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Tech-ECHO KW 34: Script less Atomic Swaps between Networks similar to Bitcoin...
Tech-ECHO KW 34: Script less Atomic Swaps between Networks similar to Bitcoin and Colored Coins
Developers in the Bitcoin environment have been discussing rebalancing on the Lightning Network, further tokenization approaches of Bitcoin Cash, and a crypto-relevant patent filed by Bank of America.
Looking behind China, ETF drama and “price predictions” from experts, this week also saw an interesting world of technical news and insights. In the Bitcoin area, there are rather proposals and paper, while other Altcoins have already implemented innovations. Regarding Ethereum we look at FOMO3D or how someone could claim the prize for themselves. Finally, both Bank of America and Factom have patents in the blockchain field. But enough the preface, let’s dive right in!
Bitcoin: Stubborn Mining, Rebalancing in Lightning Network and Atomic Swaps Without Script
In addition to analysis of the Bitcoin assets of Satoshi Nakamoto, there have been some interesting publications in the bitcoin field. Let’s start with an interesting, albeit very complex paper: Cyril Grunspan and Ricardo Perez-Marco have analyzed different variants of the so-called “Stubborn mining” in a paper. These are a variation of selfish mining, where miners hold back a series of blocks until you generate a longer version of the original chain. In the mentioned paper, the profitability of the various Stubborn mining variants has been
, Robert Olsson has proposed a rebalancing scheme. The Lightning Network is, as explained elsewhere, is a network of payment channels. Under certain circumstances, rebalancing the funds stored in the various payment channels may make sense. Robert Olsson now proposes a process that is beneficial to all intermediary nodes, so that such rebalancing can be offered at no charge.
Atomic swaps not only affect bitcoin but all other similar Lightning-enabled blockchains. So you can think of Litecoin or Vertcoin. Unfortunately, something has gone down a paper by Bryan Bishop, which is not connectable for third parties with sender and receiver. The blockchain stores neither hashes nor preimages, so you cannot associate these two transactions used in the swap. Of course, such a proposal would greatly add to the privacy of Bitcoin.
Unfortunately, until now only available as an announcement, the announcement by Mark Friedenbach that he has found a way to increase the block size by a factor of 3,600 to completely renew the proof-of-work process – without the need for a hard fork. This on-chain scaling should be possible with a backward compatible Soft Fork. Mark Friedenbach will present his concept at the Scaling Bitcoin conference, which will take place on October 7th.
Colored Coins on Bitcoin Cash and Thrillers on the Ethereum Blockchain
The threatening split of Bitcoin Cash, thanks to Craig Wright’s Bitcoin SV has already been discussed. But Bitcoin Cash had more to show this week than internal quarrels. For example, the developer community behind Bitcoin Cash wants to realize 5 million on-chain transactions as a part of a September 1 stress test. Everyone can take part in this stress test via scale. Cash – with an investment of at least 15,000 satoshi or $0.08.
Beyond scaling issues, Bitcoin Cash continues to do well. The Tokenized Assets issue did not go past Bitcoin’s little brother. With the help of Cryptonize it, interested parties can emit their own colored coins, ie tokens. You do not have to be a “big blocker” or a fan of Roger Ver to acknowledge that some developers behind Bitcoin Cash are constructively working to further develop the cryptocurrency.
In the Ethereum environment, FOMO3D already caused a stir at the end of July. The app, a mix of lottery and pyramid scheme, has been controversial. Now the first round of Fomo3D has ended with a winner. The address 0xa169 received over 10,000 ETH. SECBIT Labs was able to show that the person behind 0xa169 exploited a special attack vector, dramatically reducing the number of transactions within blocks at the end of the game, increasing the chances of being the winner. The entire hack, which reads more exciting than a thriller, is prepared by Coinmonks.
For whom the thriller was not enough, there is a sequel: SEBIT together with AnChain.ai have analyzed various other attacks on smart contracts. The last Winner came up as an even windier version of Fomo3D, which was strongly related to a hacker group that was able to snatch over $ 2 million in ether via the Last Winner. It would be beyond the scope of this article to go into the details, but the detailed analysis is recommended to everyone.
Vote Decay at EOS and New Language for Smart Contracts at Cardano
When talking about smart contract platforms, you cannot get past EOS anymore. On the one hand, the community was able to celebrate a milestone: according to DappRadar, two EOS dApps alone managed significantly more transactions than all Ethereum dApps. EOS Dice had 68,000 transactions, EOS Knights 59,000 and Ethereum dApps 55,000. But in the land of EOS, not everything is pure sunshine. So an attacker can steal RAM. The EOS network needs RAM to process the processes within a dApp. Over a Proxy Token, one would like to fix the problem now.
Another problem is election fatigue in the EOS ecosystem, which can lead to centralization. In a video, the block Producer cryptolions has pointed out that a voting decay, that is, a passive behavior deriving reduction of their own voting power, even when using a Proxies occurs. It should be clear to every active participant in the EOS ecosystem that, even with the use of a proxy, i.e. an entity that chooses one, the electoral force will shrink over time.
Smart contracts continue: Cardano never tires of developing (again) a new Smart Contract language. Marlowe aims to be a language that is particularly suited to finance and was developed on the basis of Haskell.
not less exciting projects did not have the airplay but showed nicely what is happening at the developer front to IOTA. Eoin Coogan used IOTA to build a monitoring and trading system for electricity generated by solar power. Another project called pact. online uses IOTA as a decentralized ledger for a file-sharing system that works with IPFS. Ai Coin Price Prediction , IOTA has been able to show a lot in recent times. A few more, not less exciting projects did not have the airplay but showed nicely what is happening at the developer front to IOTA. Eoin Coogan used IOTA to build a monitoring and trading system for electricity generated by solar power. Another project called pact. online uses IOTA as a decentralized ledger for a file-sharing system that works with IPFS.
More News at Altcoins: New proof of work at Monero and decentralized identity thanks to Ontology
the summary of which and the chat log can be found on the page Ai Coin Price Prediction , the summary of which and the chat log can be found on the page
. The most important news is the launch of a new Proof of Works and developers are actually working on the LightWallet. In addition, other developers have written a preliminary version of the code for Trezor support.
According to Bitcoin and Ethereum, Ontology now provides a third cryptocurrency with a decentralized identifier method or DID for short. A DID is a version of the digital identity that is not controlled by decentralized entities but is independent. Some time ago, Phillip Horch wrote a column on identity that also highlights the significance of self-sovereign identity. It’s interesting that ontology is now following a rather unknown currency as the first Bitcoin and Ethereum.
New Developments in the Blockchain Sector: Various Patents and Calypso
Factom has filed two blockchain relevant patent applications. At the beginning of August, above all Ai Coin Price Prediction , above all, an algorithm for sharing secrets should be used, with which explosive data can be split into one or more blockchains.
But Factom is not the only company that has a patent. Banks have filed in recent weeks and months, again and again, block by block relevant patents and obviously want to get not only a part of the cake but security as well. Bank of America has issued a patent on cryptographic asset protection. At the heart of this invention is a processor that stores data. The processor should encrypt the data with a key.
With Calypso, a team of researchers from Lausanne and the United States has published an approach that can be used to write private data about a blockchain and later audit it. Calypso achieves this by storing on-chain secrets and, secondly, by enabling identity and access management via so-called ski-chains. The latter was presented in another paper. It is a combination of Skip Lists and Blockchains, that is, searchable Blockchains.
You notice, as always, there is a lot going on in the scene. This week’s focus was on smart contracts on the one hand and digital identity on the other.
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