Coil, a venture launched by the creator of Interledger Protocol [ILP], Stefan Thomas, is being tested for monetization by Mozilla’s senior developer David Walsh. Coil makes use of ILP and XRP to monetize creators and put an end to ad-based monetization by mainly helping content creators while allowing the consumers to access content online easy.
— Coil (@Coil) May 22, 2019
Since XRP can better handle micropayments, Coil is using it to get work around the ad-based revenue model. A blog by Coil previously stated:“One of the reasons the ad-supported model is still so dominant is because payments technology wasn’t ready yet. Each payment currently requires multiple steps just to authorize it, let alone signing up with different merchants. We’ve worked with Microsoft, Google, Mozilla, and others to create the W3C Web Payments Request API that has been rolling out to billions of iOS and Android devices but we can go so much further.”
Moreover, with XRP and ILP, Coil can process a “trillion” transactions per second without any central authority. Stefan Thomas, the inventor of ILP and creator of Coil said:“Instead of building yet another proprietary platform, Coil will be the first company to pay out to any website using Web Monetization, a new standard for how browsers can pay websites using Interledger.”
GateHub: Stolen XRP funds transferred to prominent exchanges
The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.
One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:
Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:
Source: Whale Alert
The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.
XRP closes 48 million ledger; XRPL Labs introduces solution for users’ destination tag problem
XRP, the third largest cryptocurrency on CoinMarketCap list, did not undergo radical changes in its price, even though the fluctuating price of Bitcoin [BTC] impacted the prices of most major cryptocurrencies. However, XRP’s performance outside the market proved essential to boosting the momentum of the community.
XRP Scan shared news of XRP ledger crossing 48 million via a tweet. XRPScan tweeted:
“We closed 48 millionth ledger a couple of hours ago”
The community got another reason to support the team of developers working for XRP as one of their ailing problems regarding destination tags was solved. Ripple’s software engineer, Nik Bougalis suggested to team XRPL Labs a “tagged address” format that can solve issues with destination tags. Bougalis suggested:
“Destination tags are a cool XRP Ledger feature but having to specify two things—an account and a tag—instead one is a pain for users and developers alike.
I am proposing a new “tagged address” format which fixes the shortcomings but keeps all the cool…”
Wietse Wind, one of the developers at XRPL Labs replied to this suggestion, which was implemented. Wind said that since it would be a packed address, it would have destination and destination tag, thus making it easier for the users. While a Twitter user raised questions over its efficiency and slowing down the crypto exchange that would adopt it, Wind said:
“I disagree, I think it will improve adoption, since whatever anyone comes up with: a migration period will be required. This allows exchanges, wallets, etc. to detect the input and automatically take care of the rest. While users slowly get used of there being two valid formats.”
However, the rest of the community appeared to be glad about this solution. As for XRP, at press time, it spiked by 2.53% that took its price to $0.4159 with a market cap of $17.677 billion. The 24-hour trading volume of the coin was reported to be $1.722 billion as it grew by 2.41% in the past seven days but tumbled by 0.14% within the past hour.
GateHub hack: XRP moved from ‘offending wallet’ as ChangeNOW talks about recovering funds
GateHub saw a hack earlier this month, where the service provider lost 23 million XRP worth approximately $9,221,827 million. However, large sums of XRP were moved from GateHub’s wallet to various other wallets from the stolen funds, on June 13.
Whale Alert, a tracker of such large transactions, alerted the community after the first large transaction of 2,240,000 XRP took place from a wallet address identified as ‘Gatehub Hack 2019’ by Whale alert to another ‘Gatehub Hack 2019’ wallet address. The address of the sender was r9do2Ar8k64NxgLD6oJoywaxQhUS57Ck8k, while the receiver’s address was rGWmuauNyRL5b8ByYTpLsfr9QW1HzTGArS. The transaction details of the transactions were as follows,
Source: Whale Alert
After investigating further, it was found that there were 8 other such transactions where almost 3,239,870 XRP were sent to various unknown wallets. However, it was found that the wallet address of the receiver in the first transaction carried out seven of these transactions where they sent 2,239,970 XRP to other wallets.
The final, ninth transaction that took place on June 14 was carried out from a wallet address, r9do2Ar8k64NxgLD6oJoywaxQhUS57Ck8k and recognized as one of GateHub’s wallets, while the receiver’s address was rphR3kQ7G8hf3MZoLGRBqhuijEyUSvpZM8. The hash rate for the transaction was 45A6F0457CDB9506E85BA83C05EE1240956D6640D2246D099E52AB07A35B8D31, and the transaction details were as follows,
Source: Whale Alert
However, a few days back, ChangeNOW, a non-custodial exchange through a blog post had mentioned the address of the offending account, r9do2Ar8k64NxgLD6oJoywaxQhUS57Ck8k, the same address from where the last transaction of 999,900 XRP took place. The receiver of this sum also received 181,100 XRP from a suspicious account, rMcqiWXMJEAEMXaFFgnjeuASwAMmef8B8c, ALSO marked by ChangeNOW.
These transactions are a cause for concern as the non-custodial exchange had announced the recovery of almost 500,000 XRP. However, a few days later, these funds were transferred from the “offending wallet.” GateHub had previously warned its community of increased phishing activities.