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INJ Price and RAMP Price Shoots up Nearly 25%, XRP Price Follow the Suit

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The crypto market appears to have recovered a little since after the plunge in the recent hours. However, the major crypto assets like Bitcoin price and Ethereum price are trying hard to sustain above $35,000 and $1000 levels respectively.

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Surrounding the bullish trend, some of the crypto assets like INJ, RAMP, etc are performing high notably. Moreover assets like XRP, XLM, ADA also surge with a little margin. 

Injective Protocol (INJ) Price

Injective protocol price shoots up high, forming a new all-time high as with the launch of the world’s first ever Tesla Stock futures trading on INJ’s Solstice Pro Testnet platform as announced on their official Twitter handle. The price jumped from as low as $0.36 to smash the current ATH, forming a new one at $5.74.

The INJ price at the time of writing is $5.38 with a jump of 17.89 percent in the last 24 hours. The price gained nearly 65% and topped the chart smashing all the resistance levels. The momentum of the assets appears to be very strong and more uptrend can be speculated in the coming days.

Technical indicators

  • The asset is on it’s all-time high and hence, the resistance levels cannot be predicted.
  • Teh support levels are formed initially at $4.37, later at $3.54
  • The market sentiments are extremely bullish and hence, the technical indicators also point towards a ‘buy’ signal.

Ramp (RAMP) Price

The RAMP price initiated its bullish trend well before in the last days of 2020. However after a small jump, the price trended sideways until a major boost in the recent days that led to nearly 330 percent jump in the past week and more than 37 percent in the past working day alone.

RAMP price is very close to it’s all-time high at $0.2249 and currently at the time of writing, the price is $0.2243 with a massive jump of 36.61 percent in the last 24 hours. However, new ATH will be formed very soon.

Technical Indicators

  • The resistance levels are formed at it’s ATH at $0.2249
  • The support levels are formed at $0.11
  • The technical indicators point are currently neutral

XRP Price

The XRP price has rebounded bullishly in the M-shaped pattern formed in the price chat. Currently, a couple of green candles have pointed towards a possible uptrend with the price in the coming days.

At the time of writing, the XRP price is $0.29 with a jump of nearly 3.19 percent in the last 24 hours. The price is expected to touch highs above $1 very soon irrespective of whether the SEC lawsuit will be for or against the Ripple.

Technical Indicators

  • The current resistance levels are formed at $0.3628
  • The current support levels are formed at $0.2604
  • The technical indicators point out towards  ‘sell’ 

Source: https://coinpedia.org/news/inj-ramp-and-xrp-price-shoots-up/

Blockchain

Mitsubishi and Tokyo Tech Tap Blockchain for P2P Energy Trading Network

UK Energy Supplier Centrica to Trial Blockchain Technology

UK Energy Supplier Centrica to Trial Blockchain TechnologyJapanese conglomerate Mitsubishi Electric is teaming up with Tokyo Tech to develop a blockchain-based peer-to-peer (P2P) energy trading system. From energy neighborhood concepts to rural electrification projects, blockchain technology continues to find significant adoption in efforts geared towards improving access to electricity across the world. Blockchain-based Digital Energy Platform Both organizations announced the news via

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Japanese conglomerate Mitsubishi Electric is teaming up with Tokyo Tech to develop a blockchain-based peer-to-peer (P2P) energy trading system. From energy neighborhood concepts to rural electrification projects, blockchain technology continues to find significant adoption in efforts geared towards improving access to electricity across the world.

Blockchain-based Digital Energy Platform

Both organizations announced the news via a joint press statement issued on Sunday (Jan. 17, 2021). According to the press release, the two establishments will collaborate on a pioneer blockchain P2P energy trading system to facilitate the efficient utilization of surplus electricity supply from renewable energy sources.

Detailing their respective roles and responsibilities in the joint enterprise, Mitsubishi will be in charge of designing the P2P energy trading infrastructure while Tokyo Tech will spearhead the blockchain research and development work functions as well as the development of a robust clearing algorithm.

According to the joint press release, Mitsubishi and Tokyo Tech’s network will differ from the usual blockchain-based energy trading systems. Part of this uniqueness lies in the decision to create a platform that does not require high-volume computations and is not hardware-intensive.

With micro-computing servers and robust order matching with minimal computation requirements, the new method will utilize a four-step process to achieve its aims. An excerpt from the announcement detailing the process reads:

“In the first step, information on buy and sell orders with a common trading goal (market surplus, profit, etc.) are shared by computing servers during a predetermined timeframe. Second, each server searches for buy and sell orders matched to the common goal in the first step. Third, each server shares its search results. In the fourth and final step, each server receives the search results and generates a new block by selecting trades that best meet the shared goal, which it adds to each blockchain.”

