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Daedalus Upgrades Cause a Stir in the Cardano Community

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Not content to rest on its laurels, Cardano continues to enhance network infrastructure by improving its native Daedalus wallet.

Daedalus Flight is a test wallet where volunteer users can assess changes within a live environment using real ADA transactions.

“Daedalus Flight is a new ‘pre-release’ version of the Daedalus wallet. Specially created for ada holders who want to help us test new Daedalus wallet features.”

IOHK CEO, Charles Hoskinson reached out to the community, via a tweet, asking users to download Daedalus Flight to provide feedback on the performance improvements.

The Daedalus wallet has drawn user criticism due to the length of time it takes to sync with the blockchain.

Even the latest version 2.1, which launched for the Shelley mainnet just three weeks ago, is painfully slow in reaching 100% synchronization.

IOHK acknowledges the problem but says that this is a characteristic of a full node wallet. Their latest help article, dated August 2020, refers the issue back to the user’s internet speed and machine specs.

“Daedalus is a full node wallet and requires a copy of the Cardano blockchain on your machine to operate. The blockchain is now over 6Gb in size on disk as of August 2019 so if your internet speed is quite slow it could take many hours. For most users with broadband connections and a relatively new machine, a full sync should take about one hour.”

So far, user feedback on the Daedalus Flight test wallet has been overwhelmingly positive.

One user commented that legacy blocks are quick to sync, whereas Shelley blocks, which make up the minority, are still slow. However, the net result was still a cut in sync time from 80 minutes to just half an hour.

Cardano On Track as Planned

In a recent update video, Hoskinson talked about the up and coming Daedalus version 2.2 and node 1.19 rollouts.

Following the Shelley launch, some three weeks ago, community feedback has pointed to several performance concerns.

But Hoskinson spoke about the work he, and his team, have been doing to address the problems.

“After talking to QA, devops, and the rest of the gang it looks like there are very significant performance improvements. Some aspects of the software are 100 times faster.”

Elaborating further, Hoskinson gave a breakdown of the critical areas by saying improvements have been made to sync speeds, chain validation, and revalidation, as well as database accessibility.

Based on the feedback of the Daedalus Flight wallet, Daedalus 2.2 should go some way to improving the user experience.

With that, all eyes are turning to the Goguen (smart contract) stage of development. The latest murmurs have Goguen penciled in for an end of 2020 rollout.

Cardano is currently ranked 9th on CoinMarketCap and is up 1.6% over the last 24-hours.

Cardano daily chart with volume

Cardano daily chart with volume. (Source: tradingview.com)

Source: https://www.newsbtc.com/2020/08/21/daedalus-upgrades-cause-a-stir-in-the-cardano-community/?utm_source=rss&utm_medium=rss&utm_campaign=daedalus-upgrades-cause-a-stir-in-the-cardano-community

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To Chainlink? That’s the DeFi Question: Exploring the Recent Compound Liquidations

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On Thursday, November 26th, the price of the Dai stablecoin (ordinarily ~$1 USD) exploded up to $1.30 on Coinbase as traders tried to snag up funds en masse to pay back, and thus keep afloat, their DeFi lending positions.

Yet this Dai price spike, combined with an acutely falling ETH price, pushed some Dai positions on DeFi lending protocol Compound into being undercollateralized and thus capable of being liquidated.

This dynamic played out because Compound’s Dai markets centrally rely on Coinbase’s Dai price feed, which skewed upward compared to other exchanges during this episode because many of Coinbase’s users were uniquely piling into Dai all at once.

This sequence of events led to more than $100 million worth of liquidations on Compound, which in turn led to considerable debate around the Ethereum ecosystem as to whether Compound messed up by overly relying on a single oracle of if the whole incident was just an unfortunate possibility panning out in the young DeFi arena.

Manipulation or Not?

In the wake of the Compound liquidations, people quickly started started positing that the underlying Dai price spike on Coinbase was the result of manipulation, i.e. a price oracle manipulation attack.

However, it’s not clear at all that an attack was the culprit. Evidence suggests that organic trading and liquidation activity led to the Compound liquidations, as some Ethereum users pointed out on social media.

Strength in Numbers?

Much of the complains levelled at Compound over the last 24 hours have to do with the fact that the DeFi protocol was overly reliant on a singular price feed, Coinbase’s.

Yet this isn’t exactly the case: Compound’s price oracle also incorporates time-weighted average prices (TWAPs), i.e. price oracles, from leading decentralized exchange for further assurances. As Uniswap creator Hayden Adams commented on Thursday:

“From what I’ve heard, the compound liquidations would have been much worse without the addition of [Uniswap] TWAPs to the Compound oracle … While the Coinbase oracle price spiked, Uniswap TWAPs did not increase much, causing the most extreme prices to be rejected.”

This is certainly validating for Uniswap’s TWAPs, but it also highlights that Compound’s price oracle performance was further strengthened by such multi-dimensionality. And for the folks who critiqued Compound for its latest major liquidations, that was the crux of the matter: that Compound would have been even better served by using many price oracles rather than less than few.

Chainlink’s Nazarov Chimes In

Chainlink is the premier decentralized oracle solution in DeFi today, and its price feeds already power an impressive range of DeFi projects. That includes lending protocol to Aave, which generally works somewhat similarly to Compound but relies instead on Chainlink’s decentralized oracles.

Aave’s worth highlighting here, then, because its Chainlink-powered Dai markets didn’t experience a raft of liquidations like Compound’s did. That’s on account of Chainlink bundling a range of price feeds rather than just relying on one.

On the news, Blockonomi reached out to Chainlink co-founder Sergey Nazarov to see what he thought the latetst Compound liquidation episode represented for DeFi. In a statement shared with Blockonomi, Nazarov noted:

“We predicted this exact exploit more than a year ago, spoke publicly about this attack vector at multiple conferences, and issued a public advisory for the wider developer community. During this specific exploit, the Chainlink network performed as expected thanks to its extensive decentralization at both the node and data source levels, returning an accurate global price for these assets. Throughout this exploit, combined with high gas prices, DeFi smart contracts consuming data from the Chainlink network remained unaffected and accurate in the proper operation of their protocols.”

In the very least, then, this Compound incident should have more than a few DeFi projects doubling down on defense by exploring how to integrate with Chainlink’s oracle tech.

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Source: https://blockonomi.com/chainlink-compound-liquidations/

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

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  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

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Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

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