ValteFri, Sep 3, 2021 5:15 PM
Weekly Digest: Cardano Hits $3 & Massive Bug on ETH Network
Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
Please enjoy and don’t forget to add your favourites to your CoinJoy Feed!
📌 For The First Time Cardano Hits $3 As IOHK Announced Cardano Testnet Now Officially Supports Smart Contracts
Cardano reaches $3k for the first time due to the announcement of the Cardano Testnet starting to officially support Plutus Smart Contracts. Its native token ADA has grown more than 1567% attracting more attention from the media. While Bitcoin still cannot overreach the limit of $40 000 and most of the altcoins also experiencing not the best time. An ADA was kept going even before the Alonzo update happened. Right now Cardano team is planning to perform final integration and testing for the new feature, which is planned to be complete by 12 September.
“Then next stop… mainnet upgrade. Still on track for 12 September. Onward!” — IOHK twitter
Twitter Product lead Kayvon Beykpour confirmed that Twitter will launch a Bitcoin Lightening tipping service. He also posted a leaked picture of the beta interface for the planned service. The photo before was revealed by the mobile developer Alessandro Paluzzi and was reposted by The Block and MacRumors, though there was no official confirmation from the company. But now Beykpor is the strongest proof that the service is going to appear soon and will also have a new “Super follower” feature. But the main crypto admirers in Twitter — Kayvon Beykpour still keep silent about the new feature that will support Square’s forthcoming hardware wallet as well as Blue Wallet and Wallet of Satoshi as custodial wallets and Breez, Muun, Phoenix, and Zap as non-custodial wallets. But this information can be only proved when the feature is finally out. It’s still unclear how the invoices will be produced but in the leaked example they use Strike, but Twitter users will not need Strike to receive the tips.
“The Bitcoin developments at Twitter follow through on promises CEO Jack Dorsey made in July, when he implied that Bitcoin would be enabled in the application’s Tip Jar service.” — Bitcoinmagazine
Following El Salvador footsteps some activists in Panama are pushing to move forward a cryptocurrency bill and if it happens that will be a significant event with now two countries with Bitcoin-centered legislation and this will have a noticeable impact on the world. The Bill is going to be introduced by Gabriel Silva who found followers just by creating a Telegram group open to the public to share the bill to their liking. According to Silva, the bill is to be released this month.
“Never doubt that a small group of thoughtful, committed citizens can change the world: indeed, it's the only thing that ever has.” - Margaret Mead
The last month of summer appeared to be very bullish for Solana investors and on the last day of August the price surged up to the all-time high of $129 and the token became the eighth largest cryptocurrency by market cap. As Solana entered the “top ten cryptos'' club the hot discussions started to appear around it wondering whether or not Solana is going to over-perform Ethereum as since the appearance of Solana it was considered as a layer 1 competitor. For instance, Dan from Kraken started the debate by asking on his Twitter if Solana is a better Smart Contract Platform than Ethereum. He received thousands of responses, but the one from Willy Woo popular cryptanalysis is worth knowing as he admitted that DeFi apps run better on the Solana network and many developers will choose this platform over Ethereum for many reasons. On the other hand, Ethereum was really pushing for a long time to reach Ethereum 2.0, so the discussions can rise up again once it happens.
“Solana has gone down in the direction of saying, hey, look we want the performance of blockchain to be an important criteria of it and we care a lot about the efficiency and scaling and economics of it” — Coingape
Bilaxy crypto exchange launched in 2018 and based on Seychelles has suffered a massive hack on the platform’s ERC-20 platform last Sunday. The amount of funds stolen isn’t revealed. According to the exchange, the assets were transferred on a single hacker’s account with an approximate token value of $170 000. Shortly after the attack Bilazy suspended its website to move the assets from the hot wallets to the cold wallets and asked its customers to stop depositing the assets to the platform. Some unconfirmed reports say that the exchange might have lost up to $450 million.
“The news comes as the Liquid exchange gradually recovers from a nearly $100-million hack that took place in mid-August.” — Cointelegraph
During the meeting at the state enterprises JSC Belaruskali last week Alexander Lukashenko, the president of Belarus who’s known for his anti-liberal and undemocratic attitudes urged the employers of the fertilize company to use the excess electricity to mine cryptocurrencies. And it’s not the first mention of crypto from the Belarusian head of state. Cryptocurrencies were regulated and legalized in the country since 2017 and also last February the Energy Minister Viktor Karankevich had said that the country is interested in creating cryptocurrency mining farms like in Russia, China, and other countries.
The first time Belarussian president proposed to use excess energy for mining from the country’s first nuclear power. And in November the country’s largest banking institution Belarusbank launched a service that allows buying and selling crypto with a Visa card. But, interestingly, from 2017 none of the exchange services were authorized to work in Belarus. Some detractors are concerned that Lukashenko put legalizations on crypto just to be able to control this sphere as the opposition uses digital assets to finance their activity.
“According to the opposition, this attitude on the part of the Belarusian leader, who restricts the use of the internet to his citizens, could be more of a propaganda or utilitarian move than anything else.” — En.cryptonomist
The latest development in the legal battle between the United States SEC and Ripple Labs is the order for Ripple to produce more Slack messages from a wider group of custodians, which comes after the order to Ripple workers to hand over their Slack communication as SEC assume that they have to assess over a million messages which were, in the end, refused with a note of it being an “extensive and costly fishing expedition”. But now according to the new court order Ripple has to produce Slack messages for 22 custodians listed by the SEC, because before that after receiving a similar order Ripple argued that it would be an “undue burden” if it produces terabytes of unnecessary information.
“The judge also ordered the regulatory watchdog to produce internal documents regarding discussions over the nature of XRP and ETH, for which she will hold an in-camera review.”
A Massive bug on the Ethereum network forked more than half of all the nodes on the Ethereum blockchain. According to the developer Marius van der Wijen an attacker who caused the issue explored the vulnerability that was in the older versions of Geth as well, Ethereum’s top software client that created older node spits on the network. Version 1.10.8 called “Hades Gamma '' includes the hot fix vulnerability in question. Now Node operators are forced to install the patched Geth version as soon as possible. And around 75% of all the Notes on Ethereum network rely on Geth. Interestingly the Ether’s price wasn’t affected, at the moment of publishing Ethereum’s price was up 4%, despite facing a chain split.
“The latest exploit once again shows how dependent the network is on the widely used client.” — U.Today
The Major crypto-currency exchange operator announced the plan to launch ether stacking rewards for its customers from the UK and the waiting list for the products has gone live already and the launch is expected soon. Customers will get the chance to stake any amount and to receive rewards on a portion of their holdings rather than their whole balance. This development is necessary thanks to ETH2 an upgraded version of the blockchain and offers the users an interest rate of up to 5% annually. To stake, it's necessary to first convert the money to ETH2 and then those assets are added then to the staking pool. To make the product more accessible, Coinbase will manage this process for its customers.
“We believe that, in simplifying staking, which is very complex to do individually, we can play a role in widening access to this key part of the crypto economy,” — TheBlockCrypto
Less than 2 weeks after the activation of the smart contracts on the Cardano Blockchain ERC20 Converter was activated. It’s kind of a bridge connecting Ethereum and Cardano so the users can transfer their assets from one platform to another. The community will be able to try it the next week after the launch on the testnet.
“These applications are mainly looking for a cheaper and faster blockchain with also higher security on how the smart contracts are formally verified because of the improved capacities of Cardano. […] This is a two-way bridge, so users can migrate from Ethereum to Cardano and from Cardano to Ethereum” — Francisco Landino, Arch Case