Month: September 2020

One can find a variety of cryptocurrencies in different countries. To monitor the same is much needed now, and that is why there are experts who come forward to offer various solutions for its scalability. One more such expert has been rewarded for his effort and perfect solution. The BitMex’s 100x Group has been awarded to Calvin Kim for the Boitcoin development with scalability solution. He gets $40000 as rewards for his solution Utreexo. This protocol is unique when it comes to handling security concerns of transactions. It checks that the sender has enough coins before processing the request. If the user has any unspent BTC, it will be saved as UTXO. This will be beneficial when the user has to send any data about the availability of funds in the account.

The entire Bitcoin blockchain is around 300GB, and the UTXO is around 4GB. Researchers from MIT are of the opinion that as the network grows in the future, this may present a bottleneck situation.

How does it work?

In this case, the sender maintains the data of UTXO with himself, and this is proof that there are enough funds in the account for a particular transaction. If any evidence is required to show the balance in the account, the validity can be presented in the form of a hash, which takes up less space when compared to the complete data. In this way, better security can be achieved, and it can be scaled to any level in the long run.

What are experts saying?

However, experts believe that any sort of scalable solutions that work by replacing full nodes with hashes can lead to problems in the long run. They fear that it may cause instability due to some reasons, and they feel it is better to avoid such concepts. The general belief is that all data should be sent during the transaction so that they can be validated from any end in the future if it is required.

As the Blockchain technology itself is still new, such options to speed up the process may not be accepted in the initial stages itself. However, considering the benefits it can offer to improve transaction speed in the long run, it may be useful in the future. It would be interesting to see how other market players react to such innovative concepts in the blockchain domain.

The last week has been pretty rough for the Crypto environment as Bitcoin just ended the week approximately 11000 USD. This is a drop of nearly 2.7% over the preceding 7 days. If calculated, this drop reveals that each day there was a fall of 700 USD. So, this makes everyone curious about one thing – has there something wrong with the bullish moment or will Bitcoin (BTC) make headway to 15000 USD?

The very first mission here is to collapse the stand at 12000 USD even though BTC has shown utter failure to accomplish that two times in 10 days. However, it integrated after every failure. Some specialists have a belief that it is proof of an ongoing bull run.

Monahar’s Advice to MicroStrategy

There is a business intelligence firm known as MicroStrategy and it hopes the same certainly. The company bought 21454 BTC by spending around 250 million USD to make the use of it as its leading reserve asset. Taylor Monahar, who is the co-founder of both MyEtherWallet and MyCrypto, has put some advice to MicroStrategy and to the others looking for how to have control over the amount they are investing at the time of a bull run.

She has to say that one should pick a few long term coins and one should not take the risk of putting 5% of your entire worth. She also added that in case he or she loses it completely, he or she should never ever go for giving a try to get back or recover the sum he or she lost.

Threats on Crypto Investors

The superiority of China is one aspect of the blockchain for fresh investors to keep in their minds. China could easily take power with a 51 percent attack as the nation possesses the maximum portion of the BTC mining capability. Casa’s chief technical officer and co-founder Jameson Lopp is not concerned. He made a statement saying that the attackers are not capable of stealing Bitcoins and he added that any attack would also reduce the worth of their own possessions.

However, China is not the only nation to send threats. Do you know that India is the leading country having call center scams? And, the bigger problem is that they are now after the crypto investors.

Anyways, the recycling industry can be benefiting from the blockchain and companies are turning their faces to public blockchains as there is a visible maturity of the technology.