evidence” that the hashpower used to attack Bitcoin Gold originated from NiceHash. That evidence is obscured due to the fact that Bitcoin Gold’s hashrate and price fluctuate regularly even when no attack is underway.
Researchers add that NiceHash and similar services may even be beneficial: by enabling counterattacks, hashrate marketplaces could discourage attackers from attempting an attack in the first place.
The researchers conclude, though, that high costs are “still the [most] important deterrent” when it comes to preventing attacks that aim to sabotage a blockchain.
Disclosure: This article was edited by Mike Dalton. For more information on how we create and review content, see our Editorial Policy.
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Many of TRON Network’s [TRX] metrics have grown consistently this year, making TRX one of the more interesting assets to watch.
However, the mood is not fully bullish yet. Here’s why…
TRON’s network growth holds up Monthly transactions increased from around 341 million in January to 376 million in May. Put simply, activity on the chain has not slowed down so far.
Source: X The user side seemed to be strong too. Average daily active users moved from nearly 3.2 million to 4.4 million. The main point here is that there’s been real usage, and it’s not just price interest.
The market cap also rose from about $27 billion to $33 billion over the same period. A big reason for this strength may be TRON’s role in low-cost, fast stablecoin transfers.
AMBCrypto previously reported that Tron Inc. has also been adding to its TRX treasury, buying 1.2 million TRX in June alone. In fact, total holdings are now above 700.4 million TRX. The buying happened during weakness, which means that demand has not fully dried up.
TRX derivatives traders aren’t convinced At the time of writing, TRX’s Open Interest was around $202 million. Put simply, the activity was present but not really expanding.
Source: Coinalyze More importantly, the funding rate was negative at press time. This could mean two things – Short positions still paying longs, or that traders may be leaning more bearish in the near term.
A stronger breakout? TRX traded at $0.32 after a dip from its recent highs. The recovery since appeared to be gradual on the charts.
At the time of writing, the RSI was back at 42. So, the pace was definitely improving. The MACD also seemed to be flattening, implying that selling pressure could be falling too.
Still, this didn’t seem like a confirmed bullish reversal yet.
Source: TradingView For TRX to support the stronger on-chain story, it needs to hold above $0.32 and push towards the next resistance zone. Until then, traders may stay cautious despite healthy network growth.
Final Summary TRON’s transactions, active users, and market cap rose in 2026. TRX traders remain doubtful due to negative funding rates.
JustLend DAO has expanded its lending platform by launching support for supply and borrowing of U, a TRC-20 stablecoin pegged to the U.S. dollar.
Summary
JustLend DAO has enabled direct supply and borrowing of the U stablecoin after adding it as a new market on June 20. The U market launched with a 0% collateral factor and a 10% reserve factor, preventing U from being used as collateral at launch. The listing follows JustLend DAO’s recent Supply and Borrow Market V2 upgrade, which introduced isolated lending markets and updated risk controls. According to a June 21 announcement, users can now deposit and borrow U directly on the protocol after the asset was added as a collateralizable market on June 20, 2026, Singapore time.
The launch follows a governance proposal that outlined the market’s lending parameters and interest rate structure.
The protocol said U is issued by United Stables and maintains its peg through reserves backed on a 1:1 basis. JustLend DAO described the asset as a stablecoin designed for digital commerce, machine-to-machine payments, and AI-focused financial applications on the TRON network.
U market launches with separate lending parameters JustLend DAO said the U market opened with a collateral factor of 0% and a reserve factor of 10%. The collateral factor means users can borrow U on the platform, but cannot use U itself as collateral to obtain other loans at launch.
The protocol also introduced a jumping interest rate model for the market. Under the structure, borrowing costs rise sharply once utilization exceeds 80%.
JustLend DAO’s published parameters show borrow APY reaches 5% at 80% utilization before climbing to 42.5% at 90% utilization and 80% at full utilization.
Supply APY follows a similar trajectory, rising from 3.6% at 80% utilization to 34.43% at 90% utilization and 72% when utilization reaches 100%.
In a statement on X, JustLend DAO said the addition of U expands the range of stablecoin assets available on the platform and provides users with another source of on-chain liquidity.
The U listing arrives days after JustLend DAO introduced Supply and Borrow Market V2, a lending framework that took effect on June 17.
Under the updated architecture, depositors place assets into Vaults that distribute liquidity across multiple lending markets, while borrowers interact with individual Markets that operate independently. JustLend DAO said the design isolates risk between collateral markets and limits the impact of problems that may arise within a single asset pool.
The June 17 upgrade also introduced an Adaptive Curve Interest Rate Model. JustLend DAO said the mechanism adjusts borrowing costs based on market utilization levels rather than relying solely on a fixed threshold.
The protocol said community governance retains authority over new market launches, and the U market was introduced through the proposal process before becoming available to users.
