Although the IOTA Network Is Still Suspended, It Launches Its Latest Version of the Trinity Wallet

Alexander Salazar
-
0
Although the IOTA Network Is Still Suspended, It Launches Its Latest Version of the Trinity Wallet

The users of the IOTA Foundation must download the wallet and change the password to secure their tokens. The Foundation will take the necessary measures to ensure the return of the stolen funds to those affected.

The IOTA Foundation is a nonprofit organization located in Germany, which is responsible for the development of distributed accounting technology (DLT), or blockchain, and promoting its adoption. One of the main objectives of the Foundation is to increase the adoption of the protocol to make it a global standard.

It was recently reported that the Foundation is preparing to resume its activities, after having disconnected the network as a result of the hacking of the Trinity wallet. The updated version of the wallet was launched on Monday, February 17th, although the network is still suspended. The users will have to follow a three-step plan to secure their tokens against the threat of new attacks.

On Wednesday, February 12th, the IOTA Foundation confirmed that the word seed of several Trinity wallets had been compromised. A group of more than 10 customers was robbed and a total of 300,000 MIOTA were stolen from their addresses, which are equivalent to around USD 1.2 million. Although the board has not provided details of the source of the glitch, it recently confirmed that the hackers began attacking the platform on January 25th.

It should be noted that, due to the severity of the vulnerability, the board decided to disconnect the “coordinator” node from the network that validates the transactions. For this reason, the IOTA blockchain is now inactive until further notice. However, the community is already receiving the first guidelines that will allow it to remedy the harm caused and return to normal operation.

According to details of the latest IOTA Foundation statement, the Trinity wallet has been updated, noting that it now has a “new secure customer”. The users must install this new version of the wallet to check their balance and most recent transactions. They are also urged to change their password and store it in a password manager to reinforce the security of the tokens that they own.

It was also stated that the Foundation will launch a tool to migrate seeds. In this way, the users can transfer their tokens to a secure address before the network becomes operational again. Although it is only known that computer wallets were compromised, the organizers believe that all users should migrate their seeds for added security. The idea of ​​this procedure is to avoid maintaining any vulnerability that can then be exploited again by hackers.

Concerning the victims, IOTA developers note that all users who have lost tokens will be able to claim their money back. There is a small number of those affected and any other complaint is being traced along with police investigation, as indicated in the statement. To compensate the community, IOTA promised to take measures to return each stolen token, which will eventually be discussed by all network users.

By Alexander Salazar

Simultaneous Activation of Ethereum Classic’s Aztlan and Phoenix Upgrades to Occur in June

Alexander Salazar
-
0
Simultaneous Activation of Ethereum Classic’s Aztlan and Phoenix Upgrades to Occur in June

Aztlan, which was initially scheduled for next March, was postponed after encountering errors. The upgrades will be activated around June 10th, called “Phoenix Day”.

The Aztlan and Phoenix upgrades are scheduled to be activated on the main net at the same time, at the height of block 10,500,839, around June 10th, 2020. This will only be possible if Ethereum Classic developers do not find errors or other problems during the testing period.

In early February, the Ethereum Classic Cooperative (ECC) development team reported that, while implementing the Aztlan hard fork for Parity-Ethereum and Multi-Geth, certain defects were discovered, which implies that the written specification fails to meet the original intentions. These problems were discovered after the Aztlan proposal had been moved to the “accepted” status, which led to its transfer to the “Last Call” status.

A “status” is the given level of development of the proposals to improve the network while they are discussed by Ethereum Classic developers, volunteers, and users. The process includes accepting, rejecting or withdrawing the draft proposal. Once a draft is accepted, it can give way to the “Last Call” status, before being activated or permanently replaced.

The developers said that the solution is not complicated and raised two alternatives, one of which was to make a “fix” including a second hard fork in parallel with Phoenix, activated in the same block and that will occur on “Phoenix Day”, as developers have called that key date. The second option was to start from scratch, removing Aztlan and programming a new hard fork replacement in an indefinite time.

