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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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