This year will be remembered for a long time as one of the toughest years for cryptos. Not only is the market continuously bearish for almost full nine months now, but numerous hacks, scams, and even bugs made a serious impact on a reputation of many a coin. One of the biggest bugs that damaged one coin’s reputation concerns the ICON ICX bug, which was noticed back in June of this year.
The ICX bug
Even though the market has remained mostly crypto-unfriendly for the large part of this year, there were a few instances when things didn’t look so grim. During these short periods, some coins were actually doing quite well. ICON (ICX) was one such coin, which was progressing nicely until June.
At one point, the platform decided to take up a new project, one that would interconnect it with other blockchain ecosystems. That way, shared operations, and intercommunication would become possible through the use of smart contracts. However, it all seemingly went south after a big bug was reported by the crypto enthusiasts, and the problem seemed to lie in the ICON’s smart contracts.
The issue appeared around June 16, when one user reported a bug in the smart contract code. This user stated that the bug is huge, and it can allow pretty much anyone to manipulate the tokens. While the community disapproved of the bug, stating that it might affect the ICX ERC-20 transfers, the platform responded by confirming the bug but claiming that the ERC-20 tokens are not in any danger.
The ICON team tried to calm the investors and holders by claiming that their tokens are not exposed to attacks. They even published a post where they explained what happened. In this report, ICON claimed that the problem resulted only in a temporary block of some ERC-20 transfers. They also noted that the bug was located and that it was quickly handled with a temporary solution.
The incident brought up some serious security questions
Soon after notifying the community that the temporary solution was in place, Min Kim, one of ICON’s council members, stated that the bug is a minor issue and that the ICON team is working on a long-term solution. While this seemingly satisfied the majority of the community, the ICX bug still remains shrouded in mystery.
Several unanswered questions remain, like why was the bug not spotted earlier by the team itself? Has the code been audited? Is the code of the MainNet itself audited? These and other such questions have remained in minds of ICON investors to this day, and many have lost the trust in the platform and its coin.
While this is hardly the worst thing that has happened to the crypto community, the danger is still real, and suspicions still remain. After all, a single mistake can damage the coin beyond repair, and a single bad actor who wants to stop transfers and knows how to do it could do the same.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…