Blockchain

Binance Will Support the Upcoming Monero Protocol Upgrade

On 28th November, Binance announced that they would be supporting the upcoming Monero Schedule protocol upgrades. Monero XMR withdrawals and deposits will be suspended before the upgrade commences. However, users are required to understand that the XMR trading will not be affected by the upgrade, but they are requested to ensure that they leave enough time for their deposits to be fully processed before the upgrade. Users will not be required to take any action as Binance will handle all technical requirements for all users with XMR in their Binance accounts. Monero Upcoming Upgrade Ranking at #15 in the coinmarketcap, […]

The post Binance Will Support the Upcoming Monero Protocol Upgrade appeared first on CoinBeat.

Published

1 year ago

November 29, 2019

Republished by Plato

On 28th November, Binance announced that they would be supporting the upcoming Monero Schedule protocol upgrades.

Monero XMR withdrawals and deposits will be suspended before the upgrade commences. However, users are required to understand that the XMR trading will not be affected by the upgrade, but they are requested to ensure that they leave enough time for their deposits to be fully processed before the upgrade.

Users will not be required to take any action as Binance will handle all technical requirements for all users with XMR in their Binance accounts.

Monero Upcoming Upgrade

Ranking at #15 in the coinmarketcap, Monero has never been left behind when it comes to innovations and technological advancement. The CryptoNight Algorithm Monero used was ASIC resistant for a long time until 2018 when the Bitmain Miners were developed.

Monero thus needed to make modifications to their mining algorithm. The algorithm modifications led to a crush in the hash rate, and therefore, the community members decided to change the proof of work algorithm to make it ASIC miners resistant.

Changes Expected After the Upcoming Monero Upgrade

Random X will be the new proof of work mining algorithm, which will remove all the ASIC miners from the network. As of 30th November, Random X will be the official mining algorithm for the XMR network and will be moved to public testing on the network.

With the scheduled upgrade, long payment IDs will be phased out. The phasing out of long payment IDs will improve user experience and improve privacy as well as reduce support work for exchanges.

After the upgrade, transactions will need at least two outputs for data protection and security improvement.

Finally, after the upgrade, ten-block lock time will be introduced for every incoming transaction. The ten-block lock time is approximately 20 minutes, which will help increase privacy for both the users and the whole network.

Important points for Binance account holders with XMR to consider;

The XMR upgrade will not result in the creation of new tokens
The XMR deposit address format will change rendering the old deposit addresses invalid
Binance will announce when the deposits and withdrawals for XMR will be reopened

Various Binance account holders with XMR have been wondering what they need to do regarding the upgrade. The users will suffer some inconvenience as deposits and withdrawals are suspended, but it’s just a matter of time. There is no time limit for users to upgrade. However, users will not be able to use Monero until they upgrade.

Source: https://coinbeat.com/binance-will-support-the-upcoming-monero-protocol-upgrade/?utm_source=rss&utm_medium=rss&utm_campaign=binance-will-support-the-upcoming-monero-protocol-upgrade

Related Topics:Account algorithm Binance blockchain Cryptocurrency DeFi DYOR Ethereum Exchanges FOMO Forking FUD Hodl Mining REKT Satoshi Security Wallet XMR

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Blockchain

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Published

2 hours ago

March 3, 2021

Republished by Plato

Bitcoin halving is often referred to as “Halvening”, it’s a formulated reduction in the reward coins offered to the miners using a predefined blockchain algorithm.

Bitcoin halvings take place once in every four – 4 years approximately, or for every 210,000 block transactions.

The process of halvening started in the year 2012, approximately after 4 years of the invention of bitcoin i.e 2008, but practically bitcoins came into play in the year 2009.

After the first bitcoin halving, the block reward of 50 bitcoins per transaction were reduced to 25 bitcoins per block or transaction, later this reward was further reduced to 12.5 and it has now fallen to 6.25 after halvening in 2020.

