Cryptocurrencies are very complex technical projects which require constant maintenance. Every now and then, a major issue is discovered which needs to be addressed. The Monero developers recently fixed a major vulnerability which could have led to massive theft. A positive development for the industry, partially thanks to community members highlighting the potential long-term consequences.
The Monero Bug Explained
Cryptocurrencies are respected because they remove the risk of a chargeback. All transactions on the network are final, barring a double-spend attack from happening. Despite this security-oriented approach, however, issues can arise at any given moment. At the Monero protocol level, a major issue was discovered by a community member. Albeit just a theoretical attack, the consequences cannot be ignored.
This particular incident is referred to as a “burning” exploit. It is capable of disrupting the way how exchanges handle incoming XMR deposits. Sending multiple transactions to a stealth address would be a very unfavorable outcome. A stealth address is temporary and offers additional privacy to Monero users.
Exchanges relying on a stealth address could be exploited through the following method. A person could send 1 XMR to an exchange and receive a payment in a different cryptocurrency for that amount, such as BTC. However, the person could theoretically make the same transaction thousands of times and then get thousands of bitcoins. However, the faulty Monero code would only validate the first transaction. The additional transfers will all be rejected. For the exchange, however, all broadcasted transactions would result in conversions to other currencies despite only receiving 1 transfer in the end.
Addressing Critical Issues Is Vital
Thankfully, it was relatively easy for the developers to address this problem. A new version of the Monero code has been made publicly available. Some exchanges have halted XMR deposits and withdrawals as they upgrade the code accordingly.
This news comes at an interesting time for all cryptocurrencies. Bitcoin developers recently addressed a very big flaw not that long ago. This goes to show cryptocurrency projects are still undergoing big changes as they continue to grow and evolve. Because of the open source nature of these projects, anyone can contribute solutions and ideas to make the cryptocurrency in question more secure.
With both Bitcoin and Monero putting these issues behind them, the cryptocurrency industry can continue to gain traction. It is also great to see this information being shared with the public in a timely manner. Cryptocurrencies are all about transparency, despite the anonymous approach of some projects. Keeping the community in the loop is vital, as this incident has shown once again.
Were you surprised by the potential scope of this major Monero flaw? Let us know in the comments below.
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Traders should take a long position at the lower level of the price range;
the price may break out of the channel this week;
there is a probability of further ranging movement within the territories.
XMR/USD Long-term Trend: Ranging
Distribution Territories: $128, $140, $178,
Accumulation Territories: $102, $77, $45The upward movement of the cryptocurrency was rejected last three weeks at the distribution territories of $140 by the influx of the bears into the market. Bulls lost the momentum by the formation of bearish engulfing candles. The price was pushed to the accumulation territory of $102 after which the bulls gain momentum to increase the price but unable to reach the last high price.
The price started its range bound movement between the distribution territories of $128 and accumulation territory of $102. The price continues its ranging within the territories of $128 and $102 last week. The 4-day EMA is above the 50-day EMA on the daily chart with the price in between both 4-day EMA and 50-day EMA.
As at present the price is moving towards the accumulation territory of $102 with the formation of strong bearish candles. Trading can be done within the range by lookout for the opportunity to initiate a buying trade at a lower level of price and selling trade at a higher level.
In case the distribution level of $128 is broken, the pair will resume its upward movement and upper distribution territory of $140 will be exposed.
The MACD with its histogram is above zero level with the signal lines points downward indicates sell signaling. Traders should take a position in the direction of break out.
XMR/USD Price Medium-term Trend: Ranging
The coin is ranging on the 4-Hour chart. Immediately after the formation of the bearish engulfing bar at the distribution territory of $140 last two weeks the price decreased to the low of $102. Bearish candles were formed and the price resumes ranging mode between the distribution level of $128 and the accumulation level of $102.
The price is moving towards the south with 10-day EMA below the 50-day EMA and the price below the 10-day EMA, which indicates that there is a probability for the downward movement this week. Should the accumulation territory of $102 holds the coin may continue ranging within the bound. However, MACD is below zero with its signal lines pointing upward suggesting that the bulls may take control of the market soon.
The post Monero (XMR) Price Analysis: Trends of September 26–October 2, 2018 appeared first on CoinSpeaker.
The U.S. has been told that if it doesn’t get its head around regulation, potentially profitable blockchain businesses could head elsewhere.
Still Time to Be a Leader
Over 50 industry participants met yesterday on Capitol Hill for a roundtable discussion on the industry. Hosted by Representative Warren Davidson from the state of Ohio, it was an opportunity to discuss issues that have not been resolved.
Figureheads included those from Fidelity, Nasdaq, State Street, Andreessen Horowitz, and the U.S. Chamber of Commerce, reports CNBC. It adds that Davidson is preparing to implement a cryptocurrency bill later this year. One of the fears mentioned was that a lack of clarity or the U.S. cracking down too hard could see blockchain businesses taking their operations elsewhere.
Joyce Lai, a lawyer at blockchain software technology company Consensys, said:
The competition around the world is real. But there is still time and opportunity for the U.S. to be a leader here.
Davidson stated that the crypto bill is “not a cooked thing.” Rather it was an opportunity to listen to industry leaders to determine what should be included before it’s drafted. He added:
Legitimate players in the industry have a desire for some sort of certainty so we can prevent and prosecute fraud. I’m confident we can move forward and make this a flourishing market in the U.S. It’s an imperative for us to do, we did it well with the internet.
Blockchain Companies Flock to Malta
Malta is becoming a sweet spot for several crypto companies.
Crypto exchange Binance is one such organization that has set up office in the European country. As a result of crackdowns in Japan and China, Zhao Changpeng, founder and CEO of Binance, stated in March that it was relocating to Malta. Binance is also working with the country’s stock exchange to help grow the island’s fintech sector.
Due to attractive legislation, Malta is known as “the blockchain island” compared to other countries. However, if the U.S. wants to become a global leader in the sector, it may want to turn its attention to Malta to follow its lead. Rather than shun the industry, Malta is showing that with an open arms approach, it can attract the best companies to do business with.
What do you think of the meeting on Capitol Hill? Do you think it will help the U.S. change its position? Let us know in the comments below.
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It seems like the stars have perfectly aligned for the Ripple native coin to take over the dominance at the shattering cryptocurrency market. For quite some time XRP has already been gravitating towards the second place in the list of cryptocurrencies with the biggest market volume, even replacing Ethereum for a couple of hours, but yet the coin’s triumph did not last long as pretty soon the XRP price plunged again and Ethereum recovered the ground it has lost.
Today everything might end up differently. Several major announcements made the other day have bolstered the enthusiasm of Ripple’s supporters while triggering a wave of bullish trend at the market.
Previously Coinspeaker reported one of the most powerful U.S.-based cryptocurrency exchange Coinbase has introduced the new listing rules that open a gateway of digital coins joining the exchange offerings.
According to the statement published on the exchange’s official Twitter account, Coinbase has significantly facilitated the process of new coins’ listing that is still restricted to the local law. The modified procedure signals a green light for many cryptocurrencies that are not listed at the exchange yet. Among these digital coins is Ripple whose investors suggest the XRP will be the next big extension added to Coinbase offerings.
Nevertheless good news for the Ripple community does not end here. On Wednesday, the joint venture between Ripple and the Japan-based SBI Holdings, SBI Ripple Asia has completed registration with the Kantou bureau of Japan’s Ministry of Finance as a licensed agent for handling electronic payments. This move is essential milestone towards the company’s efforts to launch its blockchain-based payments app for consumers.
The highly anticipated MoneyTap is able to streamline peer-to-peer money transfer for retail users over a DLT network. The app that is said to be available on both iOS and Android devices performs as a third-party transaction agent that uses blockchain as the underlying technology and connects with open APIs among participating domestic financial institution.
Notably that Japan’s Financial Services Agency (FSA) requires any entity wanting to operate as an agent to handle electronic payments using banks’ open APIs to be registered with local finance bureaus. Therefore the project’s rollout has been postponed until SBI Ripple Asia got an legal approval for the services. Currently the company is testing its own DLT-based crypto token called “S coin” in a move aimed to boost retail payments efficiency on mobile devices.
At press time XRP is traded for as much as $0.53 exhibiting a 18% growth over the last 24 hours. A threshold of somewhat $1 million separates XRP from the Ethereum market capitalisation and it all suggests that in case Ripple wins over the second place it will be a long-lasting position.
The post SBI Ripple Asia Gets License for Blockchain Payments App: One More Reason for XRP’s Surge appeared first on CoinSpeaker.
In a statement on Tuesday, SBI Holdings, the Japanese banking giant, unveiled plans to launch “S Coin”, a token specifically for mobile payment use. The announcement was made in partnership with Orb and Glory Corporation, and the company plans on using the token in trial form as soon as next month.
Japan is known for being one of the most cryptocurrency-friendly countries in the world, and certainly is a powerful pro-cryptocurrency force in Asia, especially in comparison to China, which recently banned ICOs. It is one of the few countries in the world that has actually declared bitcoin a legal form of payment.
One of the reasons of this is because the country has not been shy about its vision for a cashless society, with some of the most influential tech companies in the world, such as Amazon and Softbank, championing this vision. SBI’s “S Coin” certainly falls in line with this vision.
SBI seeks to utilize Glory Corporation’s ATM network to sync with credit cards and S Coin wallets. The trial run will help determine the needs of users and allow the platform to be tweaked before an official launch.
One of the reasons that SBI is entering this space at this time is because Japan recently passed a law that makes it easier for depositors to give access to their accounts and information. This has caused banks to race to achieve market share in the lucrative digital payments and electronic settlement sector.
There are many banks that are seeking to capitalize before tech giants such as Apple get involved. SBI Group employees will first test out the cashless settlement system by using the token at the restaurants located at SBI headquarters, in Roppongi Izumi Garden Tower, in Tokyo.
There is much more potential than simply entering the mobile payment sector for the S token, however. The S Coin platform is also an issuance platform, meaning that users could develop their own tokens for their own customized projects – which could ideally make SBI an Ethereum-like platform in the mobile payments sector. Obviously, this would be a huge market advantage, although, of course, time will tell whether users choose to flock to the platform for this particular utility.
This announcement comes right after SBI announced that the remittance arm of its company, SBI Remit, was turning to blockchain by teaming up with BitPesa, based in Kenya. The move was clearly a way to make commerce between Africa and Japan easier and more seamless.
It is clear that SBI is looking to blockchain technology to continue gaining market share in the global payments sector, and time will tell whether the “S Coin” launch is a success.
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Accenture is trying to exploit the potential of blockchain technology in Spain in order to create new jobs and improve its business opportunities. This is what Juan Pedro Moreno, president of Accenture in Spain, Portugal and Israel said at the Accenture Digital Conference.
Accenture To Explore Blockchain Solutions in Spain
Blockchain has been revolutionizing different industries all over the world. However, there are countries where there is a very unexploited market, and Spain is one of these nations. During the Accenture Digital Conference, Mr. Moreno explained that companies that are able to change the way in which they view the market will be able to properly compete in the economy.
About it he mentioned:
“In Accenture we have applied this recipe: today we are the first marketing agency in the world, we have new agreements and important clients in digital companies, we have invested over 1 billion dollars in purchases in the last couple of years, and we have even won EMMY prizes with our virtual reality practice.”
Today, more than 200 executives from important companies in Spain participated from an event to talk about how artificial intelligence, cloud services, the X.0 industry and cybersecurity could improve growth and increase the competition among players.
Some of the representatives will be Mapfre’s CEO, Evo Banco, Samsung and Ficosa. All of them will be sharing experiences about how they are applying blockchain technology in their companies.
Jose Luis Sancho, Managing Director at Accenture Digital in Spain, Portugal and Israel, said that human resources are also very important for this strategy to be successful.
“Talent makes a difference. In our case, we have 1850 individuals with different professions that are working side by side, from digital services designer to experts in big data,” commented Sancho. “72% of them have been incorporated to the company in the last four years.”
Xabier Mitxelena, Managing Director at Accenture Security, explained that although innovative technologies such as blockchain are essential for the future, just two every five companies decided to invest in them.
In Spain, the situation does not seem so brilliant for the future. Indeed, Carlos Gallego, managing director at Accenture explained that European companies are planning to spend more on technologies such as blockchain or Internet of Things (IoT) than Spanish companies.
If Spain wants to remain relevant at the European level it will have to use all the potential it has to offer. Accenture is clearly working in this direction and can be considered as an industry leader in the country.
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American multinational retail giant, Walmart is in the process of implementing a blockchain based food traceability solution from IBM. The system will help the company’s suppliers to ensure adherence to food safety requirements.
Walmart, the US-based retail corporation is working with the IT solution provider IBM to implement a blockchain solution as part of the new food safety requirements for the company’s suppliers. Once the system is ready for release, suppliers of Walmart and its subsidiary Sam’s club will be implementing the solution. The software will help the company track, in real-time, supply chain from farm to stores.
Supply Chain Use-Case
Walmart has been working with IBM since 2016 to implement food supply chain solutions based on blockchain technology for improved levels of traceability. The company now intends to extend the system to reduce the incidence of foodborne diseases and minimize losses to retailers and suppliers.
Frank Yiannas, vice president of food safety for Walmart, says:
We’re committed to providing our customers with safe, quality foods. Our customers deserve a more transparent supply chain. We felt the one-step-up, and one-step-back model of food traceability was outdated for the 21st century. This is a smart, technology-supported move that will greatly benefit our customers and transform the food system, benefitting all stakeholders.
IBM’s Blockchain Offerings
The US-based IT service provider has been at the forefront of developing blockchain solutions for various sectors. IBM is a significant contributor to the development of the Hyperledger blockchain cross-industry platform. The supply chain is a potentially massive use-case for the implementation of blockchains and can bring considerable efficiencies in the process by facilitating real-time tracking of transactions and eliminating errors.
Since last August, IBM has been collaborating with various companies like Dole, Kroger, Golden State Foods, McLane Company, McCormick and Company, Driscoll’s, Nestlé, Tyson Foods, Walmart and Unilever on its food supply chain efforts. In the past, IBM has also partnered with shipping giant Maersk to explore the potential of implementing the technology in the logistics domain as well as many banks to build a blockchain-powered trade finance solution. The company has worked with more than 400 clients on solutions using the decentralized ledger technology.
Blockchain Industry Has Matured
The last couple of years have seen an increase in the pace of adoption of blockchain based technology solutions across different sectors and geographies. Large corporations like Walmart embracing the technology is undoubtedly a step forward towards mainstream adoption; this augurs well for the growing eco-system of the open-source distributed ledger technology, which has been buzzing with new projects and use-cases. The disruptive technology has matured over the last couple of years with solutions that address the earlier issues like scalability and privacy. IBM with its early lead has established itself as one of the preferred solution providers in the blockchain space.
Do you think Walmart’s adoption of blockchain based food supply chain solution will improve efficiencies? Is this the first step towards a more extensive implementation for its entire range of products? Let us know your thoughts in the comments below.
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US-based digital currency exchange, Coinbase has announced a new process for listing of the rapidly growing number of crypto-assets. The leading exchange obviously does not want to be left behind in a market that is growing exponentially.
Growing Competition for Market Share
Coinbase, one of the oldest and largest cryptocurrency exchanges in the world, through its official blog earlier on Tuesday announced a process, which would allow more cryptocurrencies, tokens, stable coins and other crypto-assets to be listed. Coinbase has over the years maintained its position as the most popular and trusted exchange for the purchase of cryptocurrencies in the US especially among retail customers.
Coinbase has always placed a high priority on compliance with local laws and regulations, and unlike other exchanges, Coinbase has maintained a cautious approach to the addition of new assets. In a market that is growing fast and with increasing competition, the company would not want to lose market share. The exchange now faces stiff competition from players like Bittrex who has recently included US dollar pairing. Until early last year, Bitcoin and Ethereum were the only assets that customers could buy on the platform. Coinbase added Litecoin in May 2017 and Bitcoin Cash in December 2017. Earlier this year there were speculations that the platform will be listing more crypto-assets leading to short rallies in the price of some assets.
Process for Listing
In the past, Coinbase has been slow and cautious in adding new cryptocurrencies. As per the blog, there have been repeated and growing requests from its customers to support more coins, tokens and other assets. The new process will allow for quick evaluation and a faster listing of new assets that comply with the local laws. The exchange will look at the compliance with respect to each jurisdiction that the platform serves, so the new assets listed may not be available in all the markets.
As per the announcement, organizations aspiring to list their asset on Coinbase would need to initiate the process by filling up an online form available on the company’s official website. The exchange will evaluate the application against the digital asset framework (available for reference on the platform).
Currently, there is no fee for applying. However, the blog clarifies that in the future the platform may charge a fee to take care of the operational costs involved with evaluation and listing of assets. Based on the assessment, and irrespective of the result (approval or rejection) the applicants will be informed of the specific reason for the decision. In a shift from its earlier policy of pre-announcing the addition of new assets, Coinbase would now make public announcements only near or at the time of listing.
The intention of Coinbase to list new assets and releasing the new process for listing is a positive and welcome development for the growing cryptocurrency market. While the move will help Coinbase retain and grow its customers by providing access to more assets, it will also help more cryptocurrencies, tokens and other crypto-assets to reach out to the platform’s existing customer base of over 20 Million across 32 countries.
What do you think the impact will be of Coinbase adding new cryptocurrencies to its portfolio of offerings on the overall market capitalization of cryptocurrencies and tokens? Let us know in the comments below.
