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IOTA Foundation Unveils New Version of Pollen Testnet

IOTA Pollen Testnet v0.5.0

IOTA Pollen Testnet v0.5.0The IOTA Foundation has introduced a new version of the Pollen Testnet with a range of significant changes and enhancements.  IOTA-Mana Collab According to the report, this release marks the official start of IOTA’s journey with Mana, a new reputation framework incorporated into pollen to mitigate Sybil attacks.  Mana is perhaps best thought of as

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The IOTA Foundation has introduced a new version of the Pollen Testnet with a range of significant changes and enhancements. 

IOTA-Mana Collab

According to the report, this release marks the official start of IOTA’s journey with Mana, a new reputation framework incorporated into pollen to mitigate Sybil attacks. 

Mana is perhaps best thought of as a tool used in various roles in the network as a form of Sybil security and a means of managing network congestion. It is related, but it remains separate from the MIOTA token.

Sybil security prevents an attacker from having undue control over the network by creating multiple identities. Congestion control decides who has the privilege to write to the ledger at a time of congestion. Any DLT must include components that comply with these basic specifications.

Mana’s Implementation

According to the blog, the first objective is to evaluate the first iteration of Mana’s implementation to analyze its propagation in the pollen testnet, search for any vulnerabilities, and determine its stability. After this point, Mana will be released to be used as the Sybil security mechanism for IOTA congestion control, the Fast Probabilistic Consensus, auto peering, and the Random Number Generator.

The report also mentioned that the latest release contains new APIs, a new Mana section on the local dashboard, a Pollen Analyzer, and a Grafana dashboard. IOTA will also refactor the Consensus Manager to be independent of the concrete consensus process, enhancing Tangle Visualizer and Documentation. 

According to the paper, the GUI and CLI wallets have been modified to enable the user to identify the node’s identity as the recipient of the Mana transaction agreement.

Implementation of IOTA 2.0 also introduces two methods to measure Mana, Mana one and mana 2. Mana 1 is pledged that is merely equal to the number of tokens moved in the transaction. At the same time, Mana 2 has a predictable progression over time, in the sense that additional token transfers do not influence it. Mana 3, which is a mixture of both, is still under study.

Thus, the Mana module’s successful implementation means that the next stage of the Nectar Coordicide Testnet is around the corner. The team is currently working on the remaining features, such as message finality via approval weight, reorganization, snapshots, timing, and Mana integration with their core modules.

Bringing Change to GoShimmer

Aside from the implementation of Mana, a significant improvement has also been made to GoShimmer, a prototype of node software that enables nodes to achieve a consensus without the Coordinator.

Concerning the change made to GoShimmer, the report says that they have reassessed the Consensus Manager aspect to be agnostic to the actual consensus mechanisms. In this way, GoShimmer can be used as a prototype of IOTA 2.0 and a versatile platform for any DAG-based DLT.

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PrimeXBT Lead Analyst Kim Chua: Lawsuit Upper Hand Sends XRP Price Rising

The price of XRP has rallied sharply recently on the back of positive developments pertaining to the SEC lawsuit with Ripple. The latest update on […]

The post PrimeXBT Lead Analyst Kim Chua: Lawsuit Upper Hand Sends XRP Price Rising first appeared on Blockchain Consultants.

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The price of XRP has rallied sharply recently on the back of positive developments pertaining to the SEC lawsuit with Ripple.

The latest update on the Ripple lawsuit seems to be giving Ripple the upper hand. Thus far, US judges seem to agree with Ripple more than with the SEC. This became especially clear after the March 23 hearing where 2 significant events advantageous to Ripple sent investor confidence in XRP soaring.

First, the judge of the lawsuit, Sarah Netburn, was observed to have suggested that the XRP cryptocurrency is more like a currency than a security.

Secondly, observers also noted that the SEC, in one of its defences, unintentionally implied that exchanges that list and allow the trading of XRP would not violate any regulation. What happened was that on the March 23 hearing, the judge questioned the SEC lawyer that, based on his theory, “everyone who sold XRP – including you and me – are selling illegal securities”, after which the SEC lawyer responded, “no, under Section 4, only Ripple and affiliates of Ripple can have sold XRP illegally”, and that “everyone who sold XRP” was not selling “illegal securities”. The statements by the SEC lawyer can be interpreted that exchanges will not be held liable for the sale of XRP. Under Section 4 of the Securities Act, only Ripple and its affiliates could be accused of illegal sales. This was a case-turner for the price of XRP since it would mean that exchanges may start relisting it again.

Positive price action began building momentum during this time, where social media attention on XRP soared. The number of XRP-related posts on different social media networks skyrocketed, with over 80% of all the social interactions bullish about XRP, out of which a campaign called “RelistXRP” was initiated and trending on Twitter in the USA.

This positive social engagement has led many large investors to add more XRP to their portfolios. According to on-chain data, large whales with more than 10 million XRP tokens have started increasing by significantly since March 24, just 1 day after news broke.