The main idea of halvening is to create scarcity for the coins and to control inflation, as bitcoins issuance is limited to 21 million coins as per the idea of Satoshi Nakamoto, inventor of Bitcoin.

The production of 21 million bitcoins involves 32 halvenings, we are now done with two halvenings and this might continue till or come to an end in the year 2140.

Investors from all over the world are excited and waiting for the Bitcoin price to increase, and the demand for bitcoins in the online gambling industry is high. Bitcoins are widely accepted at Bitcoin Casinos as they collect deposits in the form of cryptocurrency from their players.

To know the overview of Bitcoin Halving (Just in minutes), check out the following infographic developed by Abishai James at WinBTC.net in partnership with ACMarket.

Blockchain

Santiment Reveals Top 10 Ethereum Projects by Developer Activity

Published

2 hours ago

March 3, 2021

Republished by Plato

Despite record highs for network charges in February, development on some of the industry’s leading Ethereum based projects has continued unabated.

The research stated that development activity is an often-underrated indicator of project success. It demonstrates the ongoing commitment to creating a working product, continuously polishing and upgrading its features, and staying true to the long-term roadmap.

The research focused solely on pure ERC-20 projects that are currently committed to developing on Ethereum. It has used 30-day Github activity to track development status and action.

We’ve just released our top 10 highest developing #Ethereum-based project countdown for the month of February! Read what the fastest moving projects using $ETH tech. are working on:

1) $GNO @gnosisPM
2) $SNT @ethstatus
3) $MANA @decentraland
4) $UMA @UMAprotocol

👇 (Cont’d) pic.twitter.com/ZGWkrgzHpH

— Santiment (@santimentfeed) March 3, 2021

The Ethereum Project Top Ten

At the top of the list for developer activity in February is the decentralized prediction market platform Gnosis. Despite a 28% slide in GNO token prices for the second half of the month, the Gnosis team has been busy working on the product.

Gnosis launched on the xDai Ethereum sidechain, joined the Open DeFi alliance, and launched a new collaborative grants initiative for Gnosis Safe Apps last month.

Status was the second most developed Ethereum based project with a number of updates for the open source mobile dApp browser and messenger. SNT prices hit a three-year high of $0.125 in February.

Virtual metaverse and NFT protocol Decentraland was third in the list of developer activity with a number of features introduced to improve user experiences.

DeFi synthetic asset protocol UMA came in fourth with two main focuses for the month; getting some major protocols out the door, and there was a collaboration with BadgerDAO.

Coming in at number five for developer action was Chainlink which announced the official mainnet launch of Off-Chain Reporting (OCR). This significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90%, it added.

“The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”

DeFi Dominates

These were the five most developed platforms in the Ethereum ecosystem for February 2021, and they were dominated by DeFi.

Also featuring in the top ten list was Skale Network, a decentralized modular cloud for running Ethereum-based dApps. MakerDAO, which is consistently in the top ten for development, was in seventh place.

Decentralized data exchange protocol Ocean, computing sharing economy Golem, and analytics platform Santiment itself rounded out the top ten.

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Source: https://cryptopotato.com/santiment-reveals-top-10-ethereum-projects-by-developer-activity/

Blockchain

Blockchain in Sports Betting

Published

3 hours ago

March 3, 2021

Republished by Plato

Wanna enter the Sports betting industry? Are you worried about the transactional data, security and entry charges?

Just relax and lean on to your chair. The amazing features of blockchain technology have reshaped the sports betting industry. It enhances safe and secure transactions as it is an open source decentralized network.

Basically, blockchain offers tremendous features like transparency, fast payouts, speedy transactions, independent in nature, etc. The most effective feature is the player’s account will not be restricted or blocked either personally or professionally due to extreme winnings.

Blockchain is the most prominent technology ruling today’s betting industry. It’s advancement in the sports industry has laid a pavement for its enormous growth in recent times.

To get detailed information, checkout the following Infographic developed by WinBTC.net in Partnership with MrBet.me.uk.