Sia faces withdrawal issues

Sia (SiaCoin) wallet's issues: the appearence and the solution
13 June 2017   1292
SiaCoin

Is a cryptocurrency for the actively developed decentralized private cloud data storage service Sia

A decentralized cloud storage SiaCoin has reported on some withdrawal issues recently. 

Now, the company unveils the details of the problem in its blog.

What happened 

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

According to the report, the wallet issues were caused by a major spike in transaction volume on the Sia blockchain. 

As SiaСoin entered May with a market cap of ~$30M, the things grew fast and quickly increased to over $400M by early June. That's why when the users transferred their coins out of exchanges, and became hosts and renters on the Sia network, the number of transactions grew significantly as well. As a result, the transaction pool, at 2 MB in size, occasionally filled up at peak times. If the pool is full, new transactions get thrown away. Since miners pick transactions from the pool to form blocks, any transaction that is not included in the pool will not be added to the Sia blockchain.

So, as users requested withdrawals from Poloniex and Bittrex, the exchanges broadcasted the transactions to the network — but didn’t check to make sure they actually were added to the blockchain. The transactions were marked as complete as soon as they were broadcasted. This caused a lot of confusion, since users with completed transactions were not seeing their coins appearing in their wallets, reports Sia team.

What was done

  1. Add support for getting and sending raw transactions
    Allows exchanges to grab a raw transaction associated with an ID and re-broadcast it to the network.
  2. Add logging to the wallet
    Improve logging so that exchanges can more easily know if a transaction confirmed.
  3. Try reverted transactions in tpool Update()
    Every reverted transaction will now be retried to be added in the pool. Long-term upgrade for transaction pool to make reorgs less disruptive.
  4. Add logging for failed transaction sends
    Further improved logging.
  5. Prune unconfirmed transactions older than 12 blocks from the tpool
    Allows transaction pool to naturally clear of glut, preventing obtuse network fragmentation.
  6. Add API support for send-to-many
    Allows exchanges to process 25x the withdrawals per hour, using 1/3 the blockchain space per withdrawal.
  7. Add market based transaction accepting and fee estimation
    Add a fee market to allow high priority transactions to go through.
  8. Tpool block estimation
    Help drive intelligent fee estimation.
  9. Optimize Block.MerkleRoot by replacing tree.PushObject calls
    Performance optimization to safely allow for a bigger transaction pool.
  10. Add /tpool/fee endpoint
    Allow visibility into fee market prices.
  11. Add support for user-set txn fees
    Allow users to choose their own fees.
  12. Optimize Transaction.ID() by adding direct calls to MarshalSia
    Optimization to allow safe larger transaction pool.
  13. New Block Fee Estimation Algo
    More optimal fee estimation.
  14. Switch to diff-based updates for tpool
    Scalability upgrade with stress tests to allow safe larger transaction pool.

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.