Posts Categorized: Blockchain

New Vulnerabilities Found in EOS, Network Lands in Hot Water

After many irritating delays and head on controversies, EOS blockchain was eventually launched on June 10. But, it seems that the blockchain is still not ready to function properly.

Guido Vranken, a security researcher who won $120,000 in EOS after entering company’s bug bounty program, has again found a vulnerability in the system. What’s more shocking is that he is not the only developer to find issues with the blockchain platform.

Vranken stated that the newly discovered flaw is related to “unbounded recursion in Binaryen WASM parsing.” In simple terms, an unbounded recursion happens when a function enters an endless loop after calling itself from within. It keeps happening until a system utilizes all its resources and reaches its demise. Any user who uses the Binaryen compiler to compile to web assembly (WASM) will wreck his system.

Block.one’s HackerOne profile states that the celebrated developer has already gained $120,000 after discovering twelve different imperfections. Although he is not sure if any other glitch is still present within the system yet reports claim that more researchers are observing kinks.

Earlier in May, Qihoo 360, a Chinese security firm, exposed various defects in EOS. The issue was dangerous as they would have allowed hackers sitting around the globe to access network’s nodes which would compromise the whole EOS blockchain. The allegation made by the Chinese firm forced the company to start a bug bounty program which halted its original launch on June 2.

It was eventually launched on June 10 after the block producer candidates affirmed it a green signal, but only technically. As per firm’s protocol, 21 block producer candidates are elected who decide the functioning of the platform. For the election of the block producer candidates, a minimum of 15 percent of the entire EOS supply should be stacked. Yesterday, the voting process did not even pass the 10 percent mark.

In order to stack the coins, an investor will have to use his private key which is looked upon as a risky venture as unauthorized use of their private keys could erase all their funds.

It should be noted that EOS blockchain has finally gone live. The company received the desired numbers of votes to determine the officials that will manage the distributed network. Thus the fifth largest blockchain platform will see the light of the day after facing the most complex and negative set of affairs the crypto space has ever seen. After the launch, the tokens have been trading at $10.45.

However, the unfavorable press attention gained by the company has made it look stupid at times. Being outsmarted by outside developers has decreased the reputation of the company, but it still has a thin chance of making it big again. If the firm is able to pace up its functions and provide value to investors, its failures will be quickly forgotten.

Investors only care about profits which has nothing to do with media’s perspective. As of now, the platform is finally live and can be accessed by investors until another blunder takes place.…

Amidst Talk of Blockchain Being Disruptive, Geopolitical Analyst Sees It to Be Out Of Date

Amidst Talk of Blockchain Being Disruptive, Geopolitical Analyst Sees It to Be Out Of Date

Amidst the talk of blockchain technology being the most disruptive in a decade after iPhone, there is one person who sees the technology to become out of date. However, the founders of Geopolitical Futures, George Friedman, did not give the time frame for it to happen and merely mentioned that it would happen one day. That does not mean that he does not see the usefulness of the technology, but he sees it be an old-fashioned one.

Encryption Technology

Friedman is the author of “The Next 100 Years: A Forecast for the 21st Century.” The founder of an online publication that is focused on the prediction of international affairs. Future said that he did not come across any encryption technology, which could not be broken. He referred to the intelligence services of the United States, Russia, and China and raised doubts that blockchain technology could not be decrypted. He thinks that the new age technology is “one of those hypes.” He believes that people are making a big profit from unexpected claims.

Interestingly, during the international conference on Cyber Security in January, the Federal Bureau of Investigation (FBI) director, Christopher Wray, indicated that they could not crack more than 7,800 devices. The FBI badly wanted to crack since the agency believes that it contains key information in respect of investigations during the period 2016 and 2017, cointelegraph reported. This apart, he pointed out that 50 percent of the devices, which were safeguarded by encryption, could not be accessed.

A report indicated that the American National Security Agency (NSA) was apparently in a position to spot the location of bitcoin users throughout the world. This was based on classified documents offered by Edward Snowden.

It was quite natural that the NSA handled this with the establishment of a procedure for not only harvesting but also analyzing and processing internet traffic throughout the globe. The security wing has reportedly used a program as if it was the most popular anonymizing software. Aside from these, the agency’s corporate partnerships have allowed it to have a secret internet monitoring program to oversee communications. This was meant to be used to get data directly from the fiber optic connections, which structures undergird of the internet.

Different Opinions

Though the technology is used mostly as a platform for cryptocurrencies, it is also being looked at for exploring in other sectors too. Similarly, while some of the experts think to be a disruptive one in the current decade or at least for a decade, there are others who do not think so. Taking a different stance is nothing new. However, what matters the most is that it should be backed up by supporting events or documents.

