The Stellar Development Foundation (SDF) has announced a delay in the Protocol 20 upgrade of the Stellar blockchain, originally scheduled for January 30. This decision follows the discovery of a bug in Stellar Core v20.1.0, which could potentially impact Soroban transactions.
Commitment to Collaboration
In a blog post dated January 27, the SDF expressed its commitment to ensuring the network's readiness for the upgrade, as well as the importance of consensus within the ecosystem. The post emphasized that the decision-making process is collaborative and not confined to the SDF alone.
Bug Impacting Soroban Transactions
The bug, identified on January 25, affects fee-bumped Soroban transactions and could result in incorrect handling of refunds. Soroban, a smart contract platform on Stellar, was launched on a testnet in October 2022.
Phased Rollout of Protocol 20
Tyler van der Hoeven, a core developer of Stellar, stated that Protocol 20 would be rolled out in phases, although the timeline for full implementation of Soroban smart contracts has not been specified.
Disarming Validators and Collaboration
In response to the bug, the SDF has disarmed its validators to prevent them from voting for the upgrade. The SDF clarified that the decision to upgrade rests with the entire network of validators, not solely with the SDF. As of December 2023, there were 43 validator nodes, according to Stellarbeat.io.
The SDF expressed its commitment to resolving the bug and engaging in discussions with other validators in both public and private channels, regardless of the outcome.
Enhancing Stellar's Capabilities
Stellar, one of the oldest blockchain projects, has primarily focused on payments and asset tokenization. The addition of Ethereum-style smart contracts through Soroban is expected to significantly enhance the blockchain's capabilities.
Fix in Progress
The SDF reassured the community that a fix for the bug is underway and should be available within two weeks. In the event of a postponement, the foundation will coordinate with validators to determine a new date for the Protocol 20 vote.
Stay Informed and Engaged
The Stellar community and developers are encouraged to stay informed through the Stellar Dev Discord and developer mailing lists. The SDF emphasized the importance of cooperation and consensus for the success of the upgrade, stating, "We are grateful that this ecosystem is willing to engage in important conversations like this."
Share your thoughts and opinions about whether Stellar will become a popular place for smart contract developers in the comments section below.
Frequently Asked Questions
Can you keep precious metals inside an IRA
This depends on the IRA's owner's desire to diversify or keep his holdings in silver and gold.
There are two options for him if he wants to diversify. He could either purchase physical bars or silver from a seller, or return these items to the dealer at end of the year. Let's say he doesn’t want to sell back his precious metal investment. In that case, he should continue holding onto them as they would be perfectly suitable for storing within an IRA account.
What is a Precious Metal IRA and How Can You Benefit From It?
Precious metals are an excellent investment for retirement accounts. They have been around for centuries and are still very valuable today. The best way to protect yourself from inflation is to invest in precious metallics such as platinum, silver and gold.
Certain countries even allow their citizens to save money in foreign currencies. You can buy Canada gold bars and keep them home. Then, when you travel to Canada, you can make the same gold bars and sell them for Canadian Dollars.
This is a very easy way to invest in precious metals. This is especially helpful if you don't live in North America.
Is it possible to take physical ownership of gold from my IRA
Many ask themselves whether they can physically possess gold in an IRA account. This is a valid question as there is no legal route to it.
But when you look closely at the law, nothing stops you from owning gold in an IRA.
Most people don’t realize just how much they could save by putting your gold in an IRA, rather than keeping it at home.
It's easy to throw away gold coins but not so easy to put them in an IRA. If you decide that you want to keep your gold at home, you'll be responsible for two tax payments. Once for the IRS and once for the state where you live.
However, it is also possible to lose the gold in your home and pay twice tax. Why would you want it to stay in your home?
You might argue that you need the security of knowing that your gold is safe in your home. It is important to store your gold somewhere safer in order to prevent theft.
You shouldn't even leave your gold in your home unless you plan to visit often. If your gold is left unattended, thieves could easily steal it when you're away from home.
It is better to keep your gold in an insured vault. Your gold will be protected against fire, floods, earthquakes, and robbery.
One advantage of storing your gold safely in a vault is the fact that you don't have to worry too much about property tax. You will have to pay income taxes on any gains from the sale of your gold.
If you'd rather avoid paying taxes on your gold, you may want to consider putting it in an IRA. With an IRA, you won't have to pay income tax even though you earn interest on your gold.
Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.
And because IRAs fall under federal regulation, you won’t have any problems getting your gold transferred to another institution if you move.
Bottom line: You can have gold in an IRA. Your fear of it being stolen is what holds you back.
Statistics
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
External Links
regalassets.com
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
takemetothesite.com
How To
How to Open a Precious Metal IRA
Precious metals are a highly sought-after investment vehicle. They are so popular because they allow investors to earn higher returns than traditional investments like stocks and bonds. However, precious metals investing requires careful planning and research. Here are the basics to help you open your precious metal IRA account.
There are two main types for precious metal accounts: paper gold and Silver certificates (GSCs), and physical precious Metals accounts. Each type has its advantages and disadvantages. GSCs offer easy access and trade, while physical precious metals accounts provide diversification benefits. Read on to find out more.
Physical precious Metals accounts consist of bullion, bullion, and bars. While this option provides diversification benefits, it also comes with some drawbacks. Precious metals can be expensive to store, buy and sell. They can also be very difficult to transport due to their large size.
The silver and paper gold certificates are also relatively affordable. Additionally, they can be easily traded online and accessible. They are ideal for those who don't wish to invest in precious metals. However, they aren't as diversified as their physical counterparts. They are also backed by government agencies like the U.S. Mint so their value could decline if inflation rates rise.
Choose the best account for you financial situation when opening a precious metal IRA. Before doing so, consider the following factors:
- Your tolerance level
- Your preferred asset-allocation strategy
- How much time are you willing to put in?
- Whether or not you plan on using the funds for short-term trading purposes
- Which type of tax treatment would you prefer
- Which precious metal would you like to place your money in?
- How liquid do your portfolio need to be
- Your retirement age
- Where you will store precious metals
- Your income level
- Your current savings rate
- Your future goals
- Your net worth
- Special circumstances that might affect your decision
- Your overall financial situation
- Your preference between physical and paper assets
- Your willingness and ability to take risks
- Your ability to deal with losses
- Your budget constraints
- Financial independence is what you want
- Your investment experience
- Your familiarity and knowledge of precious metals
- Your knowledge about precious metals
- Your confidence in the economy
- Your personal preferences
Once you've determined which type of precious metal IRA best suits your needs, you can proceed to open an account with a reputable dealer. These companies can be found through word of mouth, referrals and online research.
Once you've opened your precious metal IRA, you'll need to determine how much money you want to put into it. It's important to note that each precious metal IRA account carries different minimum initial deposit amounts. Some accounts will only accept $100, others will allow for you to invest as high as $50,000.
You can invest as much or as little money in your precious metal IRA as you like. A higher initial deposit will help you build wealth over a prolonged period. On the other hand, if you're planning on investing smaller sums of money every month, a lower initial deposit might work better for you.
You can purchase a variety of investments, regardless of whether the precious metals are actually used in your IRA. These are the most commonly used:
- Bullion bars, rounds and coins in gold – Gold
- Silver – Rounds and coins
- Platinum – Coins
- Palladium – Bar and round forms
- Mercury – Bar and round forms
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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
