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Smart Contract Bug Spotted: ICON (ICX) Reports the Problem As Solved

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ICON

ICON seems to be enjoying the latest trend in the market with the majority of currencies trying to acquire a solid bounce. ICX is rising by nearly 3% with the latest change in its price. Moreover, Binance has awarded ICX with another trading pair, adding BNB into the story as announced during the past week.

Alongside with actively progressing in the market with the latest trend, ICON took over the project of interconnecting ICON platform with other blockchain ecosystems, that way enabling intercommunication and shared operations that would be enabled by the smart contract technology.

However, one of the crypto enthusiasts reported the bug while providing evidence, stating that the error in the system is strictly connected to smart contract operations creating problems for ICON.

Bug Found in Smart Contract Code: ICON Says the Problem is Solved

Yesterday, on June 16th, an ICX user reported that he had found a bug in the smart contract code regarding the latest project of the Icon platform where the team is planning on interconnecting different blockchain ecosystems in order to enable communication between different platforms, that way also enabling transactions via different chains.

The user reported on this occasion that the reported bug allows anyone to manipulate the tokens, so that is how the problem started for ICX.

ICON responded to the initial report almost immediately, while confirming the bug found in the code of smart contract technology used by ICX, stating that the ERC20 tokens are not in any way jeopardized by the reported bug.

The community disapproved of the found bug, considering the fact that the bug affected the ICX ERC20 transfers, making this part of the system dysfunctional at the time the error was found.

The team behind ICON has immediately taken the needed steps to calm down their holders and investors, assuring them that their tokens are not being exposed to any attacks and neither are a part of any legal activities.

The team published a post on medium, providing a brief explanation on what happened, adding that the problem was spotted only in form of temporarily blocked ERC20 transfers.

Bug Report: ICON is looking for a Long-Term Solution

Immediately responding to the case of the spotted bug in smart contracts, that way preventing tokens from being transferred, ICON has stated in their release on Medium that the error that was found was marked as a temporary bug, while not affecti9ng the safety of the t0okens.

The team has further stated that they have found a short-term solution that tamed the problem for now; however, the team added that they are working on a long-term solution that would prevent such errors from ever reappearing.

The team has concluded their release by stating that they are close to finishing the final preparations for completely neutralizing this error.

The team has thanked the community for their patience, reminding them again that the “minor issue” has been neutralized while not placing the security of ICX into question.

One of the council members of ICON, Mr. Min Kim stated in a separate tweet post that the error that was found was just a minor bug that would be solved “by the end of the day” (as stated on June 16th).

Min Kim further added that having minor errors appearing while the work is in the progress is a quite normal thing for a developing project, while he stated that the team of ICX took the full responsibility of the error while quickly resolving that problem.

It seems that the ICON community is of forgiving kind, so the efforts made by the team as well as the immediate attention that was given to this issue seem to be greatly appreciated by the community, the investors, and holders.

ICON (ICX) Performance

ICON seems not to be affected by the recent case of the found error in the smart contract code, so we could see it up by over 3% yesterday on June 16th while the problem was still an open case, while ICX traded in the green despite the market trend.

Now that the market seems to be trying to bounce off against the dollar, ICON is still showing signs of progress in the market, now being traded at the price of 2.03$ per one ICX.

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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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