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IOTA founder defeated, declares expulsion, shoots against German „co-founder“

admin, · Kategorien: Bitcoin

IOTA founder David Sønstebø reveals the background behind his expulsion and shoots Dominik Schiener.

In a new blog entry , IOTA founder David Sønstebø spoke for the first time about his expulsion from the IOTA Foundation

At the same time, he removes all concerns about his health and state of mind, and affirms that the IOTA Foundation „is not broke“.

As Cointelegraph had previously reported , the IOTA Foundation announced the unanimous expulsion of Sønstebø on December 11th. He is one of the founders of IOTA, who has been one of the co-chairs of the associated foundation since 2017.

With his blog entry, Sønstebø now wants to explain his point of view, because he feels the IOTA press release on the separation as „poorly worded, hasty and downright unprofessional“. Accordingly, it would „leave plenty of scope for wild speculation“.

The founder clarifies that while there has been a disagreement between himself and the Foundation, he vehemently contradicts the claim that his interests „conflicted with the interests of the organization.“ He therefore describes such a representation as „grossly false, dubious and slanderous“ of his person.

Rather, the differences of opinion between him and the Foundation „prepared the ground for the subsequent drama“. According to Sønstebø, these differences of opinion include, among other things, that he had spoken out in favor of installing a managing director (CEO) in order to promote the professionalization of the organization, which was rejected by the board of the IOTA Foundation.

In addition, the Foundation would have incorporated many smaller project areas that should actually be outsourced in order to build up the independence of the IOTA ecosystem. This was followed by a dispute about the Foundation’s finances, because after the board of directors neglected this, several project areas were declared to be the foundation’s territory in order to ensure its own raison d’etre and profitability. Sønstebø strictly rejected this capture, which should ultimately have been the reason for his expulsion.

Accordingly, he states:

„There you have it: these are my ‚different interests‘.“

The IOTA founder then addressed several board members, accusing the German board member Dominik Schiener of not having been involved in the founding of IOTA. Sønstebø only brought him in a year after the foundation stones were laid for the project. For this reason he asks Schiener not to call himself a “founder” in the future.

At the end of his blog post, Sønstebø announces that he will reveal more details about his future next year. Even if he is no longer part of the lead IOTA Foundation, he nonetheless wants to continue to participate in IOTA. So he closes with the words:

„This is not the period at the end of the last sentence, but a comma.“

Sinovate (SIN) – The decentralized cloud storage service to generate passive revenue

admin, · Kategorien: Bitcoin

Discover Sinovate (SIN), an open source project offering a decentralized cloud storage service powered by blockchain architecture. Operating in both Proof of Work and Proof of Stake, the Sinovate network is supported by many innovative features that ensure its sustainability.

Sinovate – Rethinking cloud storage with blockchain

The Sinovate project (SIN) was born in September 2018 with a very specific objective, to decentralize cloud storage with the blockchain . Completely open source, Sinovate innovates by implementing unique applications that help it get closer to its goal.

First, the Incorruptible Data Storage (or IDS), is a private network and decentralized Cloud mechanism imagined by Sinovate. This is intended for sending , storing and verifying encrypted data files .

This application integrated into the Sinovate network contains many applications, such as storing files for later retrieval, sending files anonymously through the network, private messaging between users with the SIN Messenger application.

To put it simply, in the case of file storage with IDS, data is stored and encrypted using the public key of its owner. To access and handle the data, the transaction identifier and proof of authenticity (here the private key) are required.

In order to avoid blockchain saturation, the user must pay transaction fees in SIN coins – Sinovate’s native cryptocurrency – to store their data. The amount paid depends on the size of the data and its level of encryption. In addition, all SIN coins used in transaction fees are burned and withdrawn from circulation .

To maintain this infrastructure, Sinovate developers have developed unique network solutions. Let’s see this in more detail.

A hybrid network combining Proof of Work and Proof of Stake

The Sinovate blockchain works in a rather peculiar way. Unlike most blockchains, Sinovate does not use one, but two algorithms for its consensus.

