A day in crypto: Theta mainnet launch, steem money heist and Satoshi…

^{Probably this arrow will go straight into the heart of blockchain technology and cryptocurrency. source}

Alright guys, I guess we moved too fast to the end of today, was a long day to be honest, should be one of the longest ever in the cryptosphere, I think we had a 72 hours day, for real it should be more. Counting my days in the cryptosphere, today should come top, super exciting day! And if you skipped today, that’s a whole year in the cryptosphere!

Maybe the earliest cryptocurrency guys are back to life, and the cryptoshpere has got some kind of Professor-x joining us, either way I think they made what has been a very torrid day in the cryptposphere, and instead of the blockchains, its actually twitter who is going haywire.

^{Theta goes 2.0 in a week!}

It’s exactly 7 days to the launch of Theta network’s mainnet 2.0, a super exciting one. The theta network has been one of my favourite cryptocurrency projects for the past one way, proud of what these guys have achieved in this space of time, leading up to this very important upgrade in their technology are very amazing developments, it’s eye-bulging what comes next from this project as they are making the decentralized video streaming service a dream come true. Since its launch in the first quarter of 2019, the theta project has strived towards creating a decentralized end-to-end protocol for processing and delivering data, this includes videos and other types of data.
The upgrade to 2.0 involves the launch of the guardian node (which has been running on the testnet) on the main net with more node validators join the network, this will further expand and decentralize the data delivery network. We are officially on the countdown! Its seven days and its running fast.

^{If these reasons were right, I'd support the hardfork too!}

Top of the news for the past couple of days is the steem hardfork-23 successfully conducted today. The steem network continues to add more ‘improvements’ to its blockchain in a bid to make it work according to ‘taste’. The hardfork is projected to enhance the stability of the Steem network and user experience. Part of the reasons for this fork is to protect stakeholders from ‘malicious attacks’ and protect the property rights of the stakeholders. Alright, now, I believe every platform need to grow, especially where it concerns network stability which is a top subject in user experience and user experience in its real sense. However, protection of property rights, a top subject in blockchain security has created a dilemma in this process.

^{A javascript code showing steem accounts to be nullified as a part of the hardfork 23}

The steem hardfork involves the nullification of a good number of accounts which are said to ‘pose threats’ to the network’ a process which in fact have exposed a huge darkside of blockchain technology and its supposed ‘decentralization and immutability’. The nullified accounts will lose all steem tokens it holds; however, the account still remains active on the steem blockchain. The hardfork recovers all tokens from these accounts and sends them to an anonymous community-owned account.

A total of twenty-three (23) million steem tokens were recovered from these accounts in a move to ‘protect property right of the stakeholders’, protect the stakeholders from malicious attacks and stabilize the steem network to enhance user experience. While this move may have achieved the later, it is unclear if it really achieved the former goals. From the foregoing and the aftermath, it clearly hasn’t; rather it further runs down on the reputation of blockchain technology and the reality of the immutability it boasts. If a move which is said to protect stakeholders’ property rights actually strips stakeholders of their investments without their consent by any means, then it is crystal clear that blockchain technology is not only centralized, but completely insecure. An event which is expected to take a long effect on the reputation of the emerging technology.

^{The reputation of cryptocurrency remains at stake}

Anyways, that’s just part was tightened the atmosphere. Professor-x got his guys, or rather himself on ground and has been with us all these whiles. Its hilarious, but the recovered tokens were ‘recovered’ once again. The community account which was supposed to hold these recovered funds was intercepted by a said former witness of the platform and sent to Bitrexx exchange with a note to return these tokens to its rightful owners, an event which means there’s more to come from this hardfork. With all eyes on the exchange, the platform and blockchain technology as a whole, it should take more time before we find out if blockchain technology is a reliable venture after all. Fact is from today’s event, the security and immutability of the blockchain might be a propaganda after all.

^{We travelled ten years back in time, I guess!}

I think Craig Wright, sorry Satoshi or whoever that was just dusted his over ten years old wallet. While it still lurks in obscurity, the fact remains that an account from the early days of bitcoin cryptocurrency have made its first transaction in over ten years after staying dormant for this period of time. Analysis have emerged to explain why the initiator of the transaction isn’t the faceless creator of the bitcoin cryptocurrency but a supposed early miner of bitcoin cryptocurrency. We got some fingers pointing at Craig, or Craig pointing at himself actually.

This move once again showcased the volatility of the cryptocurrency market as over seven (7) billion dollars were wiped from the market in the wake of this event, as we continue to see conspiring analyses as regards this, on thing is for sure, the old bitcoin guys are back to the cryptosphere, where they have been all these while, no one knows, no one knows what they are up to.

^{Don't know if this is clear to you, after all according to him,he is not a good teacher.}

I all, we might have just had a decade-deciding day for cryptocurrency and blockchain technology. What was the most exciting event of the day? Maybe we should wait for a press release from Justin Sun and Satoshi Nakamoto.

Posted Using LeoFinance