Loopring is an Ethereum-based #exchange and payment #protocol that implements a novel consensus mechanism. To avoid traditional order books and the AMM mechanisms that govern liquidity pools, Loopring employs network participants known as ring miners.
Ring #Miners facilitate orders by filling them before they can be completed or canceled. Those who work as ring miners are paid a service fee in the form of LRC tokens which is Loopring protocol's native token or a slip-margin from an order amount.
Ring-Miners are critical components of the Loopring network. Their activities revolve around executing orders with the help of order rings to gain a service fee. There are two types of rewards that ring-miner receive:
The first is the fees in the form of the Loopring (LRC) token generated by the platform. Under this case, the user who creates an order specifies the maximum number of LRC tokens to be rewarded to the ring-miner as a service fee.
Ring miners are also awarded through split margins, which are deducted from the total amount of a specific order. While placing an order, the user can also specify the portion of the margin that can be claimed for a specific order.
The decision of choosing between fees and margins is up to the ring-miners.
The compensation system in Loopring is intended to help ring miners receive adequate financial reward for the services they deliver during the order ring. It is based on an incentive system so that miners seek out the best exchange rate deals to obtain better split margins or service fees for themselves. Finding the perfect trading deals also ensures that users receive the most value for their traded cryptos, making it a promising win-win situation for both parties involved.
The Loopring smart contract defines how to fill an ordered ring when a ring miner completes it.
If the smart contract can execute the order on either side of the trade, it will perform a direct transfer from the smart contract to the user's wallet. Order rings also make ring-matching possible. Ring-matching completes orders by linking them together and securing multiple trades through multiple users. Order rings distinguish Loopring from other DEXs such as Waves or Bancor.
Let us make an imaginary order to better showcase these practices in action. Karen, Mark, and Dane are all interested in making a trade on the Loopring network. Karen wishes to exchange 2 HNT for 10 ADA, Mark wishes to exchange 21 VET for 1.5 OMG HNT, and Dane wishes to exchange 20 ADA for 40 $VET . Ring miners would use ring-matching to combine these dislocated orders into a single order ring, in which Karen would trade her HNT with Mark, Mark would trade his VET with Dane, and Dane would trade his $ADA with Karen. Everyone receives their desired coins after this ring order is approved by Loopring's smart contracts.
Except for Mark's, no one's order is filled. Loopring's order sharing would handle the leftovers, which would then be filtered into another order ring until each incomplete order is added up to the complete order.
#EarnFreeCrypto2024 #FIT21

In the world of blockchain technology, a hard fork is a significant event that can bring about significant changes in the #blockchain network. A hard fork occurs when a blockchain network undergoes a permanent divergence in the chain due to a change in the network's rules. The term "hard fork" is used to differentiate it from a "soft fork," which is a temporary divergence that is usually resolved without any significant impact on the network.

What is a Hard Fork?

A hard fork is a permanent split in a blockchain network's chain, resulting from a change in the network's rules. The change can be initiated by a group of #developers or #miners who wish to make changes to the network's #protocol or by a significant disagreement within the network's community. In a hard fork, the new chain created is not backward compatible with the original chain, which means that nodes running the old version of the software will not be able to interact with nodes running the new version of the software. This results in two separate blockchain networks, each with its own set of rules and protocols.

Types of Hard Fork:

There are two types of hard forks: planned hard forks and contentious hard forks.

Planned Hard Fork:

A planned hard fork is a premeditated and scheduled event in which the network's rules are changed to improve its functionality, security, or scalability. This type of hard fork is usually agreed upon by the majority of the network's community, and it is executed with the aim of improving the network's overall performance. Examples of planned hard forks include the Ethereum Constantinople hard fork and the Bitcoin Segwit2x hard fork.

Contentious Hard Fork:

A contentious hard fork is a result of a significant disagreement within the network's community, usually over the network's direction, rules, or protocol. This type of hard fork can result in the creation of two or more blockchain networks, each with its own set of rules and protocols. Examples of contentious hard forks include the Bitcoin Cash hard fork and the Ethereum Classic hard fork.

