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What Is a Sybil Attack?
In a Sybil attack, a malicious actor attempts to gain control over a network by creating multiple identities and using them to manipulate the network's consensus, such as by voting multiple times on a blockchain. The attacker does this by creating multiple identities, or "Sybils," that will then act together to control the network. These attacks can be used to double-spend coins, disrupt the network, and even prevent transactions from being confirmed.
For example, the attacker may create multiple wallets, each with a different identity, and use these to vote multiple times to gain control of the network. The attacker can also use these identities to manipulate the network's consensus by controlling a large portion of the network’s computing power.
Sybil attacks can be difficult to detect and can be used to gain control of a network without the need for large amounts of computing power. As such, users need to be aware of the risks posed by these attacks and take steps to protect their networks.
#US30 UPDATE :
#US30 gave a strong breakout of the consolidation range and had a retest and printed a new All time highs. Now, once again we have to wait for the retracement and take buys anticipating the new ATH soon.
Here's the Analysis of #ZK :
#ZK is been kept on holding the listing price as support zone of $$0.090 - $0.095 and resistance area of $1.44 - $1.49. Price moving within the channel pattern and kinda bear flag and might push bit lower from here. Taking shorts from resistances will also a good opportunity if market ranges.
#DXY UPDATE :
#DXY gave a clean break and had a good weekly closing too. Dollar getting its strength and market might suffer bit of pain too in next week.
Here's the Analysis of #BSW :
#BSW moving within the large falling wedge pattern and moving below the flip area of $0.068 - $0.070. Price gave a minor breakout but not looking strong enough, so better we need to wait for the price to move above flip zone and take the buy setups.
Buying #GFT here🚀
Chart indicating a strong bounce from weekly support
We can set target for atleast 20-40% from here in short term✍🏻
#GFT/USDT gaining momentum from the demand zone and looks ready for the bullish ride 🚀
Buy on MEXC: https://www.mexc.com/exchange/GFT_USDT
Buy on Binance: https://www.binance.com/en/trade/GFT_USDT
Short term targets: 10%-30%-50%
#ALPINE had a very quick buy after the breakout and had a retest back to the support zone and made a quick 35% move in profit. I hope you took the advantage of the setup. More buys can in case of price dips below.
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Here's the Analysis of #PROS :
#PROS is been sky rocket from the major support zone of $0.25 - $0.27 and rejected from the strong resistance too at $0.65 - $0.67. Currently trying to hodl the price from a key flip area at $0.40 - 0.42. Price cloud drive higher from here, and accumulation looks good here till lower support with TP at high.
#BTC drop to the zone as expected and strongly got its reaction from there. Still market looks bearish and need to see a Daily closure above $62,000, and market was expected to do this week. So Next Week will have a better clarity of the market.
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What Are Some of the Key Benefits SPoRA Provides?
There are several crucial benefits that SPoRA delivers:
Energy Efficiency: SPoRA eliminates the massive electricity waste that comes with Proof-of-work networks like Bitcoin. This is critical for sustainability.
Decentralization: SPoRA discourages miners from pooling resources and encourages them to independently store data. This promotes decentralization.
Security: With more decentralized miners each storing data, the risk of centralization and single points of failure is greatly reduced.
Speed: Reading a small chunk of data is much faster than having to solve cryptographic puzzles. This makes the network swift and responsive.
How Is SPoRA Different From Proof of Work?
Proof of Work is the consensus mechanism used in Bitcoin and many other first-generation blockchains. It requires miners to spend massive amounts of computational energy to repetitively guess solutions to cryptographic puzzles in order to add new blocks.
SPoRA differs drastically in that it does not require any repetitive puzzle-solving. Instead, miners simply have to prove they can read historical data from their own stored version of the Arweave blockchain. This makes SPoRA much more efficient, fast and eco-friendly compared to Proof of Work.
What Is the Role of SPoRA in the Arweave Blockchain?
SPoRA plays an absolutely essential role in the functioning of the Arweave blockchain. It allows the network to validate blocks and verify transactions in a reliable and efficient way without consuming enormous amounts of energy or computational resources.
By facilitating frictionless consensus through simple data reads, SPoRA enables Arweave to scale sustainably as a global data storage protocol. Without SPoRA, Arweave would be unable to fulfill its mission of becoming an eternal and decentralized data archive for the world's information.
Why Is Random Data Access Important?
The random nature of the historical data access required by SPoRA provides significant advantages for security, speed, and efficiency on the Arweave network.
Since miners are forced to access random parts of old data, the network can quickly retrieve specific chunks of information without reading the entire blockchain every time. This massively improves transaction speeds.
Random data access also enhances security by decentralizing data across more miners on the network. No single node can gain control over the bulk of information. This prevents centralization.
How Does SPoRA Aid With Data Retrieval?
The random data access mechanic of SPoRA enables extremely quick and efficient data retrieval from the Arweave network compared to traditional blockchains.
Users can directly access the specific pieces of data they want without having to scan through and retrieve the entire blockchain, which can be slow. Apps built on Arweave also benefit from the ability to rapidly access necessary data.
Overall, SPoRA significantly improves data retrieval speeds, efficiency, and cost - helping fulfill Arweave's vision of an ultra low-cost decentralized data storage protocol.
So in summary, SPoRA is the key innovation that allows the Arweave network to be sustainable, fast, and decentralized - making it well-positioned to become the permanent internet archive of the future.
#TOTAL MARKET CAP :
#TOTAL gave a fakeout to the downside as expected, now index started moving back and forth on the zone. Price forming a triangle pattern in LTF and need to see some sort of breakout of the zone. Overall, structure tend to bearish, so correction might come.
