Sia faces withdrawal issues

Sia (SiaCoin) wallet's issues: the appearence and the solution
13 June 2017   2706
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.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   59

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.
 

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.