THORChain, a Cosmos ecosystem blockchain dedicated to delivering cross-chain liquidity, started operations on Friday after being halted due to a software problem.
On Thursday, the THORChain development team tweeted that it was aware of an outage and that developers had "discovered the likely cause owing to a unique transaction type (nothing to do with solvency)."
A spokeswoman for THORChain said in an email to CoinDesk on Friday morning: "The network stop has been lifted as of 10:20 AM (ET) on Friday, and the THORChain mainnet is once again creating blocks. Trading will be halted until the outgoing queue is cleared. Trading will resume once all outstanding outbound transactions have been executed."
A THORChain representative told Cointelegraph that the chain had been paused for safety reasons, but that it planned to "revert once the root of non-determinism is uncovered." THORSwap, a token-swapping platform, said that it was still accepting Ethereum and ERC-20 swaps during the outage.
A Non-Determinism of Nodes
After the blockchain administrators recognized the outage of the THORChain network on Twitter on Thursday due to a software error, the network's administrators claimed that solvency was unconnected to the halt and was caused by non-determinism between individual nodes. After confirming that the interruption had nothing to do with solvency, the company went on to tell its customers that they were working hard to find a solution as soon as possible.
According to a previously public update by THORChain, the company discovered the sources of non-determinism between nodes that were creating the problem four hours after the first alarm.
According to the researchers, consensus halts in a distributed state machine emerge from sources of inter-node non-determinism and protect the ledger from corruption. The network administrators outlined the steps required to resolve the problem, noting that they were almost there: finding the source of non -determinism, posting an update, and restarting the state machine.
After Running Back On, THORChain Claims It Was String Manipulation
After another three hours of waiting for the firm's response, the team claimed that they had recognized the problem as string manipulation. According to their statement, the developers should have recognized the issue because the wrong message was promptly switched out and never inserted into the block. Because the block contained a queue that prevents the swap from synthesizing on the same block, the wrong memo was written in the block, which damaged the mainnet.
According to the company, the code was pushing a cosmos. Uint into a string (rather than an uint64), leading the string to get the enormous int's point rather than its real value, resulting in different memo strings on different nodes. The erroneous memo is never written to disc or block. As a result, the statement missed this.
The chain was halted due to safety concerns, but a THORChain representative stated that the company intended to "revert once the source of non-determinism is discovered." THORSwap, a token-swapping platform, stated that Ethereum and ERC-20 swaps were still supported during the outage.
Conclusion
Most blockchains do not experience chain halts; stability and consistent uptime are frequently noted as important advantages of decentralized networks versus centrally controlled alternatives. The THORChain outage lasted around 20 hours. Other big blockchains have had network failures that have impacted users. According to Solana co-founder Anatoly Yakovenko, outages — allegedly caused by low-cost transactions — have been the blockchain's "curse," with at least seven occurring since its introduction in 2020. The Cosmos SDK was used to build the independent blockchain THORChain, which would serve as a decentralized cross-chain trade (DEX). It employs an automated market maker (AMM) mechanism akin to early versions of Uniswap (Uniswap) or Bancor (BNT), with THORChain's native token (RUNE) serving as the primary swap pair.
Maximalists in the Polygon [MATIC] community have been having a nice time as a result of the recent occurrence of a variety of new advancements on the network. Lark Davis, a reporter with cryptocurrency news outlet Crypto reporter, revealed that MATIC had reached two billion transactions in its existence.
This is very important news for Polygon, which has been one of the scaling solutions for Ethereum [ETH] that has performed very well. However, this is not the end of the story since transactions based on polygons are quickly catching up to and even passing Ethereum.
Definition of Polygon
Polygon is a scaling solution that operates beside the Ethereum blockchain and is referred to as a "layer two" or "sidechain." It enables transactions to be completed quickly and at a cheap cost. The native cryptocurrency of the network is called MATIC, and it is utilized for a variety of purposes including fees, staking, and more. Exchanges like Coinbase allow for the purchase and sale of MATIC.
What is meant by MATIC?
