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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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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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