First layer, the Proof of Work (PoW). Like Bitcoin (BTC), Sinovate uses proof of work to keep its network running smoothly. With a specific hashing algorithm called X25X , Sinovate wants to be more accessible to minors by graphics cards. This is intended to be resistant to machines specialized in mining, the ASICS.

By making mining more accessible, Sinovate reduces the risk of attacks by 51% and improves network decentralization. Together, the nodes operating in Proof of Work create a new block every 2 minutes, each having a transaction capacity of 16MB.

In parallel, Sinovate also uses Proof of Stake (PoS), like any other blockchain operating with masternodes. In the same way as the nodes in Proof of Work, the nodes using this mechanism participate in the proper functioning of the network, while distributing rewards to their holders.

This hybrid system allows Sinovate to obtain an over-secure network, while giving the network capacities of more than 500 transactions per second . This 2nd layer of nodes for the network also plays other roles, described in the next part.

Sinovate innovations, Infinity Nodes and Proof of Burn (PoB)

To overcome the phenomenon of hyperinflation that masternode oriented cryptocurrencies face, Sinovate has developed what it calls Infinity Nodes .

Infinity Nodes are similar to traditional masternodes implemented by other projects, but were designed differently for Sinovate. Indeed, the collateral of an Infinity Nodes of Sinovate cannot be recovered, it being burned as soon as the node is activated. This mechanism is called Proof of Burn (PoB).

Infinity Nodes therefore use the PoB mechanism to ensure that all SINs used for the activation of a node are immutable burned and recorded as unusable . This feature greatly enhances network security by deterring those who might attempt to conduct malicious activity on the network.

In addition, each operator of a node undertakes to support the Sinovate network for a period of 12 months. After this period, the node will need to be reactivated again, committing more SIN wedges to burn.

BTC lysbilder under $ 17.000

admin, · Kategorien: Bitcoin

Bitcoin har startet dagen med å legge inn tap. Ved pressetid handles den største kryptovalutaen etter markedsverdi til $ 16,683.58 (-11.98%), ifølge CoinMarketCap.

Ethereum har på sin side falt til $ 491,04 (-17,49%), mens XRP har falt med 28,05% og nå handler til $ 0,493.

FxPros team av analytikere sier:

„Bitcoin har mistet nesten 5% i løpet av det siste døgnet og handler for tiden på rundt $ 18 000. Kryptomarkedet går derfor fortsatt inn i en korreksjonsfase. Dette kan ikke betraktes som et sammenbrudd, ettersom fallet fortsatt er ganske moderat sammenlignet med nylig registrerte vekstrater.

Spørsmålet som mest bekymrer markedsdeltakere for øyeblikket er når vil Bitcoin Evolution tilbakekjøp starte. Svaret på dette spørsmålet vil også være et viktig vendepunkt for altcoins. Etter å ha lagt ut hundre prosent vekst den siste uken, er praktisk talt hele altcoin-markedet i rødt.

Den totale markedsverdien er imidlertid fortsatt på $ 530B, noe som viser at fallhastigheten fortsatt er lavere enn den nylige vekstskalaen. Detaljistinvestorer vil ivrig vente på en rebound i altcoins til de når minst halvparten av den nylige gevinsten, et punkt der tilbakekjøp sannsynligvis vil begynne.

Til tross for den ganske betydelige nedgangen i Bitcoin, har grådighets- og fryktindeksen bare falt et poeng den siste dagen til 93, noe som tilsvarer det ekstreme grådighetsområdet og fortsatt antyder muligheten for en korreksjon. Den nåværende situasjonen blir sett på som en ‚bull trap‘ av kryptomarkedsaktører, noe som tyder på at Bitcoin kan falle til $ 16.500, og deretter øke til $ 21.000-22.000. „

I henhold til CoinMarketCaps rangering er 9 valutaer på topp 10 i rødt.

Når det gjelder markedsverdi for alle valutaer oppført i CoinMarketCap, holder den seg på $ 496,922,196,487.