Impact of Hard Fork:

A hard fork can have a significant impact on the blockchain network, its users, and its stakeholders. Here are some of the possible impacts of a hard fork:

Creation of a New Cryptocurrency:

When a hard fork occurs, a new cryptocurrency is created, which can have a significant impact on the value and adoption of the original cryptocurrency. This is because the new cryptocurrency may have different rules, features, and functionality than the original cryptocurrency.

Loss of Consensus:

A hard fork can result in a loss of consensus within the network's community, as some members may choose to support the new chain while others may stick with the old chain. This can lead to a split in the #community and a loss of trust in the network's governance.

Network Security:

A hard fork can also impact the network's security, as it can result in a loss of mining power, which can make the network more susceptible to 51% attacks. In addition, the split in the community can result in a loss of development resources, which can make it more difficult to maintain and improve the network's security.

Conclusion:

In conclusion, a hard fork is a significant event in the world of blockchain technology that can have a significant impact on the network, its users, and its stakeholders . Hard forks can be planned or contentious, and they can result in the creation of a new cryptocurrency, a loss of consensus, or a loss of network security. It is important for blockchain networks to carefully consider the impact of a hard fork and to ensure that any changes made to the network's rules are agreed upon by the majority of the network's community.

Hashgraph is a new consensus algorithm that promises to revolutionize the way we think about distributed ledger technology. Developed by Swirlds, Hashgraph is a novel approach that uses a combination of gossip protocol and virtual voting to achieve fast, secure, and fair consensus without the need for energy-intensive proof-of-work algorithms.

What is Hashgraph?

Hashgraph is a consensus algorithm that uses a combination of gossip protocol and virtual voting to achieve fast, secure, and fair consensus among nodes in a distributed network. The gossip protocol is used to spread information about transactions and events to all nodes in the network, while virtual voting is used to determine the order of transactions and events. Unlike other consensus algorithms, such as proof-of-work and proof-of-stake, Hashgraph does not require energy-intensive mining or staking.

Features of Hashgraph:

Fast Consensus:

Hashgraph achieves fast consensus by using a combination of gossip #protocol and #virtual voting. The gossip protocol ensures that information about transactions and events is spread quickly and efficiently across the network, while virtual voting allows nodes to determine the order of transactions and events without the need for energy-intensive mining or staking.

Secure Consensus:

Hashgraph achieves secure consensus by using a novel approach called "asynchronous Byzantine fault tolerance." This means that the algorithm can tolerate a certain number of malicious #nodes without compromising the security of the network. In addition, the use of virtual voting ensures that the order of transactions and events is determined fairly and transparently.

Fair Consensus:

Hashgraph achieves fair consensus by using a novel approach called "virtual voting." This means that each node in the network has an equal say in determining the order of transactions and events, regardless of the node's computing power or stake in the network. This ensures that the network is #decentralized and fair.

Potential Applications of Hashgraph:

Financial Transactions:

Hashgraph is well-suited for financial transactions, as it can achieve fast, secure, and fair consensus without the need for energy-intensive proof-of-work or proof-of-stake algorithms. This makes it an attractive option for banks and financial institutions looking to streamline their transaction processing and reduce their energy consumption.

Supply Chain Management:

Hashgraph can also be used for supply chain management, as it can provide a transparent and secure record of the movement of goods and services through the supply chain. This can help to reduce fraud and increase efficiency in the supply chain.

Voting Systems:

Hashgraph can also be used for voting systems, as it can provide a secure and transparent method for counting votes. This can help to reduce the risk of voter fraud and increase confidence in the electoral process.

Final Words:

In conclusion, #Hashgraph is a promising new consensus algorithm that has the potential to revolutionize the way we think about distributed ledger technology. Its fast, secure, and fair consensus mechanism makes it well-suited for a range of applications, including financial transactions, supply chain management, and voting systems. As the technology continues to evolve, it will be interesting to see how it is adopted and implemented in different industries and use cases.

