Ethereum Platform Receives a New Geth Update after Consensus Flaw

The Ethereum platform has run into few issues due to a flaw in the consensus mechanism. The issues were said to be due to the failing Geth journal when it came to reverting account deletions after transactions responsible for empty account deletion encountered out-of-gas exception. The issue, also encountered by Parity in a slightly different setting has forced the Ethereum development community to release a new version of Geth.

Upon identification of the issue, which was a result of the network fork at block #2686351, the new release of Geth 1.5.3 was announced, which is now available for update and download. The release will fix journaling issues and repair the fork. The conflict between two different versions of Geth client is suspected to be the cause of consensus issue affecting the Ethereum protocol. The chain starting from block #2686351 till #2686516 has been deemed invalid and is now part of an abandoned chain.

The Ethereum community has been explicitly instructed to update their Geth clients in order to ensure that they are still operating on a valid chain. According to Ethereum’s latest blog post, the latest get release will be updating the Ethereum blockchain from the point of the fork at block #2686351, irrespective of whether the synchronization has happened beyond that point or not.

In a recent Reddit post, Vitalik Buterin announced the launch of new Geth version while providing information on the particular ether transaction that triggered the network consensus issue.

Until now, the rapid response of developers when it comes to solving issues has saved Ethereum multiple times. The firefighting capabilities of the developers became evident following sustained DOS attacks on the platform. In spite of being riddled with issues, Ethereum continues to be one of the promising platforms for blockchain adoption and organizations are expected to continue using it for their distributed ledger technology needs.

Ref: Ethereum Blog | Reddit | Image: NewsBTC

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OpenBazaar, the decentralized marketplace built using blockchain technology has launched its latest version. The launch of OpenBazaar version 1.1.8 was announced earlier today on the platform’s official blog.

According to the blog post, the latest update has lots of new features for the benefit of vendors on the platform. The new version also features few code improvements and bug fixes. A long list of changes made to the platform in its latest release includes a significant amount of changes to the listing feature.

The new pinned listings feature allows vendors to always display selected products on the top. With no maximum limit for pinned listing, merchants can now choose to display the latest, best-selling or discounted products on the shopfront. Similarly, if the vendor doesn’t want to sell or display any of the products, he/she can simply hide that particular product. This saves the vendor from deleting and recreating the listing for products that are temporarily out of stock. The same hidden listing feature can also be used to offer exclusive products to select customers.

The new version of OpenBazaar also allows vendors to set the maximum quantity of products buyers can add to their carts. OpenBazaar says that the feature will enable merchants to manage their inventory more efficiently.

Other improvements to the OpenBazaar platform includes efficient management of addresses, allowing users to set and change the default addresses. The minimum required information in the address field is reduced to include just the name and country.  Even the avatar of users on OpenBazaar can be altered on the platform itself. Users can change the orientation of their image with just one click. Also, all mentions of the vendors and buyers, especially on dispute resolution window will now be accompanied by their respective avatars.

OpenBazaar shipping section has also undergone some changes along with optimizations to page rendering on various browsers, last viewed data, tag lengths, and chat messages.

OpenBazaar is constantly evolving by improving the user interface and experience. Since its early days, the platform has come a long way and that day is not far when it attains mainstream adoption and gets listed alongside other e-commerce platforms.

 Ref: Blog | Image: NewsBTC

Te team behind the development of Litecoin, the first alternative cryptocurrency announced the latest roadmap concerning the improvement of the blockchain solution created by Charles Lee. Litecoin is well known for its similarity with Bitcoin.

Litecoin was first created in 2011, since then the market capitalization has grown –totalling more than $200 million–. Litecoin is a ‘fork’ of the Bitcoin original source code, however, the first alternative cryptocurrency adopted a few changes from its ancestor:

  • The block time was reduced 2.5 minutes per block.
  • The total amount of Litecoins in circulation will eventually reach 84 million (instead of the 21 million Bitcoins to ever exist).
  • The Proof-of-Work algorithm, Scrypt, which is ‘memory intensive’ (it has some level of resistance against ASICs).

Litecoin is especially popular in China, where it’s seen as a Bitcoin-correlated asset.

Litecoin Roadmap

The Litecoin Association is a non-profit organization registered in the State of Texas, USA.

Organised by passionate volunteers the Litecoin Association brings together the expertise of technologists, activists, and business people and works to improve the Litecoin experience for entrepreneurs, investors, consumers and the general public alike.

