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

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Lisk

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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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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