Another day, another proposed improvement to Ripple’s XRP Ledger (XRPL). The latest proposal waiting on an 80% majority from its network validators is “Deletable Accounts” – and it sounds just a little bit concerning.
XRPL’s Amendment Process
Before laying out the case for Deletable Accounts, Ripple CTO David Schwartz explained how XRP incorporates new features into its ledger. The XRP Ledger (XRPL), he stated, was designed to be “robust,” “stable,” and “decentralized.”
As such, like all blockchains, its developers continually make improvements. When it comes to XRPL, one particular area of interest is governance:
As the XRP Ledger network grows, so does the need for improved governance.
He then dove into the details of how new features are incorporated into the XRPL. Unlike cryptocurrencies that opt to go down the hard fork route, Ripple favors an Amendment Process.
In a nutshell, for a new feature to be introduced to the XRP Ledger, it must first be debated in the community before being converted into a proposed implementation and generating code changes to make it a feature.
The new feature must acquire an 80% majority support which must hold for a two-week period. Validators who don’t approve the feature are out of luck since the majority decide. However, it’s a pretty high majority requirement that ensures that most of the network is happy and hard forks are avoided.
In the past, Schwartz points out, among the features incorporated through this process are managed multi-signing as well as the ledger’s on-chain escrow and payment channel features.
Deletable Accounts Would Give Ripple Sweeping Control
The latest feature, Deletable Accounts, is awaiting the 80% thumbs-up as of yesterday. The proposal, which was first discussed in October 2019, states that new powers are needed to be able to remove suspicious accounts and repatriate the XRP funds held by them.
The XRP Ledger doesn’t have very many levers to discourage abusive behaviors. Pretty much all it can do is make abusive behaviors more expensive.
It continues,
One desirable feature for the XRP Ledger would be for it to be possible to completely remove an account from the ledger and recover the reserve from that account. We call this a deletable account.
Schwartz argues that it would help benefit the network by controlling spam accounts,
This feature allows XRPL accounts to be removed from the ledger and recover most of the reserve locked in the accounts for spam prevention.
He maintains that the deletable accounts feature will “bring further trust to the ledger and ensure that XRPL continues to experience high performance without downtime.”
However, sweeping powers to delete XRPL accounts at will and move the funds to a new destination sounds an awful lot like some twisted scene from an Orwellian surveillance state. Disturbingly centralized at best, horribly over-controlling at worst.
Will deletable accounts get the 80% majority XRPL seeks? It’s hard to see a “decentralized” network voting for something so entirely against its ethos, even if it is primarily in the interest of thwarting bad actors.
What do you make of the ‘Deletable Accounts’ proposal.
Images via Shutterstock origin »
As Bitcoin (BTC) enters another bull-and-bear fight, ranging between $7,800 and $8,000, crypto Twitter traders are warming up to a bullish attitude. Leading Twitter Accounts See Potential for Bitcoin Earnings on Bullish Moves Leading social media names have returned with a bullish attitude to bitcoin price moves, as the coin is now battling out new support levels.
Binance is adding yet another fiat option, Thai Baht by collaborating with the regulated digital asset exchange in Thailand, Satang Corporation. They will be using recently launched API Portal technology of Satang that will allow users to deposit and withdraw Thai Baht directly to their Binance accounts.
More than $300 million worth of bitcoins were withdrawn from Bittrex accounts. Users fear that the exchange fell victim of another tremendous hacker attack, but the exchange itself claims that deposits are safe.
Binance has just announced a way to easily move money between accounts on the exchange. According to the announcement, transfers are now free and instant. Users can withdraw assets from one Binance account to another without the need for any block confirmations.
U.K.-based Cashaa, which describes itself as a banking service platform, is about to launch bank accounts for stateside crypto firms denominated in U.S. dollars.
Special thanks to the Gitcoin team and especially Frank Chen for working with me through these numbers
The next round of Gitcoin Grants quadratic funding has just finished, and we the numbers for how much each project has received were just released.
Welcome to Moonday Morning forkers. It’s Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines you can’t afford to miss. Take a look at what’s happened over the last few days.
The latest Instagram update removes the activity tab from the app. You can no longer see when the accounts you follow like and/or comment on a photo or follow another account. Privacy rules the day People care about their digital privacy now more than ever.
Recommended pre-reading: https://ethresear. ch/t/minimal-anti-collusion-infrastructure/5413
Alice slowly walks down the old, dusty stairs of the building into the basement. She thinks wistfully of the old days, when quadratic-voting in the World Collective Market was a much simpler process of linking her public key to a twitter account and opening up metamask to start firing off votes.
Coinbase, one of the largest crypto exchanges originating from the US might have to shift all European accounts to another licensed entity within EU, in case of a no-deal Brexit according to reports.
Coinbase, one of the most popular cryptocurrency exchanges in the world, will be forced to transfer all of the European accounts on their platform to another entity within the EU. In an email sent to its European users, the exchange said that a no-deal Brexit will prevent the company from providing e-money services to its […]
The post No-deal Brexit will force Coinbase to move its European accounts appeared first on CryptoSlate.
