Bitcoin evolution: TRON launches Mainnet, futures planned

The TRON project celebrated Independence Day on 25 June with the launch of the Mainnet. Besides the efforts to push Ethereum from the throne, the project around Justin Sun has other big goals. Thus a secret project is to be started in July. From September there will also be futures contracts for TRON with the TRX futures.

The TRON project around initiator Justin Sun is known among other things for wanting to push Ethereum from the throne. In order to become independent from Ethereum.

Sun announced the launch of the Mainnet – a Bitcoin evolution platform of its own that will provide the future basis for dApps

The Independence Day was proclaimed on June 25th – the test phase of the Mainnet is now apparently finished. The Mainnet went online in the night of May 31st – but the goal was for Bitcoin evolution developers to test the platform for bugs in a catchy way.

With the launch of the Mainnet, the “real” TRX tokens will now be released. The existing ERC-20 tokens are now gradually being converted into TRX tokens. The TRON team promises its users great advantages over the Bitcoin evolution platform. TRON will be used to enable free transactions. In addition, the transactions should be up to ten times faster than with Ethereum. The token swap has not yet been completed. The next milestone Justin Sun announced on Twitter was the launch of a secret project:

“The next important milestone is July 30th – we will launch our official virtual machine. All decentralized exchanges and applications on the TRON platform will be integrated into the TRON ecosystem. On July 30th we will launch one of our secret projects”.

The other goals of TRON are also ambitious: In addition to their own Bitcoin evolution crypto currency, they want to develop their own Web 2.0 platform and a new social network. This will enable users to monetize their content and also to launch their own ICOs.

TRON futures in planning the Bitcoin evolution

In addition, from September 28, 2018, there will be an option to bet on the development of the TRX rate. The BitMEX platform announced the launch of the financial products with the forward contracts in this Bitcoin evolution review:

“Due to the high demand we will offer the BitMEX TRON futures TRXU18 […] from September 28, 2018”.

ETH price still more stable than TRX price
The TRX price is currently at 0.034 euros. Thus it lost almost 1 percent in the last 24 hours. In the weekly course it looks somewhat darker with TRON – with a minus of 20 per cent the price lost also here in value. In the monthly process it is even 40 per cent, which the TRX course must lose.

The competition stands with the course of prices in the comparison still clearly better there. At EUR 385.58, the Ether share price also had to cope with a loss of just over 1 percent. In the weekly course, however, the token of the Ethereum platform is already better: Here Ether records a decline of 17.6 percent. In monthly terms, however, the crypto currency “only” has to cope with a loss of just under 21 percent. (as at 26.06.2018, 15:00 hrs).

MoneroV – a Bitcoin evolution in Fork Mania

A new coin called MoneroV will see the light of day through a Monero Hard Fork. MoneroV will use a coin cap, wants to solve Monero’s scaling problems and publish a light wallet as soon as possible. However, various warning signals around this project discourage participation.

Isn’t Bitcoin evolution something nice?

In the case of the Bitcoin evolution one has almost got used to it, Ethereum can show different Coins which came out by a Hard Fork and Litecoin followed involuntarily with Litecoin Cash. Isn’t it about time that Monero can now present a Bitcoin evolution as well?

Hard forks are not uncommon in the Monero ecosystem per se: regular protocol updates ensure that a hard fork takes place twice a year. As emphasized elsewhere, a hard fork is first and foremost a significant, not downward-compatible protocol update that requires the nodes to reinstall the client.

Only if a significant part of the ecosystem does not participate in such an update, or does so without a general consensus, will a new crypto currency be created.

In the case of Monero, a chain split has now been announced: In 21 days MoneroV will be generated by a hard fork with block 1.529.810. According to own statements on the website it should be “the best private crypto currency in the world”.

