Bitcoin Industry

2022-08-28 20:00:05 ​When Should You Run Your Own Blockchain Node?

When we talk about crypto and blockchain, one of the first things that come to mind is decentralization. We love the idea of a system that works without any central authority or a single point of failure. But as it turns out, most crypto apps and wallets you know and use rely on centralized providers for their backend stack.

While blockchains themselves are praised for the decentralization they created, and many protocols are rated by how decentralized they are, most crypto apps you know and use actually have to rely on centralized providers. These services run their own nodes to connect to the blockchain and in turn provide an API (application programming interface) to their customers.

The thing is, there aren't really any good reasons for this other than wallet apps. As crypto is getting closer than ever to consumers and finally expands into even ecommerce companies realize their backend stack now needs to work closely with the blockchain. Need to track the number of wallets in Ethereum? Need to know what happened with a specific transaction? Want to know which addresses have received money from a certain address? All of these activities might be important whether you have an online store or running an investment fund.

Why do we need centralized providers?
The only way you can directly connect to the blockchain is by running a node. A node is essentially a program running on a computer that connects to other nodes in order to send information back and forth, verify the validity of transactions sent between people, and store important information about the state of the blockchain.

Nodes are the backbone of a blockchain. They’re what connects you to the network and provide you with all the data you need to make informed decisions. But there are also many other uses for nodes than just mining and validating transactions. Nodes are basically like servers that run cryptocurrency software and store a copy of the blockchain. They’re like your own personal copy of all the information on the blockchain, and they allow you to interact with it by sending or receiving transactions and interacting with smart contracts or decentralized applications (dapps). Open / Comment

2022-08-25 20:00:07 ​​Ruling to keep Tornado Cash developer in jail for 90 days sparks backlash.

A judge ruled that the developer must stay in jail for 90 days while awaiting charges and a court date.

A judge in the Netherlands ruled that Tornado Cash developer Alexey Pertsev has to stay in jail for 90 more days while waiting for charges. Puzzled by the decision, the crypto community rallied to demand the release of the developer.

In a Tweet, crypto investo Ryan Adams argued that the developer did something good for the public as he wrote the code for Tornado Cash. The community member then highlighted that "a few bad guys" decided to use Pertsev’s code and now the developer has to suffer the consequences.

Apart from Adams, crypto researcher Jill Gunter also noted that there has not been enough information regarding the arrest of Pertsev. Gunter described the status of the charges as confusing and defined the situation as a “scary problem.”

In Amsterdam, protestors gathered to demand the release of the developer. Chanting "open source is not a crime," the protestors urged the government to catch the criminals and not the developers.

Cryptography teacher Matthew Green also criticized the Dutch police for their move to arrest Pertsev. He said that while he has no idea what the developer did to deserve arrest, it looks like the police don't know either.

On Aug. 12, the developer was arrested for suspicions of involvement in money laundering through the Tornado Cash mixer. Authorities in the Netherlands said that the mixer was used to hide huge money flows from criminals and utilized for crypto scams and hacks.

Earlier in August, the United States Treasury Department sanctioned addresses linked to Tornado Cash and prohibited residents to use the mixer due to its involvement in decentralized finance (DeFi) hacks and exploits. USD Coin (USDC) and Ether (ETH) addresses were placed on the Office of Foreign Asset Control's block list. Open / Comment

2022-08-23 16:00:07 ​ Go Around the World with 1xBit and Win Crypto

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Around the World Adventure Tournament is made for everyone - you can join the hunt from the 9th of August 2022 until the 8th of September. Register on the 1xBit website if you are a new player and use the promo code to get a bonus! Or log into your dashboard if you already have an account with 1xBit. Then select a currency account and click on the “Take Part” button from the offer page.

Play any slot game from any providers and earn points on the way - the more points you earn, the higher your level and prize. The player with the highest number of points will get 120 mBTC.

1xBit has unveiled tips on locating the most rewarding treasures, joining the hunt, playing consistently and coming home with amazing rewards. Now is the time to lift your hands and get a piece of the adventure cake. Open / Comment

2022-08-22 21:00:04 ​The future of luxury memberships utilizing the Blockchain:
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2022-08-22 20:00:07 ​​BendDAO contract now has only 15 ETH left to pay lenders.