We live in a digital age — a time when smartphone penetration exceeds 95 percent in some countries and when social media can be used to keep employees on-task at work. Despite this, many businesses continue to lag behind in digital adoption.
As many as 70,000 people could be facing financial ruin as a massive crackdown sweeps across Ghana’s banking system. It serves as yet another stark warning that governments and banks are in full control of people’s money.
We present Orionix, a comission-free games and items exchange platform along with ORX token that covers operational costs by minting its own native currency.
The project aims to facilitate communication, exchange and security between players.
Though the social media giant has been able to remove many of the Facebook and Instagram accounts claiming to sell the not-yet-available Libra, some US regulators have taken the spread of Libra scams as another piece of evidence that Mark Zuckerberg and company are not fit to launch their own cryptocurrency.
In any online game, cheaters can really ruin it for everyone else. Not only do they ruin the sense of fair play, but, in defiance of the old adage, they often prosper. So what’s EA doing with Apex Legends‘s cheaters? Sticking the offenders in a pool together.
The majority of Bitcoin Satoshi Vision (BSV) network activity hasn’t anything to do with cryptocurrency. In fact, pretty much all of its current on-chain activity comes from weathersv. com, an automated weather service that simply copies data from another (centralized) weather site and writes it to the BSV blockchain.
Bitcoin under pressure, down 3. 4 percent in 24 hours Another exchange disappears with user funds Coinroom clients are counting losses after the exchange abruptly closed. Some clients had more than 2 BTCs in their accounts.
The purpose of this infographic is to visualize the size of large cryptocurrency hacks that have occurred in the past as if they all happened today. The hacks included in this infographic extend beyond exchanges, as there were other large entities that experienced cryptocurrency hacks, such as marketplaces like Silk Road 2.
By CCN: Hackers, many in their teens, have drained the accounts of more than 50 Californian victims in a $35 million SIM swap heist. Officials estimate that in total, $50 million has been stolen in related attacks around the US since the beginning of 2018.
This article was originally published by 8btc and written by Lylian Teng. Bitcoin ATM services in China have once again proved to be hopeless, after the first Bitcoin OTM (OTC Teller Machine) in Beijing was removed shortly after its installation.
By CCN: Another day, another Facebook data leak affecting millions of dubious users. This time around, security researcher Anurag Sen discovered a public Amazon Web Services (AWS) database containing the contact information of more than 49 million Instagram accounts, TechCrunch reports.
Bitcoin had another wild week with BTC price making a strong recovery back to $8K. Let’s take a look at the past week’s top stories. Bitcoin Price Back At $8K So The Netherlands came out top in Eurovision, while Madonna could, by all accounts, have done with a bit of autotune.
Tether has taken a lot of heat for admitting it is running a fractional reserve. There’s no doubt that Tether’s unregulated nature makes this approach risky and that its lack of transparency is unsettling, but the entire modern banking system is architected on fractioned assets.
WeChat, the #1 messaging app in China, is also widely used for cryptocurrency transactions. Recently, WeChat Payment has revised the “WeChat Agreement for Payment Service,” which involves the control and regulation of illegal transactions, including cryptocurrency transactions.
Chinese crypto exchange Binance suffered a major hack on Tuesday, which the company’s CEO responded to by proposing a rollback of the Bitcoin blockchain to rectify — a suggestion that riled up the community.
Wall Street Market, the second-largest darknet market in the world in recent months, has been shut down by international law enforcement agencies, including Europol as well as U.
The Bitcoin Cash (BCH) community is preparing itself for another hash war as an unknown miner with Satoshi’s name in the block’s coin base accounts for 44% of current BCH hash rate. A Reddit user posted these findings on April 29, 2019.
The Bitcoin Cash (BCH) community is preparing itself for another hash war as an unknown miner with Satoshi’s name in the block’s coin base accounts for 44% of current BCH hash rate. A Reddit user posted these findings on April 29, 2019.
A series of op eds by Kyle Torpey addressing some of the oft-repeated arguments against BitcoinBitcoin’s core value proposition is that it is an uncontrolled, apolitical money.
The New York Office of the Attorney General (AG) wants to take a closer look into the business operations of Bitfinex and related stablecoin issuer Tether (USDT). According to a legal petition filed with the Supreme Court of New York, the NY Attorney General Office of Letitia James is applying for a court order to investigate Bitfinex’s suite of interrelated companies (including its umbrella firm iFinex and Tether Holdings Limited) for “ongoing fraud” to the tune of $850 million.
Major darknet markets come and go in eras, so it seems, and the current one may be ending. Two of the biggest digital black markets seem to be disappearing, both at the same time.
Yet another organization thought to be tied the multi-billion dollar cryptocurrency Ponzi scheme OneCoin has been uncovered. Central Bank of Samoa (CBS) has named the Samoa Worship Centre as being used as a front in the $3 billion OneCoin scam which promised unrealistic returns for investing in a fake cryptocurrency.