According to the press statement, the project will commence in April with plans for the early commercialization of the system.

Mitsubishi and Tokyo Tech’s project joins the rapidly expanding cast of P2P energy trading networks is what is proving to be a popular blockchain technology adoption niche. Back in Sept. 2020, the IOTA Foundation and CityxChange cost-efficient energy trading platform was announced as being business-ready.

As previously reported by BTCManager, a 2020 research study showed that Power Ledger’s P2P energy trading solution constituted a real use case for blockchain technology.

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Source: https://btcmanager.com/mitsubishi-tokyo-tech-blockchain-p2p-energy-trading-network/

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Robbers steal $500,000 in cash from crypto trader in Hong Kong

Four unidentified men stole more than 3.5 million yuan ($500,000) from a cryptocurrency trader in Kwun Tong, Hong Kong on 18 January. According to local news site Apple Daily, the robbers, who are

The post Robbers steal $500,000 in cash from crypto trader in Hong Kong appeared first on AMBCrypto.

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Four unidentified men stole more than 3.5 million yuan ($500,000) from a cryptocurrency trader in Kwun Tong, Hong Kong on 18 January.

According to local news site Apple Daily, the robbers, who are apparently 20 to 30 years old, threatened an unnamed woman with knives and sticks. At the time, the victim completed trading crypto with another person who was posing as a buyer, in the upper floor of Wah Kai Centre.

The criminals also stole the woman’s iPhone and fled to a pickup van. She immediately used her second phone to contact her husband, who then called the police. Police said that the office where the trade took place was recently rented out and only had some furniture.

According to local news, the woman sold crypto to the buyer in three transactions. Local police said in a report that the victim was paid 3.5 million yuan in cash in 1000 yuan notes after using her iPhone to transfer 450,000 yuan in USDT Tether tokens to the “buyer.”

The woman’s uncle, who drove her to the building was apparently waiting for her downstairs. He claimed that before police arrived, he saw a group of men run out and drive off in a van.

Detectives from the Kwun Tong district are investigating the incident and are in search of the perpetrators. At press time, no arrests have been made yet. 

This would be the second crypto related robbery to take place this month in Hong Kong alone. On 4 January robbers stole $3 million yuan or $461,000 in Bitcoin from a trader in Chai Wan. The 37-year-old male victim met two buyers in a car before a group of six  men rushed to the scene and stole the money. The robbers later kicked the trader out of the car on Tai Tam Road and drove off.

Source: https://eng.ambcrypto.com/robbers-steal-500000-in-cash-from-crypto-trader-in-hong-kong

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Good Griefing: A Lingering Vulnerability On Lightning Network That Still Needs Fixing

The potential for “griefing” attacks on Bitcoin’s Lightning Network is a serious threat. Here’s how they work and why they deserve a fix.

The post Good Griefing: A Lingering Vulnerability On Lightning Network That Still Needs Fixing appeared first on Bitcoin Magazine.

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What happens when your Lightning Network routing node is fed with garbage transactions that never resolve? In short, it causes a lot of grief for routing nodes. What was once a smooth, global payment system can be locked up with trivial effort from a savvy script writer.

Working in a small team of routing nodes, we successfully ran a test of the attack with real funds and demonstrated the “griefing” attack described by Joost Jager. The attack is called a grief attack since it is not a theft of funds, but it causes a victim’s Lightning funds to be frozen: a major upset. What we found is that griefing is a serious threat to large “wumbo” channels expecting to earn a yield on their bitcoin, only to have their funds frozen for a period of time. 

This is mostly a grief attack: no loss of funds, but the victim may be forced to pay for an expensive channel force close. This is a known vulnerability on mainnet Lightning and it needs to be understood and prioritized, especially at this early market stage of Bitcoin’s Lightning Network.

Thanks to Clark Burkhardt and Phillip Sheppard for their willingness to participate in this test and to Jager for his tireless work to bring attention and priority to this vulnerability. Jager played the role of the attacker for our demonstration, while Burkhardt and Sheppard joined me as connected victim routing nodes.

How The Attack Works

The attacker saturates one (or several) channel(s) with Hashed Time Locked Contracts (HTLCs) that don’t resolve as a finalized payment. These are a special breed of HTLCs known as HODL invoices. Only 483 of these unresolved HTLCs are required to overwhelm a channel per direction. Once those HTLCs are in the channel, any transactions using that same channel direction are impossible, including a transaction to cooperatively close that channel.

