Blockchain

IOTA Rolls Out Decentralized Transaction Validation to Replace Centralized Version

single-image

bitbond bitcoin lending

Internet of Things (IoT) blockchain network Iota (IOTA) has completed preparations to further decentralize its transaction validation, Cointelegraph Auf Deutsch reported on May 28.

According to a press release and blog post from the company, its Coordinator mechanism will now give away to a new tool dubbed “Coordicide.”

Like its predecessor, Coordicide will manage transaction security, ensuring transactions process and that the same funds are not spent twice (so-called double spending).

According to executives, the move marks a major step towards complete decentralization for IOTA, which had previously stressed its Coordinator was a temporary fixture.

“We have been working towards the removal of the Coordinator since IOTA’s inception. Now with the maturity and growth of the protocol, and the quality of our research team, we are bringing that promise to fruition,” David Sønstebø, co-founder of operator the IOTA Foundation, commented in the press release. He added:

“IOTA was designed to address the limitations of Blockchain with a feeless and scalable solution. That is now becoming a reality. With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world.”

The company’s in-house cryptocurrency token jumped around 18% on the news, which followed previous gains on the back of a deal with United Kingdom car manufacturer Jaguar Land Rover late last month.

IOTA/USD currently trades at just over $0.50, still over 90% down versus the pair’s all-time high of $5.23 in December 2017.

A publicly-accessible whitepaper for Coordicide has also been released.





Source

Leave a Reply

avatar
  Subscribe  
Notify of

You may also like

Blockchain

South African National Blockchain Alliance Holds Online Launch

single-image

bitbond bitcoin lending

The South African National Blockchain Alliance carried out an online livestream launch while the country is in the midst of a 21-day lockdown to curb the spread of the coronavirus pandemic. The organization was due to be launched at the beginning of April in Johannesburg but had to be taken online as South Africa and the world tackles a global health crisis.

The launch happened during a livestream on YouTube on April 3, which included a panel of speakers elaborating on how SANBA will help nurture blockchain-focused startups and companies that are developing capabilities using the technology.

Bringing parties together

SANBA has been set up by the Council for Scientific and Industrial Research and its subsidiary, the Office for Digital Advantage. These bodies fall under the jurisdiction of the Department of Science and Innovation.

Akhona Damane heads up the project and said that…


View More Article
Blockchain

150-Year-Old Chinese Gas Company Ramps Up Blockchain Adoption

single-image

bitbond bitcoin lending

Chinese energy company, Shanghai Gas, announced an expansion of its blockchain efforts following a successful trial partnership with supply chain management blockchain firm, VeChain (VET), on March 31.

Shanghai Gas, founded in 1865, is owned by utility services company, Shenergy Group — which claims to occupy more than 90% of Shanghai’s gas market. The firm has an annual supply of over 8 billion cubic meters.

Shanghai Gas expands blockchain adoption

Shanghai Gas’ trial used distributed ledger technology, or DLT, provided by VeChain to comprehensively monitor its supply chain and identify opportunities for efficiency savings and reduced operational costs.

The expanded partnership will see Shanghai Gas build “a trust-free ‘Energy-as-a-Service’ ecosystem” in partnership with VeChain and electricity provider ENN Energy Holdings.

ENN generates electricity for 17 provinces, more than 16 million residential dwellings, and…


View More Article
Bitcoin

Crypto Traders Allegedly Involved in a $35m Ponzi Scheme

single-image

bitbond bitcoin lending

Three alleged cryptocurrency traders ran a Ponzi scheme which scammed more than 100 investors for over $35 million, according to a lawsuit filed by an entity formed by the victims in a federal court of Florida, United States.

According to an announcement published on April 2, Q3 Investment Recovery Vehicle, who represents defrauded investors, accused the trio of alleged crypto traders of cheating victims by promising them a winning trading formula. 

Former NYSE and Wells Fargo workers among the accused 

The federal securities fraud case names three individuals as the primary perpetrators of the scheme. They include James Seijas, who worked as a financial advisor for Wells Fargo until March 2019, Quan Tran, a surgeon, and Michael Ackerman, who was a New York Stock Exchange institutional broker. These three are thought to…


View More Article
Blockchain

As Malta Delays Regulatory Clarity, Fewer Firms Remain on ‘Blockchain Island’

single-image

bitbond bitcoin lending

It seems that Malta is becoming both less popular among and less populated with crypto firms. The European Union country attracted dozens of industry players in 2018 on the back of the “blockchain island” agenda championed by the local government, but the relevant framework has not yet proven to be effective. Meanwhile, the official rhetoric apparently started to shift away from the blockchain sector, as the government now aims to consolidate it with “other niche sectors.”

Meanwhile, the Malta Financial Services Authority, continues to pluck out non-registered crypto agents — be it the world’s top crypto exchange or smaller startups. But in reality, no businesses have been licensed under the blockchain framework yet, despite it being released in the summer of 2018. As a result, a number of companies have decided to leave the island over the past months. So, who is currently…


View More Article
Bitcoin

Bitcoin Bulls Can Take BTC Price to $8K Amid Report $10 Oil Inevitable

single-image

bitbond bitcoin lending

Bitcoin (BTC) was pushing to flip $7,000 resistance to support on April 3 amid warnings that oil markets really will hit $10 a barrel this month.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Media: $10 oil could last the whole Q2

Data from Coin360 and Cointelegraph Markets tracked multiple attempts by Bitcoin bulls to push the market definitively over the $7,000 mark on Thursday and Friday.

At press time, all those attempts had failed to deliver support, with BTC/USD in each case falling back to the high $6,000 range.

Bitcoin 1-day price chart. Source: Coin360

Bitcoin 1-day price chart. Source: Coin360

Bitcoin surged higher earlier on…

View More Article
Blockchain

Bail Bloc Founder Says How Monero Mining Can Help ICE Detainees

single-image

bitbond bitcoin lending

One cryptocurrency project is using Monero (XMR) to give undocumented immigrants a better shot at a fair treatment in the United States judicial system.

The Bail Bloc project collects cryptocurrency to help people get out of pretrial incarceration for cases with the United States Immigration and Customs Enforcement (ICE). Unlike conventional charities, Bail Bloc doesn’t want your money — it wants your computer processing power.

Cointelegraph reached out to Bail Bloc co-creator Grayson Earle for deeper insight into the initiative.

Detainees make bail with Monero

Users download a special app that uses between 10% and 50% of their overall processor capacity— the user can set the rate — to mine the privacy-oriented cryptocurrency Monero.

Bail Bloc trades its XMR for U.S. dollars every month and then donates the sum on a rotating basis to the bail funds in…


View More Article
Bitcoin

Coronavirus Pandemic Reminds Us That Security Is Important During the Zoom Boom

single-image

bitbond bitcoin lending

Even with all the looming uncertainty surrounding the global COVID-19 pandemic, system security needs to remain at the forefront of companies’ planning. 

Businesses around the world are shutting down under local, state or national decrees as COVID-19 fears bring caution regarding public gatherings. Unsurprisingly, hackers have used the unprecedented opportunity of chaos and panic to probe weaknesses in information technology systems. One of those systems happened to be the United States Department of Health and Human Services, making the act even more egregious, considering the circumstances.

But the problem extends beyond hackers and threats to companies and individuals. During times of crisis, civil liberties also come under threat, and cryptography often provides a shield against unwarranted encroaches by the government.

So, whether you’re a business worried about paying server and security costs during this economic turmoil or…


View More Article