Austin Federa, head of strategy at the Solana Foundation, addresses concerns around the latest network outages in an exclusive interview with Cointelegraph.
Transactions News
Transactions form the backbone of any economic system, facilitating the exchange of goods, services or assets between parties. In the digital age, cryptocurrency transactions, notably those involving Bitcoin (BTC), have revolutionized how we exchange value. In the crypto world, a Bitcoin transaction involves transferring ownership of a specific amount of Bitcoin from one digital wallet to another. These transactions are recorded on a public ledger called the blockchain, ensuring transparency and security.
The sender generates a digital signature to verify ownership before initiating a Bitcoin transaction and broadcasting it to the network. The validity of the transaction is then confirmed by miners using intricate mathematical algorithms. The transaction is recorded permanently on the blockchain after it has been verified and added to a block.
A digital wallet, which can be hardware or software-based and contains cryptographic keys that let the owner access and manage their money, is required to spend Bitcoin. Funds can be safely transferred using the recipient’s Bitcoin address, allowing people to easily participate in the global digital economy.
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Impressive TPS figures are being shared by Base proponents, but critics say they may be skewed unfairly in the network’s favor by including failed transactions.
6679Coinbase layer-2 network Base has seen a strong start to April with active addresses outpacing Arbitrum.
2297Solana’s percentage of failed non-vote transactions went over 75% last week, and developers are now targeting a fix to be implemented on April 15.
31699The wallet drainer scam involves luring users into fake websites, prompting them to link their crypto wallets and eventually draining all funds.
1817The Solana network appears to be struggling to keep up with a ravenous demand for memecoins, with data showing roughly 75% of transactions on the network currently failing.
23045Lightspark says the integration on Coinbase will offload more transaction activity away from Bitcoin’s base layer, where fees have increased considerably over the last 12 months.
4820Ethereum racked up $1.2 billion in revenue from transaction fees in Q1 2024, or 155% more than in the first quarter last year.
5601The Dencun upgrade marks a change in tactics for Ethereum, encouraging growth through improved layer-2 support.
1640ERC-6551 enables NFTs to function as smart contract wallets that can own and transfer other tokens and also have trackable histories.
The landlocked country of Andorra sought technical assistance from the International Monetary Fund on various topics, including effectively monitoring crypto assets.
2294Wallet APIs enable users to quickly locate ERC-20 tokens by wallet address. Chainbase, Alchemy and Moralis provide APIs to get token-related information.
1464Coinbase Wallet integrated Blockaid’s transaction simulation and validation five months ago to better protect users from bad actors.
15115Discover how to enhance cryptocurrency security by migrating digital assets from an exchange like Coinbase to a Ledger Nano X hardware wallet.
2790This gift card store bridges digital currencies with everyday shopping, enhancing practical use and mainstream acceptance.
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