DASH Sent Three Million Transactions in a One-Day Stress Test

Cryptocurrency networks are mainly used to send financial transactions. The capacity at which such transfers can occur helps shape the future of individual projects. For Dash, its recent “stress test” proved to be quite successful. Over 3 million transactions were recorded with relatively minor issues reported. A very big milestone for the altcoin network.

The Latest Dash Stress Test

In the cryptocurrency world, stress tests are an important aspect. Although these periods heavily inflate the number of transactions, they also test the network’s resolve. Processing more transactions is an ongoing development for all major cryptocurrencies. Most projects beat Bitcoin in this department with relative ease. The latest to do so is Dash, an altcoin popular among privacy-oriented users.

The stress test was conducted earlier this month, during which over three million transactions were completed in a 24-hour period. A different stress test in July of 2018 saw barely 464,000 transfers achieve a level of completion. This further confirms a lot of progress has been made by the developers in recent months. This news comes at a most opportune time for the altcoin.

Bitcoin Cash, prior to forking a few days ago, conducted a big stress test in September. That venture saw 2.1 million transfers complete in a 24-hour period. Dash’s latest numbers improve upon this number by nearly 50%. It is a major milestone for this altcoin, though there is still room for future improvements. Because of these results, Dash is – in an ideal world – one of the most competitive cryptocurrency networks.

Other Key Results of Note

Every cryptocurrency stress test is about more than just the number of transactions. In the case of Dash, negative network impact was minimal during this period. Network nodes did not see any major changes in terms of resources. At the same time, some masternodes were unable to cope with the demand. This is primarily due to memory and space requirements not being met. Masternodes are run by individual users and require decent hardware to survive this mass throughput.

This further confirms that masternode owners need to beef up their hardware. A fair few nodes are hosted on a VPS coupled with a “cheaper” hardware plan. Setting up a masternode on a computer under one’s control is usually the better option. Especially if Dash’s transaction throughput continues to grow over the coming years.

Several days after the stress test, another scaling improvement was presented. InstantSend, a feature native to Dash, can scale in a significant manner. The potential “limit” of this feature depends on the number of active masternodes. For now, the theoretical maximum of InstantSend transactions cannot be fit into all network blocks. This further confirms a bright future lies ahead for Dash. Scaling remains an ongoing struggle for all cryptocurrencies.

What do you think of the results of Dash’s latest stress test? How does it compare to the recent Bitcoin Cash stress test? Let us know in the comments below.

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Ripple’s XRP Leapfrogs Past Ethereum Marketcap by More Than $1 Billion

All cryptocurrency and digital asset projects are ranked by market cap. Bitcoin remains the top dog despite a very bearish 2018. Behind Bitcoin, Ethereum is no longer the number two. Instead, Ripple’s XRP has overtaken Ethereum in terms of total valuation. This is a direct result of the most recent market dip, although this change has been brewing for some time.

XRP Claims the Second Market Cap Spot

The year 2018 can be divided into multiple segments. On the price front, all currencies have lost tremendous value. Even this week, another big setback occurred. That affects Bitcoin, as well as all altcoins, tokens, and digital assets. A somewhat surprising side effect of this trend is how market cap rankings get shaken up. Very few projects maintain a value of over $1bn at this time.

The bigger change is how the top three ranked by market cap is no longer the same. Ethereum and XRP are both in the top three, but their places swapped. At this time, XRP’s valuation is higher than Ethereum’s. Statistics by Coinmarketcap confirm a $1.2bn gap separates both ecosystems at this time. Not an insurmountable discrepancy, yet it is a very big lead regardless. Even today, the value of XRP continues to increase slightly, whereas Ether’s value keeps dropping.

When looking at the bigger picture, this trend only becomes more apparent. Every time Bitcoin loses a lot of value, XRP seems to hold its own quite well. Ethereum appears to be closely linked to Bitcoin’s price movements in this regard. A very intriguing trend which may lead to a bigger gap between XRP and ETH moving forward. That may also indicate XRP will maintain its market cap lead over Ethereum for some time to come.

XRP Claims the Second Market Cap Spot

The Bullish News Pushing XRP Higher

Developments like these do not happen without a good reason. For XRP, there has been a string of bullish news to drive the price higher. It is only normal this affects the project’s market cap ranking at the same time. An ongoing “debacle’ between Ripple and Swift has resulted in surprising bullish momentum for Ripple. CEO Brad Garlinghouse goes as far as claiming his company’s technology can replace Swift’s infrastructure altogether.

Furthermore, the commercialization of xRapid is in full effect. Numerous service providers are integrating Ripple’s technology. xRapid’s Main purpose is to facilitate cross-border transactions. It helps reduce costs while improving overall settlement speed. The role of XRP. XRP Speculators consider this commercialization to have a positive impact on the native asset’s price as well.

In the payments space, XRP becomes more commonly accepted as well. The latest firm to offer support is Omni. This physical storage and online rental service provider lets clients pay in XRP. As more use cases become apparent, the market cap of this asset grows larger. While XRP might not rival Bitcoin in this regard, it seems to outpace Ethereum as of late.

Do you think Ripple’s XRP will hold onto the #2 spot? Let us know in the comments below.

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Eight Arrested in Japan on Suspicion of Running Multi-million-dollar Crypto Pyramid Scheme

Japan is the latest country to be hit with a cryptocurrency pyramid scheme. This one spans across 44 prefectures in the country, involves approximately 6,000 victims and has raised almost $70 million.

Ponzi and pyramid schemes definitely appear to be the scams of choice for crypto fraudsters out there. We’ve reported on alleged cases happening all over the world, including in India and Poland. Now, it seems as if its Japan’s turn. According to The Asahi Shimbun, this latest case involves over 6,000 victims and is worth nearly $70 million.

Tokyo’s Metropolitan Police Department arrested eight people on suspicion of violating the Financial Instruments and Exchange Law as they did not register their business with the required authorities.

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ROIs That are Too Good to be True

It is alleged that the accused hosted events and seminars where they enticed potential investors to part with their cash and crypto promising impressive returns of between 3 and 20% depending on how much they contribute. Perhaps in a bid to lend an air of legitimacy, these seminars also had foreign speakers. However, a potential warning sign was that these events also requested that attendees bring in more investors if they would like to see their contribution grow even more.

The alleged scammers requested that investments be made in Bitcoin and any cash contributions would, apparently, be used to buy bitcoins. Nine such victims gave a combined total of 29 million yen in cash last year, which equates to just under $260,000. They were told they were contributing to a U.S. investment firm.

Last month saw 73 victims file a lawsuit against the suspected fraudsters and are requesting 370 million yen, which is over $3 million, in restitution. However, investigators believe that there are, in fact, 6,000 victims located all over Japan. It is estimated that the alleged scheme raised 500 million yen in cash alone. This is nearly $4.5 million. The rest of their ill-gotten gains were received in crypto.

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Japan and Crypto Regulations

Because of this crypto component, the suspects flew under the radar of the Financial Instruments and Exchange Law as virtual currencies are not recognized as securities under its legislation. It is not clear when the alleged fraudsters will have their day in court.

Live Bitcoin News previously reported that Japan’s Financial Services Agency (FSA) has given the cryptocurrency industry self-regulatory status in the country, giving the Japan Virtual Currency Exchange Association authority when it comes to any industry violations.

Do you think that the eight accused will be harshly punished? How will Japan’s new view on crypto regulation impact the future of crypto fraud in the country? Let us know in the comments below!

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