The InterPlanetary File System (IPFS) is a distributed, peer-to-peer file sharing protocol that aims to make the web faster, safer, and more open. IPFS allows users to store and share files without relying on a centralized server or service, making it more resilient to censorship and server failures.

What is IPFS?

IPFS is a #protocol that allows users to store and share files in a distributed manner. It is similar to BitTorrent, but instead of downloading files from a central server or location, files are downloaded from multiple peers.

IPFS uses a unique addressing system called Content Addressed Storage (CAS) to identify and retrieve files. When a user adds a file to IPFS, it is assigned a unique cryptographic hash based on its content. This hash is used as the file's address, and any user can retrieve the file by requesting it using the hash.

Benefits of IPFS:

Decentralization: IPFS is a #decentralized system, which means that files are stored and shared among multiple nodes. This makes it more resilient to censorship and server failures, as there is no central point of control.

Faster Speeds: IPFS can deliver files faster than traditional file sharing methods, as files are downloaded from multiple peers simultaneously. This also reduces the load on individual servers, making the web faster and more efficient.

Increased Security: IPFS uses cryptographic hashing to ensure the integrity and authenticity of files. This makes it more secure than traditional file sharing methods, which can be vulnerable to attacks such as man-in-the-middle attacks and file tampering.

How does IPFS work?

IPFS works by breaking files down into smaller pieces called "blocks," which are then distributed among multiple nodes in the network. When a user requests a file, IPFS retrieves the blocks from multiple nodes and reassembles them into the original file.

IPFS also uses a unique caching system called "IPFS pinning," which allows users to store files on their own nodes permanently. This ensures that the file remains available on the network even if the original uploader goes offline.

Conclusion:

IPFS is a revolutionary #technology that has the potential to transform the way we store and share files on the web. Its decentralized and distributed nature makes it more secure and resilient to censorship, while its unique addressing system and caching mechanisms make it faster and more efficient.

As IPFS continues to evolve, we can expect to see more widespread adoption and integration with existing web technologies. The future of the web is decentralized, and IPFS is leading the charge towards a more open and free internet.

In a surprising development, it has been reported that the individual responsible for the hack of Euler Finance has returned 51,000 #ETH to the DeFi lending protocol.

This amount was in addition to a further 7,737 ETH that the hacker returned, bringing the total amount of funds returned to 58,737 ETH. This translates to approximately $102 million at current rates.

This is a noteworthy development following the attack on Euler on March 13, 2023. The hack resulted in one of the largest flash loan attacks in DeFi history, with the #protocol suffering losses of $197 million.

The attacker was able to exploit the smart contract vulnerability in the protocol and make off with over $197 million worth of various crypto assets.

These included $8.7 million worth of DAI, $19 million worth of wrapped #bitcoin (wBTC), $34 million in USD Coin (USDC), and about $136 million worth of staked ether (stETH). Since the attack, Euler Labs, the developer of the protocol, has been working with security professionals and law enforcement to track down the hacker and recover the stolen funds.

The team even offered a $1 million reward for any information that could lead to the recovery of the funds.

In an interesting turn of events, the owner of a wallet containing 10 million of the stolen DAI sent out a message offering to provide detailed information about the Euler hacker in exchange for the 10% bounty that Euler had previously offered.

Another individual, who identified themselves as "Euler exploiter 3," followed this message with an email address and asked Euler to contact them with information regarding the people responsible for the March 13 exploit. This person explicitly stated they were not interested in the bounty. It appears that the attackers may be turning on each other.

It is still unclear whether the hacker returned the funds voluntarily or under pressure from the authorities. Some speculate that the hacker may have negotiated with Euler Labs to avoid legal consequences.

Nonetheless, the return of such a significant amount of funds is a positive development for the DeFi lending protocol, which will be looking to further enhance its security measures.

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