OFAC designated three financial facilitators and six money service businesses across Europe, Syria, Turkey, and Nigeria for moving funds to ISIS and its West Africa affiliate using crypto, including two TRON addresses tied to a French national.
The U.S. Treasury's Office of Foreign Assets Control designated three individuals and six entities on June 22 for facilitating financial transactions on behalf of the Islamic State of Iraq and Syria, targeting a network that used money service businesses and cryptocurrency to move ISIS funds across Europe, the Middle East, and West Africa.
The action covers a Syria-based bitcoin exchange, two Turkish money services firms, three Nigerian currency bureaus, and the individuals who own or operate them. OFAC identified two TRON blockchain addresses linked to a French national designated for conducting transactions with ISIS affiliates and providing explosives-related instructions to ISIS supporters.
Bitcoin Xchange's Syria-to-Europe PipelineAbdelhakim Boukich, a former Dutch national now based in Syria, was designated for establishing and directing Bitcoin Xchange, a Syria-based money service business. According to the Treasury press release, Boukich and Bitcoin Xchange transferred money on behalf of ISIS associates from multiple countries, including Norway, Belgium, the Netherlands, South Africa, and the United States. The SDN listing notes Boukich is also known as "Abu Sulayman Alholandi" and "Muhammad Babili."
Two Turkish MSBs, Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi and Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi, were also designated. Both are owned and controlled by Mohamad Alhmidan, previously designated by OFAC for facilitating logistical and financial support for ISIS and helping foreign terrorist fighters. Spider originated as a hawala operating in Syria, transferring money from ISIS-controlled territory to other regions; Alkaram operates as a front for Spider.
TRON Wallets, French NationalMiloud Abderrahmane, a French national, was designated for conducting transactions with ISIS affiliates based in Syria and for providing ISIS supporters with instructional and manufacturing information on building explosives. Blockchain analytics firm Chainalysis published analysis of the TRON wallets linked to Abderrahmane in connection with the designations.
OFAC added two TRON addresses to the SDN list: TBXMiRqUp1XH1zLazWu8cWitMAScv4HsYq and TDFj8tYzfLDkwEMo4MJ2DfrbpMztuCCnan. The TRON designation makes this one of the comparatively rare OFAC actions specifying on-chain addresses at the level of individual wallet identifiers, rather than sanctioning an exchange or custodian.
Nigeria's ISIS-WA BureausThe designations extend to West Africa through Mukhtar Adamu Muhammad, a Nigeria-based financial facilitator for ISIS in West Africa (ISIS-WA). Muhammad owns, controls, or directs three Lagos- and Kano-based bureaus de change: Nine to Nine Exchange Bureau de Change, Manhattan Bureau de Change, and Generation Currency Bureau de Change. All three are now on the SDN list alongside Muhammad.
Treasury's 2026 National Terrorist Financing Risk Assessment noted that sustained counterterrorism pressure has pushed ISIS toward more decentralized cells and reliance on regional facilitators. The June 22 action reflects that assessment, targeting a geographically distributed network spread across Syria, Turkey, France, and Nigeria.
SDN ConsequencesAll property and interests in property of the nine designated parties that are in the United States or held by U.S. persons are blocked and must be reported to OFAC. U.S. persons are prohibited from transacting with them. Foreign financial institutions that knowingly facilitate transactions on behalf of designated parties face secondary sanctions risk, including potential loss of access to U.S. correspondent banking.
The action was taken under Executive Order 13224, as amended, the counterterrorism authority under which ISIS was first designated as a Specially Designated Global Terrorist in October 2004.
Earlier this month, OFAC separately targeted Iranian crypto rails, adding Nobitex and three other Tehran-based exchanges to the SDN list under the "Economic Fury" campaign; the June 22 action targets a distinct, geographically distributed ISIS facilitation network spanning Syria, Turkey, France, and Nigeria.
TRON’s native asset TRX has maintained its position above a long-term uptrend line, despite the recent pullback in the cryptocurrency market. Rather than signaling the end of its positive momentum, the moderation in market sentiment suggests a more balanced outlook. At the time of writing, TRX was trading at $0.3297, with a 24-hour trading volume of $507.84 million and a market capitalization of $31.26 billion.
Key technical support remains intactAccording to crypto analyst Aman, TRX’s price action continues to adhere to its long-term ascending trend line, even after the latest correction. Aman notes that this pattern supports the sustained bullish structure in the broader time frame, as buyers have previously responded strongly to this dynamic support area, indicating ongoing investor interest.
In Aman’s assessment, TRX has preserved its long-term uptrend despite the recent dip, and the overall positive structure remains unbroken for now.
Traders also took note of the Relative Strength Index (RSI) returning from the overbought territory—a technical indicator used to measure the speed and strength of price movements. This cooling off in the RSI may provide a healthier foundation for renewed upward momentum in TRX.