The association has worked alongside the Litecoin core development team to bring a roadmap, the goal is to boost its adoption and to release new features. The document detailing the association’s new announcements can be found here. In short, the Litecoin Association has decided to bring a new member to its board of directors.

Franklyn Richards will be joining the association’s ranks. According to the roadmap document, Richards has been involved with Litecoin since 2013 managing the association’s youtube channel and social media. Additionally, Richards has directed projects including Litecoin.com and LoafWallet.

In the more technical side of things, Litecoin will see a new client release. This feature-rich update will bring several protocol upgrades, they are too many to enumerate, but the mosts important are Segregated Witness adoption, HD wallet, small optimizations in memory management, faster transaction validations, Tor protocol support, and much more.

Litecoin will also future-proof its implementation, the team will include upgrades that will enable Litecoin to support the Lightning Network, Compact Blocks, and a smart-contract solution.

Source: Litecoin Association

Image via Litecoin Branding Guide

Bitcoin Core has published an FAQ section regarding the most recent Bitcoin Improvement Proposal (BIP), we are talking about the BIP 152 named Compact Block Relay, the upgrade is poised to reduce the bandwidth and the time it takes for a block to propagate through the nodes across Bitcoin’s network.

The upgrade contains several techniques to decrease a block’s propagation time across the network. The general idea is to take advantage of the fact that full nodes have similar data in their memory pools, thus, a node can only send a sketch of the block to their peers, which will then recreate it, this will save bandwidth as the full block doesn’t have to be transferred.

The block sketch will contain an 80-byte header of the new block, shortened transaction identifiers, and it may also send some other transactions ID which the sending peer predicts the receiving peer doesn’t have yet.

Bitcoin’s core team said in the BIP152’s FAQ:

The advantage of this approach is that transactions only need to be sent once in the best case —when they are originally broadcast—providing a large reduction in overall bandwidth.

Benchmarks of the Upgrade

The upgrade also has a new feature called high bandwidth mode, in which nodes can request the same block to multiple peers in the network to decrease latency, at the expense of a slightly higher bandwidth usage.

Benchmarks of this new method exhibited that a typical 1MB full block containing 2,500 transactions can be relayed with only 15KB of data, and 86% of those blocks will propagate immediately without needing a second request for any other missing transactions.

Bitcoin Core team said that this new Bitcoin Improvement Proposal will benefit the network as a whole:

Decreasing block propagation times on the p2p network creates a healthier network with a better baseline relay security margin.

BIP152 has already a working implementation, and its currently being tested by the developer community. Future plans to improve BIP152 may include the replacement of TCP protocol with UDP transmission, and using an error correction mechanism to handle dropped packets. All in all, these improvements are always welcomed, as they will help Bitcoin to be more robust.

Source: Bitcoin Core

Image courtesy of Unsplash

 

A number of users once a part of the Mt. Gox exchange have reported received email message from Mt. Gox with an “Announcement of Commencement of Bankruptcy Proceedings.”

This aligns with an update dated 21 May posted on the Mt. Gox website, which sheds some light on some upcoming dates with regard to the liquidation process.

For starters, November 28th, 2014 has been listed as the cut-off date for filing proof of bankruptcy claims.

Separately, July 23rd, 2014 (1:30 PM local time) will mark the meeting for the reporting on the status of assets. That takes place at the Tokyo District Courtroomfor Creditors’ Meeting no. 1.

According to the announcement:

“Creditors are not obligated to attend the creditors’ meeting, and the  creditors will not be disqualified from the liquidating distribution due  to their absence from creditors’ meetings. It is planned that the content of the report at the creditors’ meetings will be disclosed on the website ( http://www.mtgox.com/).”

Scores of users are eagerly awaiting more information — many of whom just want to know whether or not they’ll ever see any of the money they’ve lost ever again.

The company collapsed earlier this year following a long process of effectively keeping investors out of the loop. The company eventually halted al withdrawals and trading — later stating they lost over 700,000 bitcoins worth hundreds of millions of dollars.

Later, the company seemingly pulled 200,000 out from under the couch, will little explanation offered aside from the fact it was “found” in an account the company thought had no funds within.

A US-based group, Sunlot Holdings, is hoping to purchase what’s left of Mt. Gox in order to resurrect the exchange — once the world’s largest (and the oldest). The plan (publicized at SaveGox.com) is to resume business and repay customers who lost money.

You can read today’s document here.

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