XRP Price Drops, Cosmos Hub Downtime, and BDAG Mining Potential
Deskripsi postingan blog
6/19/20243 min read
The XRP coin price plummeted and unexpected downtime on the Cosmos Hub blockchain, shows the dynamics in the crypto market landscape.
Meanwhile, investors are targeting the significant potential of the launch of the Beta version of the X1 Miner Application, which is claimed to be a revolution in smartphone crypto mining for BDAG coins.
This is the reason the price of XRP plunged almost 50 percent
Ripple CEO Brad Garlinghouse previously expressed frustration regarding XRP's low valuation despite clear regulatory approval in the United States.
The price of XRP remains below US$0.5 and today was at US$0.47, increasingly triggering negative sentiment among investors and some people even called it a dead coin.
In July 2023, for example, XRP enjoyed a brief surge to US$0.93 after a court ruled that XRP was not a security.
However, its value has now fallen by almost 50 percent (more precisely minus 49.4 percent, down from US$0.93 to US$0.47), even though XRP has been re-listed on major US exchanges, such as Coinbase and is included in Grayscale investment products .
Garlinghouse is surprised that the market is not giving proper credit to the regulatory clarity that XRP has received.
In the midst of this dynamic, pro XRP analyst, BarriC on social media
“XRP is performing differently compared to the majority of other crypto markets, due to lawsuits against Ripple Labs and delistings that reached peak FUD and hysteria in 2021. That is why we did not reach a new ATH. So, don't believe the easily debunked FUD. Instead look at the reality in front of you and hold on for the next big bang," he wrote.
Cosmos Hub is Constrained by Downtime during the v17 Update
On June 5, 2024, the Cosmos Hub blockchain experienced downtime for nearly four hours due to technical issues detected during the implementation of the v17 update.
This disruption significantly affected block production, which is a critical component in the Proof-of-Stake (PoS) consensus mechanism and the main goal of Cosmos Hub to connect multiple blockchains in its ecosystem.
This issue stems from a vulnerability in the Liquid Staking Module (LSM), which is a key component of this v17 update.
The existence of this bug causes the network to fail in producing blocks, thereby temporarily stopping the consensus and transaction process.
The Cosmos development team, with assistance from Informal Systems and Hypha, moved quickly to identify and fix this vulnerability.
They managed to develop the necessary patches, and block production resumed after most validators implemented these fixes.
This quick step ensures that network security is maintained and reduces the negative impact of outages that occur.
This event is a reminder of the importance of rigorous testing and monitoring in implementing updates to blockchain networks.
Nonetheless, the quick response from the development team shows their commitment to the stability and security of the Cosmos Hub network.
BDAG Mining Potential
BlockDAG has increased market confidence with the launch of the Beta version of the X1 Miner App, which revolutionizes smartphone crypto mining for BDAG coins into a highly efficient process.
The application uses an advanced and energy-efficient consensus algorithm, so mining does not drain the battery or consume excessive data.
By integrating Proof-of-Engagement into everyday devices, BlockDAG makes mining easier and more convenient, allowing users to mine anytime and anywhere.
Beta Version of X1 Miner App is available for iOS and Android users. iOS users can access the app globally via TestFlight, while Android users can download it directly from the Google Play Store.
Additionally, BlockDAG offers cloud mining services, allowing users to mine without the need for physical hardware by utilizing remote data centers.
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