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coinwealth · 3 years

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The Nottingham Update Just Rescued Floki Inu (FLOKI) From a Devastating Loss of Credibility

Floki Inu, a dog-themed, meme-inspired cryptocurrency powered by its native FLOKI coin, just took a major step to restore confidence in the fledgling crypto project following last month’s V1 inflation bug.

What is Floki Inu (FLOKI)?

Floki Inu traces its roots to June 2021 when Elon Musk tweeted his intention to acquire a Shiba Inu puppy named Floki. Floki Inu’s developers sensed a historic opportunity to capitalize on the meme coin trend by launching another dog-inspired cryptocurrency. The project claims that it is affiliated with the Million Gardens Movement, a charitable initiative that is being spearheaded by Elon Musk’s brother, Kimball Musk.

The Occasional Slow Transaction Throughput on the Solana (SOL) Network Is a Near-term Bullish Catalyst as It Indicates Soaring Demand

Floki Inu leverages both the Ethereum blockchain as well as the Binance Smart Chain (BSC). As is the case with most meme coins, Floki Inu is trying to create utility after its launch by exploring diverse areas and initiatives, including play-to-earn NFT metaverse Valhalla, soon-to-launch NFT-focused marketplace aptly named Flokiplaces, a crypto education platform dubbed Floki University, and DeFi-focused initiatives that will be announced in the future. As a part of its charitable initiatives, the project aims to establish a school in every continent initially and then expand the purview of the initiative to every developing country.

Nottingham Update to the Rescue

The #Floki Thread We Didn’t See Coming

The Bullish case for $Floki

The Nottingham Upgrade

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— DefiRabbitHole

(@DefiRabbitHole) January 25, 2022

This brings us to the crux of the matter. An inflation bug was discovered during an audit on the 27th of December 2021. During the migration from V1 to V2, over 200 wallets mysteriously received 2.2 trillion FLOKI coins, much more than what these wallets were eligible for. Bear in mind that FLOKI’s total supply is around 10 trillion FLOKI coins. Floki Inu’s first iteration stipulated a 10 percent tax on every transaction. Half of this tax would go to the marketing wallet, and the residual was to be redistributed among long-term holders. This is similar to SafeMoon’s reflections. However, the source code had an inflation bug that massively jacked up the coin’s total supply in mere days. This prompted the lead developer to abandon the project. The replacement developer was forced to launch a new iteration of the coin to save the tattered reputation of Floki Inu, prompting a large-scale migration from V1 to V2. However, the migration code also employed faulty coding and assumptions, translating into a windfall for a few lucky wallets.

Floki Inu planned to address this mess once and for all via the Nottingham update. The upgrade was originally meant to pivot Floki Inu toward a Decentralized Autonomous Organization (DAO) structure where control is spread out rather than being concentrated. However, after the inflation bug saga, the update was coopted to mop up the mess. As per the analysis of a bespoke script that scrutinized how many excess tokens were transferred, every wallet that got more than 7,210,870,858.956556238 FLOKI tokens during the V1 to V2 migration has now been added to a blacklist pending a review by a select committee.

While we believe that Floki Inu developers have addressed some of the most glaring concerns arising from this saga, the confidence in the project remains on shaky ground amid back-to-back instances of outright fraud (theft at launch) and coding bugs.

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source https://usapangbitcoin.org/the-nottingham-update-just-rescued-floki-inu-floki-from-a-devastating-loss-of-credibility/

source https://usapangbitcoin.wordpress.com/2022/01/30/the-nottingham-update-just-rescued-floki-inu-floki-from-a-devastating-loss-of-credibility/

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crypto4all · 4 years

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Chinese Communist Party Wants Members to Learn about Bitcoin + More News

Source: Adobe/Herr LoefflerCrypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Adoption news

The Chinese communist party has published a new book about digital currencies designed to educate party members on the finer details of blockchain-powered finance. The book, per media outlet Chainnews, has been issued by the Central Party School of the Communist Party of China, the higher education body that trains officials for the nation’s Communist Party. The new book, part of a series about industry 4.0 technology is titled “Talking to Top Cadres about Digital Currencies," features a section about Bitcoin (BTC) and follows on from a previous digital currency-related title. The country is reportedly testing its forthcoming digital yuan at a number of locations across the country, with some experts now claiming the token will be compatible with third-party payment apps.THETA.tv, the esports video platform powered by Theta (THETA) blockchain, might be featured as one of the content providers available in the Samsung Daily platform, pre-installed in every flagship Galaxy S20 phone shipped in the US. According to the announcement, it will also be upgraded to all existing Galaxy S10, S9, and Note 10, Note 9 devices, reaching a total global installed base of more than 75 million devices.Tokensoft, a technology platform for enterprises, asset managers and financial institutions, has tokenized its equity after using the blockchain to distribute the investments to investors that participated in its USD 4 million Series Seed round. The press release says that Tokensoft investors received a digital representation of their SAFE-governed investment on the blockchain in their investment accounts. This digital representation has been developed using the ERC-1404 standard and uses the Ethereum blockchain for compliance and accounting automation. The investment round started in July 2018 and was co-led by Base10 and e.ventures with participation from Coinbase Ventures.

