TRON (TRX) has been one of the most innovative and modern projects in the entire crypto/blockchain space, and as such, it received a lot of praise during the past year. However, according to new data delivered by HackerOne, it appears that the network is not as flawless as it first appeared. In fact, the entire network could have been crashed by a single PC.
Bytecode attack that could have crashed the entire network
Since it was discovered, the vulnerability was dubbed the ‘bytecode’ attack. Simply put, this method requires the use of a large piece of bytecode that has the potential to consume TORN network’s resources, and potentially even completely shut it down, thus making it unable to process transactions or smart contracts.
The report claims that a single request to submit a post with a several megabytes-large bytecode, in addition to the CPU-intensive long parsing might have consumed the CPU for 10 minutes, while still holding the bytecode in a heap. The method could have easily led to a DDoS attack.
The TRON Foundation allegedly knew that there is some sort of a vulnerability, which is why they paid $1,500 to security researchers, tasking them to find it. At this point, the flaw appears to be resolved. However, the revelation remains shocking, especially for those involved with the cryptocurrency.
The issue was seemingly first reported around January 13th of this year, but TRON did not reveal it to the public until less than a week ago, on May 2nd. The Foundation used this span of a few short months to patch the bug, most likely with TRON’s latest version, issued about a month ago, on April 9th.
The report of the bug stresses the fact that a single computer could have caused a DDoS attack that would affect at least 51% of the network’s nodes. At worst, all of them would have crashed, thus making the network unavailable for an unknown period.
The blockchain-crashing bug worth only $1,500
So far, the TRON Foundation has not issued an official report of the matter, despite its severity and a massive impact on everyone involved. Of course, TRON is known for using platforms like HackerOne for hunting bugs, and many other crypto projects are doing the same. So far, it is estimated that various projects have paid around $878,000 to white hat hackers who managed to locate serious flaws that might damage different projects.
While $1,500 is a considerable amount, many believe it to be quite small, considering the size and severity of the flaw. If it were discovered by an unfriendly entity, it could have completely crashed one of the most popular and fastest-advancing blockchains in the industry. Estimates claim that the TRON network currently has the value of around $1.6 billion, while the project sees a daily trading volume of around half that amount.
While TRON’s price has not been a top performer in the recent period, it would have likely gone down considerably if the vulnerability was discovered by hostile entities. Not to mention other consequences, such as getting delisted on exchanges, or damaging the total market cap and reputation of the rest of the crypto space.
However, it should be noted that the flaw would not let anyone steal TRX coins, and the only way for hackers to profit from it would be from shorting after the network had crashed. Even that would be difficult, as not a lot of exchanges offer margin trading for altcoins. In other words, the only way to make a profit from the bug was to report it and get the $1,500 reward.
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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.
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…
My Crypto Heroes Announces Issuance of MCH Governance Token
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:
During December 2020 the first governance…