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Blockchain

Bison Trails launches staking and node services for Cosmos

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Blockchain infrastructure firm BisonTrails has launched support for the Cosmos ecosystem, allowing its clients to stake and run nodes for blockchain ecosystem Cosmos.

BIson Trails offers services to simplify the process of participating in blockchains, such as staking and running full nodes. The firm’s customers include custodians, exchanges, and funds, with Bison also helping Web 3.0 applications connect to blockchain data. The firm partnered with Coinbase in January to offer services under the U.S. exchange’s umbrella.

Bison’s customers can now use the firm’s infrastructure to stake and delegate their tokens using “participation clusters,” earning transaction fees and rewards while securing the Cosmos network.

Bison’s participation clusters feature two components to enhance security — validator nodes that are hosted in a private network, and “sentry nodes” that interface between said validator nodes and the public blockchain network. The clusters are deployed using remote hardware security modules to ensure validators’ private keys do not interact with the public internet. The announcement said:

“The participation clusters themselves are architected to withstand attacks. The sentry nodes act as a layer of defense to the validator nodes, enabling them to stay hidden and private from the public internet, and mitigating the risk of DDoS and remote access attacks.”

Bison Trails will also offer several node services, including full QT nodes, archival nodes, and light client support.

Cosmos comprises a decentralized ecosystem of parallel blockchains based on Cosmos’ open-source Tendermint protocol, facilitating intercommunication between the parallel chains.

Last month, Cosmos launched its Inter-Blockchain Communication protocol, or IBC, Stargate, to facilitate interoperability between the blockchains built using Cosmos’ Software’ Development and other blockchain networks.

As anticipation for the Stargate release built heading into February, Cosmos’ ATOM token surged into new all-time highs above $10, before rallying to $26 when the protocol went live on Feb. 18. ATOM has since retraced nearly 30% to currently trade for $18.50.

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Source: https://cointelegraph.com/news/bison-trails-launches-staking-and-node-services-for-cosmos

Blockchain

Iran’s Energy Ministry warns of heavy fines for crypto miners using household energy.

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Crypto miners using household electricity in Iran will face a “heavy fine,” according to Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, as reported by the Tehran Times. The spokesperson also added that cryptocurrency mining is one of the two biggest threats to Iran’s electricity supply this year—alongside a reduction in power coming from hydropower plants due to a lack of rain. 

Iranian government is cracking down on unauthorized mining.

As per local reports, the Iranian government is cracking down on unauthorized mining using household electricity. The crypto mining industry is heavily reliant on Iran’s power grid, and thus it places heavy demands on the national power supply. Rajabi also added the practice might even cause blackouts across the country. In addition to the “heavy fine” facing miners using household electricity, those caught by the government will also be made to compensate for the damages they cause to the country’s electricity supply. The move is the latest in a long line of steps taken by the government to control the cryptocurrency mining industry in Iran.

Iran struggles to provide energy to crypto miners. 

Iran legalized industrial cryptocurrency mining two years ago in 2019. At that time, Irani ministers said the industry could pull in over $8.5 billion a year. The move was considered by many to boost state income amidst tough economic sanctions applied as part of former President Trump’s “maximum pressure” Iran doctrine. However, by October of last year, the crypto mining industry had boomed to such a height that even the Central Bank of Iran put forward new regulations that directed the proceeds of Iranian-mined Bitcoin into government funds so Iran would be able to finance imports. But despite the country’s embrace of crypto mining, the country has consistently struggled with balancing the industry’s needs with the country’s wider electricity demands. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://chaintimes.com/irans-energy-ministry-warns-of-heavy-fines-for-crypto-miners-using-household-energy/

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Blockchain

Bitcoin Exchange Inflow Continues to Surge, Will BTC see a Further Downside?