In any case, Friedman does not think that blockchain is not useful and that how far and how much is the question that he seems to be asking. There are already several financial service providers, and supply chain management is exploring the possibility of using the technology. It could be a premature thing to write it off completely.…

Argo Blockchain to be Listed on the London Stock Exchange

Reportedly, a crypto mining start-up is making history by becoming the maiden industry to be listed on the London Stock Exchange.

Mining-as-a-service provider, Argo Blockchain, revealed its plans to conduct an Initial Public Offering or IPO to sell shares of a common stock to generate 20 million pounds. The London Stock Exchange stated that the firm would probably be valued at 40 million pounds making it the first crypto project joining the exchange.

The blockchain start-up claimed that it would provide a user-friendly experience to its mainstream clients. It is offering services to even those investors who do not possess any technical or hardware knowledge by making it available on both computers and smartphones.

It was also announced that Vela Technologies had bought 2.5 million shares at 0.08 pounds per share for a consideration of 200.000 pounds. The company was able to raise 2.5 million pounds on a pre-money valuation of £8 million.

Founded in 2017, Argo Blockchain started functioning from June 11, 2018. Right now, it is providing four digital currencies to be mined- ethereum, ethereum classic, bitcoin, and Zcash. In order to support other altcoins, the management has planned to establish a data center management business to assist other virtual currencies.

Its representatives said that there is extensive demand for a simple platform that allows an average user to mine cyber coins. They added that everybody should be allowed to enter the crypto mining industry irrespective of their investment limits.

As per clients, the service allows its users to choose their favorite digital currency to mine and the mining pool they want to get associated with plus the way their coins are stored. Argo’s subscription model hints that the founders took inspiration from Amazon and Netflix for their framework’s development.

Argo has started functioning in China and Canada to expand its presence on the global platform. According to Co-founders Mike Edwards and Jonathan Bixby, there should be an affordable platform that caters to the need of a novice miner.

Bixby stated, “We have launched this service to take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.”

Similarly, Edward said, “Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive. I knew that we had to change the game and democratize the process so that crypto-mining could become a mainstream consumer activity.”

It should be noted that enrolment in a stock exchange has given huge popularity to the small company. For two days it has been part of headlines which is sure to make head turns and push interested individuals to try out a new service. Now, it totally depends on Argo’s capability to ash in the initial success. An easy to mine interface will make it an instant hit, but a single negative feature will kill its momentum.

Recently, popular smartphone producer, Apple, has banned every application form their App Store that deals in cryptocurrencies. It is hoped that the firm has come up with a technology which safeguards the interests of users more than their greed.…

Blockchain Technology to Power News Outlets

Blockchain technology is now being explored to power a news outlet in Colorado. Though their skeptics about the new age technology terming it as a “hyped” one, it is gaining traction in different sectors beyond the fintech sector. This was also quite evident when former editors and journalists of Denver Post have embarked upon a plan to unveil a local media outlet. They have formed an alliance with Civil Media Company, a start-up of blockchain enabled-ConsenSys.

Online Newspaper

The group of journalists, who had to leave the Denver Post, is aiming to establish a new local online newspaper named “The Colorado Sun,” cointelegraph reported. Their move came on the back of multiple factors like layoffs in the company apart from the worsening morale after a change in ownership of the newspaper. MediaNews Group, which is being controlled by New York hedge fund firm Alden Global Capital, has acquired it and managing it with the help of a subsidiary, Digital First Media. The alliance only demonstrated that technology could be used beyond the platform of cryptocurrencies.

The newly established, The Colorado Sun, would make use of disruptive technology with the help of civil to store data. The group of journalists is aiming to fund the project in the initial stage through a grant from civil. Once the online newspaper is launched, the group’s objective is to make it a community-supported and journalist-owned team. The journalist’s group’s website indicated that it would focus on the only narrative but also on investigative and explanatory journalism. Aside from that, the portal will not have any ads, which means ad-free.

The journalist’s group thinks that the State is going through a big evolution. For that purpose, the group is also engaged in a Kickstarter campaign for the proposed outlet. They are also planning to raise about $75,000 in the next month, July. Since there will not be any ads in the online newspaper, the team is planning to make it a subscription based one. This was also evident in their campaign page.

Their move meant that it would have to rely on local supporters to survive as the media companies see pain due to the availability of free news content. However, the group appears to have understood the compromise that it has to make if it opts for an ad-driven media firm. Similar is the case in respect of shareholder interest-powered content. Therefore, they are betting on the content.

Ethereum Network

Significantly, Civil Media Company would operate on the network of Ethereum with the help of a decentralized governance model. The company also has a plan to throw open to 1,000 publications before the current year ends in the United States. The network will be enabled by Civil’s forthcoming digital token called CVL. This would hold publications to a specific set of professional and ethical standards.

Recently, there has been an announcement that blockchain technology would be deployed for supply management solutions. This is apart from the financial service provides showing tremendous interest in the decentralized solutions.…