In theory, an attacker could contact the victim (perhaps via a keysend message or in an “onion blob”) and demand a ransom be paid to halt the attack. Once the ransom is paid, the attacker could remove the unresolved payments, ending the attack. The attack can be sustained indefinitely, halting all routing and payment activity in that channel. This freezes the funds in the Lightning channel.

Both directions of payments can be stalled in a channel by using 483 HTLCs in each direction, both inbound and outbound.

Thunderhub view of my balanced channel to Burkhardt under attack. The channel shows as “Not Active,” as if Burkhardt were offline, but he wasn’t. The amount in blue is the local balance in sats, the amount in green is the remote balance in sats owned by Burkhardt. Source: Thunderhub.

Why Would An Attacker Do Something Like This?

The first motive that comes to mind is to demand a ransom. This attack causes pain for the victim and paying a ransom may be attractive to a victim, even without assurance that the attack would stop. Contacting the victim might be risky for an attacker, but a ransom payment might not be the only reason someone would do this.

A secondary incentive for launching a griefing attack would be to disrupt routing competition. Jamming a competitor’s route could create more demand for a route owned by an attacker.

As a benchmark, consider that Lightning Labs’ Loop node has an ongoing demand for liquidity for which it will sometimes pay a 2,500 parts per million of the payment (ppm) (0.25 percent) fee rate. In my experience, they would normally exhaust 16 million sats’ worth of liquidity in about two weeks (5.2 percent annual percentage rate), but that is with competition present. 

If an attacker could disable any competing route with lower fee rates, Loop may be willing to pay a higher fee rate (since the supply of liquidity is now reduced). Let’s say Loop would pay 3,000 ppm (0.3 percent), as well as use that liquidity more quickly since no other channels are functioning. Loop might use that liquidity in half the time, say one week. The attacker would more than double their usual yield to 15.6 percent APR in this example. The only cost to the attacker is the cost of running a script on an existing channel and the psychological cost of doing something immoral/damaging to the Lightning Network. With a single attacker channel, a malicious actor could jam about nine channels (see Jager’s tweets about this).

What Would The Victim Of This Attack Experience?

The victim of this attack wouldn’t really know that this attack was happening unless they had some special alerts set for pending HTLCs. For Thunderhub users (a highly recommended tool), the home screen will show a chart of pending HTLCs as well as a warning stating that channels can only hold 483 pending HTLCs.

Source: Thunderhub

In practice, my node quickly became unreliable and experienced several app crashes, including Thunderhub, which was the only app to notify me of the problem. Then, thanks to my “Balance of Satoshis” Telegram bot, I got a channel closing notification. The channel under attack force-closed itself! That was not supposed to be part of the experiment. (For more technical information on the involuntary force close, see below for additional force-close data.)

A test payment using the channel with Burkhardt (salmiak) failed due to the attack. This warning reports that Burkhardt’s node is offline, though it was online. Source: Thunderhub.

What Can The Victim Do To Stop A Griefing Attack?

Once an attack starts, a victim essentially can’t do anything to stop it. The only alternatives available to halt an ongoing attack would be to force-close the channel being attacked, which means that the terrorists win. 

To add insult to injury, force-closing the channel will push the unresolved payments to the on-chain transaction data, triggering secondary on-chain transactions for the initiator of the force close. At 50 sats/vbyte and 483 on-chain transactions, that’s easily a 1 million sat price tag to force close a single channel under attack (a $368 channel close fee at today’s prices). The multiple on-chain transactions only occur if the output is above the minimum payment “dust” limit. (See this example on testnet.)

How To Prevent A Griefing Attack

Jager has been working on a proof-of-concept program to help isolate and fight attackers. He’s calling his program “Circuitbreaker.” The Circuitbreaker works at a network level, which unfortunately means that everyone has to participate for it to be effective.

Beyond that, this issue needs prioritization and attention from dedicated engineers/developers to find better solutions. There have also been some good discussions on modifying the protocol in the Bitcoin Optech newsletter (issue #122 or #126).

This attack can be executed today. It is a miracle that it hasn’t already been used maliciously. It’s a reflection of the incentives for those using Lightning today so that it can become an open, universal payment network. Please share this post as you see fit to encourage and inspire more work to fix this problem before it causes real harm.

