Connect with us

Blogs

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

Published

on

Lisk
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite