New Open-Source Code Vulnerability Was Found and Fixed In Facebook’s Libra

A recently discovered vulnerability on the open-source protocol of Facebook’s Libra was just fixed. The vulnerability was originally discovered by OpenZeppelin, a third-party audit company that is focused on crypto products.

The developers of the company have found some vulnerabilities in the scripting language created by Facebook, which is called Move. According to the company, the vulnerabilities were pretty severe and could lead to huge problems if the code went online before they were addressed.

OpenZeppelin’s CEO Demian Brener affirmed that one of the vulnerabilities allowed hackers to use smart contracts disguised as inline comments and they could use it to steal money. Fortunately, the issues have been patched as soon as possible, so these flaws will never actually see the light of day.

The auditor company was originally created back in 2015 and it has worked with several high-profile initiatives so far, including organizations such as the Ethereum Foundation, Coinbase, and the Brave browser.

The Move script was mostly devised by the developers of Calibra, the company created by Facebook to handle the project. They have defined the most important features of the technology, but since the code is open, anyone can give their opinions on what works or not.

According to Brener, audits are becoming more important to the industry each day. Crypto projects are getting considerably bigger as time passes, so more third-party audits are needed for them to work well, as no team can completely audit them alone.

Libra has a very complex system, just like many other recent tokens. These products will be used to manage a lot of money, so making sure that they work well is needed.

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Author: Gabriel Machado

Gavin Wood Launches Its Experimental Network Kusama, A Testnet For Polkadot

The developers of Web3, the company behind the Polkadot protocol, have recently finished the testnet for the blockchain protocol. According to Gavin Wood, one of the main developers who are working on the program, the project, which is called Kusama, is already available.

Kusama will be an unaudited and experimental version of Polkadot and it was officially launched during the Berlin Blockchain Week.

Wood affirmed that the network needs at least 50 validators to be working properly, so it would be around a month before developers can fully experience the potential of the new testnet. After that, though, the KSM tokens can be transferred.

He also took some time to explain what was already working on the network. People cannot trade yet, but they can already stake their tokens for rewards, start to be validators, set up session keys and claim tokens.

The main difference that will happen once over 50 nodes are set up is that Kusama will stop being a centralized network that and fully become a decentralized proof of stake project, which is the main goal. As soon as this happens, the governance rules that will govern the network will be properly activated and start to be live.

According to the developers, Kusama will only exist while it is needed. The whole idea was to set up something to “step into the unknown” and simply let people play. As the stepping stone for Polkadot, the network will possibly be abandoned after the actual launch of the network.

At the moment, Polkadot is expected to be launched next year, but there is no specific data set yet.

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Author: Gabriel Machado

Sigma Protocol Officially Launches on Zcoin’s Mainnet

Sigma Protocol Officially Launches on Zcoin’s Mainnet
  • The Sigma protocol will replace the Zerocoin protocol.
  • The main purpose of the new protocol is to prevent scammers from creating fake privacy coins.

The Zcash cryptocurrency is known for its anonymity but reports from The Block show that the token is working to expand its platform with a new protocol.

The protocol, which is called Sigma, officially launched on the mainnet today, replacing the former Zerocoin protocol. The anonymity-focused asset was one of the first cryptocurrencies to end up using zero-knowledge proofs.

The implementation of the Sigma protocol is supposed to help with the correction of vulnerabilities that previously existed with Zerocoin. More specifically, it should prevent attackers from inflating the supply through the creation of fake privacy coins, which Zcash has already dealt with this year.

The new Sigma protocol, which continues to use the zero-knowledge proofs, is meant to be the “realization of Zcoin’s vision to improve on privacy coin usability without compromising security.”

According to the official Zcoin website, Sigma is already live, though there will be a maintenance release soon that will resolve some of the bugs discovered on the protocol. To see the progress of the release, consumers can visit the Zcoin GitHub page.

Users that already have Zerocoin protocol mints have the next six months to redeem them for Sigma mints instead.  The official announcement on this launch can be viewed at https://zcoin.io/sigma-is-live-on-zcoin/.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Krystle M

DASH CEO: Dash is the Most Secure Cryptocurrency, More Secure Than Bitcoin with Latest Updates

DASH-CEO-Dash-is-the-Most-Secure-Cryptocurrency-More-Secure-Than-Bitcoin-with-Latest-Updates

The Dash cryptocurrency, by the Dash Core Group, has recently effected a new protocol which ensures better security for the network. Specifically, the new protocol called Chainlock will make the Dash network immune to a 51% attack or a chain reorganization.

This was revealed by the Dash CEO, Ryan Taylor, during a recent TV interview where he spoke extensively on a few of the firm’s endeavors including Chainlock, Dash Investment Foundation, New InstantSend, Dash Platform, and a few others.

Taylor spoke about issues being faced by all chains based on Proof-of-Work. Basically, if one miner or a group of miners control at least 51% of a particular network’s mining hashrate, they would easily be able to make damaging changes to the network. Also according to Taylor,

“PoW-based chains follow the chain that has the most amount of work associated with it. This then means that “when they see two potential blocks, they look at the one they saw first.”

Taylor then continued, explaining that some networks make use of checkpoints. According to him, these are

“from a centralized server that dictates to the network which chain to follow, but that carries its own risks and challenges.”

This problem has however been solved with Long Living Masternode Quorums (LLMQs).

According to Taylor, the network now sort of votes on itself through “Master Nodes”. These Master Nodes exercise some sort of authority by trying to form a quorum of 400 different nodes, randomly chosen. Doing this helps to validate a block before it fully becomes a part of the network. Taylor then explains that:

“If 60% or more of them agree that this is a valid block, that means that the majority of the network did see that block first and it broadcasts a message to the rest of the network that says at this height, this is the valid block and any other blocks will be rejects. So that certainty develops in about four to six seconds.”

Taylor also spoke about what exactly makes it a tad more difficult for a 51% attack on the Dash network. According to him:

“The cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies. You have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin.”

Furthermore, Taylor then explains that InstantSend now makes it very easy to purchase the DASH from a supported ATM and use it almost immediately without having to worry about waiting, however long, for confirmation from the network. He also boasts of how cheap it is and how it can be used in certain places where the fees that come with other networks like Bitcoin is too expensive for people in those places. Taylor said:

“It’s less than a penny per transaction and makes it very usable in places like Venezuela where they can’t afford transaction fees in Bitcoin, even to open a Lightning Channel, that’s outside of what they can afford to do.”

Even though it’s still PoW, the Dash network is considerably different from other PoW networks like Bitcoin. Its specific structure stood out at the beginning, and this gave it quite a bit of attention. Now, Taylor is sure that Dash is still a trailblazer.

“Using ChainLocks and InstantSend together, the Dash network enables exchanges and merchants to instantly credit user accounts without risk, which dramatically improves the user experience by eliminating the delay for transaction finality from which Bitcoin and other networks suffer.”

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Author: Tolu

NEM Releases New Catapult-Based Development Studio Before Its Major Blockchain Upgrade

NEM-Launches-New-Development-Studio-Before-Its-Major-Blockchain-Upgrade
  • NEM launches new development studio to support its move towards a new protocol update
  • The development studio has also requested $8 million from NEM reserves to back its operations
  • NEM is currently launching a development studio that aims at supporting its move towards a new protocol update later in 2019. This is according to a recent press release revealed by the company in an email to CoinDesk.

NEM Launches New Development Studio

The NEM blockchain project announced it is working on a development studio to support its transition to a new protocol this year. The press release explains that the new NEM Studios is being created by NEM Holdings, which is the non-profit holding of NEM Ventures. Meanwhile, the NEM Foundation will help with strategy and backend development for NEM’s Catapult upgrade.

The new improvement aims at providing enterprises with a “high speed” scalable and also a configurable solution. NEM Studios’ activities are funded by NEM Core. The company is also now seeking to hire a new CTO and a development team to work on the Catapult Core protocol and API layer. The Chair and trustee of NEM Holdings, David Shaw, is going to be leading NEM Studios as the director.

Mr. Shaw commented about the project:

“We are thrilled to be creating a dedicated team to bring Catapult to life this year and support its development into the future. We will be looking to recruit the best in the business, with deep technology experience, and look forward to creating a more effective and scalable ecosystem for our community.”

Catapult is expected to become the core NEM code that supports private and public blockchains. The press release informs that it will also include smart contract plug-ins that allow for a range of capabilities related to digital asset creation and more.

The project has also requested $8 million of NEM Reserves that will be released to the market in different periods of time in order to support the operations of the project.

Currently, NEM is the 20th largest virtual currency in the market. It has a market capitalization of $787 million and a price of $0.08749 per coin. It is worth mentioning that the digital currency was affected by a hack on the Coincheck exchange back in 2018 that resulted in the loss of $500 million worth of NEM tokens.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T