Special thanks to Glen Weyl, Phil Daian and Jinglan Wang for review
Over the last few years there has been an increasing interest in using deliberately engineered economic incentives and mechanism design to align behavior of participants in various contexts.
The trend for the fall of Bitcoin Dominance can no longer be denied. Bitcoin still accounts for a bit more than a half of the market. It would seem, what’s the problem? There were times when dominance fell to almost 30%, and alts blossomed.
As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.
Decentralized payment processing service BTCPay Server announced a new service available through their platform on February 22, 2019: a way to request payments by simply sharing a URL, thereby streamlining many of the model’s existing hangups.
QuadrigaCX Exchange’s founder, Gerald Cotten, passed away more than two months ago, and with his death, the keys to the exchange’s cold storage allegedly went to the grave with him.
Welcome to TNW Basics, a collection of tips, tricks, guides, and advice on how to get the most out of your gadgets, apps, and other stuff. Two-factor authentication (2FA) is an easy-to-implement method of protection for online accounts.
Spain’s second-largest bank, BBVA, has aggressively frozen up to 5,000 accounts without warning. Many of the accounts belonged to Chinese clients, leading to cries of racism. The bank, however, claims it was acting on Spanish anti-money laundering rules.
For those QuadrigaCX users who were fortunate enough to have withdrawal requests honored, some appear to have received their funds through unconventional means. An anonymous QuadrigaCX user who corresponded with Bitcoin Magazine said that they received a bank deposit from Robertson Nova Consulting Inc.
Several of South Korea’s top crypto exchanges have found themselves in hot water, with executives at a couple of exchanges facing criminal charges and jail time. According to a news report on the Korean website Blockinpress, the CEO of Komid, a Korean crypto exchange, has received a three-year prison sentence for committing fraud against investors by artificially inflating the exchange’s actual trading volume.
Every week we seem to read another new story about yet another cryptocurrency exchange hack or scam in which users’ funds are stolen. But this week, a South Korean exchange has flipped the narrative on its head.
Patreon has been making the case for censorship-resistant money increasingly apparent. The platform allows members to contribute to artists or creators that they support.
Technology lawyer Addison Cameron-Huff launched his new, Toronto-based, all-crypto legal firm on January 3, 2019, Bitcoin’s 10th anniversary, as a statement of his commitment to working for and promoting Bitcoin and cryptocurrency-based businesses.
October 31, 2008, and January 3, 2009. The two dates have cemented themselves with Promethean significance into Bitcoin’s lore. On the October 31, Satoshi Nakamoto published the Bitcoin white paper, a constitution of sorts for his revolutionary monetary system and its intrinsic currency.
As tax season is rapidly approaching, some states, like Ohio, have decided to set a new standard for the rest of the country to follow. Back in November, Ohio became the first state in the U.
Tron CEO, Justin Sun just made an expression on Twitter felicitating ‘Tronics’ for another impressive achievement. The Mainnet recorded over 900,000 accounts within 178 days. ”Congratulations on #TRON Mainnet accounts surpassed 900k in 178 days.
Blockchain firm Ripple is among the four founding members of the newly incorporated XRP Ledger (XRPL) Foundation. Established on Nov. 26 in France, the organization aims to unify and govern the broader XRPL ecosystem.
XRP Ledger (XRPL) developers have rolled out a new server update to address a recent temporary outage that disrupted node operations. Network outage On Nov. 25, XRPL experienced a partial network outage that impacted several node types, including Full History, Current Ledger, Pathfinding, and Submission nodes.
Ripple has announced new strategic partnerships in South Korea and Japan to strengthen crypto infrastructure for institutional adoption, according to a Sept. 3 post on social media platform X. Ripple’s CEO Brad Garlinghouse stated that the moves would enhance XRP Ledger’s (XRPL) programmability and show how crypto-native companies like Futureverse are increasingly adopting the firm’s […]
The post Ripple climbs 4%, partners with Futureverse and Yonsei University to boost XRPL in Asia appeared first on CryptoSlate.
Quick Take The Ethereum 2. 0 deposit contract has reached a significant milestone, with its balance surpassing 50 million ETH in USD value, according to Glassnode. Of this, over 24 million ETH—almost 48%—is controlled by the top 11 staking providers.
Ripple has announced major forthcoming developments in the programmability of the XRP Ledger, targeting early 2025 as a pivotal moment for the platform. According to a blog post by the Ripple Team on September 2, these enhancements will significantly elevate the utility of the ledger through the integration of smart contracts and expanded developer tools, […]
Японский финансовый гигант SBI Holdings объявил о запуске эксклюзивной серии NFT на XRP Ledger (XRPL) к выставке EXPO 2025 в Осаке, Япония. Инициатива, которая сочетает в себе передовую технологию блокчейна с величием этого международного мероприятия.
Evernode, a layer-2 network developed on the XRP Ledger (XRPL), has recently provided crucial updates concerning its airdrop for XRP holders. The project, which integrates smart contract capabilities with XRPL, has revised its launch to December 18, 2023, following technical challenges.