Polygon has its cryptocurrency known as MATIC, which is used for staking on the Polygon network, paying fees on the Polygon network, and for governance purposes (which means that MATIC holders get to vote on changes to Polygon). In addition, Coinbase and other exchanges make purchasing and selling MATIC possible.
During an early phase of Polygon's development, the company was known by the moniker MATIC. After first debuting as Matic Network in October 2017, the creators changed the name of the platform to Polygon in the early part of 2021.
Polygon vs Ethereum: Who is doing better in the market?
Despite this, Polygon's performance throughout this quarter has been better than Ethereum's. According to Polygon Daily, the scaling solution completed around twice as many transactions on average as Ethereum did during this quarter.
In addition, the network reportedly achieved a new benchmark for Polygon-based NFTs, as stated by the Twitter feed for Polygon news known as Polygon Daily. According to this tweet, the monthly sales volume of NFTs on Polygon achieved an all-time high of $100 million in August.
Since February 2022, when the company had its last greatest performance, this is the first time Polygon has been able to break beyond the $50 million resistance barrier. OpenSea, the biggest NFT exchange, has just made it possible for users to list native tokens on Polygon and buy them using those tokens.
Where does the market stand now?
Having said that, Polygon released a statement on September 5 stating that they have welcomed Senken to their team. Senken is a marketplace for tokenized carbon credits that operates on the blockchain and enables users to purchase, sell, and retire tokenized carbon credits. These are produced via on-chain carbon infrastructure and services built using Polygon's platform.
Where does MATIC intend to go?
After falling from its peak of $1 in August, MATIC was trading at $0.89 at the time of this publication. According to CoinMarketCap, the governance token used by Polygon saw gains of over 2% in the previous day, adding to the 5.2% increase it had had in the previous week. This puts Polygon in an excellent position to gain from the Merge since the increased scalability that Ethereum will experience as a result of the Merge will also be favorable to Polygon. Polygon's expansion, on the other hand, faces significant challenges from the development of L2 scaling solutions like Arbitrum and Optimism. There is a lot of speculation going around that these two procedures will be in the driver's seat when the L2 season rolls around again.
The recent reports stated that the Securities and Exchange Commission (SEC) of Thailand has brought new regulations about advertising for crypto businesses. It is the result of raising government scrutiny of the sector.
The SEC noted in a recent announcement that the new regulations will properly display investment hazards in marketing and offer a balanced index of expected risk and returns.
The Guidelines Of ASCI :
"Operators must provide details of advertisements and spending including the use of influencers and bloggers to the SEC along with terms and time frame," stated SEC, saying that operators had 30 days to become comfortable with the new rules.
India's rules and regulations for crypto ads
In February 2022, ASCI (Advertising Standards Council of India) kept a set of 12 guidelines regarding the advertisement and promotion of virtual digital assets (VDAs) and services. It included cryptos and non-fungible assets (NFTs) also. All advertisements that have been released or published on or after April 1, 2022, have to have adhered to the guidelines.
Thailand cryptocurrency businesses randomly promote their products on several social media platforms. There are also billboards to promote the sector all over the city of Bangkok.
According to the ASCI standards, cryptocurrency commercials must have added warnings regarding the unsafe atmosphere of the asset class. It should be much like mutual fund advertisements.
Background Information :
Notably, the Prime Minister of India, Narendra Modi, conducted a discussion about the regulatory prospects of cryptocurrencies in November 2021. According to media reports, a significant agreement took place at that time among the members. That aimed to take steps against ads that attempt to mislead the youth using over-promising and non-transparent ads.
Mentionable, In June 2022, a report of ASCI disclosed that over 400 crypto-associated advertisements violated advertising and promotion guidelines for virtual digital assets (VDAs) including guidelines for influencer advertising in the early five months of this year.
According to Manisha Kapoor, CEO of ASCI, "Some influencers discussed crypto confidently without total understanding of it. It creates an impression that it is secure, it's fine and a cool thing."
The recent data shows that 419 out of 453 complaints ASCI handled between January and May 2022 required revisions.
