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Second MultiChain 2.0 preview release

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Per-asset permissions, capacity upgrading and inline metadata

Today we’re pleased to unveil the second preview release of MultiChain 2.0. This makes substantial progress on the MultiChain 2.0 roadmap, and includes an important extra feature relating to asset permissions.

Per-asset permissions

Let’s start with the surprise. This release adds the ability to separately control the send and receive permissions for each asset issued on the blockchain. This control is important in environments where each asset has different characteristics in terms of regulation, user identification requirements and so on.

At the time a new asset is issued, it can optionally be specified as receive- and/or send-restricted. Receive-restricted assets can only appear in transaction outputs whose address has receive permissions for that asset. Similarly, send-restricted assets can only be spent in transaction inputs by addresses which have per-asset send permissions. (Note that in all cases, addresses need global send and receive permissions to appear in inputs and outputs respectively.)

The send and receive permissions for an asset can be granted or revoked by any address which has admin or activate permissions for that asset. By default, these permissions are only assigned to the asset issuer, but the issuer (or any subsequently added asset administrator) can extend them to other addresses as well.

Blockchain parameter upgrades

One of the major features in development for MultiChain 2.0 is blockchain upgrading, to allow many of a chain’s parameters to be changed over time. This is vital because blockchains are designed to run for the long term, and it’s hard to predict how computer systems will be used many years after their creation.

MultiChain 1.0.x already provides a facility for upgrading a single parameter – the chain’s protocol version. This release of MultiChain 2.0 takes a significant step forwards, allowing changes to seven additional parameters related to blockchain performance and scaling. These include the target block time, maximum block size, maximum transaction size and maximum size of metadata.

As with other crucial operations relating to governance, upgrading a chain’s parameters can only be performed by the chain’s administrator(s), subject to a customizable level of consensus. We’re continuing to work on this feature, so look out for more upgradable parameters in future releases of MultiChain 2.0.

Inline metadata

MultiChain 1.0.x already supports unformatted (binary) transaction metadata, which can be embedded raw or wrapped in a stream item. The first preview release of MultiChain 2.0 extended this to allow metadata to be optionally represented in text or JSON format. In all of these cases the metadata appears in a separate transaction output containing an OP_RETURN, which makes the output unspendable by subsequent transactions.

This release of MultiChain 2.0 introduces a new type of metadata which we call “inline”. Inline metadata is stored within a regular spendable transaction output, and so is associated directly with that output’s address and/or assets. As with other forms of metadata, inline metadata can be in binary, text or JSON formats, and is easily writable and readable via a number of different APIs.

Inline metadata becomes truly powerful when used in conjunction with custom rules regarding transaction validity. One example is to send assets with an expiry date, or with a list of restrictions on where they can go next. In this release, custom validation rules can only be defined by modifying MultiChain’s C++ source code. However, once filters are implemented as part of the MultiChain 2.0 roadmap, these rules will be written in JavaScript and installed on a blockchain using regular API calls.

The road ahead

With this second preview/alpha release, we’ve completed about half of work scheduled for the open source Community edition of MultiChain 2.0. You can download and try out alpha 2 by visiting the MultiChain 2.0 preview releases page. On this page you’ll also find documentation for the new and enhanced APIs.

We’ve already started working on the next major feature for MultiChain 2.0, which we’re calling off-chain stream items. In an off-chain item, only a hash of the item’s payload is embedded inside the chain, alongside the item’s keys and some other metadata. The payload itself is stored locally by the publisher and propagated to the stream’s subscribers using peer-to-peer file sharing techniques, with the on-chain hash providing verification. The result is a huge improvement in the scalability and performance of blockchains used to record large amounts of information, where some of this information is only of interest to certain participants. While not originally planned for MultiChain 2.0, this feature rose up our list of priorities in response to user demand.

As always, we welcome your feedback on the progress of MultiChain 2.0, and look forward to delivering the next preview release in due course.

 

Please post any comments on LinkedIn.

 

Source: https://www.multichain.com/blog/2018/01/second-multichain-2-0-preview-release/

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Bitcoin cools from 1-week highs with key long-term metric echoing $44K

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Bitcoin (BTC) returned to cement higher support on Nov. 30 after the latest BTC price comeback halted near $59,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

RSI sees “bullish engulfing”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing to local lows of $55,920 on Bitstamp overnight.

The pair then recovered to circle $56,500 at the time of writing, with analysts keeping the faith on higher timeframe strength.

Popular Twitter personality TechDev noted that Bitcoin’s stochastic relative strength index (Stoch RSI) had “reset” to levels that echo BTC/USD at $44,000 — just before the run, which culminated in all-time highs.

“Bullish engulfing printed on stoch RSI cross with RSI reset to 44K levels,” he summarized alongside the 3-day chart. 

Bitcoin’s late strength Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had quit the company to focus entirely on Bitcoin activities.

While $60,000 remained out of reach of bulls, signs of a marked shift in sentiment were everywhere.

“Bitcoin high timeframe structure is bullish. Cycle awareness is key,” TechDev added in a separate post.