MoneroV – Monero with Coincap, smaller transactions and Light Client

To underpin this bold claim, the team behind MoneroV has come up with the following points: Unlike Monero, MoneroV does not have an unlimited coin issuance: it will generate a maximum of 256 million coins.
Compared to the current Monero blockchain, there will be a factor of 10 more coins; while Monero’s supply currently stands at almost 16 million XMR, according to the fork for MoneroV it would be 160 million XMV.
The transaction size is to be dramatically reduced in comparison to Monero.
The project plans to integrate MimbleWimble in 2019. This should happen in favor of scalability, because thanks to MimbleWimble the blockchain scales with the number of users and not with the number of transactions.
Finally, a Light Wallet is to be offered as a standard solution.
A first peculiarity that has to be viewed critically is the financing model: Of course, the development team behind this project does not have the money to drive all the changes, create new wallets and maintain the project.

DoS crossfire: The beginning of a new wave of cybercrime?

There is a pattern running through last week’s attacks. In the world of crypto currencies it was the attacks on Ethereum and Ethereum-Classic that ended up in a hard fork for both. Last weekend Twitter, Paypal, Netflix and Spotify saw themselves out of order.

The reason: DoS attacks

DoS (Denial of Service) or DDoS (Distributed Denial of Service) attacks have always been an entertaining part of hacker movies or series. Commands are entered here via command line terminals à la Matrix and the target server faces a flood of requests.

In reality, the planned DDoS is one of the stronger attacks and is comparable to a lot of people running over a shopping center. Everywhere the employees are questioned, the cash registers are overcrowded, new customers cannot reach the shopping center because it is overcrowded. The result is the temporary breakdown of the service.

Such attacks can be planned or unplanned. Blogs or image boards that have become famous overnight can collapse completely unplanned under the burden of the multitude of new visitors. We at Ethereum, Twitter or Netflix can confidently rule out that this is the case.

The Internet of Things

In this chapter, the devices of the Internet of Things (IoT) play a new role. Networked cameras, refrigerators, coffee machines – some people will laugh now, the new developments around networked everyday devices are so absurd.

They are intended to make our everyday lives simpler and more structured, but they also bring new dangerous computing power into the network.

(Little anecdote from my lecture on IT security: IoT devices are not only dangerous in virtual life, there have actually been rumours that national security services wanted coffee machines to be overloaded/ malfunctioning from a distance. This malfunction was supposed to cause the machines to explode, preferably in the vicinity of terrorists, of course. A cooperation between Senseo and Samsung? wink smiley*)

These new IoT devices have hardly any security measures. They can apparently be captured quickly and integrated into a larger botnet. The IT news portal quoted the Chief Data Officer of Telefónica:

“With the Internet of Things, we’re repeating the mistakes we made in IT in the past”.

Attacks are something positive
At this point this may speak against one’s intuition, but in fact attacks are a good thing. At least in a non-traditional server structure.

We observe the growth of the IoT as a global edition of tools and materials. Everyone deals with the materials differently. The developers say to themselves, “nothing will happen”. The average user “joins” the materials as the developer intended. And then there is a not negligible minority that uses the new materials to forge “weapons” out of them.

The goal are the above-mentioned services – and more. But blockchain experts transform the term “attack” into something positive.

Traditional servers are centrally controlled and thus offer a central attack surface. Of course, these services can also learn from attacks, but they have to live with the downtime – the time when the services are simply offline due to the attacks.

Ethereum and Ethereum Classic, or Bitcoin – they all work with blockchain technology and are distributed. These networks, and therefore their services, are not centrally deactivatable. Even if they suffer attacks, this does not lead to the same results as with Netflix, Spotify and Co.

One could even go so far as to speak of the opposite: Precisely because these network structures don’t go offline, you can actively work on countermeasures. For a short period you may have to introduce a hard fork, as in the example of Ethereum. But in the long run you are prepared for such attacks. Their decentralization makes the costs of an attack skyrocket, making it unprofitable.

Traditional network structures, on the other hand, are often bombarded with the same attack pattern – it is not held together as a group against it, everyone “patches” their own security holes. An attacker then only has to let go of his line and wander to the next unprepared target.