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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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Bitcoin

Importance of Bitcoin ETFs and Bakkt for the Crypto Space

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It is no secret that 2018 was a very bad year for cryptocurrencies, at least when it comes to prices and market cap. However, in its brighter moments, this year managed to set the stage for some very important events that are expected to make 2019 very successful and profitable. Two things have attracted the most attention, both of which were expected to occur in 2018, only to be moved for early 2019. Those two are Bitcoin ETF decision by the US SEC, and the launch of Bakkt.

What are Bakkt and Bitcoin ETFs and why are they important?

Let’s start with Bakkt first. Bakkt Exchange is a business that is set to launch at the very beginning of 2019. It is a cryptocurrency platform that is set to offer a large number of services, including things such as warehousing and trading. However, there is another thing that makes Bakkt special, and that is the fact that the exchange itself is a product of the same company that has created the New York Stock Exchange.

In addition, Bakkt will be supported by some very influential names, such as Microsoft, BCG, and even Starbucks, to name a few. Furthermore, Bakkt will support crypto-to-fiat conversions. Starbucks will actually be one of the companies that have volunteered to help test the system, as users will be able to convert crypto to USD that can then be used in Starbucks.

Bakkt exchange…

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4 Best-Performing Cryptocurrencies in the Current Bear Market

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Cryptocurrencies have been experiencing a strong return of the bearish trend for weeks now, and only now does it show signs of weakening. However, experts believe that the situation will not repair itself so easily and that prices will remain low for a certain period.

However, when bear market strikes, the sentiment gets most bearish when the trend reaches the bottom. Everyone starts selling, and while short sellers can make a profit in this situation, analysts usually warn that the sale will only knock the prices down even further. Since most of the crypto-related news is already negative at this point, such predictions often make sense.

However, there is still one thing to keep in mind, which is the fact that when downtrend enters a capitulation, that often signals that a new bottom has been found. That is the perfect time to actually go against the bearish trend, and start buying. It is also a good opportunity to abandon the coins that seem too risky, and do not seem to have that bright of a future ahead of them.

Bitcoin has dropped by 87% from its all-time high, which it hit back in January. However, the rest of the market dropped with it, and it never lost its dominance, which still remains above 50% of the total market cap. In other words, while its price may have sunk to lows that were not seen for a while now, it…

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Blogs

Will The Stock Market’s Bearish Outlook Affect The Cryptocurrency Market?

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About 3 months ago I was reviewing what was happening in other markets as the cryptocurrency market kept falling. So I opened up TradingView and what I saw was something so incredible I had to look a second time, I thought I had opened up the BTC/USD chart but it had not yet fallen. I was a bit confused, but I realized my TradingView opened to the DOW, at the time it was looking extremely euphoric and then upon a little more research I saw it was in the longest bull since its conception.  I instantly wanted to see does this just apply to the Dow Jones or does it also apply to the likes of the Russel, S&P500, Nasdaq, Vanguard and then I even looked at the housing market. What I saw I am honestly going to say baffled me, what was there before me was a perfect opportunity, I knew that soon the stock market would fall and started letting people know about hedging.

Last year for many was a huge learning experience and even if many lost money, they learned about financial markets for the first time and may have bought their first ever investments. This was a huge plus for many people who were labeled noobs or noob investors. Why you may ask? Well, the simple answer is that noobs tried investing for the…

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