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Director of research at startup Tierion -Paul Sztorc – has recently arrived with a new code called Drivechain that could drastically expand the capabilities of Bitcoin. The proposal that Bitcoin can add a vast number of features to the limited supply of cryptocurrency, has finally landed on the testnet.
Note that the idea was initially conceived three years back in November 2015. Since then the proposal has gained a lot of traction and is currently considered as the best way to implement sidechains on the Bitcoin network. The sidechain concept talks about developing branches on the Bitcoin network that would function in a way similar to the Ethereum tokens.
The crypto assets present on the sidechains could be then subjected to customized programming. “With sidechains, altcoins are obsolete, Bitcoin smart contracts are possible, Bitcoin Core and BitcoinXT can coexist, and all hard forks can become soft forks. Cool upgrades to Bitcoin are on the way”, was stated back in 2015.
Initially, the entire program was pioneered by Blockstream. However, Sztorc’s modifications and applications has made it even more appealing. In his latest blog post, Sztorc writes:
“If this ‘multi-network coin’ idea is found to be viable, it has profound implications for the crypto’s most salient problems. Bitcoin would be able to copy, without controversy, any technology, including: larger blocks, Turing-completeness, and ring signatures.”
However, Sztorc was immediate to point out that this is just the first code release of the concept and that it still “isn’t perfect”. He just added that “It’s good to be able to show people what exactly Drivechain does: it allows Bitcoin to travel among different pieces of software.”
The new version of the code would solve a long-standing problem of Bitcoin developers, of the inability of new features to be added without major changes to the existing incentives of the blockchain network. The Drivechain visual guide gives a complete idea regarding how the entire thing works. Sztorc writes:
“There would be no need to fight about which features bitcoin ‘should’ have (or over which features ‘define’ bitcoin).”
The guide shows how the bitcoin can be transferred from the main chain to the sidechain, how to use the sidechain, and finally send the Bitcoin back to the main chain. “We demonstrated sending BTC to a different piece of software. Then we sent that BTC back to the main chain”.
The post Tierion Brings a New Proposal to Make Bitcoin a Multi-Network Cryptocurrency appeared first on CoinSpeaker.
The Hong-Kong cryptocurrency startup Block.One has lost a group of its early employees, who have moved on to start StrongBlock, a blockchain project that has not released any details of its future plans. Specifically, the employees were within the five first employees that the company hired, and two contractors also left to join StrongBlock, as well. For those who are unfamiliar, Block.One is the corporation behind the dentralized operating system, EOS, a top-ten cryptocurrency with a market capitalization of about $5 billion.
Their Linkedin profiles suggest that they had left quietly to move on to their new venture. The exit has left a talent gap in the technical team at the startup founded by Peter Thiel, the billionaire co-founder of Paypal, famous venture capitalist, and early proponent of bitcoin. Although no information has been released about StrongBlock, it has been confirmed that the project was formed in July.
The move comes at an interesting time, considering that Block.One just completed a year-long ICO that raised a record-setting $4 billion, $1 billion of which was meant to be reserved specifically for development and funding of the project. Peter Thiel is not the only billionaire involved in Block.One, either, as hedge fund managers Louis Bacon and Alan Howard also signed on.
In fact, Bitmain, the crypto mining company that is on track to have a staggering $10 billion in revenue this year, also invested, in addition to Thiel investing some of his own money. In addition to this, there have been several investment groups that have bought EOS without directly investing in Block.One. These groups include well-known firm such as Union Square Ventures, founded by successful venture capitalist Fred Wilson.
The EOS blockchain was marketed as an “ethereum killer”, and certainly had some issues with its source code that stalled its success, despite the fact that it is one of the largest cryptocurrency projects in the world. It seemed as though these issues were subsiding, as it was revealed recently that EOS dApps recently were seeing a higher transaction value than Ethereum dApps.
Many considered this news extremely promising and believed that this indicated that the EOS blockchain actually had the capability of eventually overtaking the ethereum blockchain in terms of relevancy and value.
BancorX, a liquidity-generating application, also announced that it would be available on the EOS network, as well. Considering that Bancor is one of the most popular dApps on the ethereum blockchain, many also considered this a sign that EOS was a viable competitor to ehtereum.
An employee who spoke on the condition of anonymity elaborated on why the group had left for the new venture, stating:
“We left because we saw a need in the blockchain marketplace that Block.One was not going to address”.
Block.One has not released a statement or responded to inquiries regarding the departures, or StrongBlock.
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