Monthly Archives: January 2023

XRP Ledger Proposes XLS-34d Amendment; Enhancing Non-XRP Native Assets

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• The XRP Ledger has proposed a new amendment to its system with the code XLS-34d.
• The amendment will make it possible to use Trustline balances on Escrows and PayChannels and improve the capabilities of non-XRP native XRPL assets.
• It will also allow token issuers to retain authorization control of their assets.

The XRP Ledger, an open-source, decentralized, and permissionless network, facilitates several payments-related applications such as DeFi, micropayments, and even NFTs. Over the years, its native token XRP has grown to be among the top in the crypto space. As a result, the XRP Ledger has recently proposed a new amendment for implementation on the ledger. Denis Angeli is the contributor and proposer of the recent amendment tagged with the code XLS-34d.

The proposal’s details suggest several changes to the structural facilities of the XRPL ecosystem. These changes are supposed to improve the capabilities and functionalities of non-XRP native XRPL assets. Specifically, the amendment will change the XRP ledger transactions, objects, and even RPC methods to make it possible to use Trustline balances on Escrows and PayChannels.

At present, the network supports different on-ledger negotiable instruments such as Checks, Escrows, and PayChannels. However, the Escrows and PayChannels are only used for the native XRP assets. It is only the Check that allows the use of Trustline balances. With the changes included in the XLS-34d proposal, the escrow accounts would include all assets developed on the XRP ecosystem. This will make it possible for a project team to lock some tokens in a Trustline balance and monitor the token supply.

Moreover, the amendment will allow token issuers to retain authorization control of their assets. This is extremely important because it ensures that the assets remain under the control of the original issuer rather than third-party entities. Furthermore, the changes will make it easier to trace and audit the transactions associated with a particular asset. Additionally, it will enable token issuers to set transfer restrictions on their assets, thus ensuring that only authorized users are able to make transfers.

Overall, the XLS-34d proposal is expected to significantly improve the capabilities of the XRP Ledger and its native XRP token. It will enable the use of Trustline balances on Escrows and PayChannels and also allow token issuers to retain authorization control of their assets. Ultimately, these changes are expected to make the XRP Ledger and its native XRP token more attractive to users and investors.

Litecoin Surpasses Ethereum in Total Addresses, Adoption Accelerates

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• Litecoin’s total addresses have surpassed that of Ethereum, indicating accelerating adoption.
• The total addresses metric is a measure of the number of unique addresses on the chain that have been involved in at least one transaction.
• Ethereum’s growth in total addresses has been significantly tamer compared to Litecoin’s.

Recently, Litecoin has seen a rapid adoption as its total addresses have surpassed that of Ethereum. Total addresses is an indicator from the on-chain analytics firm Glassnode that measures the total number of unique addresses of a cryptocurrency that have been involved in at least one transaction (whether as a sender or a receiver) on the chain during the entire lifetime of the network. When the value of this metric goes up, it means users are creating new addresses on the blockchain right now, which could be a sign of new investors adopting the crypto.

A tweet from the director of the Litecoin Foundation reported that LTC’s growth has continued to accelerate even after surpassing Ethereum in total addresses. This was confirmed by a graph that displayed the trends in the total addresses metrics for Litecoin and Ethereum. The graph showed that the total number of Ethereum addresses was greater than that of Litecoin until very recently, but Litecoin has observed some sharp growth in new addresses on the network since then. On the other hand, Ethereum’s growth in total addresses has been significantly tamer compared to Litecoin’s.

This indicates that more and more people are investing in Litecoin and using it as a means of payment, which is a positive sign for the cryptocurrency. This could lead to even more widespread adoption of LTC in the future, as the crypto continues to gain traction. This could also mean that Litecoin is becoming a more attractive option for investors who want to diversify their portfolios. With Litecoin’s increasing popularity, it is only a matter of time before people start using it more and more often.

The Upcoming Bitcoin Halving in 2024 and Network Security

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About every four years, there is a phenomenon known as the “Bitcoin halving,” in which the incentives provided to miners for confirming transactions on the network are cut in half. As it directly affects the pace of currency generation, transaction fees, and miner profitability, this event is crucial for the Bitcoin network and its users. It is crucial to take into account how the impending halving in 2024 can affect network security.

History of the Bitcoin price halving

The planned scarcity of Bitcoin is fundamentally based on the Bitcoin halving event. The halving event makes sure that the 21 million coin maximum that is intended for Bitcoin is upheld. The block rewards given to miners for processing and confirming Bitcoin transactions are halved every four years. As a result, the compensation that miners receive for their efforts is decreased, and the pace at which coins are produced is also decreased by 50%.

Aware of network security

Regular network monitoring for possible attacks is crucial for ensuring the network’s security. Utilizing specialist tools like Bitcoin Capital, which may assist in identifying possible risks and notifying the network to take action, can accomplish this. In order to keep the network safe, it’s also critical to periodically upgrade its security mechanisms.

Network security – what is it?

The phrase “network security” refers to the precautions taken to safeguard a network from malicious assaults. It entails putting in place a number of security mechanisms, including firewalls, encryption, and authentication, to safeguard the network against threats and unwanted access. Network security is crucial because it contributes to preserving the integrity and safety of the network and the data on it.

Possible Security Vulnerabilities

There are several security lapses that could take place on a network. These include hostile assaults, illegal network access, viruses and harmful software, data theft, and malicious malware. All of these dangers might seriously compromise the network’s security since they could result in data loss, data corruption, or even a network shutdown.

Halving’s Effect on Network Security

The impending halving of the Bitcoin supply in 2024 may have a substantial effect on network security. The incentive for miners to protect the network reduces when the incentives for mining are cut back. This can result in fewer miners, which might result in a deterioration of the network’s general security.

Actions to Boost Network Security

It is crucial to take steps to increase network security in order to guarantee the network’s security. The use of robust authentication mechanisms, the use of secure encryption methods, and routine security system updates are some of these precautions. It’s also critical to keep an eye out for possible dangers on the network and take precautions against them.

Security Steps Bitcoin Miners Take

The network’s security is the responsibility of bitcoin miners, who take a variety of precautions to guarantee it. These precautions include mining blocks using powerful hardware and software, keeping a safe mining pool, and employing effective mining methods. To secure their mining activities, miners may also put extra security measures in place.

Important Network Security Challenges

In order to secure the security of the network, a number of significant problems must be overcome. Network security is a complicated topic. These difficulties include maintaining the network’s integrity, safeguarding the data housed there, and avoiding hostile assaults. It’s also critical to keep an eye out for possible dangers on the network and take precautions against them.

Conclusion

The Bitcoin network and its users will be significantly impacted by the impending Bitcoin halving in 2024. It is crucial to take precautions to guarantee network security and to take into account the possible effects this event may have on network security. The security of the network may be preserved by adopting robust authentication mechanisms, utilizing safe encryption methods, and routinely inspecting the network for any threats.