Previous Scenario :
Notably, Thailand had restricted the use of cryptocurrencies as a means of payment for goods and services. It was said that the wider use of digital assets would be unsafe for the nation’s financial system and economy.
Business operators along with crypto exchanges, must not offer such payment services. They were banned from providing such services that promote the use of digital assets to pay for goods or services. Was said by the Securities and Exchange Commission. Though, it was expected that the new regulation would not affect trading or investments in digital assets according to the agency.
The restrictions on the use of digital currencies for goods and services exchanges came into force starting April 1. Companies in Southeast Asia’s second-largest economy aimed to have until the end of April to be comfortable with the new rules as the regulator stated. It was said that the hurdles on cryptocurrencies such as Bitcoin for commercial transactions are in series with regulations in Europe, the U.K., South Korea, and Malaysia. Mentionable, countries like Japan, Canada, etc. are very much serious about crypto use among the public. Those countries are not only enthusiastic to use it on personal devices but also it is quite legalized in those countries. They also came up with crypto ATMs. Crypto ATMs are now one of the significant topics over the internet. Along with several uses, they balanced it through regulation and guidelines.
Tether has submitted a motion to exclude Roche Freedman from the class action lawsuit. In addition, the legal counsel for Bitfinex and Tether has requested that the law firm ensure that any defendant-issued papers have not been shared and either return them or destroy them.
After filing a petition to be removed as counsel in the case, Tether (USDT)-issuer Tether is demanding that the law firm Roche Freedman be "terminated" from its role as counsel for the Bitfinex and Tether class-action lawsuit.
The rise of the dispute
Elliot Greenfield of Debevoise & Plimpton LLP filed a request for a court order on Wednesday on behalf of the legal firm that represents Tether and Bitfinex. The motion asked the court to remove Roche's law company from the case altogether and to confirm that they have either returned or destroyed all defendant-issued papers and have not shared them with any third party, including Ava Labs. Greenfield also demanded that Roche's law firm certify that they have returned or destroyed all.
The request comes shortly after Roche submitted a notice of motion to withdraw from the Tether class-action lawsuit amid the ongoing fallout from a recent CryptoLeaks expose. The expose alleged that a United States lawyer had a secret pact to "harm" Ava Labs competitors in exchange for AVAX tokens and Ava Labs equity.
Greenfield’s remarks
Greenfield said Roche's remarks that were published on the CryptoLeaks website expressed a "severe worry" that Kyle Roche "may be abusing the discovery process" and "misusing material" he obtains via litigation.
Greenfield said that the issues are very pertinent to the case, and he highlighted the fact that Roche Freedman LLP "has issued a series of document requests seeking material that has no obvious relation to the claims and defenses in this complaint."
Greenfield stated that the withdrawal of Kyle Roche from the case "does little, if anything, to address the serious issues regarding the potential misuse of discovery:" Even though Kyle Roche has filed motions to remove himself and others from the case, Greenfield stated that the withdrawal of Roche "does little, if anything, to address the serious issues."
Greenfield further said that the "removal would not disadvantage Plaintiffs" since the plaintiffs would continue to be represented by "two other major and experienced companies," namely Selendy Gay Elsberg PLLC as well as Schneider Wallace Cottrell Konecky LLP.
The class-action complaint that was brought against Tether and Bitfinex in 2019 said that the defendants manipulated the cryptocurrency market by creating unbacked USDT "in an attempt to convey to the system that there was a massive, organic desire for cryptocurrency assets." In the last few days, Roche has withdrawn from the cases that it was involved in against Binance, Solana, Tron, BitMEX, Nexo, and Dfinity.
Exposure of Roche Freedman's 'intoxicating' links to Avalanche/Ava Labs
The legal company that represented Ira Kleiman in his unsuccessful action against Dr. Craig Wright has been exposed for launching nuisance lawsuits against Ava Labs' blockchain competitors.