Mini glossary: RSI is a technical indicator measuring the speed and strength of price action. It is commonly used to identify overbought and oversold levels in an asset.
Should TRX continue to hold above its trend line, analysts suggest the price could attempt another move higher, with resistance expected in the $0.40 to $0.42 range. Conversely, a breakdown below the support could invalidate the current technical setup for TRX.
IndicatorLevelCurrent price$0.3297Nearest resistance$0.40 to $0.4224-hour changeUp 1.21%Tron Inc’s purchases draw attentionCompany data shows that Tron Inc recently acquired another 152,316 TRX tokens at an average price of $0.3283. With this latest buy, Tron Inc’s overall TRX holdings have now surpassed 701.7 million tokens. This step reflects the company’s continued strategy to expand its digital asset treasury.
Following its most recent purchase, Tron Inc’s total TRX holdings have climbed above 701.7 million, reinforcing its commitment to a long-term digital asset treasury strategy.
Tron Inc is recognized for its ongoing accumulation of digital assets focused on the TRON ecosystem. The company’s actions underscore a commitment to long-term value creation, rather than short-term price movement. Market observers regard these regular acquisitions as signs of confidence in the network’s future and TRX’s performance.
When market data and continued institutional accumulation are considered together, the preservation of TRX’s technical setup and Tron Inc’s ongoing purchases stand out as two closely watched themes. However, the assessments here are market analysis and should not be taken as conclusive predictions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
In 2026, the convergence of AI agents, autonomous trading and blockchain infrastructure is reshaping investor priorities. Projects that embed real AI utility into on-chain ecosystems are attracting serious capital attention.
Established Layer-1 networks like TRON are already repositioning themselves as AI-compatible infrastructure. Meanwhile, a new wave of AI-native platforms is emerging in the memecoin sector.
MemeToro, currently in presale, is positioning itself at the intersection of AI agents and the booming memecoin economy. It runs on BNB Chain and introduces the world’s first autonomous memecoin creation and trading protocol.
TRX Holds Ground as Justin Sun Eyes AI TRON’s native token TRX is currently trading near $0.33, holding key support across multiple sessions. The network processes the majority of global USDT transfers, with over $85 billion in stablecoin supply on-chain.
Justin Sun has confirmed plans for a $1 billion AI fund expansion in 2026, allocating capital to attract talent and build AI-powered applications within the ecosystem.
Sun has emphasized that as AI becomes increasingly autonomous, the focus is shifting toward blockchain infrastructure supporting AI agents, with TRON’s payments capabilities at the center of this vision.
Ongoing lawsuits and sanctions reports around Justin Sun’s ventures have created sentiment-driven price swings, periodically offsetting TRX’s positive fundamentals.
TRX holders with conviction in AI-blockchain narratives are now actively scanning for higher-upside early-stage plays. MemeToro has entered that conversation.
What Is MemeToro? MemeToro is a memecoin superplatform built on BNB Chain, combining AI, trading infrastructure and community incentives. At its core sits the $MT AI Agent, an autonomous protocol engineered to scan social trends, news and cultural signals in real time.
The agent identifies viral memecoin potential before it peaks, then acts on it without manual intervention. Users can create fair-launched memecoins, build communities, and manage portfolios, all within one ecosystem.
Bonded memecoins auto-list on PancakeSwap, secured by BNB, ensuring transparent and immediate market access. The $MT token powers the entire platform, from transactions and staking to creator rewards and governance.
This vertically integrated model mirrors what major platforms have built, but natively designed for memecoins.
Tokenomics and Presale Opportunity MemeToro’s $MT token has a clearly structured supply allocation designed for long-term ecosystem health.
The public sale accounts for 71% of total supply, ensuring broad community ownership from the outset. CEX reserves hold 10%, marketing partners receive 7.56%, and the team allocation is just 2%.
Marketing and partnership tokens carry a 24-month vesting schedule, limiting early sell pressure significantly. Presale participants are not subject to vesting, purchased $MT becomes fully claimable on the official launch date.
The current presale price sits at $0.00139, offering early adopters access at ground-floor valuations. Staking is already live, offering up to 35% APR, giving holders a yield-generating entry from day one.
The smart contract has been independently audited by approved third-party security firms for investor confidence.
Why the Timing Matters The memecoin sector has matured significantly, but infrastructure supporting it has lagged behind. Most platforms still rely on manual creation, community-driven hype cycles, and fragmented tooling.
MemeToro addresses this gap directly with AI-native infrastructure purpose-built for the memecoin economy. The AI agent doesn’t just assist traders, it autonomously identifies narratives and executes on them in real time.
This mirrors the broader shift happening on networks like TRON, where AI is being embedded at the infrastructure layer.