The “fix” option was chosen unanimously, which implies that two upgrades will be scheduled in the same block, with the combination of these two forks having the same effect as if Aztlan had been implemented correctly in the first place, as scheduled for next March.

Wei Tang, the lead developer of Parity, said that the testing networks of Ethereum Classic, Mordor and Kotti have already had immovable scars due to Aztlan’s specification errors. He believes that chanting “code is law” every day is useless when having irresponsible hard forks damage the security of the network. He explains that chanting “code is law” is based on good security judgments and decisions by the parties involved, under the principle of minimizing trust.

Improvements Including Upgrades

With Aztlan (ECIP-1061), support will be added for a subset of changes that affect the protocol introduced into the Ethereum network by the Ethereum Foundation, through the Istanbul hard fork. Another proposed change with Ethereum Classic’s Aztlan upgrade will add the pre-compilation Blake2 F compression function.

Another improvement included in Aztlan will reduce pre-compilation gas costs. Besides, a ChainID operation code will be added. EIP-2008, on its part, will reduce gas costs for the Calldata function, while EIP 2200 balances the cost of SSTORE gas with SLOAD gas cost considerations.

On the other hand, the improvements to Phoenix (ECIP-1078) include compatibility with earlier versions such as ECP-1884 and support for the main Ethereum network.

Four changes will be added with Phoenix: EIP-2200 (structured definitions for net gas measurement), EIP-1283 (net gas measurement for SSTORE without dirt) to be added with EIP-1706 (net gas measurement for SSTORE without dirt), and ECIP-1080 (standalone self-balance).

Last January 12th, Ethereum Classic completed its Agharta hard fork, which enabled the upgrades of the Constantinople and Petersburg protocols from the Ethereum network to the Ethereum Classic network to allow maximum compatibility between these networks.

By Alexander Salazar

Duration of 3 Years for Bitcoin’s Bullish Move with a Cap of USD 45,000

Alexander Salazar
-
0
Duration of 3 Years for Bitcoin’s Bullish Move with a Cap of USD 45,000

Cryptocurrency experts like Tone Vays talk about what will happen with Bitcoin’s price in the short, medium and long term.

Market analyst Filbfilb recently joined Bitcoin trader Tone Vays on his YouTube channel. During the discussion, each trader talked about their long and short-term vision of the Bitcoin price action, among other things.

According to Vays, the weekly Bitcoin price action remains strongly bullish, since the main cryptocurrency passed through multiple resistance levels and remains at the sixth level in the TD Sequential indicator, which is expert’s favorite.

Vays also noted that he believes that the daily time frame is less bullish than it was a few days ago. Besides, he highlighted the slowdown in the momentum of Bitcoin’s price. This could imply a possible correction of one to four candlesticks before Bitcoin rises again.

The experienced trader stressed that Bitcoin’s trend will be bearish in the short term. In his opinion, opening a long position in a break above USD 10,450 would be a safer trade.

On the other hand, he said that, if the price were reduced to USD 10,000, then acquisitions for long positions in the USD 9,500 range would be the most suitable.

Bitcoin, Mining and Price Action

According to Filbfilb, Bitcoin has recently emerged from its re-accumulation phase, when it exceeded the USD 9,000 resistance. The cryptocurrency is expected to eventually surpass the area between ​​USD 9,500 and USD 11,000, but it could suffer some setback in the long-term bearish resistance.

It should be mentioned that Filbfilb is overwhelmingly optimistic about Bitcoin’s long-term outlook and notes that the cryptocurrency is above all major levels of moving averages in multiple time frames.

The analyst believes that, in the short term, it would not be unreasonable for Bitcoin’s price to rebound in the region of ​​USD 9,500. However, he would not invalidate his bullish point of view if it occurred.

Growing Interest in BTC Futures

Filbfilb explained that the Bitcoin Futures of CME (Chicago Mercantile Exchange) have been the catalyst for the direction of the market. He indicated the strong and constant increase in the volume of futures transactions and the on-balance volume (OBV) indicator that is still pushing towards higher highs.

This situation shows that big owners and possibly institutional investors are deeply involved with Bitcoin. A steady increase in open interest (OI) and the futures premium on Bitcoin contracts also show that the biggest hands feel raised over Bitcoin’s future prospects.