Many nonfungible tokens (NFTs) that were used as collateral in the platform have defaulted without any bids.

Lending protocol BendDAO has run out of Wrapped Ether (wETH) in its contract. At the time of writing, the contract only has 15 WETH to pay lenders, and an estimated 15,000 Ether (ETH) left to be paid to lenders.

Researcher NFTStatistics.eth dissected the issue in a Twitter thread, highlighting that NFT borrowers in the platform should now pay 100% interest on the ETH they borrowed. In addition, the debt positioned against the NFTs is also on the rise.

Furthermore, the researcher noted that many of the NFTs that have been used as collateral and defaulted currently have no bids. In relation to this, there are more NFTs on the platform's alert list, which are NFTs about to default and come to auction because of the falling NFT floor prices or rising debt and high-interest rates.

According to the BendDAO co-founder, their team is working on a proposal to change parameters within the NFT lending platform. The update will take effect 24 hours after it gets approved through the voting process.

Amid the crisis, a Twitter user took the opportunity to poke fun at the platform, pointing out that even the co-founder of BendDAO is also on the verge of getting liquidated by their own lending platform.

Last week, analysts speculated that there might be an incoming series of NFT liquidations worth $55 million to recover loans on BendDAO. According to Double Studio founder DoubleQ, the situation could lead to a "death spiral" for the entire NFT market and the Bored Ape Yacht Club (BAYC) ecosystem.

Meanwhile, the broader NFT world is not doing any better. At the moment, as floor prices of BAYC and Mutant Ape Yacht Club (MAYC) collections took a nosedive, the newly launched GameStop NFT marketplace has taken a hit, with its daily fee revenue dropping below $4,000. Open / Comment

2022-08-19 18:00:13 Bybit's Deposit Campaign for New Users — Up to $4,000 in Rewards

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2022-08-18 21:00:05 Lucky Block V2 to be listed on Gate Io The 5th Ranked Exchange on CoinGecko and CoinMarketCap - check out the article!

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2022-08-18 20:00:08 ​​Tether reserve attestations to be conducted by major European accounting firm.

BDO Italia, a member of the BDO Global accounting organization, will begin producing monthly attestations of Tether’s USDT backing.

In a step toward greater transparency and better alignment with international accounting standards, stablecoin operator Tether Holdings Limited has tapped BDO Italia to conduct regular reviews and attestations of its dollar reserves.

Tether, which operates the USDT stablecoin, officially began working with BDO Italia in July, the company disclosed on Thursday. BDO Italia will be responsible for conducting an independent review of Tether’s stablecoin reserves to ensure that each unit of USDT is backed by cash or cash equivalents. Through BDO’s reviews, Tether aims to release public attestation reports monthly instead of quarterly. The attestations will include updates about the number of USDT tokens issued as well as the company's reserves.

BDO Italia is the Italian arm of BDO Global, an international network of public accounting firms that maintains its headquarters in Zaventem, Belgium. BDO Global ranks among Europe’s five largest accounting firms by total revenue. The company maintains offices across North and South America, Europe, the Middle East and North Africa and the Asia-Pacific region.

Paolo Ardoino, Tether’s chief technology officer, said his company’s pledge to offer more transparency reflects its growing mandate beyond just offering liquidity to crypto traders:

“The utility of Tether has grown beyond being just a tool for quickly moving in and out of trading positions, and therefore it is mission-critical for us to scale alongside the peer-to-peer and payments markets.”

Tether began publishing quarterly attestations of its stablecoin reserves in May 2021 as part of a settlement with the New York Attorney General’s Office in February of the same year. Tether had previously passed several assurance tests conducted by local accounting agency Moore Cayman that verifits reserves exceeded liabilities. Open / Comment

2022-08-18 18:30:00 ​ BATTLE INFINITY ($IBAT) IS NOW LISTED ON PANCAKESWAP. The Leading DEX On BNB Smart Chain

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