Bitfinex battles money withdrawal problem

Bitfinex, one the world's biggest cryptocurrency exchanges, faced a problem of money withdrawals on the platform reported by the users
19 November 2017   1188

The members of the community of Bitfinex cryptoexchange started noticing problems with money withdrawal on the exchange. The problem might be linked to the connection between Tether and Bitfinex and the issues concerning redacted information that would normally be included in an audit.

The users started noticing swings of price and comparing those to Bitfinex’s margined trading practices, stating that there was no response from the support and that the company was putting them at risk. This might eventually result in major losses for the company and for the users. The users on Twitter were concerned that the market was being moved by large-scale trades.

Nevertheless on November 19 Bitfinex made an announcement on Twitter stating that both fiat and crypto withdrawals are functioning normal and that the statements were FUD aimed to create a market disrupting event.

The users still continue to be anxious about their financial status bewaring that such problems might eventually lead to the company's crash. Bitfinex claimed that the formal announcement towards the recent allegations is forthcoming.

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   162

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.