Here's the Analysis of #WLD :
#WLD dropping hard from Major Resistance zone of $2.06 - $2.11 and approaching towards the trendline expected a bounce too. Nothing much cleaner as support, need to see a rejection from $1.65 area.
The Realized Profit and Loss metric serves as a proxy for market demand, indicating sellers' willingness to transact at a premium or discount. Since the March all-time high, the absolute sum of Realized Profit and Loss has declined significantly. This suggests a notable reduction in buy-side pressure within the current price range, implying decreased market demand or investor enthusiasm. The trend points to a cooling market sentiment, with fewer sellers willing to part with their coins at a profit and fewer buyers willing to acquire coins at a loss.
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#BTC forming a small wedge pattern and now on a resistance area. LTF flip can drive the price up in short-term and towards the strong resistance too.
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Bitcoin's recent slump has new investors feeling the squeeze. Since late June 2024, short-term holders are underwater (MVRV < 1), nursing losses on paper. But there's a silver lining! These unrealized losses aren't as brutal as the mid-2021 bloodbath or the March 2020 COVID panic. So while newbies are sweating, they're not in full meltdown mode.
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#BTC gave a weekly candle closing a Doji candlestick, which shows an undecided market or more buyers are in. Currently, price is approaching towards the strong resistance area and have to see a Daily candle close above.
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The SSR Oscillator compares Bitcoin's market cap to the total circulating stablecoin supply. A low SSR indicates higher stablecoin "buying power" for BTC, while a high SSR shows less buying power. Currently, the SSR is at a historic low due to a range-bound Bitcoin market cap and growing stablecoin supply, suggesting increased stablecoin-based buying power that could boost future demand.
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#BITCOIN WEEKLY TF UPDATE :
#BITCOIN on Weekly TF, had a rejected closing and current week candle also trying to have even better rejection from the support. We can expected a shallow retracement by next week and a move higher towards the $65,000 mark. Another case can be the market might continue to range in these zones.
#GFT Strong bullish divergence, Don't miss this potential rocket ride! 🚀💥
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#GFT/USDT BUY/LONG CALL
Lying above strong support. RSI is showing a bullish divergence. EMA'S are acting as solid support. Stochastic is giving a buying signal. Expecting a big upward move from here.
Targets: $0.0195 - 0.024 - 0.030 - 0.040
Stop if 1D closes below $0.015
Stablecoins remain the preferred quote currency on both centralized and decentralized exchanges, making their growth a proxy for investor demand. The Aggregate Stablecoin Supply is nearing its all-time high at $160.4B, signaling a buildup of crypto-native, dollar-denominated capital. However, this capital isn't yet rotating into risk assets.
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#BITCOIN DAILY TF UPDATE :
#BITCOIN on Daily TF, rejected sharply from the support zone and approaching the a flip level of $64,500 - $65,000. Its now stuck in a range now, need to see some sort of price movement of the $65,000 again with a Healthy Daily and Weekly Closings.
#WLD nearly dropped into the trendline and getting some sort of buy pressure over there. In case of drop in price, we can have a mid-term buys towards the $1.80 and higher.
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here's the Analysis of #OP :
#OP stuck within a large range between the key zone of resistance around $1.97 - $2.00 and support at $1.15 - $1.21. price attempting to break the trendline and move lower back to support, so in the mean while you can have the shorting opportunities and longs from the support
The 'Hot Supply' metric, representing coins aged one week or less, has declined to a low liquidity zone, now accounting for just 4.7% of total Bitcoin network wealth. This indicates a significant constriction in readily available trading supply, as most coins are now older than one week. The trend suggests reduced market liquidity and potentially less responsiveness to short-term price fluctuations, implying that most Bitcoin holders are currently in a holding pattern. This supply-side contraction, combined with earlier demand-side insights, points to a tightening market with potential implications for price volatility and trading volumes.
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#BTC failed to close above the resistance and dropped back to the previous low made. Price again now building up for an drop to major support zone and a reversal from there.
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What Is Succinct Proofs of Random Access (SPoRA)?
Succinct Proofs of Random Access (SPoRA) is a consensus mechanism used to confirm transactions and validate blocks on the Arweave decentralized network. Instead of relying on energy-intensive computational work like Bitcoin does with Proof of Work, Arweave uses SPoRA to verify blocks and confirm transactions in a more efficient manner.
SPoRA allows miners on the Arweave network to prove they have access to random historical data. This eliminates the need for repetitively solving cryptographic puzzles in order to add new blocks to the chain.
Why Is SPoRA Important for the Arweave Network?
Arweave aims to build a novel decentralized data storage protocol that allows permanent and immutable data storage. The goal is to build a sustainable and long-lasting data archive - like a permanent internet.
To make this vision a reality, Arweave needs a way to validate blocks and confirm transactions that is reliable and secure but does not require massive amounts of computational energy. This is where SPoRA comes in.
SPoRA allows Arweave to be extremely energy-efficient compared to proof-of-work networks. This is essential for ensuring the sustainability and decentralized nature of the Arweave network over the long term.
How Exactly Does SPoRA Work Under the Hood?
The SPoRA protocol requires miners to competitively prove that they can access random segments of historical data that are spread across the Arweave network.
Each time a miner makes a guess for the hash value to create a new block, SPoRA forces them to read a small chunk of old data and its proof from their own stored version of the Arweave blockchain.
If the miner has the correct data, their guess is considered valid. This allows the network to reach a consensus and confirm transactions without needing to solve intensive computational puzzles.
#CELO have a break below and started forming a small range too. Now, price action is very clear and expected to move in the direction with clean candle closure.
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Here's the Analysis of #ARKM :
#ARKM moving with in the flip zones of around $1.33 - $1.36 and $1.69 - $1.75 and moving with the triangle pattern too. Its a Pretty tradable range of 20% so you can take LTF buys with added confluence towards the resistance area.