Introduction
The Stellar Development Foundation (SDF) has made the decision to delay the Protocol 20 upgrade of the Stellar blockchain network, which was originally scheduled for January 30. This delay comes as a result of the discovery of a bug that could potentially impact Soroban smart contract transactions.
Discovery of the Bug
In a blog post dated January 27, the SDF announced the delay and expressed its commitment to ensuring the network's readiness for the upgrade. The bug was identified on January 25 and affects fee-bumped Soroban transactions, potentially leading to incorrect handling of refunds. Soroban, a smart contract platform on Stellar, went live on a testnet in October 2022.
Collaborative Decision-Making
The SDF emphasized the importance of consensus within the ecosystem and stated, "We are not an ecosystem of one." The decision to delay the upgrade was made collaboratively, taking into account the input of various stakeholders.
Impact on Validators
As a precautionary measure, the SDF has disarmed its validators to prevent them from voting for the upgrade. The foundation clarified that the decision to upgrade rests with the entire network of validators, not solely with the SDF. Currently, there are 43 validator nodes according to Stellarbeat.io.
Resolution and Future Plans
The SDF is actively working on resolving the bug and expects to have a fix available within two weeks. In case of a postponement, the foundation will coordinate with validators to determine a new date for the Protocol 20 vote.
Enhancing Stellar's Capabilities
Stellar, known as one of the oldest blockchain projects, primarily focuses on payments and asset tokenization. The addition of Ethereum-style smart contracts through Soroban is expected to significantly enhance the capabilities of the Stellar blockchain.
Community Engagement
The SDF encourages the Stellar community and developers to stay informed through the Stellar Dev Discord and developer mailing lists. Cooperation and consensus are deemed crucial for the success of the upgrade. The SDF expressed gratitude for the willingness of the ecosystem to engage in important conversations.
Conclusion
The delay in the Protocol 20 upgrade of the Stellar blockchain network is a proactive step taken by the SDF to address the bug impacting Soroban smart contract transactions. The foundation remains committed to resolving the issue and engaging with the community to ensure a successful upgrade. Share your thoughts and opinions on whether Stellar will become a popular place for smart contract developers in the comments section below.
Frequently Asked Questions
What is the value of a gold IRA
A gold IRA has many benefits. It's an investment vehicle that lets you diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. If you are planning to retire early, this makes it easy to transition.
The best part about gold IRAs? You don't have to be an expert. These IRAs are available at all banks and brokerage houses. You don't have to worry about penalties or fees when withdrawing money.
That said, there are drawbacks too. The volatility of gold has been a hallmark of its history. It is important to understand why you are investing in gold. Are you looking for safety or growth? Do you want to use it as an insurance strategy or for long-term growth? Only once you know, that will you be able to make an informed decision.
If you plan to keep your gold IRA indefinitely, you'll probably want to consider buying more than one ounce of gold. A single ounce isn't enough to cover all of your needs. Depending upon what you plan to do, you could need several ounces.
You don’t necessarily need a lot if you’re looking to sell your gold. You can even live with just one ounce. You won't be capable of buying anything else with these funds.
What Is a Precious Metal IRA?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are sometimes called “bullion.” Bullion refers simply to the physical metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This allows you to receive dividends every year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you only pay a small percentage on your gains. Plus, you can access your funds whenever you like.
What are the pros & con's of a golden IRA?
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. There are some disadvantages to this investment.
If you withdraw too many funds from your IRA at once, you may lose all your accumulated assets. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.
Another problem is the cost of managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
Insurance will be required if you would like to keep your cash out of banks. In order to make a claim, most insurers will require that you have a minimum amount in gold. Some insurers may require you to have insurance that covers losses up $500,000.
If you decide to open a gold IRA, it is important to know how much you can use. Some providers restrict the amount you can own in gold. Others allow you the freedom to choose your own weight.
You'll also need to decide whether to buy physical gold or futures contracts. Physical gold is more expensive than gold futures contracts. Futures contracts provide flexibility for purchasing gold. They enable you to establish a contract with an expiration date.
Also, you will need to decide on the type of insurance coverage you would like. Standard policies don't cover theft protection, loss due to fire, flood or earthquake. The policy does not cover natural disasters. You might consider purchasing additional coverage if your area is at high risk.
Insurance is not enough. You also need to think about the cost of gold storage. Storage costs are not covered by insurance. For safekeeping, banks typically charge $25-40 per month.
Before you can open a gold IRA you need to contact a qualified Custodian. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians cannot sell your assets. Instead, they must retain them for as long and as you require.
Once you've chosen the best type of IRA for you, you need to fill in paperwork describing your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. The plan should also include information about how much you are willing to invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. Once the company has received your application, they will review it and send you a confirmation email.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Should You Get Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Some experts believe that this could change very soon. They believe gold prices could increase dramatically if there is another global financial crises.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
These are some important things to remember if your goal is to invest in gold.
- Consider whether you will actually need the money that you are saving for retirement. It's possible to save for retirement without putting your savings into gold. The added protection that gold provides when you retire is a good option.
- Second, ensure you fully understand the risks involved in buying gold. Each offer varying degrees of security and flexibility.
- Keep in mind that gold may not be as secure as a bank deposit. It is possible to lose your gold coins.
If you are thinking of buying gold, do your research. You should also ensure that you do everything you can to protect your gold.
What is the best precious metal to invest in?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. Gold may not be right for you if you want quick profits. If you have time and patience, you should consider investing in silver instead.
If you're not looking to make quick money, gold is probably your best choice. Silver might be a better investment option if steady returns are desired over a long period of time.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
finance.yahoo.com
irs.gov
How To
The best place to buy silver or gold online
To buy gold, you must first understand how it works. Gold is a precious metal similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They cannot be used in currency exchanges. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. Each dollar spent earns the buyer 1 gram gold.
When you are looking to purchase gold, the next thing to know is where to get it. If you want to purchase gold directly from a dealer, then a few options are available. First, you can visit your local coin store. You can also go to a reputable website such as eBay. You might also consider buying gold from an online private seller.
Individuals who sell gold at wholesale and retail prices are called private sellers. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. A private seller will usually return less money than a coin shop and eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
Another way to buy gold is by investing in physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks charge higher interest rates than those offered by pawn shops.
Finally, another way to buy gold is to simply ask someone else to do it! Selling gold is simple too. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
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By: David Sencil
Title: Stellar Development Foundation Delays Protocol 20 Upgrade Due to Bug
Sourced From: news.bitcoin.com/stellar-development-foundation-votes-to-delay-protocol-20-upgrade-amid-bug-concerns/
Published Date: Mon, 29 Jan 2024 23:00:11 +0000
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