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Blockchain Transaction Delays: Discouraging Nefarious Actors

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In the realm of content creation, three essential elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the text, burstiness examines the diversity of sentence structures, and predictability measures the likelihood of predicting the subsequent sentence. Humans often infuse their writing with a rich tapestry of sentence lengths, ranging from intricate and extended to concise and straightforward. Conversely, AI-generated sentences often exhibit a uniformity in their construction. In the upcoming content I’m about to task you with, I require a significant degree of perplexity and burstiness, while keeping predictability to a minimum. Moreover, this content must be presented exclusively in English. Now, let’s reframe the following passage:

According to a recent study conducted by researchers from Florida Atlantic University and the University of Mississippi, a blockchain’s level of “fullness” is directly linked to its security. The study, titled “Bitcoin Blocksize, Custodial Security, and Price,” delves deep into the Mt. Gox crash and other instances of cryptocurrency theft from exchanges, shedding light on an intriguing perspective. It posits that malevolent actors, such as money launderers and potential fraudsters, are more likely to target blockchains with “full” blocks, especially when there’s a transaction queue, as it appears to provide an additional layer of protection.

The study’s fundamental premise is rooted in the idea that wrongdoers engaged in illicit activities prefer to complete their money laundering transactions as swiftly as possible. To quote the paper, “This investigation is driven by the following intuition: the closer the blocksize is to the limit, the more likely the next transaction will be published on a later block and not the most current one. When these cybercriminals breach a crypto exchange or ‘shut down’ a fraudulently operated one, they want to expedite the process of laundering the stolen bitcoin.”

To test this hypothesis, the researchers meticulously examined historical Bitcoin blockchain data, along with a comprehensive report on crypto exchange scams. They focused on a sample period spanning from 2010 to 2021, during which they devised a “fullness” score for the blocks to evaluate their data. After establishing a benchmark, the research team analyzed historical data using two specific metrics: the impact of block fullness on Bitcoin’s price and its effectiveness as a deterrent against malicious actors.

The paper’s evaluation affirmed their hypothesis, indicating that “full Bitcoin blocks act as a deterrent to hackers and scammers because they signal congestion.” Additionally, it concluded that full blocks also “signal a rise in network security, which is reflected in the price.” Consequently, they realized their second hypothesis, asserting that block fullness indeed influences Bitcoin’s price. According to the team’s findings, on an “average day” that experiences a cryptocurrency breach or fraud, block fullness is noted to be 20% lower.

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Crptocurrency

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

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USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products – BitcoinWorld


































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Bybit x Block Scholes Quarterly Institution Report: Markets Anticipate Watershed Moments as Trump Returns as the “Crypto President”

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Bybit x Block Scholes Quarterly Institution Report: Markets Anticipate Watershed Moments as Trump Returns as the “Crypto President” – BitcoinWorld
































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Prom Announces Mainnet Launch Bringing Better Blockchain Scalability

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Seoul, South Korea, November 21, 2024  – Prom, a scalable network based on Polygon SDK, today announced the launch of its mainnet, following an extensive testnet campaign that saw over 25,000,000 transactions and 2,000,000 unique wallets interacting with a chain. This milestone is a step forward in blockchain scalability, as Prom leverages zero-knowledge proof technology to deliver enhanced throughput, optimized transaction costs, and advanced security.

Prom’s solution addresses the most prevalent problems of modern networks by utilizing ZK-based architecture, which until now have not been widespread due to technical complexity. Its architecture ensures the needed speed, level of security, and seamless interaction with the chain, reducing friction for users and granting developers a flexible framework for building a diverse range of dApps.

“We’re thrilled to open a new chapter for Prom and streamline the expansion of our ecosystem by welcoming developers and users to interact with the chain,” said Iva Wisher, COO of Prom. “We’re committed to constant efficiency improvement, transmitting scalability and convenience of everyday on-chain actions, and we are looking forward to welcoming a wave of products built on our network.” 

The Prom network was developed in collaboration with industry leaders such as Polygon, DWF Labs, Ankr, Goldsky, Automata, and Blockscout to ensure the highest standards of performance and security.

The native network token, $PROM, is powering the Prom network. Listed on Binance, HTX, KuCoin, Gate.io, Upbit, and AscendEx, $PROM is driving fast on-chain interactions, and serving as the governance token for the Prom DAO. Through this community-driven governance model, users are empowered to help shape the future of the Prom ecosystem while benefiting from a percentage of the total network fees.

The mainnet launch opens new doors for developers seeking a platform for building decentralized applications (dApps). With a grant-based support mechanism in place, developers can utilize Prom’s platform to be an ideal environment to easily build and deploy, unlocking greater product scalability and reducing the barriers to entry for development. For users, Prom’s technology ensures lower transaction fees, strong security, and enhanced decentralization. 

 

About Prom

Established in 2019, Prom has rapidly grown with innovative products across GameFi, SocialFi, Influencer Marketing, DeFi, and more. Prom looks to address critical shortfalls in various markets, setting the standard for capturing a large share of the market, by introducing its own solution to effortlessly unite diverse product sectors.

Prom creates a competitive landscape for advancing blockchain adoption, enhancing network security, decentralization, and efficiency.

 

Media Contact

Max Kan

CMO

mvk@prometeus.io

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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