Dash was recently in the news for the implementation of Chainlock, a protocol which helps the Dash network become immune to 51% attacks or a chain re-org.
Ryan Taylor, Dash CEO, was recently featured in an interview where he spoke extensively on Chainlock, New InstantSend and more. Taylor first spoke of how Dash is different from other cryptocurrencies and how it was focused on making “Point-of-sale” for users a more seamless process.
With the implementation of Chainlock on the Dash network, it can now settle payments instantly and can quickly be re-spent without any risk to the receiver.
In the interview, Taylor also spoke about the issues Proof-of-Work-based chains face. According to him, these chains follow the block that has “the most work associated with it,” and always go with the first block they see, even when there are two potential blocks. The validity of a block is confirmed only after the next few blocks are formed in the network.
He then spoke of projects using a checkpoint system, a system that
A block is only valid if 60% of the members agree to it. Later, a message is sent via the network and mentions the details of a block at a particular height, while also informing about any other block which is rejected.
When asked about the importance of Chainlock and reducing the chance of a 51% attack, Taylor said,
“The cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies, you also have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin.”
Quadriga’s bankrupt customers want to dig up deceased CEO for ‘exhumation’
Remember Gerald Cotten? The CEO of Quadriga, Canada’s largest cryptocurrency exchange, who died last year with sole knowledge of the exchange’s $130 million cryptocurrencies, and turned out that he spent it on yachts, private jets and gold coins. Yes, that guy. His bankrupt-customers want to dig up his deceased body.
According to a letter, dated December 13, from Miller Thomson LLP and Cox & Palmer, the counsel for the affected users, to the Royal Canadian Mounted Police, the main purpose of the request for “Exhumation and Post-Mortem Autopsy” of Cotten’s body is to “confirm both its identity and the cause of death.” The counsel argued that given the “questionable circumstances,” surrounding the CEO’s death, this request should be approved.
“The purpose of this letter is to request, on behalf of the Affected Users, that the Royal Canadian Mounted Police (the “RCMP”), conduct an exhumation and post-mortem autopsy on the body of Gerald Cotten to confirm both its identity and the cause of death given the questionable circumstances surrounding Mr. Cotten’s death and the significant losses of Affected Users. “
To make sure that enough evidence is not eaten away from the deceased body, the counsel suggested Spring-2020 as the deadline for the excavation and exhumation of the body, citing, quite appropriately “decomposition concerns.”
Catch Me If You Can
A year ago, on his trip to India, Cotten mysteriously died owing to complications from Crohn’s disease or inflammation of the bowels. His untimely death was followed by what could easily make the script for a blockbuster-movie, topped off with exhumation of the body itself.
It was soon discovered that Cotten was the only person at the exchange who knew the location of the private keys to Quadriga’s 115,000 customers’ coins. As the funds could not be retrieved in any other manner, the Nova Scotia Superior Court of Justice appointed Ernst & Young to
The months’ long procedure climaxed in a report, which, to put it lightly, revealed how Cotten used the exchange to enrich himself. To prevent any internal-governance, Cotten directed everything with no “segregation of duties and basic internal controls.” Cotten had sole control of all sensitive information, like passwords, with no provision of transfer should “a critical event materialize,” said the monitor.
Now You See Me
Forget hot and cold wallets, and their private keys, EY detailed that Cotten transferred all the cryptocurrencies to his “personal accounts,” on competitor exchanges. To make things worse, the stolen coins were traded on margin, amplifying the loss. He even made alias-accounts with transaction history to avoid detection.
Cotten made an account under the name “Chris Markay,” which processed 2,500 transactions or 95 percent of all account activity. This included over $200 million in fiat-deposits, crypto-deposits of 34,806 BTC and 540,011 ETH between 2016 and 2018.
The kicker was how he spent the stolen wealth. EY detailed that between 2014-2017, Cotten filed his tax returns for just one year, 2016, citing no income from Quadriga. A large chunk of the transfers was between Cotten and his wife, Jennifer Robertson, for specifically “real and personal property.” An Asset Preservation Order placed by EY on Robertson and her property, listed out the toys purchased by the duo, which included a “personal sailing vessel,” a “personal aircraft, “several luxury vehicles,” and gold and silver coins with a total value of $12 million.
With context, one could sympathize with the bankrupt users, and could even reason with their claims of digging up Cotten’s remains, if it’s still there in the first place. Who knows? If Cotten-remains is still there or not, one thing is certain, a Hollywood thriller documenting the case of Quadriga and the lost-millions should be in the works.
Facebook’s Libra will accelerate thought among central banks: R3 CEO
David Rutter, CEO and Founder of R3, was recently interviewed on the sidelines of the 2019 FinTech Week in Hong Kong. The CEO of R3, a firm which he defined as “an enterprise software company that uses the power of distributed computing to solve business problems,” addressed a host of issues during the interview. These included Facebook’s Libra, the blockchain approach of China, and how adoption has grown from being in the experimental stages in banks to talks about using blockchain for global trade, anti-fraud measures, and KYC issues.
According to Rutter, in order to legitimize this world filled with fraudulent ICOs that bring no value and tokenize real assets, securities, and commodities, there needs to be a legitimate market that’s appropriately regulated. The CEO also expanded on how regulators have been slow, while also admitting that there are regulators in certain
“I don’t love regulation. I don’t love taxes. There’s a lot of things I don’t love that are absolutely necessary.”
The R3 CEO also mentioned how Facebook’s huge user base and by extension, Libra, would accelerate thought among central banks.
Rutter also conceded that China’s approach to data storage would create a bumpy road for global firms like R3. Additionally, he spoke about how Fabric and Corda are the two big enterprise blockchain solutions in the space, adding that China, despite being a large player, “can’t do things in isolation.”
“If China has some big thing, we’ve got to figure out how to make these work together if we’re going to have global finance.”
Bakkt CEO Set To Be New Governor Of Georgia As The Senate
- A friend of cryptocurrency is set to be making waves inside the US Senate.
- The CEO of Bakkt, Kelly Loeffler is going to be appointed as the new US senator of Georgia.
- CBS News has reported the decision would come into play on January 1st, 2020.
A friend of cryptocurrency is set to be making waves inside the US Senate.
The CEO of Bakkt, Kelly Loeffler is going to be appointed as the new US senator of Georgia. CBS News has reported that a source familiar with the plan to make Loeffler a senator confirmed the news, saying the decision would come into play on January 1st, 2020.
We don’t yet know who is going to succeed Loeffler as the head of Bakkt, but her progress to congress in the US could prove to be a big thing for the crypto industry.
When she becomes appointed in the senate, Loeffler will become the second female
Loeffler is said to have been handpicked for the seat in order to bring in a specific group of voters that the Republican party is very much missing at the moment.
Tim Echols, the Public Service Commissioner, also put his name in the hat for the seat. He spoke to The Atlanta Journal-Constitution that the current Georgia Governor, Brian Kemp made the right decision by choosing Loeffler.
“Kelly, or any outstanding conservative woman, helps Republicans win back suburban women who seem to have left our party in the last cycle. The governor knows what he’s doing.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!