Additional Technical Information About The Involuntary Force-Close

Here are the logs from my node running LND 0.11 at the moment that the above mentioned involuntary force-close occured:

2020-11-26 21:24:47.374 [ERR] HSWC: ChannelLink(657759:561:0): failing link: ChannelPoint (c37bec006b18df172698a84739ca47128935e0a8666fecd1a843e49b01db207c:0): received error from peer: chan_id=7c20db019be443a8d1ec6f66a8e035891247ca3947a8982617df186b00ec7bc3, err=rejected commitment: commit_height=455, invalid_commit_sig=3044022076fd65191eb6305b723fa6012be378413b6326e2786c38db58b4c02e1f3999d202207605ca31de8b4c5b1d9cd20dc1581dfa2383e0b4e06c8ad4f718ab5c434d8cf5, commit_tx=02000000017c20db019be443a8d1ec6f66a8e035891247ca3947a8982617df186b00ec7bc300000000008a792e8002210d0000000000002200201031cf10a1efef261edd3d0a1a6a953b27bc25bd7150bb2b07afdc69805e02157213000000000000160014de650929042bef58b71783ae1a44834a902a8f2d542ca720, sig_hash=4e0fb804c74376020e4c44a60969b9206eb0aaa9a89b76017d60f23ad5cf63e5 with error: remote error

The logs show an “invalid_commit_sig” which is a known issue in LND. Supposedly, this can happen upon reconnecting and isn’t a direct result of the channel jamming. The volume of pending HTLCs unfortunately makes it more likely to happen. Jager helped explain the process as channel jamming –> endless payment loop (bug) –> node down –> reconnect –> invalid commit sig (bug) –> channel force-close.

The “endless” loop bug is a known bug that occurs when the HTLC limit is reached and an additional HTLC is sent. Instead of ending in a payment failure, LND will continue to attempt the payment in a loop. To help with this bug, see LND issue #4656.

This is a guest post by Jestopher. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/good-griefing-a-lingering-vulnerability-on-lightning-network-that-still-needs-fixing?utm_source=rss&utm_medium=rss&utm_campaign=good-griefing-a-lingering-vulnerability-on-lightning-network-that-still-needs-fixing

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New Highs Inbound: Ethereum is About to See an Explosive Rally Against BTC

Ethereum’s price action has been strikingly similar to that of Bitcoin’s as of late The crypto is once again showing strong signs of correlation to BTC, which has caused it to see some relatively choppy trading as of late It has continued gaining some slight ground against BTC, although it is now pushing up against resistance on its BTC trading pair It is also nearing a few key USD resistance levels as well, with bears […]

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  • Ethereum’s price action has been strikingly similar to that of Bitcoin’s as of late
  • The crypto is once again showing strong signs of correlation to BTC, which has caused it to see some relatively choppy trading as of late
  • It has continued gaining some slight ground against BTC, although it is now pushing up against resistance on its BTC trading pair
  • It is also nearing a few key USD resistance levels as well, with bears trying to guard $1,250 and $1,300
  • A clear break above both of these levels could spark a parabolic move that leads it significantly higher
  • One trader is expecting this type of breakout rally to take place in the near-term, noting that he is watching for serious outperformance of BTC

Ethereum has been struggling to break free of Bitcoin’s grasp, which has caused it to see some relative consolidation throughout the past couple of weeks.

It currently faces some resistance between $1,250 and $1,300, just a hair above where it is trading.

Much like BTC, Ethereum dips have all been aggressively absorbed by buyers, which is a positive sign.

One trader is now watching for ETH to see massive upside against both BTC and USD in the near-term, noting that it is on the cusp of breaking a few key levels.

Ethereum Consolidates as Bulls Struggle to Break Key Resistance 

At the time of writing, Ethereum is trading up just over 1% at its current price of $1,240. This is around where it has been trading throughout the past couple of days.

The resistance just above its current price at $1,250 is intense, as it has been hampering the cryptocurrency’s growth over the past few days and weeks.

Breaking this level will open the gates for a test of $1,300, which is another key level that should be closely watched in the near-term.

Analyst Claims ETH Likely to Break Free of BTC Correlation 

One analyst mused the possibility that Ethereum will soon break free from its BTC correlation and rally higher.

He notes that the cryptocurrency’s “shackles” are soon to be released, which could lead it to see some serious upside in the mid-term.

“ETH: I’m sure if Eth wasn’t as tied to BTC as it is (due to being #1 and #2) It would have printed ATH USD a while ago. However, I think it’s shackles are soon to be released and the BTC pair looks very strong. BTC must prepare to be ratio’d.”

Image Courtesy of Resolute. Source: ETHBTC on TradingView.

The coming few days should shine a light on where the market will trend in the mid-term, as any Bitcoin weakness could contribute to that of Ethereum and hamper its growth.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/new-highs-inbound-ethereum-is-about-to-see-an-explosive-rally-against-btc/?utm_source=rss&utm_medium=rss&utm_campaign=new-highs-inbound-ethereum-is-about-to-see-an-explosive-rally-against-btc

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