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EOS (EOS) Will Weather The Storm Of Vulnerabilities and Come Out Stronger

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Security vulnerabilities in the EOS (EOS) platform was discovered on the 29th of May, and just 5 days before the MainNet launch on the 2nd of June. Qihoo 360, a China-based cybersecurity firm, would make the discoveries that they would later relay to the team at EOS.

The team at EOS, via Daniel Larimer, would later ask the world of developers to assist in finding any other vulnerabilities in the code; with a $10,000 reward for every unique find. Larimer had this to say on Twitter:

“Help us find critical bugs in #EOSIO before our 1.0 release. $10K for every unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts. Offer subject to change, ID required, validity decided at the sole discretion of Block One.”

The vulnerabilities that were earlier discovered, were critical in the sense that a malicious hacker, could create a smart contract that would gain control of all the nodes in the EOS network, thus gaining access to all the transactions in the network. The same attacker could then use the nodes to mine other cryptocurrency networks, in turn, causing a complete cyber attack.

The report was quick to mention the following about the above:

“Vulnerabilities in the traditional software domain may be exploited to initiate cyber attacks, causing data, privacy leaks, and even the impact of real life. The digital currency itself is a set of financial systems. The security loopholes in digital currency and blockchain networks tend to have more serious and direct impacts.

In an attack, an attacker constructs and publishes a smart contract containing malicious code. The EOS super node will execute this malicious contract and trigger a security hole. The attacker then re-uses the super node to package the malicious contract into a new block, which in turn causes all full nodes in the network (alternate super node, exchange reload point, digital currency wallet server node, etc.) to be controlled remotely.”

These discoveries before the MainNet launch, raises questions as to whether the EOS project will be able to weather the storm that is guaranteeing to the crypto-verse, that the software patches they are working on, will hold.

One is tempted to refer to the Verge (XVG) hack that has recently happened, resulting in over $1 Million lost through the minting of XVG coins by manipulating the timestamps on the blocks during mining. The XVG team had guaranteed it had fixed the issue the first time, only for the same vulnerability to be exploited a second time.

But any software developer knows that no code is impenetrable with the right amount of effort. The discovery of vulnerabilities proves that the team at EOS is doing all the right things to guarantee a successful MainNet launch with a secure platform.

The EOS Team has since updated on the progress of the patch via Twitter:

“Media has incorrectly reported a potential delay in the release of EOSIO V1 due to software vulnerabilities. Our team has already fixed most and is hard at work with the remaining ones. EOSIO V1 is on schedule; please stay tuned to our EOSIO channels for official information.”

The EOS value in the crypto-markets suffered a bit of a setback when the announcement was made. The price of the token dropped from around $12 to $10.93 during that time period. The token has since recovered from the news and is currently trading at $12.26 at the moment of writing this and up 4.89% in 24 hours.

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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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