Vulnerability Is Found in Constantinople

Constantinople Hard Fork Postponed

Ethereum’s (ETH) Constantinople hard fork faces a delay over a newly discovered security vulnerability allowing a reentrancy attack. The critical issue was detected by smart contract audit firm ChainSecurity and reported in a blog post Jan. 15. According to the company’s report, the Constantinople upgrade introduces cheaper gas cost (transaction fees) for some operations on the Ethereum network. As an unexpected side effect, this allegedly enables reentrancy attacks via the use of certain commands in ETH smart contracts. A reentrancy vulnerability allows a potential attacker to steal cryptocurrency from a…

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20% of Bitcoin’s daily trading volume generated by a single project

The VeriBlock blockchain

According to the recent research published by Forbes Crypto, about 20% of all Bitcoin transactions are generated by a project called VeriBlock. It is developed on top of Bitcoin blockchain with the aim to provide a more secure alternative to existing cryptocurrency networks. VeriBlock is based on proof-of-proof (PoP) concept that functions as a supplemental consensus mechanism for blockchains integrated with VeriBlock. Basically, it allows minor altcoin projects to avoid security issues related to low hash rate and relatively low reward for mining. Low hash rate may lead double spend…

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McKinsey Finds Little Evidence of Practical Blockchain Use Cases

McKinsey & Company Blockchain

Major financial consulting company McKinsey & Company believes that there is little evidence of practical use for blockchain, according to an official post published on Jan. 4. McKinsey was founded in 1926 and has a reported revenue for 2018 over over $10 billion, with over 27,000 employees globally. The article, written by three McKinsey partners, notes that the “evidence for a practical scalable use for blockchain is thin on the ground,” explaining: “Blockchain has yet to become the game-changer some expected […] given the amount of money and time spent,…

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UNICEF Invests in Blockchain Technology for Its Upcoming Humanitarian Projects

Unicef Blockchain

The United Nations International Children’s Emergency Fund (UNICEF) has announced investing in six blockchain startups. According to UNICEF, the new investments are part of the strategy the agency intends to implement in integrating blockchain in its humanitarian work line. The humanitarian agency already received more than 100 applications from 50 different countries, in response to the shout out it released in Jan. 2018 for young technology startups, while it already has 20 technology firms in its innovation fund, that range from science, machine learning, and virtual reality, to drones. Today,…

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Facebook Is Hiring Blockchain Engineers

facebook blockchain

It appears as though the social media giant Facebook has been quietly hiring blockchain engineers currently. There are five different job listings in the Facebook Careers section. The listings are for the following jobs: data scientist, data engineer, software engineer, and product marketing lead. It is currently unclear as to what exactly Facebook might be doing with these new positions, although Mark Zuckerberg himself (the founder of Facebook) hinted that he might be developing his own cryptocurrency. Although he did not specifically say that this was in the company’s plans,…

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Swiss Post and Swisscom launch a 100% Swiss infrastructure for blockchain applications

Swiss Post and Swisscom

Private Blockchain-based ProjectWhile the Swiss Post is Switzerland’s national postal service, Swisscom is one of the country’s largest state-owned telecom service providers. The two will ally to streamline their service offering and foster the blockchain ecosystem in the country. The joint venture is the first “private blockchain” platform in the country to be operated by two entities. The platform differs from other private blockchains in that the data will strictly remain within the borders of Switzerland. Further, the press release noted that the security of the platform would be on…

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Sberbank, NSD and MTS close deal on commercial bond issue using blockchain

Sberbank blockchain

Sberbank, the National Settlement Depository (NSD) and MTS have summed up results of the deal to issue commercial bonds using blockchain. The nominal cost of MTS’s RUB 750 mln commercial bonds, organised and purchased by the corporate and investment banking business of Sberbank, was redeemed. A security deal using smart contracts – from issue to full execution of issuer’s obligations to the investor – was successfully carried out. Commercial bonds are privately-traded unsecured fixed income securities that are placed on the OTC market through a private subscription. Prior to the…

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Bitfury partners with Russian Economics University to establish Blockchain Accelerator

Bitfury blockchain

Multisectoral blockchain company Bitfury has partnered with the Plekhanov Russian University of Economics to create an accelerator for blockchain projects, Russian crypto news outlet Forklog reports Nov. 21. In addition to supporting the development of blockchain projects, the university will provide courses and additional education dedicated to “training specialists who are able to create innovative projects using digital technologies in a short time.” This will enable specialists to “bring [the projects] to market amid the new industrial revolution,” Dmitry Ufaev, the head of Bitfury Russia, told Forklog. According to Forklog,…

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