Solana goes dark for 7 hours as Bots Swarm the ‘Candy Machine NFT Minting Instrument

Solana stakeholders raced to fix the network Saturday night, after an “insane amount” of data flooded the proof of-stake chain, killing validators and grinding down production.

Bots had attacked the Candy Machine, a popular non-fungible token (NFT), minting tool. They created an unprecedented tsunami of traffic with four million transactions requests every second and 100 gigabits per second. This was a new record for the network according to one Solana Foundation representative.

This swarm drove validators from consensus for reasons that are not yet known. At 4:32 p.m., block production was impossible and the network went dark. ET. At 11:59 p.m. ET: The cluster was restarted at slot 131973970 by validators (coordinating through Solana’s Discord channels, and a Google Doc created in part by one of the validators).

Anatoly Yakovenko was the co-founder of validator. He claimed he was travelling during the fracas and credited them with leading the mainnet recovery. On Saturday, he was criticized on Twitter for being “MIA” in a network crisis.

Saturday’s hard reboot did not result in new-and-improved codes populating across the validators, unlike last September’s 17 hour outage. It simply picked up the network’s seven-hour-old failure.

Validators debated whether to temporarily block Candy Machine transactions while they prepared for the restart. Discord members debated whether such a move was censorship. It would not be effective if only two-thirds validators agreed to it. On Saturday night, few were able to opt in.

Others quickly moved to strengthen their defenses. At 11:36 p.m. ET: Metaplex, the key steward for Solana NFT infrastructure, and one closely connected with Candy Machine, tweeted that it would soon implement a 0.01 SOL “botting penal” to help NFT projects stop excessive traffic.

Solana ecosystem services such as Phantom wallet and Mango Markets, a decentralized exchange, struggled to hold up after the RPC node providers returned online.

SOL markets suffered a brief but severe drawdown due to the outage. CoinGecko reports that Solana’s native currency fell to $83.13 at the end of the outage. It then recovered to $89 around three hours later.

CoinDesk was told by a member that Solana core developers are still trying to figure out what happened Saturday and how the apparent botting attack overcame existing safeguards.

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Twitter Stock Rises 25% after Musk Purchases 9.2%, Dogecoin also jumps up!

According to a recent filing with SEC, Elon Musk acquired more than 70,000,000 Twitter shares.

Twitter shares’ pre-market price soared by double-digits after news broke that Tesla’s CEO had purchased a 9.2% passive share in the social media platform. Dogecoin’s value also rose after the news was announced.

According to a filing with the Securities and Exchange Commission Elon Musk had taken a 9.2% passive share in Twitter as of March 14th. This stake was valued at nearly $3 billion before the news broke.

This means that he now has 73,486,936 shares in the social media giant. TWTR’s pre-market price jumped 25% from $39.31 (close on Friday) to almost $50 after this news broke.

Musk criticised Twitter’s lack of transparency and freedom to speech on March 26, which was after he purchased shares. Musk also tried to build a new platform at the time.

The price of Dogecoin felt the same effects as almost everything else that is even remotely related to Elon Musk.

Dogecoin was trading at $0.14, before jumping by almost $0.16 intraday shortly after the news broke.

Ted Cruz introduces companion bill to Emmer’s bill to exempt Fed retail CBDC digital currency issues

Cruz supports a bill to keep the U.S. from “an insidious course akin to China”

Exas Senator Ted Cruz presented companion legislation to the U.S. Senate Wednesday for Minnesota Rep. Tom Emmer’s bill prohibiting Federal Reserve from issuing central banks digital currency directly to individuals. Emmer announced. January 18th was the date Emmer introduced his House bill. Cruz, a fellow Republican, introduced the House bill Jan. 18. This could speed up or slow down the bill’s passage by allowing it to be considered simultaneously in both chambers.

According to Emmer, who is co-chair of Congressional Blockchain Caucus’, his bill was motivated by concerns that a retail CBDC forcing consumers to open accounts at the Federal Reserve Bank could be used “as a surveillance tool that Americans shouldn’t tolerate from their own governments,” according to the lawmaker. Emmer stated in January that

He stated that centralizing financial information of consumers would lead to security problems.

Individual accounts cannot be opened by the Fed. In January, the Fed released an analysis paper on CBDC that detailed the disclosure issues and highlighted the need for privacy to be balanced with transparency to prevent criminal activity. According to the paper, the best form of U.S. CBDC was intermediated. This means that “the private sector would offer digital wallets or accounts to facilitate the management and payment of CBDC holdings.”

It would be possible to create a CBDC through intermediation without having to change the Fed’s authority. It would also transfer responsibility for identity verification (another essential CBDC quality) to a private financial services provider. According to the Fed paper, “The Federal Reserve doesn’t intend to issue a CBDC without clear support by the executive branch and Congress, ideally in form of a specific authorizing legislation.”

Cruz’s bill is a follow-up to Monday’s Democratic proposal in Congress to create an electronic dollar that’s not based upon blockchain technology. It would be issued instead by the Fed Treasury Department. This electronic currency would not be account-based but device-based.

Analysts predict another rally in altcoins, as Solana continues to rise in price

The price of Solana has risen 11% in the last week, as the altcoin rebounded from its recent price drop. Investors are now embracing a bullish narrative because of Solana’s recent updates and partnerships.

The price of Solana could rise to $100

The price of Solana continued to rise as altcoins remained above $100. Analysts have observed a bullish momentum within the Ethereum killer. Solana has posted double digit gains.

The community is optimistic about the Solana price rise following the announcement of its partnership to South Korean gaming giant. Investors have been encouraged by the Solana ecosystem’s latest developments.

