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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

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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