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

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EOS

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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