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Lisk (LSK): Automated Failsafe System Activated Due to a Faulty Transaction

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Lisk has brought some good news and a bad news to the crypto community. LSK managed to acquire a new listing while getting the automated failsafe system activated, which means that there was a bug detected in the system. Due to this misfortunate event, the CEO of Lisk, Max Kordek, has explained the origin of this bug by publishing a post on Reddit, which brought some peace to the holders of LSK who had their transactions stopped during the process of the automated failsafe system.

Lisk: Transactions Stopped Due to a Bug

Somewhere at the beginning of June 2nd, the automated failsafe system was activated as there was a bug detected in the system.

The bug is said to be advanced and unique, while rather a rare form of edge-case faulty in the system, which resulted with all transactions that were being processed at the given moment, to stop indefinitely and immediately.

The automated failsafe system is integrated into the LSK network in order to keep the system safe and it is designed to be activated at once and immediately upon the detection of any suspicious activity on Lisk chain.

However, there is a sign of centralization in the mentioned system since it is a fact that the system that is built to make all operations stop at once on the Lisk network is one of the factors present in centralized ecosystems rather than in decentralized, which is the main determining factor of nearly every blockchain-based project.

So, while some crypto enthusiasts consider that this automated process made to shut the network down can in a way harm the decentralized nature of the LSK ecosystem. Max Kordek, the CEO of Lisk, claims that this system can only protect Lisk and its users, while there won’t be any sign of harm in the system.

These systems are considered to bring centralization to the already decentralized ecosystem; however, these types of protocols have proven to be a great way of protecting blockchain-based networks, while not affecting its decentralized nature in its core.

The Automated Failsafe System Freezes Lisk

On June 2nd, when the bug was detected in the system, all operations were due to stop as the automated failsafe system was automatically brought into action.

To bring a closure to all the LSK holders and the crypto community, the CEO of Lisk, Max Kordek, went forward with publishing a thread on Reddit that was due to explain the nature of the detected bug.

As all transactions that were being processed at the time when the bug was detected were stopped because of the automated failsafe system, the mentioned transactions froze in order to protect the system alongside with dictating the safety for LSK holders and users.

Kordek explained that the bug they have found was very rare, so the system wasn’t able to recognize the transaction that had the bug built in, as a faulty transaction that it actually was.

That is how the Lisk system went on processing the transaction although the given transaction wasn’t valid, so the automated failsafe system acted once the transaction was recognized as malicious.

It is still not certain whether the bug was integrated with the plan to attack the network or maybe even targeted holders, however, Kordek stated that the network is now fully operational.

To neutralize the bad news of having one faulty transaction make valid transactions stop with the process while being piled up on the system of Lisk, on June 2nd there was some great news released about Lisk getting a new listing.

Lisk now Tradable on OKEx

OKEx stands for one of the most promising exchange platforms in the crypto market, mostly due to its handy investing tools for professional investors, alongside with the available secure wallet and vault for listed coins and tokens.

OKEx announced the upcoming listing on June 2nd, adding three trading pairs for LSK, which means that Lisk can be traded with USD, ETH, and BTC.

The market for Lisk should be opened on June 4th, while the withdrawals will be made possible on June 5th. LSK announced the same news on June 3rd with sharing the news in an official tweet post.

Lisk Performance

Lisk is following up with the most recent market trend, which means that we can see LSK rising up against the dollar.

After the latest change in the market, LSK has gone up by 7.26% against the dollar, which means that this asset can be traded at the price of 10.12$ per one unit.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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