Roche Freedman is well-known for initiating class action lawsuits against blockchain businesses because they deceived customers by marketing unregistered securities as tokens. Videos published by Crypto Leaks indicate that these lawsuits have nothing to do with protecting common 'crypto' investors. Instead, it seems that the cases are meant to cripple Ava Labs' competitors, so increasing the value of AVAX, of which Roche Freedman's partners were handed substantial amounts in addition to an ownership share in Ava Labs.
Final Thoughts
Roche explains in one video that his company shared office space with Ava Labs beginning in 2019 and that Roche personally resided with Ava Labs co-founder and chief operating officer Kevin Sekniqi after Roche's relocation from New York to Miami. Roche adds that he trusts Gün and Sekniqi "like brothers" and that they have "the same interest."
According to the Decentralized Engineering Corporation (DEC), the company behind the Solana-based protocol TRIP that enables mobility-based applications, the ride-sharing industry is poised for another paradigm shift, with Web3 protocols permitting new companies and drivers to bid for rides using a matching algorithm.
According to DEC, companies and passengers can collaborate and compete in a common economy on the TRIP platform. The protocol also gives the most active participants a role in its governance, which benefits both drivers and customers.
The first service intended to operate on TRIP is Teleport, a decentralized ride-sharing program run by parent company DEC that is set to start in December. DEC announced a $9 million seed round funded by Foundation Capital and Road Capital on October 27.
The Foundation Capital and Road Capital co-led the seed round, with participation from Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal. Uber's third-ever employee, engineer Ryan McKillen, as well as social media influencer Jake Paul, Flexport founder Ryan Petersen, and Farcaster co-founder Dan Romero, are among the individual strategic investors.
according to Paul Bohm, CEO of DEC and founder of Teleport, Uber "basically operates a monopoly—incredibly it's concentrated." According to Bloomberg data, Uber controls an estimated 72% of the US ride-sharing market as of June.
TRIP is Aimed to be a Decentralised Protocol
According to Paul Bohm, CEO of DEC and founder of Teleport, ridesharing giant Uber "basically operates a monopoly—incredibly it's centralized." According to Bloomberg data, Uber offers the infrastructure that links drivers and riders and takes a big share of the fee, garnering an estimated 72% of the US ride-sharing market in June.
TRIP is intended to be a decentralized protocol into which multiple app developers may plug to create a marketplace that links drivers and passengers, all without the need for centralized power at the center.
Bohm believes that this will encourage both cooperation and competition, encouraging players to deviate from the paradigm of behemoths such as Uber and Lyft while also driving companies to innovate to produce the greatest app based on a shared economy.
DEC will utilize the seed financing to accelerate its implementation in the coming months, with Teleport and TRIP demonstrating at Solana's Breakpoint conference in Lisbon in November and Art Basel Miami in December.
According to Bohm, Uber is "atrocious" at delivering service around large-scale events, thus the plan for Teleport's initial test is to give "table stakes or higher quality."
He believes that full implementation of the service will take six to nine months, with further decentralization envisaged as DEC seeks to validate the idea. According to Bohm, certain companies and automobile fleet owners have shown interest in using TRIP to develop their apps, similar to what DEC has done with Teleport.
The additional funds, according to Bohm, will be used to "launch TRIP permanently in specific cities." It will also assist the corporation in meeting its decentralization goal.
Riders in the TRIP ecosystem can pay with USD Coin on Solana and fiat currency through Apple Pay thanks to a blockchain-based mechanism, while drivers can accept the stablecoin as payment directly to their bank accounts or have it transferred into their wallet.
"By turning ride-sharing into a protocol and Teleport is constructing what Uber could not do in 2010, and what Uber should be building now," said Ryan McKillen, a former Uber employee and one of the seed round investors. Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal were among the other investors.
Conclusion
TRIP is not the first attempt to construct a decentralized ridesharing service, but Bohm believes that recent developments in decentralized finance (DeFiDeFi) have yielded token models that can make this go-round work for all players.
According to Precedence Research, the ride-sharing sector would be worth $344.4 billion by 2030. According to Statista, Uber is the most popular ride-sharing app in the world, with 93 million people using it every month.