The Crypto Fear & Greed Index, days ago in “extreme fear” territory, looked set to enter its “neutral” zone with a score of 40/100 Tuesday.

Crypto Fear & Greed Index. Source: Alternative.me

Ethereum avoids breakout against BTC

For Ether (ETH) against Bitcoin, the picture was mixed.

Related: Where will BTC end November 2021? 5 things to watch in Bitcoin this week

As altcoins saw broadly flat performance over the past 24 hours, trader Crypto Ed highlighted a rising wedge pattern on the 4-hour timeframes for ETH/BTC. The weekly chart produced similar characteristics.

Rising wedge structures are often seen as a potential bear flag due to their tendency to break to the downside. 

ETH/USD traded at $4,400 at the time of writing, nonetheless up 7.3% over the past week.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView


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Source: https://cointelegraph.com/news/bitcoin-cools-from-1-week-highs-with-key-long-term-metric-echoing-44k

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Kraken exchange defies competitors’ regulatory concerns with SHIB listing

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United States-based digital asset exchange Kraken has announced it will begin supporting the viral meme coin Shiba Inu (SHIB) as of Nov. 30.

There will be a minimum deposit of 373,000 SHIB ($16 USD), and the minimum trading volume is 50,000 SHIB ($2 USD). SHIB will initially be tradeable against the USD and Euro pairs, however, Kraken Futures and Margin Trading for SHIB won’t be available at launch.

Australian managing director at Kraken Jonathon Miller told Cointelegraph that the crypto marketplace supports projects with a clear demand for trading, including SHIB.

At the time of publishing, SHIB is the 12th-largest cryptocurrency with a market capitalization of $25.81 billion. SHIB has surged over 20% in the last 24 hours on the listing news.

Miller added: “I wouldn’t describe Kraken as being the place where every single coin is listed, that’s not been what we have been known for.”

Kraken is one of the least conservative exchanges with 93 assets on the exchange in total. Meanwhile, Coinbase supports 51 assets and Robinhood only supports seven.

Other exchanges have been hesitant to list the Dogecoin-inspired altcoin over regulatory concerns, despite increasing pressure from their users. On Nov. 26 SHIB surpassed 1 million holders, despite trading 50% below its all-time high.

On Nov. 10, Robinhood chief operating officer Christine Brown said that the platform’s “strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now.” The Change.org petition requesting that Robinhood lists the Shiba Inu Coin has amassed over half a million signatures.

Miller added: “There are certain services that we have that don’t really fit the regulatory mold. So there’s this gray area that the whole industry exists in, and that’s not specific to us.”

“That’s just the nature of the fact that we’re dealing with an innovative technology that really doesn’t have doesn’t necessarily fit the criteria that existing regulators perceive as possible.”

Related: Reserve Bank warns Aussies over punting on ‘fad driven’ cryptocurrencies

Describing the current regulatory climate for digital asset exchanges, Robinhood’s chief legal officer Dan Gallagher said at the Georgetown University Financial Markets Quality Conference on Nov. 19 that “It’s a very tense situation, and it does call for regulatory clarity which we haven’t seen yet.”


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Source: https://cointelegraph.com/news/kraken-exchange-defies-competitors-regulatory-concerns-with-shib-listing

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Ethereum privacy protocol Tornado Cash to launch on L2 Arbitrum

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Tornado Cash is about to get a scaling boost as the privacy protocol prepares for deployment on the Ethereum layer two network Arbitrum. 

Tornado Cash’s smart contracts are ready to roll on thArbitrum Layer 2 scaling network following contributions from the community to ensure the stability of the protocol.

The Nov. 29 announcement explained that deploying on Arbitrum will “allow users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage.”

Tornado Cash is a fully decentralized Ethereum (ETH) mixer protocol. Tornado Cash masks the path that tokens such as ETH take from sender to receiver, providing completely private transactions without the need to use privacy-focused coins.

Layer two networks on Ethereum boast faster transactions and cheaper fees while still benefiting from the security and decentralization of Ethereum.

The Tornado Cash team believes that the deployment onto Arbitrum will allow more users to perform private crypto transactions while avoiding Ethereum’s high gas fees. L2 transactions are expected to be around 95% cheaper than those on L1 Ethereum according to the team.

In order to use Tornado Cash on Arbitrum, users must first send ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge.

Related: DeFi TVL hits new highs while Metaverse tokens show signs of exhaustion

Arbitrum is currently the biggest L2 on Ethereum with $2.68 billion in total value locked, representing 39% of the L2 market share. This is second only to Boba Network’s $1.38 billion in TVL, making Boba and Arbitrum the only two L2’s with over $1 billion in TVL, according to L2Beat.

The number of unique addresses on Arbitrum has grown steadily since September, and stands at 291,876 as of the time of writing. Tornado Cash has $847 million in TVL according to DeFiPulse.

As reported by Cointelegraph, Tornado Cash unveiled its TORN governance token in Dec. 2020 and airdropped them to users in Feb. 2021.


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Source: https://cointelegraph.com/news/ethereum-privacy-protocol-tornado-cash-to-launch-on-l2-arbitrum

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