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Bitcoin price fell to a 3-month low earlier today retracing to $42,000 level which many believe was caused by Elon Musk’s recent Twitter meltdown, however, the price soon bounced off to rise above $45,000 as the total correction since last month high reached over 30%, the biggest correction this bull season. While many Bitcoin proponents believe the recent market shakeup is not out of the ordinary, the unusual exchange inflow continues to rise which might indicate another bearish downtrend in the short term.

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Timecoin

Source: CryptoQuant

Ki-Young Ju, founder of crypto analytical firm crypto quant and a popular crypto analyst has pointed towards the growing exchange inflow and warned traders to keep their leverage small and to avoid longing Bitcoin in the coming few days.

A similar unusual exchange inflow was registered on Bitfinex just hours before Elon Musk announced Tesla would no longer accept Bitcoin payments owing to the environmental concern following which the price of the top cryptocurrency recorded a 10% correction. While many blame Musk for the recent sell-off and corrections, Bitcoin proponents claim an upward 200% surge since the start of the year does come at a cost of certain corrections ranging between 10%-40%.

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Bitcoin Whales Behind the Recent Sell-Off?

Bitcoin this bull season has developed a unique price pattern where it has risen to a new ATH every month followed by an immediate crash ranging between 10%-30% and an elongated consolidation phase before moving to the next ATH. With each new ATH, the consolidation phase has gotten longer since fore the first two months BTC recorded a new ATH in the first week itself, then as the consolidation phase got longer the new ATHs started to come in the second week.

The recent sell-off for sure has created a panic in the market given Musk single-handily gave fuel to multiple debunked FUDs all at once which has created a panic among new investors and whales seem to be making the most of it. Until May, even during the dips exceeding 20%, the exchanges continue to register massive outflows

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/bitcoin-exchange-inflow-continues-to-surge-will-btc-see-a-further-downside/

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Blockchain

Crypto ransomware payments exceed $81 million in Q1 2021

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Chainalysis’ mid-year report shows total crypto paid to ransomware addresses increased by 337% in 2020, with Russian-affiliated cybercriminals mostly responsible

Blockchain analytics firm Chainalysis published a preview of their mid-year report on Friday which examines the growth of crypto-related ransomware attacks. The report shows this to be the fastest-growing category of crypto-based crime.

The Crypto Crime Report published by Chainalysis in February this year showed that ransomware victims had paid almost $350 million in cryptocurrencies in 2020. However, further ransomware addresses have since been identified and the new report estimates the figure for 2020 to be over $406 million.

This means the value of crypto received in ransomware attacks in 2020 had increased by 337% since 2019. And the rise in ransomware attacks shows no signs of stopping. Already in 2021, ransomware addresses have received more than $81 million worth of cryptocurrencies. This, again, is considered a minimum and the figure will likely increase as more addresses are detected.

A factor driving the growth has been the emergence of new strains of ransomware, in addition to older strains taking larger sums. Many strains use the Ransomware as a Service (RaaS) model. This involves an attacker “renting” a strain of ransomware from its creators, who get a share of the ransom from successful attacks in return.

Although the number of different strains appears to represent a large ransomware ecosystem made up of distinct groups, blockchain analysis shows that many RaaS attackers migrate between strains, and some of the biggest strains may even have the same creators.

The size of ransom payments has also been on the rise in recent years. In the first quarter of 2018, the average payment was $1,000. A year later it had tripled to $3,000 and a year after that a further increase of 567% took it up to $20,000. In Q1 of 2021, the average payment had more than doubled again to $54,000.

The largest known payments to ransomware strains have likewise risen in that time. The figures were always below $6 million before 2020, but have all been above that value since, with the largest crypto ransom payment in Q1 2021 being worth $10 million.

The report also showed that the vast majority of proceeds from the most prolific ransomware strains went to Russian-affiliated cyber criminals, largely driven by Russia-based darknet market Hydra. This is something the US government is already taking seriously with the announcement of punitive measures against Moscow last month. However, tackling the issue will likely require the cooperation of firms throughout the crypto sector as well as further blockchain analysis.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinjournal.net/news/crypto-ransomware-payments-exceed-81-million-in-q1-2021/

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