While bitcoin reached a 2024 high on Monday, rising above the ,000 per unit range, Coinbase suffered an issue again where customers were seeing zero balances. The news follows the issues Coinbase suffered on Feb. 28, 2024, when customers saw zero balances that day as well. Coinbase Users Encounter Zero Balance Bug Again Coinbase’s trading […]
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Temporary Transaction Finality Glitch Disrupts Ethereum Network for 25 Minutes, Developers Investigate the Cause
Ethereum had issues processing transactions on May 11, 2023, at around 4:13 p.m. Eastern Time on Thursday, and transaction finality issues lasted for roughly 25 minutes. Currently, developers do not know what caused the issue and the blockchain is now running normally.
Ethereum Network Experiences Temporary Transaction Processing Issue
The Ethereum blockchain was unable to process ETH transactions and reach consensus for approximately 25 minutes on Thursday, just after 4 p.m. (ET). Ansgar Dietrichs, a researcher at the Ethereum Foundation said: “The beacon chain had a brief period of non-finalization just now. Good illustration for the robustness of the chain — while there was some slowdown of blocks, transactions continued to be processed as usual. We are back to normal now.”
Prysmatic Labs co-founder Preston van Loon also informed the public that developers were “Investigating current mainnet issues… Will post an update once we learn something.” Roughly an hour later, at 5:40 p.m., the developer wrote:
Finality has been restored. We do not know the root cause yet, but something happened to cause several client implementations to work really hard to keep up with the chain.
In addition to Dietrichs and van Loon, the Ethereum Beacon Chain community health consultant, Superphiz, wrote about the issue on Twitter. “The beacon chain stopped finalizing about thirty minutes ago,” Superphiz said. “I don’t know why yet, but in general the chain is designed to be resilient against this, transactions will continue as usual and finalization will kick in when the problem is resolved.”
The issues come at a time when Ethereum developers have been discussing block validity conditions and the next hard fork called “Dencun.” The upgrade will feature the Ethereum Improvement Proposal (EIP) 4844, otherwise known as ‘proto-danksharding.’ After the issue with the Beacon chain was resolved, Superphiz stressed that “regardless of what caused [the transaction finality issue] we must continue hardening every vector.”
What are your thoughts on the temporary disruption in Ethereum’s transaction processing on Thursday? Share your thoughts about this subject in the comments section below.
Solana Blockchain Experiences Technical Glitch Causing Transaction Slowdowns
The Solana smart contract token network experienced a technical glitch on Saturday, February 25, 2023, known as a “large forking event,” causing transaction failures for some users. Solana’s incident report referred to it as “cluster instability” and indicated that a coordinated restart was launched to accelerate block finalization.
Solana Blockchain Deals With ‘Large Forking Event’
On Saturday at about 6:37 UTC, the Solana blockchain experienced reduced functionality, and users reported a significant slowdown in block finalization, along with some transaction failures. Solblaze, the liquid staking pool, reported that while Solana did not completely stop block production, it did experience a slowdown due to a forking event.
Solblaze stated that “Solana is currently operational” despite a large forking event on mainnet-beta that has caused validators to slow down as they attempt to resolve forks. The account said the network was confirming blocks at a rate of about 16 transactions per second. Validator operators and Solana engineers are collaborating to identify the underlying cause. Additionally, Solblaze mentioned that “validators are beginning to revert from v1.14 to v1.13.”
A coordinated restart is underway to address an issue during the upgrade from 1.13 to 1.14 that caused block finalization to slow significantly.
Validators: please follow instructions below https://t.co/L7b3kAFOJS
— Solana Status (@SolanaStatus) February 25, 2023
The Solana Status update website contains similar information, referring to the issue as “cluster instability.” It indicated that Solana engineers are investigating slow root production on mainnet beta and that a coordinated restart was launched “to resolve an issue during the upgrade from 1.13 to 1.14 that caused a significant slowdown in block finalization.”
The Solana Status page includes a document link that provides validators with instructions on how to proceed with the restart. Essentially, validators were required to take a snapshot at slot 179526408, modify validator command-lines, install the previous version 1.13.6, and then restart the validator. Solana’s recent issues are reminiscent of the problems the blockchain encountered last year, including multiple block production outages.
What do you think about Solana’s technical glitch on Saturday? Let us know what you think about this subject in the comments section below.
Newly Discovered Monero (XMR) Glitch Will Negatively Affect Transaction’s Privacy
The developers of Monero (XMR) recently discovered a bug capable of exposing transactions of its users. Even though the team is working to fix it, they have announced that users’ privacy is at risk as long as the bug remains. The Monero team made this announcement through their official Twitter account.
They called it a “significant bug,” which they claim to have discovered in the crypto’s “decoy selection algorithm” This algorithm is a system that the network uses to hide output transactions within 10 decoys.
A Brief About The Bug History
The developer who discovered this bug was Justin Berman, a software developer. He noticed that the bug makes it easier for output transactions to become visible as real spend among the 10 decoys. Once the user spends money after a lock time in the first 2 blocks or spends money after receiving money, the transaction will be visible.