A crypto exchange named Lykke, based out of Switzerland, has thus decided to re-list XRP. Subsequently, a rumour emerged on April 3 that Coinbase was going to relist XRP. The rumour mill began to churn when a Twitter user going by the name Krish xrp hinted that Coinbase could be readying to relist XRP. Krish xrp noted that backend work was already underway at Coinbase, while attaching a screenshot of Coinbase back-office API with XRP coding on it.

While there has not been any confirmation from Coinbase yet, this rumour sparked an explosion in XRP price, with it surging from pre-rumour level of around $0.60, to a high of $1.12, its highest level in 3 years, within the first 48 hours.

On top of this, on the discovery hearing on April 6, Ripple received another shot in the arm when the court approved Ripple’s request to gain access to SEC Documents on BTC and ETH, something that will be very helpful to Ripple for fighting its case.

Already, someone found something advantageous for Ripple and posted it on Twitter.

These developments caused investors to FOMO back into XRP, creating a mad rush to buy as many investors have already sold XRP when news of the lawsuit broke in December last year. Now that Ripple seems to have the upper hand, investors are back in droves hoping to purchase XRP before the ruling.

On the technical front, this rush to buy caused the price of XRP to over-extend and a undergo a healthy retracement between $0.90 and $1.00, which is a crucial support area for XRP to build a new base in order to support a move higher. The price of XRP also formed a “Golden Cross” mid-March, a sign that the price of XRP is going on a strong uptrend. Price subsequently broke out of a cup-and -handle bullish formation on the weekly chart, with the upthrust being confirmed by a triangle breakout on the daily chart with a price target of $1.50. With the initial price objective being already hit, price may consolidate a little since it has tripled in a week, however, the chart is still looking bullish for XRP and there is the possibly that price may swing up parabolically to test its ATH of $3.30. Where it goes after that however, may depend on the outcome of the lawsuit as well as sentiment in the broad crypto markets .

Meanwhile, there is additional information favouring XRP that seems to be overlooked by the market. On March 29, the court granted a group of XRP holders the right to file a motion to intervene in the case against Ripple by April 19. The holders blame the SEC for inflicting monetary losses on them when the XRP price plunged in December. As April 19 draws near, we could be in for exciting times when XRP investors gather to trounce the SEC, which will inevitably cause volatility in XRP’s price to rise again.

Another interesting event that is developing is a petition to drop the SEC lawsuit. Crypto & Policy founder, Thomas Hodge, has started a Change.org petition directed at the SEC chairman nominee, Gary Gensler, asking him to end the SEC’s lawsuit against Ripple once he’s confirmed as chairman of the commission. The petition alleges that former SEC chairman, Jay Clayton, and his SEC Director of Corporate Finance William Hinman, for “favouring” BTC and ETH while harming XRP.  While the petition may not necessarily raise the price, it definitely will be able to generate more awareness and hype in the XRP token.

With the rise in price, XRP has moved up to number 4 on the crypto top 10, just behind BNB. Progress in the lawsuit may further send XRP roaring back to the number 3 spot which it used to occupy, wiping the past few months away as just a small hiccup in the bigger scheme of things.

About Kim Chua, PrimeXBT Market Analyst:

Kim Chua is an institutional trading specialist with a track record of success that extends across leading banks including Deutsche Bank, China Merchants Bank, and more. Chua later launched a hedge fund that consistently achieved triple-digit returns for seven years. Chua is also an educator at heart who developed her own proprietary trading curriculum to pass her knowledge down to a new generation of analysts. Kim Chua actively follows both traditional and cryptocurrency markets closely and is eager to find future investment and trading opportunities as the two vastly different asset classes begin to converge.

PrimeXBT Lead Analyst Kim Chua: Lawsuit Upper Hand Sends XRP Price Rising

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Source: https://blockchainconsultants.io/primexbt-lead-analyst-kim-chua-lawsuit-upper-hand-sends-xrp-price-rising/?utm_source=rss&utm_medium=rss&utm_campaign=primexbt-lead-analyst-kim-chua-lawsuit-upper-hand-sends-xrp-price-rising

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Return of the oracles: Band Protocol, API3 and DIA price soar to new highs

Oracle tokens gain traction as cross-chain interoperability and new developments in the DeFi sector lure investors away from Bitcoin and NFTs.

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Nonfungible tokens (NFTs) have been the talk of the town over the past few months, but as the start of the second quarter gets underway for the global financial markets, it possible that traders may start looking for opportunities in other parts of the crypto market.

Oracle projects are one sub-sector that has been making moves over the past few weeks as some traders shift their focus away from NFTs.

BAND/USDT vs. API3/USDT vs. DIA/USDT 1-day chart. Source: TradingView

As shown above, Band Protocol (BAND), API3 and DIA are three oracle projects that have entered sharp rallies over the past week.

BAND/USDT

Band Protocol is a cross-chain data oracle platform that operates on the Cosmos (ATOM) network. The protocol aggregates real-world data and APIs and supplies the data to on-chain applications and smart contracts in order to facilitate the exchange of information between on-chain and off-chain data sources.

Between Jan. 1 and Feb. 13 BAND price surged by nearly 300% then in March the token traded in a sideways range between $11 and $15.30.