As TRON scales its AI ambitions with a billion-dollar fund and BNB Chain expands its ecosystem, attention is shifting. Investors are asking which early-stage platform will capture the AI-memecoin convergence narrative next.
For TRX holders watching the AI narrative unfold on established chains, MemeToro offers asymmetric early-stage exposure.
The $MT presale remains open and at $0.00139, the entry point is still in its earliest stage.
More Information on MemeToro ($MT) Presale Here:
Website: https://memetoro.com/
X: https://x.com/memetoro_mt
Telegram: https://t.me/memetoro_mt
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Fintech developer Virell Trade has officially announced the launch of Stabliq Wallet, a secure, non-custodial cryptocurrency wallet engineered specifically for the management of stablecoins across the Ethereum and TRON networks. Designed to enhance digital asset security and accessibility, the application provides comprehensive storage, transfer, and exchange capabilities for major stablecoins, including USDT and USDC.
To mitigate the complexities typically associated with decentralized finance (DeFi), Stabliq Wallet introduces a specialized architectural design that appeals to both institutional digital asset managers and retail users entering the Web3 ecosystem.
Key Infrastructure and Technical Features Include:
Gasless Ethereum Token Swaps: The wallet features native in-app token exchange capabilities on the Ethereum network, incorporating advanced transaction routing that eliminates the standard requirement for users to hold native Ether (ETH) to cover network gas fees. Non-Custodial Security Framework: Built on a strict zero-trust, non-custodial architecture, the platform ensures users retain exclusive ownership of their private keys. Local security protocols are reinforced by biometrics (Face ID), password protection, and standardized seed phrase recovery mechanisms. Multi-Account and Multi-Network Integration: Users can manage multiple distinct accounts, import existing wallets via standard seed phrases, and track cross-network digital assets seamlessly within a unified interface. Operational Workflow Optimization: The application streamlines daily transactions through an integrated address book, comprehensive transaction historical ledgers, custom token import support, and quick-response (QR) code transfer protocols. By focusing on the dual infrastructure of Ethereum and TRON — the two largest networks for stablecoin volume — Stabliq Wallet directly addresses the market’s demand for high-throughput, secure, and cost-effective digital asset management.
“Stabliq Wallet uses a non-custodial architecture, meaning users have full control over their private keys. Security features include Face ID, password protection, and seed phrase backup”, said the company.
About Virell Trade
Virell Trade is a digital asset technology company based in Ras Al Khaimah, UAE. The firm specializes in developing secure Web3 infrastructure, decentralized financial applications, and consumer-focused blockchain tools designed to enhance efficiency and security in the global digital economy. For more information, users can visit the official Stabliq Wallet platform.
Fintech developer Virell Trade has officially announced the launch of Stabliq Wallet, a secure, non-custodial cryptocurrency wallet engineered specifically for the management of stablecoins across the Ethereum and TRON networks. Designed to enhance digital asset security and accessibility, the application provides comprehensive storage, transfer, and exchange capabilities for major stablecoins, including USDT and USDC.
To mitigate the complexities typically associated with decentralized finance (DeFi), Stabliq Wallet introduces a specialized architectural design that appeals to both institutional digital asset managers and retail users entering the Web3 ecosystem.
Key Infrastructure and Technical Features Include:
Gasless Ethereum Token Swaps: The wallet features native in-app token exchange capabilities on the Ethereum network, incorporating advanced transaction routing that eliminates the standard requirement for users to hold native Ether (ETH) to cover network gas fees. Non-Custodial Security Framework: Built on a strict zero-trust, non-custodial architecture, the platform ensures users retain exclusive ownership of their private keys. Local security protocols are reinforced by biometrics (Face ID), password protection, and standardized seed phrase recovery mechanisms. Multi-Account and Multi-Network Integration: Users can manage multiple distinct accounts, import existing wallets via standard seed phrases, and track cross-network digital assets seamlessly within a unified interface. Operational Workflow Optimization: The application streamlines daily transactions through an integrated address book, comprehensive transaction historical ledgers, custom token import support, and quick-response (QR) code transfer protocols. By focusing on the dual infrastructure of Ethereum and TRON — the two largest networks for stablecoin volume — Stabliq Wallet directly addresses the market’s demand for high-throughput, secure, and cost-effective digital asset management.
Representative of Virell Trade: «Stabliq Wallet uses a non-custodial architecture, meaning users have full control over their private keys. Security features include Face ID, password protection, and seed phrase backup», said the company. About Virell Trade
Virell Trade is a digital asset technology company based in Ras Al Khaimah, UAE. The firm specializes in developing secure Web3 infrastructure, decentralized financial applications, and consumer-focused blockchain tools designed to enhance efficiency and security in the global digital economy. For more information, users can visit the official Stabliq Wallet platform.