Related Reading | American Banks Encouraged To Partner with Cryptocurrency Firms
When Justin discovered the bug, he stated that there is no risk of exposure for addresses and transaction amounts. However, it will enable users to know when a transaction occurs on the crypto. According to the developers’ statements, the bug won’t facilitate the stealing of funds, but it has remained in the wallet code.
Another Monero (XMR) contributor mentioned on Reddit that the Monero bug impacts past transactions. So, Monerao developers recommend that its users should wait for one hour or more after receiving XMR before spending it.
Monero (XMR) follows an uptrend on the daily chart as crypto market floats in the green zone | Source: XMRUSD on TradingView.com
That way, they can protect their privacy pending when there will be a wallet software update to reduce the privacy risks. Also, the developers assured the community that they don’t need to carry out a hard fork or full-scale network upgrade to tackle the bug.
Monero (XMR) Network
The Monero network joined the industry in 2014. It is a crypto that focuses more on the privacy of its users. Monero’s goal is to provide a system where crypto users can complete private transactions that no one can trace. The network uses unique cryptography to keep transactions 100% unlinkable and untrackable.
The crypto maintains a significant rank in the crypto industry based on its Market Cap and has been the largest amongst privacy-centered digital currencies. At press time, the XRM price stands at 3. This price represents a 4% gain in 24 hours of trading based on TradingView data.
Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps
Before now, our sources have mentioned that many financial regulators’ eyes are on Monero. These agencies have done several things to break the privacy that characterizes their transactions.
For instance, in 2020, the Internal Revenue Service of the United States announced a 5,000 award for any person who can crack the transactions occurring on Monero and also on Bitcoin’s Lightning Network, another privacy-centric network.
Featured image from Business Insider, chart from TradingView.com
NewsBTC
Glitch Finance set to Launch its Testnet on June 30
Financial systems are facing a massive overhaul with decentralized finance (DeFi) applications at the forefront of this revamp. A steady influx of decentralized solutions is paving the way for fewer authorities and more control in the hands of the end-users. Right now, there is constant anticipation for how these solutions will be adopted by the masses.
Further excitement is brewing in DeFi circles, with Glitch Finance set to unveil its testnet on June 30. This is a vital step in realizing its dream of providing a scalable infrastructure for decentralized finance applications and trustless money markets. The testnet launch is the culmination of six months of frenetic work and a testimonial to the team’s commitment to their vision of decentralized finance for all.
Testnet launch — a Testament to the Growth of Glitch Finance
If there is one characteristic that defines the crypto space, it must be ‘dynamic.’ Keeping pace with this market is no small effort, and Glitch Finance has been notably proactive in its approach to building infrastructure.
In March 2021, the project issued its whitepaper and also announced the development of two highly-awaited dApps. First, the GEX — Glitch Decentralized Exchange — a peer-to-peer exchange that shall allow assets to be traded efficiently. And the xBridge, which facilitates cross-chain token transactions in just a few clicks.
The team followed this up with a bridge to the Binance Smart Chain (BSC), a move that not only added value to the $GLCH token but also further emphasized the growing need for interoperability for mass adoption of crypto solutions. Additionally, in a significant stride towards scaling the project, Glitch announced a partnership with Polygon (Matic) to connect their ETH-compatible blockchain networks and push towards greater dApp efficiency. In the same timeframe, Glitch’s native token $GLCH was listed on Kucoin, along with a few other exchanges, providing a major bump to the token’s visibility.
The fact that Glitch Finance is finally approaching testnet and mainnet launches means they’re at a point where theory becomes reality. And as such, they’ve introduced the Glitch Grants Program to encourage development on DeFi’s newest chain. Like many others like it, the grants program is a growth-focused initiative that allocates million to support projects developing financial solutions on GLITCH.
The launch of the GLITCH Testnet on June 30 will be a major milestone in the project’s growth, and it will allow for comprehensive testing of the entire infrastructure. With a recent announcement that the team will be working with Kurtosis on integration testing, Glitch will receive critical feedback to make sure the foundations of the network and its smart contracts are robust from the start.
Overview: the GLITCH protocol
High transaction fees have created undeniable issues for many DeFi applications in the last few months. Coupled with the growing congestion in certain host blockchains, the feasibility of these decentralized applications has been all but lost.
To provide a solution, Glitch Finance is aiming to be an operating system designed explicitly for trustless money markets and other DeFi solutions, i.e., they’re adding another rail for dApps to run on.
For these permissionless solutions to be adopted by the masses, faster transactions at low fees are an absolute requirement. Hence, Glitch has been built with three key things in mind.
Consensus
Glitch Finance has employed a consensus protocol known as Delegated Proof of Stake (DPoS) to establish a collective agreement. Being innate energy-efficient, DPoS allows for both cheaper and quicker transactions. Employing DPoS at an early stage sets GLITCH up to support transactions of high volume post-mass adoption. The DPoS protocol also allows for fair governance in the Glitch DAO by depreciating voting power over time.