Solana has announced the launch of the “Solana Miami” event. This event invites the developer community, which will be held on April 5, to get involved in the altcoin network. Hacker House is part of Solana Miami. It allows Solana’s developer community to create offline applications with guidance from an on-the-ground expert.

Free admission is available to artists and merchants from Miami to exhibit their work to Solana.

Analysts evaluated the Solana price trends and predicted that the altcoin would continue its upward trend, at least $100 above. @TraderKoz thinks the Solana price trend is solid. The analyst is bullish about the Ethereum-killer

Ethereum’s blockchain is close to a major turning point, which could propel Ether’s market price ahead of Bitcoin’s.

The upgrade to Ether’s blockchain, which is the second largest cryptocurrency in circulation, is highly anticipated. This could lead to institutional investors investing more money and helping to increase Ether’s value.

The ultimate goal of Ethereum, the upgraded blockchain, is to make it more scalable and secure. It would also eliminate the need for crypto mining, which is a source of severe criticism.

Bitcoin, with a market capitalization of more than $804 billion, is currently the largest cryptocurrency. However, Ether with a market cap of over $360 billion could become the leader in the future after an infrastructure upgrade called “merge.”

Industry watchers speculate that the “merge”, although a timetable is not yet clear, could occur this summer. There’s a lot at stake for investors already.

Ethereum is not only used to power Ether but also by non-fungible token project (NFTs) and decentralized finance applications (DeFi). An upgrade could greatly increase its value.

Ethereum relies on proof-of-work, where miners must solve complex puzzles in order to validate transactions and create new coins. This process is extremely complex and requires huge amounts of computer power. It’s also often criticised for its negative environmental impact.

According to data dashboard Watch the Burn, Ethereum has already destroyed or burned $5.9 billion worth Ether since August’s implementation of an important upgrade. Although the August upgrade was not related to the merger, it does indicate that Ether issuance has slowed down. Some believe that Ether could become a deflationary asset or one with declining supply which can be used to store value. Bitcoin is already regarded as a safe haven.

Carbon-neutral Bitcoin? A new approach is being taken to offset carbon emissions from Bitcoin

Some cryptocurrency businesses are now using new models to calculate their Bitcoin carbon footprints.

Billion-dollar businesses around the world are betting big in Bitcoin (BTC). Nickel Digital Asset Management, an European investment manager, recently found that around $9.6 billion has been invested in Bitcoin (BTC) by 20 publicly listed companies. This is despite their market capitalization exceeding $1 trillion. Individual investors are also showing increasing interest in the asset.

Grayscale Research’s “Third Annual Bitcoin Investor Study”, found that Bitcoin demand has increased tremendously. The study found that 55% of Bitcoin investors have bought the asset in the past 12 months. Grayscale’s report notes that Bitcoin investors are now interested in 59%, up from 55% for 2020. This is consistent growth.

While Bitcoin’s popularity is growing, environmental concerns have grown more prominent than ever. Grayscale Research’s investor survey also revealed that more than 30% of investors are concerned by Bitcoin’s potential negative effects on the environment. This concern was only apparent in 2021 as evidenced by the report.

Calculate Bitcoin carbon emissions using models

New models have emerged to assist investors and businesses in understanding how to make their Bitcoin holdings sustainable, given the increasing distress caused by Bitcoin’s carbon footprint. The Frankfurt School Blockchain Center and digital asset manager INTAS.tech released a Nov. 16 study that outlined a new way to offset the carbon dioxide emissions from the Bitcoin network. There are two possible approaches to the formula: one transaction-based and one ownership-based.

Benjamin Schaub, senior consultant with INTAS.tech, explained to Cointelegraph that companies could use the formula for Bitcoin ownership and transactions to calculate their carbon footprint, which should then be offset. This model is great because all of the data is available publicly. It’s not about assumptions, it’s all about how companies interact with the Bitcoin network.

Schaub said that Iconic Holding GmbH, an exchange-traded product provider in Germany, is using this method to ensure sustainability. “We are also in discussions with a few very large exchanges. “I strongly believe that the next year will see major players in this space care more about this subject.”

Although it is difficult to predict the future of Bitcoin, it is notable that major exchanges and exchange traded funds (ETFs), have begun to use similar strategies to offset Bitcoin’s carbon footprint. Schaub pointed out that BitMEX, a crypto exchange, is trying to make its BTC holdings completely carbon-neutral. A BitMEX Research blog post recently stated that on-chain transaction fees are the best way for users to assess Bitcoin’s carbon footprint. Cointelegraph was told by a BitMEX spokesperson that $1 can be spent on Bitcoin transaction fees to incentivize 0.001 metric tons carbon emissions. This is based on the company’s formula.

Only a few options are currently available for companies to offset their Bitcoin carbon emissions. Sandner commented that transaction fees become increasingly important as the Bitcoin network age. He believes companies should consider a transaction-based approach to carbon neutrality.

It’s becoming increasingly important for companies to offset their Bitcoin carbon emissions, but it’s crucial to acknowledge the difficulties associated with these models.

Sandner, for example, noted that the numbers in the model he helped to create are constantly changing. “The hashrate is changing, for example, as we saw recently with the Chinese mining ban. The hashrate fell by 50%.” Sandner knows that there are fluctuations in metrics and this must be considered. Sandner said that every country has its own mix of CO2 intensive energy. He also noted that Norway is more environmentally friendly than other countries. Sandner also pointed out that carbon prices must be closely monitored, noting that they have been rising during December.