BAND/USDT 4-hour chart. Source: TradingView

Activity for protocol began to pick back up on March 26 after it was revealed that the team was instrumental in bringing VeChain (VET) to Linear Finance (LINA). The developers also announced that they would continue to assist in bringing new assets to the LINA ecosystem.

The subsequent revelation that BAND had partnered with SCB 10X, one of the biggest financial institutions in Thailand, brought further momentum to the token and pushed it to a high of $17.78 on April 1, an increase of 60% over the past week.

API3/USDT

API3 is a DAO-governed oracle project focused on the creation of fully decentralized, blockchain-native APIs (dAPI) that aggregate data from first-party oracles.

Price action for the token began to pick up on March 1 and continued to build throughout the month as the protocol announced multiple new partnerships including collaborations with Option Room, Royale Finance (ROYA), MobiFi and Bridge Mutual (BMI).

API3/USDT 4-hour chart. Source: TradingView

Since hitting a swing low at $3.28 on Feb. 28, the price of API3 has climbed 220% to establish a new high of $10.50 on April 1.

DIA/USDT

DIA is an open-source data and oracle platform for the DeFi ecosystem that enables market participants to source, supply and share trusted data. Essentially, the protocol provides a reliable and verifiable bridge between off-chain data from various sources and on-chain smart contracts that can be used to build a variety of financial DApps.

The platform brings data analysts, data providers and data users together to create a space for open financial information in a smart contract ecosystem that is like the Wikipedia of financial data.

DIA/USDT 4-hour chart. Source: TradingView

After dropping to a low of $1.87 on Feb. 28, DIA revealed multiple partnerships in March, including an integration with the Polkadot (DOT) parachain Moonbeam. This resulted in the price of DIA climbing 150% to a high of $4.79 on April 1.

Another potential catalyst for the current rally came shortly after the launch of the DIA Univesity Student network on March 12.

In total, DIA announced partnerships with eight different blockchain projects and companies during the month of March, indicating that the team is serious about its goal to create a cross-network oracle system that provides trusted data for the cryptocurrency ecosystem.

Oracles now appear poised to continue the uptrend that began in January as blockchain technology and cryptocurrencies gain additional attention from investors and the business sector.

With the hype behind NFTs beginning to subside, oracle tokens could be the next group to entice investors and break out to new all-time highs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/return-of-the-oracles-band-protocol-api3-and-dia-price-soar-to-new-highs

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Binance Says Latest Filecoin Double Deposit Was An API Mistake

Binance says latest Filecoin “Double deposit” was simply an API mistake and an “incorrect use” as we can see more in our latest Binance news today. Users discovered one Filecoin exploit which allowed funds to be deposited more than once on the exchange but it was not double-spending reportedly as Binance says the latest Filecoin […]

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Binance says latest Filecoin “Double deposit” was simply an API mistake and an “incorrect use” as we can see more in our latest Binance news today.

Users discovered one Filecoin exploit which allowed funds to be deposited more than once on the exchange but it was not double-spending reportedly as Binance says the latest Filecoin events occurred because of an API mistake. There were reports of an exploit that allowed $4.6 million in FIL tokens to be deposited more than once on the exchange but both platforms claim that it was incorrect to use APIs rather than a bug.

filecoin

The issue resembled a double-spending issue that is usually brought by an attack on the blockcahin allowing the same cryptocurrency to be spent twice. Filecoin is a token that helps enable a decentralized storage network. The PoW consensus mechanism which backs BTC and other cryptocurrencies are meant to prevent double-spending but the transactions only happened on the FIL blockchain even though Binance accepted the transaction twice so it looked like a double deposit rather than a double spend.

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A blog from Protocol Labs said that during an investigation they found no issues with the network or the remote procedure call API code. In the statements published to news outlets, a spokesperson said:

 “We are confident that there is no double-spend on the blockchain itself.”

The Lotus team also received a report from the exchange about the incorrect use of a Lotus API to evaluate transfers and deposits on the network:

“The team investigated & found *no network issue or API bug*. They’re working w/ all exchanges to ensure these APIs are correctly used.

— Filecoin (@Filecoin) March 18, 2021”

Binance Coin Climbs, tether, usdt, bnb, price, level

Binance explained that the deposits of the FIL token were halted a day ago in the wake of the double deposit issue and one spokesperson said:

 “The issue was caused by the incorrect use of the Lotus [Filecoin’s software suite] API logic and its integration in transferring and depositing into the Filecoin Network.”

According to the Binance spokesperson, there was no loss of funds. As recently reported, Cameron Winklevoss who is the co-founder of Gemini showed more optimism towards FIL and its recent growth. A few hours after his statement, Grayscale CEO Michael Sonnenshein announced the addition of FIL to Grayscale’s investment products list. Typically the growth rate of the blockchain protocol can be analyzed with three metrics like mining activity, transaction volume, and developer activity.

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Source: https://www.dcforecasts.com/binance-news/binance-says-latest-filecoin-double-deposit-was-an-api-mistake/

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