Cardano's "Mysterious" Malfunction

GM Readers!📪 Monday is here. Let's hit the road.

⭐️Today's selection:

• 💤Cardano's "50% Network Glitch"
• 🦸Ethereum's Privacy Solution
• 💰Venture Monday
• 👌Selected Meme of The Day
• 📰Bite-Sized News

CARDANO NETWORKINCIDENT

Cardano, a blockchain network, suffered a malfunction over the weekend, affecting 50% of the network.

Nodes are like the computers that run the network, and half of them were affected.

Just a few minutes later, the system was back up and running.

The cause of the malfunction is still a mystery, but the incident has been confirmed by the co-founder of staking pools on the Cardano network.

It's important to note that these types of incidents are built into the design of the nodes.

This means that the network has the ability to recover on its own, without the need for outside help.

The incident occurred between blocks 8300569 and 8300570. Blockchain did not stop, but it took a bit longer for the network to process the blocks.

Apparently, that was the reason why:

The price of ADA, the native coin of the Cardano network, was not affected by the incident.

Here's something else:

Cardano co-founder Charles Hoskinson has indicated his interest in buying CoinDesk

Coindesk is related to Genesis Digital in the way that they share the same parent company, which somehow has to deal with financial liabilities after Genesis filed for bankruptcy

TL;DR: 50% of Cardano nodes went offline for a few minutes on Sunday. The network recovered without interference, but the cause of the failure is still unknown

BUTERIN's ANONYMOUS TRANSACTIONS

Vitalik Buterin introduced the concept of hidden or invisible addresses, which solves the problem of crypto users' anonymity.

It will allow users to generate encrypted addresses for each new transaction.

Such addresses are unknown to anyone, and special keys will be needed to interact with them.

Ethereum's founder argues that privacy is still the network's main problem.

The new development anonymizes peer-to-peer transactions, NFT transfers, and ENS service (registration of domain names such as monday.eth)

The issue with such an idea is that each new transaction requires the creation of a separate hidden address.

This is difficult for ordinary users who want to send and receive cryptocurrency quickly.

Now, Vitalik Buterin is busy looking for a solution to this difficulty.

The Ethereum creator urged not to confuse meta-addresses with mixers and other anonymizing services that work on a different technology.

Buterin recently highlighted 3 big potentials for the crypto industry. He predicted the growth of interest in stablecoins, crypto-wallets and decentralized social networks.

TL;DR: The founder of Ethereum presented the concept of new transactions. They solve the problem of anonymity. But so far it is technically a difficult task

VENTURE MONDAY

It's time to discuss the significant investments that happened in the previous 7 days.

Distributed validator technology startup Obol Labs raised $12.5M in a Series A funding round led by Pantera and Archetype, with participation from Coinbase Ventures, Nascent, BlockTower, Placeholder, Ethereal Ventures, Spartan, and IEX.

With Obol, anyone can join a group of people who take on the responsibility of verifying transactions on the Ethereum network.

This way, if one person's computer goes down, the others in the group can pick up the slack, making the network more secure.

Decentralized social network Mask Network got a $5M strategic investment from DWF Labs.

Mask Network is a new way to use the internet that allows you to send messages and crypto securely and privately over social networks like Facebook and Twitter.

It's like adding a new layer on top of the internet that you already use, so you can use the new features without having to leave the social networks you're already on.

The goal is to make it easy for people to use the new, decentralized internet without having to learn new apps or switch to new platforms.

Web3 gaming platform Intella X raised $12M in a funding round.

Polygon, Animoca Brands, Magic Eden, Planetarium, Big Brain Holdings, Crit Ventures, JoyCity, Pearl Abyss, XL Games, Wemix and Global Coin Research are among the investors.

Intella X is a new blockchain-based gaming platform that utilizes a unique consensus mechanism.

It's called "Proof of Contribution" (PoC) which rewards users for their direct contributions to the ecosystem, rather than computational power or staked tokens.

PoC is a way of measuring and rewarding different types of contributions such as providing infrastructure, developing content, or providing liquidity.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Binance's SWIFT Partner to Not Process Transactions Worth Less than $100,000. Big Fish Only.
• US SEC Charges Avraham Eisenberg with Orchestrating an Attack on Mango Markets. The plot thickens.
• Australian Government to Introduce New Legislation to Regulate Crypto. Crypto under the microscope