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Dangers Behind The ICON ICX Bug

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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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