Vays commented that the current bullish market will probably last three years when considering the terms before and after Bitcoin’s halving or reduction by half.

Regarding whether now is a good time to buy Bitcoin or if it is better to wait until the next correction, Filbfilb believes that the market, in general, looks good and healthy. He also considers that it does not make any sense to try to be expecting some kind of bomb to occur. According to both experts, it is a good time to invest in Bitcoin.

By Alexander Salazar

Middle Eastern Countries Will Increase Investments in Blockchain ​​Technology

Maria Rodríguez
-
0
Middle Eastern Countries Will Increase Investments in Blockchain ​​Technology

According to economic data, some Middle Eastern countries expect an increase of 400 % in investments on blockchain.

Recently, data from the International Data Corporation revealed that investments in blockchain technology will increase dramatically in the coming years in the Middle East and some countries of Africa. According to the research, the sector related to blockchain technology will grow in terms of investment, even offering strong forecasts of up to 400 % increase over four years.

The growth registers a possible exponential increase compared to the year 2019. Last year, more than 21 million dollars were invested in the new technologies sector and blockchain technology. But, according to the International Data Corporation, it will have an exponential increase of approximately 105 million dollars by 2023. The money will be directed towards the growth of the industry in the Middle East and to directly finance complex development and innovation projects in the area.

The report notes, with special emphasis, that most of this growth in investment would come directly from the governments of the region, which are interested in using this technology to improve complex administration and management processes, as well as the better use of important data and information.

Finally, it is important to explain that the region of Africa and the Middle East is currently in a process of transformation and adoption of digital technology that the update of all administrative and managerial areas support as a restructuring of their performance models and methodologies. This update includes blockchain technology although this area only represents a small part of all this digital movement.

This momentum of blockchain technology by governments could be an example to allow citizens to think of this area as something to invest and experience.

Blockchain Technology ​​for the Poorest Regions

The use of blockchain technology could be the necessary engine for the world’s poorest economies to grow in various areas of management, administration, and financing. All of this thanks to digital money. In this way, it is possible that in the Middle East they may be aware that these tools can be very useful shortly. It is for this reason that forecasts of growth in investments for blockchain technology in the Middle East are positive news for the crypto industry.

Distributed Ledger Technology (DLT), known as blockchain technology, is a disruptive technology that can significantly help companies, organizations, and institutions function more efficiently, orderly and securely than using conventional administrative ways. Its potential ensures the handling of complex processes in only a few seconds, which would take days to perform with non-digital methods. Besides, the cost of production of blockchain, development, and assembly results to be lower than traditional forms.

In this way, many experts indicate that this process of change to the digital alternatives should be treated as the Fourth Industrial Revolution, where even the poorest economies on the planet can be present and grow quickly, safely and substantially thanks to disruptive technologies.

By María Rodríguez

Accounting Records in Petro and Cryptocurrencies in General Will Be Governed by New Rules

Alexander Salazar
-
0
Accounting Records in Petro and Cryptocurrencies in General Will Be Governed by New Rules

The Federation of Colleges of Public Accountants of Venezuela approved the application bulletin VEN-NIF No. 12 V. 0. The accepted accounting principle covers the “holding of own crypto assets”.

It was reported that the Federation of Colleges of Public Accountants of Venezuela (FCCPV) recently approved the application bulletin VEN-NIF No. 12 V. 0  on the “holding of own assets”, which will govern accounting records in Petro and cryptocurrencies in general in the South American country. In an extraordinary session of the expanded National Board, held on February 15th in Caracas, the trade organization approved the document that provides details on the accounting treatment and presentation of cryptocurrencies.

It was also noted that the application bulletin establishes four main aspects of cryptocurrencies for their recognition, measurement, presentation, and disclosure. Details of the methods that accountants must adopt to keep the records of Bitcoin and Petro, among other cryptocurrencies, are provided in each line. The rule refers to people or companies that have control over cryptocurrencies stored in their wallets, that is, it does not include cryptocurrencies stored in exchanges or digital mining.

