Latest Linkable News
Jun 5, 2020
The nature of cryptocurrencies means financial transactions are open for illegal monitoring. Monero obfuscates blockchain transactions for improved privacy and anonymity. Towards this end, the Monero Research Lab has issued a funding request for the auditing of the Concise Linkable Ring Signatures (CLSAG). In this audit, the Monero Audit Workgroup will work with Teserakt and Open Source Improvement Fund (OSTIF) according to an update published on GitLab, June 4, 2020. OSTIF, Teserakt Partner with Monero Audit Group CLSAG is an improvement of Monero’s Multilayer Linkable Spontaneous Anonymous Group Signatures (MLSAG) and promises efficient transactions without sacrificing privacy. Privacy is what underpins Monero. One of the main reasons Monero has a decent market capitalization is because of its anonymity leaning. This won’t be the first time the Monero Audit Group will be working with OSTIF. OSTIF is on an anti-censorship campaign and audited RandomX and BulletProofs codes. RandomX is a Proof-of-Work consensus algorithm adopted by Monero. It is used to drive the egalitarianism ideals of the project by prioritizing privacy and decentralization . To counter ASICs, the RandomX algorithm makes it complex for ASIC manufacturers to optimize their hardware for mining XMR. Triptych, Arcturus, and RingCT 3.0 OSTIF’s participation in CLSAG is an endorsement for Monero. The Research program, CLSAG, will eventually–if there is consensus, be replaced by Triptych, Arcturus, or RingCT 3.0 through a hard fork. Still, going forward, Triptych is the main highlight. From Monero’s documentation , Triptych is summarized as a logarithmic-sized linkable ring signatures solution. Its objective is to add more anonymity by using a type of zero-knowledge proving system as a building block for linkable ring signatures. These link signatures can scale logarithmically without necessarily affecting performance. Arcturus is an extension of Triptych but there are doubts about whether it shall be adopted since it is based on non-standard mathematics. The RingCT 3.0 improves Ring Confidential Transactions enabling Monero’s Ring signatures to run on a reduced block size with better security. By reducing ring signature sizes, users enjoy lower transaction fees which in turn has a dramatic effect on the ever-expanding cryptocurrency economy. On May 25, 2020, Monero version 0.16.0.0, the Nitrogen Nebula, was launched. Like BTCMANAGER? Send us a tip! Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4 This comes as analysts note that they foresee its recent highs to mark a local top It is important to note that there is one upcoming event that could be a catalyst for further bullishness One trader believes this event will help ETH establish a mid-term uptrend in the weeks or months ahead Ethereum was showing some notable signs of strength yesterday as it began moving back towards its local highs. This strength was short-lived, however, as sellers quickly stepped up and catalyzed a harsh rejection that ultimately led it to decline slightly. It is important to note that it is showing some signs of technical strength as it outperforms Bitcoin, but it is unlikely that it will be able to dodge a selloff if BTC declines in the near-term. Analysts are noting that the existence of a head and shoulders pattern does suggest that Ethereum will see some near-term downside in the days and weeks ahead. Other traders are noting that although this may mean that a local top has formed, the imminent launch of ETH 2.0 could invalidate this weakness and spark an uptrend. Ethereum Forms Potent Reversal Pattern At the time of writing, Ethereum is trading up marginally at its current price of $243. This marks a slight decline from daily highs of $247, but a rebound from lows of $240. These levels could be emblematic of the upper and lower boundaries of a newly formed trading range. As Bitcoinist reported yesterday, one analyst recently pointed to the potential formation of a bearish head and shoulders pattern as a reason why he believes the crypto could be positioned to see some near-term weakness. Today, the same analyst explained that this pattern now looks even more clear than it did yesterday, which could mean a breakdown is imminent. “ETH diamond/H&S looks even more compelling now,” he noted. Image Courtesy of Josh Olszewicz ETH 2.0 Launch Could Invalidate Short-Term Weakness Ethereum is expected to begin transitioning away from proof-of-work and towards a proof-of-stake consensus model with the launch of ETH 2.0 . This blockchain update is expected to increase the cryptocurrency’s scalability while also boosting its token economics via the new PoS model that encourages users to stake their ETH. Analysts do believe that the ETH 2.0 test net launch – which is anticipated to occur at some point in Q3 of this year – will give the cryptocurrency’s price a boost due to the hype surrounding it. One analyst spoke about how this could impact Ethereum’s price, explaining that he anticipates a dip in the week ahead before the crypto begins climbing higher due to ETH 2.0 anticipation. “I want to say ETH is locally topped out but not macro topped out. Dip incoming in the next week or so and then we are going higher next month with [Ethereum 2.0]. Featured image from Shutterstock. Bitcoin-focused entrepreneurs have a reason to rejoice. Earlier this week, Blockstream announced its “Liquid Ventures Initiative,” targeting developers working on the firm’s Lightning Network and Liquid public sidechains and connecting deserving projects with investor pools. Calling all BTC devs As the blog notes, over twelve Bitcoin-centric ventures funds at part of the initiate, including Blockchain Capital, Nogle, Seven Seas VC, and others. The investors have, collectively, provided over $5 million towards the fund. We’re excited to reveal the #LiquidVenturesInitiative and the 1st ever #LiquidDemoDay ! Last week, participants presented to VC and angel investors projects utilizing @Liquid_BTC . Total commitments to the #LVI stand at $5 million.