Interoperability
Users and devs alike can benefit from the low costs and the high speeds of the GLITCH Network even while using dApps built on other blockchains. By token wrapping assets as a GRC-20 coin, cross-chain utility is realized with Glitch. Furthermore, Glitch is focused on building cross-chain bridges to other ecosystems to enhance interoperability.
Revenue Sharing
Unlike other projects that incentivize users by sharing a part of the gas fees, Glitch has relied on its dApps and usage. Nearly a quarter of their revenue and fees are shared to stakers and holders in the form of $GLCH. This system of revenue sharing is touted to be a key driver of user adoption. Likewise, devs are incentivized to generate revenue by contributing to the Glitch dApps ecosystem.
Final thoughts
Building a dedicated ecosystem for DeFi products and helping them scale is the clearly defined aim of Glitch Finance. Given their efforts towards the GEX’s launch and development of more cross-chain bridges, GLITCH is an exciting addition to the field. While many developers seem content to build dApps or add layers onto existing blockchains, Glitch has gone to the foundation, building an entirely new L1. With the testnet launch of this new, purpose-built blockchain, we will get the first glimpse of GLITCH, and more importantly, see what it can offer the world of decentralized finance.
BitMEX Data Glitch Sees Bitcoin Price Temporarily at $8,000, What Happened?
One of the most popular Bitcoin exchanges in the global market has experienced a data glitch in their system which sent the price of Bitcoin from ,500 to ,000 within minutes.
Given that no trades were executed at the ,000 mark, it is highly likely that the sudden jump in the price of Bitcoin was merely a visual bug. But, investors in the cryptocurrency sector have criticized the exchange, stating that such abnormal behaviour may decrease the probability of a Bitcoin ETF being approved in the future.
Visual Glitch But Bad Look For the Industry
Alex Kruger, a respected trading analyst at a large FX market maker, said that the surge in the price of Bitcoin demonstrated by BitMEX was a glitch, possibly caused by an error in the trading engine of the exchange.
“Data glitch means didn’t trade,” Kruger said, adding, “Can sometimes see this happen on poor data feeds such as Ameritrade’s stocks feed after hours.”
Don Alt, a popular cryptocurrency trader known for his technical analysis shared across various social media platforms, stated that the hiccup in the system of BitMEX demonstrated the necessity of alternative exchanges, in case trading platforms demonstrate instability and volatility in their systems.
“BitMex please, stop teasing. Really bad look, nothing was traded up there making this a visual bug most likely. The entire market responded by rallying anyways. Another reason to add to the book of ‘Why should we have alternatives,’” Don Alt said.
Since visual errors are not equivalent to executed trades, it can be said that no trader was affected by the glitch shown by the BitMEX trading platform on August 24. But, BitMEX is a major Bitcoin trading platform that has more than 40 percent market share of the Bitcoin-to-USD market.
As such, the expectations from traders and investors in the cryptocurrency sector towards BitMEX are high, demanding stability and highly performing systems.
Most recently, Arthur Hayes, the CEO at BitMEX, revealed that the exchange has become the operator of the most liquid trading pair in the Ethereum market.
“In under 1 month, the BitMEX 50x leveraged ETHUSD swap has become the most liquid Ether / USD product. Come get some,” Hayes said.
Considering the influence BitMEX has over the Bitcoin and Ethereum exchange markets, it is customary for users to express their negative stance towards one of the most widely utilized trading platforms demonstrating instability in a period of uncertainty.
SEC Doesn’t Want to See ETFs Based on Exchange Price
Throughout the past two months, the SEC has rejected a total of 10 exchange-traded funds (ETFs), citing an issue with the decision of the ETF operators to base the price of the funds to exchanges and futures markets.
Earlier this week, Bakkt, the digital asset exchange created by Microsoft, Starbucks, and New York Stock Exchange, said that finding trusted price formation is important in facilitating the growth of Bitcoin in the broader financial market.
“The concept of ‘price discovery’ might sound bland for something as exciting as Bitcoin. However, trusted price formation is a fundamental part of advancing the promise of digital currencies,” the Bakkt team said.
As long as technical and security issues continue to emerge in the cryptocurrency sector, regardless of their magnitude, the SEC will not be comfortable in allowing ETFs to be based on the price of Bitcoin established by exchanges.
The post BitMEX Data Glitch Sees Bitcoin Price Temporarily at ,000, What Happened? appeared first on NewsBTC.
Customer Tries to Withdraw $20 Trillion in Crypto Exchange Glitch
A system error at a Japanese cryptocurrency exchange saw a user attempt to make off with a huge amount of bitcoin, according to reports.
CoinDesk
Overstock Payments Glitch Mixes Up Bitcoin and Bitcoin Cash: Report
Online retail giant Overstock.com has reportedly experienced a bug that meant it mixed up payments made in two different cryptocurrencies.
CoinDesk