Jorge Gómez, secretary of studies and research of the FCCPV, informed that during the final deliberation a change was made to the name of the document, previously called “Accounting treatment of the holding of crypto assets in the financial statements prepared by with VEN-NIF and the presentation of financial statements measured in crypto assets”. After this deliberation, it was established that the name of the application bulletin would be “Holding of Own Crypto Assets”.

Gómez explained that there were a total of 32 votes, 15 of which came from the members of the federation and 17 from the presidents of the federated Colleges of Accountants that attended the extraordinary session. He indicated that, apart from the name, the document changed the style of the paragraphs regarding the measurement of crypto assets and in the conclusions.

It should be noted that the document was in a nationwide public consultation between December 31st, 2019 and January 31st, 2020. After that period, the revision of the suggestions and recommendations began to be included in the application bulletin. The development of the rules for the accounting treatment of cryptocurrencies was delegated to the FCCPV by the National Superintendence of Crypto Assets and Related Activities (Sunacrip) last December.

The trade organization announced the approval of the document on the social networks. The federation published on its Instagram account that on February 15th, 2020, the Extraordinary Expanded National Board was developed at the headquarters of the FCCPV, where the application bulletin VEN-NIF No. 12 V. 0   “Holding of Own Crypto Assets” was unanimously approved.

Gómez had previously indicated that this is the first application bulletin related to the holding of own crypto assets, but that two other application bulletins are expected for 2020. One of them would cover the holding of cryptocurrencies in exchanges, with its specific guidelines, and another would touch the issue of digital mining in Venezuela.

By Alexander Salazar

Bitcoin as a Solution for Dealing with Cash Quarantine in China

Alexander Salazar
-
0
Bitcoin as a Solution for Dealing with Cash Quarantine in China

The spread of the coronavirus in China is leading to unsuspected consequences. The Chinese government has even put bank notes in quarantine.

The entire world knows the delicate situation that China is currently undergoing due to the spread of the coronavirus in its territory. During those weeks in which this disease has extended, tens of thousands have become infected and hundreds have died. The serious situation faced by the Asian country has led to quarantining the bills used by the population, creating a problem for which Bitcoin seems to be the solution.

Spread of the Coronavirus

The human race has faced and been victorious against multiple diseases throughout its history. Even when the costs have been too high, humans have managed to fight and control diseases such as the black plague in the 14th century, the SARS (severe acute respiratory syndrome) at the beginning of the 21st century, and the AH1N1 (swine flu) infection between 2009 and 2010.

For that reason, at this time when people are facing the coronavirus, it can be said that humans already have the experience and the conditions as a species to fight and stop this disease. Thanks to that, scientists have been able to contain the coronavirus in the Wuhan region of China and the surrounding provinces.

Despite the existing limited possibilities, it has been possible to prevent the great damages that the coronavirus could have caused. It should be noted that the disease that affects 69,000 people worldwide has had a dramatic impact on the way of life of Chinese citizens, including the circulation of their national currency, the yuan.

Chinese Bank Notes in Quarantine

It was also reported that the Chinese government has ordered the quarantine of the bills used by the population to stop the extension of the coronavirus in its territory. This has been done under the assumption that the disease could be transmitted through the Chinese fiat currency.

This measure was introduced after February 13th, when a peak was reached in the number of confirmed cases of coronavirus, through the addition of 15,000 new cases in a single day. This occurred as a consequence of a change in the methodology for including newly infected patients in the statistics.

Of course, this has led to an additional problem for the inhabitants of China. Besides having to bear the weight of a quarantine issued by their government, they could also suffer the shortage of bills in the next few days while the government is disinfecting them to prevent further propagation.

Speculation has arisen in the crypto Twitter community, with many users commenting that the solution to this problem should have been Bitcoin. They say that the cryptocurrency could have served as a means of exchanging goods and services during this time. However, this is an idea to which the Chinese government would not be open since it has been fighting Bitcoin and seeking ways to regulate and ban the trading with this and other decentralized crypto assets.

By Alexander Salazar

1...1,3901,3911,392...1,654Page 1,391 of 1,654