CryptoDigest: Industry Victories and Challenges |
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CryptoDigest: Industry Victories and Challenges

Traditionally, we are highlighting the most interesting events in the world of cryptocurrencies and blockchain technologies of the previous week. 

Mining difficulty 

Last week, the difficulty of mining bitcoin decreased by a record value (by 27.64%) to 14.36 Th/s. As a reminder, this is a flexible dynamic blockchain parameter developed by Satoshi Nakamoto, which allows you to adjust the average time for a new block to be mined, maintaining this indicator at the level of 2016 blocks in 14 days. 

This parameter is associated with a change in the network hashrate. Now, when the period of the “great migration of miners” from China started, the system reacted once again: as the hash rate dropped sharply, the complexity decreased. As a result, there is the stability of the network, the redistribution of mining capacities and a new rise in quotations on the exchanges. 

Lightning Network

The number of transactions within the Bitcoin network has been programmatically limited in favor of security. This mean that it would not be able to compete with traditional payment gateways without additional architectural add-ons. The second level network, Bitcoin Lightning Network, became such an add-on.

In 2021, the growth of the Bitcoin Lightning Network is already 30%, while the number of blocked coins is already 1,676.32 BTC! This allows you to almost instantly transfer any amount of coins around the world with minimal commissions. 

As a reminder, the transactions speed in the EDC Blockchain network is about 2.5 seconds, while the built-in functionality of the platform meets the needs of modern business for scaling

Formula 1

One of the most popular and rated sports in the world, Formula 1 auto racing, has received a new major sponsor in the face of the Hong Kong exchange Crypto.com. Starting from July 17, during the Grand Prix at Silverstone, the company's logo will appear on almost all parts of the circuit. 

This is not the only case where crypto projects support motorsport. Earlier, the symbols of the Tezos blockchain appeared on the liveries of Red Bull cars. Therefore, such advertising is a good opportunity to popularize cryptographic technologies to millions of future users around the world. 

Cyberattacks

A new case of global cybercrime activity was recorded on July 2. The hacker group REvil has hacked into the computers of several clients of Kaseya VSA, which led to a chain reaction and subsequent infection of tens of thousands of other computers. 

The ransomware comes through an automatic fake update. The group issued a written statement on the blog about the need to purchase a special patch from them that will solve the problem. The price of the “service” is $70 million in bitcoins. 

Such cases demonstrate the advantage of decentralized ecosystems, which are much more immune to vulnerabilities than centralized computing products. 

The EDC Blockchain platform constantly increases its security thanks to the use of the PoS algorithm and the connection of validators: the more new witness nodes, the more secure the blockchain is. Each of you can run your own node and become an EDC Blockchain validator, receiving fees as a compensation and contributing to the security of the platform. 

Stay on top of global technology trends with EDC Blockchain! 

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