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Is it Safe to Use EOS Newly Launched Platform?

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Last Saturday, a popular cryptocurrency, EOS, finally managed to launch its platform. However, the platform has yet to go live, and the process appears to be stuck. The reason for this is the necessity of its token holders to provide their wallet’s private keys in order to participate in getting the platform to take the final step.

The platform is ready, the users are not

The biggest question these days, when it comes to EOS’ community is whether or not its token holders trust it enough. The popular cryptocurrency finally managed to launch its new platform, which was anticipated for a long time now. However, the job has yet to be finished, and the platform has not gone live yet. Despite the fact that everything is finished and prepared, one key ingredient is still missing – the token holders.

EOS wanted to try and achieve decentralization, which puts the governing power into the hands of its users. Those include both, companies, as well as individuals who can be identified as EOS token holders. By providing proof that they are in possession of EOS tokens, the people would get the ability to choose who will process the future transactions and to vote on various issues within the platform.

However, to do all that, they must first provide that final piece of proof that they do, indeed, have the cryptocurrency’s coins in their wallets. To prove this, they have to provide their wallet’s private keys, which are extremely sensitive cryptographic strings. Losing such a key would mean losing all of the stored funds, which means that people will have to take an incredible risk in order to make this platform work.

EOS’ users are more than willing to participate, but less so when such a risk is involved, which is a pretty large oversight on EOS’ part. So far, the platform only got 37% of the necessary 150 million votes which are the amount needed to get the blockchain running properly.

Now, there are some ways around this issue, which include third-party security software, which would confirm that the person is in the possession of the tokens, while the private keys would remain safe, or at least safer than they would be otherwise. One such software, created by EOS’ parent company, is called CLEOS. However, the problem with CLEOS is that it can be quite complicated to use it, which ultimately forces the users to turn to simpler software, which is also far less safe. Not only are there many scammers that were just waiting for such a confusion to arise, but there are also hackers who have proved to be unstoppable when they put their minds and keyboards to a certain task.

Why are the private keys needed?

There are basically two main reasons why private keys are required in order for a person to access the voting process. The first one is to make sure that the vote is legitimate. The ability to vote is reserved only for those who hold EOS tokens, which makes sense. It is the community and the platform that will be impacted by the decision reached by voting, which means that only those who will be impacted should have access to the voting process.

The second reason is the necessity to take a peek into the user’s wallet and determine their holdings. That way, the ‘weight’ of the vote can be measured by the system. This also makes sense, since those with more tokens will have more to lose in case of ‘bad’ voting, which means that they would need some extra voting power to tip the scale. This way of doing things might be putting slightly more power into the hands with those who have more funds, which is a step away from total decentralization, but all voters have the right and the ability to vote, no matter how many tokens they have, which is as far as it can get in this situation.

The requirement to submit the private key is a necessity in order to vote, and there is no bypassing that. In a way, a private key acts as some sort of a signature, only with much higher risk in case of it being exposed. The risk of exposure is real, and its probability depends on the software that is being used. The more user-friendly the software gets, the less safety for the users themselves is involved.

Solutions to the problem

There are several ways in which this kind of issue might be solved. One of them includes creating multiple private keys that would be used for managing one account. However, most users don’t even know that this possibility exists, much less how to actually do it.

There is a possibility of making a private key that would allow users to vote, but would not be linked to their wallet. However, there is a very limited amount of guides that explain how to do this, which makes it nearly impossible for it to become a general solution. EOS Canada team will try to help out with spreading this information by creating a video explained.

Another potential solution is for users to start using a downloadable voting tool, which would run on their computer, with no connection to browsers. Browsers can be a danger to user privacy due to a possibility of toolbar manipulation, botnets, as well as various other bad actors.

Also, it goes without saying that the users should only use software provided by reputable companies, and not some shady brand that nobody ever heard of before. Tools that are recommended include LiquidEOS, Scatter,  EOSC, and Greymass.

Another solution includes using a specially designed tool for offline voting, developed by Tokenika. However, there is always a possibility that the users’ devices are already infected by malware that might steal their information from the device, even if the whole process is done offline.

Obviously, there are a lot of dangers when it comes to sharing a private key, which makes it perfectly understandable why the EOS token holders are indecisive. However, there are also a lot of possible solutions, which come with their own risks, true. However, those risks can be reduced by researching these methods and taking every precaution.

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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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