Exchanges news

Chinese police have busted a group of “fake Huobi” over-the-counter (OTC) website operators, reports Jinse. The media outlet says that police in the Guangdong Province have arrested 12 suspects they believe infiltrated WeChat crypto groups, posing as Huobi exchange officials in November last year, tricking scores of victims into investing in their bogus platform.Uniswap V2, the second iteration of Uniswap, a protocol for automated token exchange on Ethereum (ETH), has been deployed to the Ethereum mainnet, containing a number of improvements, such as ERC20 / ERC20 pairs, price oracles, and flash swaps. The announcement says that developers can begin building on Uniswap V2 immediately, while the team also released a liquidity migration portal to simplify and hasten the process of withdrawing liquidity from Uniswap V1 and depositing it into Uniswap V2.

Regulation news

The Ukrainian government has unveiled its draft cryptocurrency and digital currency legislation, per an official release. The draft bill is the brainchild of the Ministry of Digital Transformation and contains legal definitions of terms such as stablecoins, a fact that could provide stablecoin operators with a legal framework to operate in. However, critics have taken to Twitter to point out what it claims are fatal flaws in the draft legislation, including a wallet registration proposal that one user claimed would render “all crypto wallets in the country illegal.”

Hack news

At least a dozen supercomputers across Europe suffered cyber-attacks with hackers trying to take control of them, forcing them to shut down, reports BBC. Archer supercomputer at the University of Edinburgh was one of those affected by a security exploitation of an Secure Shell (SSH) connection used to log in to the system remotely, which disabled access to the supercomputer on 11 May. Other supercomputers were attacked in the days that followed in Germany, Switzerland, and reportedly Barcelona.

M&A news

Travala.com, a blockchain-based accommodation booking platform, has announced its strategic merger with a cryptocurrency-friendly flight booking portal TravelbyBit, backed by crypto exchange Binance. The announcement states that, as the first step of the merger, the companies will cross-market one another’s travel offerings, while at a later date, the two companies will fully integrate and create a large online travel agency with over 2 million hotels and 600 airlines around the world.

Libra news

The Libra Association, a member organization behind Facebook's Libra token, has appointed Robert Werner as its General Counsel. Per the announcement, Werner was the founder and CEO of GRH Consulting; he held leadership positions in HSBC, Goldman Sachs, and Merrill Lynch, and he served as the Director of the Financial Crimes Enforcement Network (FinCEN), Director of the Office of Foreign Assets Control (OFAC), Senior Counsel to the Under Secretary of the Treasury, Terrorism and Financial Intelligence, and Assistant General Counsel for Enforcement and Intelligence in the Office of the General Counsel.

Blockchain news

Harmony (ONE), an open blockchain for decentralized applications has upgraded its mainnet to support staking, stating that stakers can expect to earn annual yields ranging from 45% to 15% in the first year. According to the press release, this is the first blockchain to combine sharding and proof-of-stake.

Altcoins news

Jared Tate, founder of DigiByte (DGB), ranked 39th by market capitalization, stated that he is not selling his DGB holdings and that he still holds 99% of all his crypto in DGB " and always will." Last Friday, Tate announced that he will step back from his role in DigiByte, saying that it doesn't mean he's "leaving" forever," after which the coin's price dropped 12% in a day and 31% in a week.

Scam news

Russian crypto scammers are having a field day with bogus coronavirus-related projects, per RBC, making reference to a RIA Novosti report. The media outlet claims that Russian bank Sberbank is aware of a number of these scams, which include bogus links for testing kits and protective face masks, as well as legit-looking VAT refund platforms. A number of sites use interfaces that are based on above-board websites, but at the crucial payment stage, redirect users to scam sites that attempt to dupe users into sending their hard-earned cryptocurrencies to fraudsters’ wallets. Read the full article

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