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Nano Launches a New Wallet: User Safety Compromised

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Nano

Ever since the developers of Nano announced that the new wallet is soon to be released to the public, the community has been eagerly waiting for the new digital wallets to arrive.

The wallets were announced for release at the latest by June 24th, however, the team has been working hard on the new developments regarding the latest Android wallet, while also waiting for Apple to approve their application and allow iOS users to use the newly released wallet.

The team has gone forward with releasing the wallet a couple of days earlier around June 20th, however, problems with the new wallet appeared shortly after the wallet was released into the public.

Security Issues Strike: New Nano Wallet Not Safe

The team announced on June 18th with the release update on Medium that they will be releasing g their new Nano Android wallet during the following week, which happened only two days after the original update on Medium.

The team stated on this occasion that the wallet is to be open-source once released, also stating that they are waiting for Apple to review their app, adding that this is a common protocol of all crypto related applications, adding that they are hoping to have the wallet ready for iOS users as well.

Further, in their weekly update, the team has also stated that they have received numerous designs for the wallet interface as submitted by some community members, adding that once the wallet is released, the team Nano will work with the community to bring the smoothest and the sleekest, user-friendly interface.

However, the team now seems to have bigger problems than choosing a wallet design, since not long after the wallet was released and gone live, the team has reported serious security issues regarding their new digital wallet.

Upon the release of the new wallet into the public, Nano tweeted from their official Twitter account addressing their holders by stating that “anyone who generated a seed using the Android wallets immediately move your funds to another wallet, derived from another seed”.

The tweet began with capitalized “attention” at the beginning and at the end of the post, so Nano holders probably took it more than seriously as it was the case.

Although, the new NANO wallet should have bought some momentum to Nano coin, lifting up the spirits within the community and acquiring g the possibility to make safe and fast, while cheap peer-to-peer NANO payments with this wallet, it seems that the security issue found in the Android version of the wallet has burst that bubble.

Nano has already gone through a phase with security issues not that long ago when there was a hack attack targeting NANO coins on the exchange BitGrail, and now we have another case where this asset is showing signs of compromised security of its users and holders, which probably sank NANO for additional round of drops alongside with the newly established market trend of having the majority of assets trading in the red for the past couple of days.

Although the security of the newly arrived Android wallets was compromised, the community can still give kudos to Nano community as they have reacted in a proper manner while immediately announcing the flaw in the seed that has been discovered shortly after the live release of the wallet.

To confirm the assertiveness of the team NANO, the team has released an update regarding the security issues with the wallet seed, deeming the problem solved.

Nano Team Announces Fixed Wallet Security Bug

Around June 22nd, the team behind Nano has released an official update stating that the problem they have had with the security seed is now marked as fixed and solved.

The new Android version of the wallet is dubbed 1.0.2, and to reflect on the previously discovered problem with the seed, the tea has stated that the new wallet now uses Secure Random protocol in order to securely generate the wallet seed.

The team has shared a link to the pull request and the related code for Nano users, which means that there shouldn’t be any security-related issues with the wallet.

Nano (NANO) Performance

Not being able to bounce off outside the current market trend, Nano is seen dropping by -4.64% against the dollar, which means that NANO can now be traded at the price of 2.56$ per one unit.

Ranked as the 36th best currency, NANO had its record price of around 34$ set at the beginning of January, however, the crypto only went down in its price from that point on.

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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

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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