Month: May 2018

It has been an interesting week for all ERC20 tokens. Despite their popularity, a fair few tokens were vulnerable to a recently documented exploit. As such, the Binance exchange took matters into its own hands. By partnering with Quantstamp, a thorough audit of the platform’s listings was conducted. No issues were found, albeit other exchanges may not be so lucky.

PeckShield Discovers ERC20 Exploits

Last week, security firm PeckShield shocked the world by discovering two exploits affecting different ERC20 tokens. These bugs would allow for malicious transactions to take place. As a result, most trading platforms suspended all of these tokens until the matter was resolved. With half a dozen currencies vulnerable, things were not looking all that great.

Binance decided to take matters into its own hands. Unlike other exchanges, the firm decided to get an independent audit of its supported ERC20 tokens. None of the currencies listed on its platform are vulnerable to either exploit, which is a positive development. QuantStamp, the smart contract security audit firm, ensured everything is working as it is supposed to.

The two bugs still remain present in the affected tokens. Known as batchOverflow and proxyOverflow, these exploits can inflate the hard-capped supply of affected tokens. It is a very worrisome development and seems to spell the end of the affected tokens. It is important to note this is not due to a flaw in the ERC20 token standard itself. Instead, the smart contracts of the affected tokens are to blame for these issues.

What About Other Exchanges?

Considering how there are hundreds of ERC20 tokens, a lot more research may be needed. Some platforms trade tokens that are currently not listed on the Binance exchange. All of those contracts will need to be vetted to ensure they are safe from bugs. It is up to individual exchanges to ensure that research is taking place behind the scenes.

So far, no other trading platforms have announced any official research in this regard. The fact that Binance does the right thing well ahead of anyone else also speaks volumes. For future ERC20 tokens, getting the smart contract audited before issuing the tokens would be the right course of action. Whether or not projects will take that approach, remains to be determined.

For now, Binance users are the only ones who can safely trade ERC20 tokens. The investigated tokens are safe from harm. Everything else is still subject to potential issues until proven otherwise. This is another important step toward ERC20 token maturity. Issues like these are to be expected, but thankfully, the damage has remained rather limited.

 

Image from Shutterstock

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GameCredits, the company behind GAME tokens has recently launched its much awaited GShare application. This application allows crypto-hobbyists to mine various digital currencies and earn GAME tokens. What makes this software even better is the fact that users don’t need specialized equipment, as they can put their CPUs and GPUs into use for the mining operations.

GShare is offered free on all the main operating systems — Mac OS, Linux, and Windows. According to the developers, the aim of this app is to make it possible for gamers to profit from their powerful hardware while contributing to the cryptocurrency ecosystem. Most gamers have machines with amazing processing power, which usually goes to waste when they are not playing games. The demand for GPUs has shot up in recent times due to the rise of crypto mining. The dedicated GPUs used in gaming hardware is quite quite powerful compared to CPUs. Even though they are not as powerful as ASICs, they are much cheaper which has made many opt for GPUs, resulting in their skyrocketing value.

How the App Works?

In essence, GShare will lease the GPU’s processing powers. Owners of the gaming rigs will get paid in GAME. However, the application that is still in the trial version, will not mine GAME tokens. Rather, it mines other types of coins such as ZCash. Once it acquires the coins, it exchanges them for GAME. This is essentially a way to earn a passive income with their gaming rigs.

The profit that a player can earn depends on how powerful their gaming rig is and the value of GAME tokens. While the difficulty levels of coins that are being mined have an influence on the total earnings, the platform is in the process of further optimizing the performance to make the whole exercise easy and profitable for the whole community. On an average, the per month earnings of GShare users range between $20 to $70.  Those with a powerful system can potentially earn more.

It is worth noting that mining activity could affect the gaming rig’s performance. However, there is a solution to this. Users can run the GShare app in low setting. Even with this setting, it is going to depend on how intensive the game is and how strong the hardware is. Thus, gamers who care a lot about performance should only run GShare when the hardware is idle.

In future, GShare will have capabilities that will allow it to detect GPU performance, processor use, and adjust the mining settings automatically. The app will also have advanced computation capabilities besides crypto mining.

What do you think about the GShare application? Leave us your thoughts in the comment section below.

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The announcement of IBM’s Blockchain-as-a-Service platform came after the company had been exploring various ways it could participate in the blockchain space for over a year and puts it in competition with other tech heavyweights like Oracle and newcomer Amazon.

Individuals who purchase and lease out solar panels will earn bitcoin as payment under a new pilot program with a blockchain startup and the UN.

Bitcoin Press Release: decentralized rental startup RxEal has announced the addition of four top-ranked ICO Bench experts to its growing team.

April 22nd, 2018, Seychelles – RxEal, a new blockchain-based solution for rental markets, has recently taken on some of the top names in the blockchain industry. 4 of the top 6 ranked Experts in Blockchain according to ICO Bench have joined the project seeing an unmet business need with tremendous potential. Leading ICO Bench advisors Simon Cocking, Ian Scarffe, Jason Hung, Nathan Christian, Aly Madhavji and Mushegh Tovmasyan have joined the RxEal advisory board as strategic advisors.

RxEAL is a platform for safe rental security deposit storage and efficient dispute resolution that will improve rental transactions for everyone involved. According to Simon Cocking, the highest ranked ICO Bench advisor;

“RxEAL have a good team and a good idea, with a clear strategy on how they want to execute it. They plan to be the place to go for smart contract technology to transform the rental market, by leveraging blockchain based solutions. It is an exciting project and they have great potential to pull it off.”

Simon is Senior Editor at Irish Tech News and Editor in Chief at CryptoCoinNews. He has worked as an advisor with more than a hundred successful ICOs to date and is considered as one of the leading Twitter influencers in the crypto industry.

Another TOP 3 ICO Bench advisor, who has recently joined RxEal, is the serial entrepreneur, investor, and a leading expert in Bitcoin, blockchain and crypto industries Ian Scarffe. He had these words to say about the project;

 “It is a project with a smart and feasible product offering, business growth potential and a strong team behind it. I am confident that RxEal will deliver a truly valuable and applicable blockchain solution for the rental markets. The project has already established industry partnerships for a pilot project development and has an impressive advisory board with a global reach,”

A veteran of blockchain entrepreneurship, Jason Hung has also joined the RxEal advisory board. Given his vast experience in entrepreneurship and ICO advisory in Asia, Jason will focus on RxEal’s business development in this region. He Believes that;

“RxEal can become the next generation solution to reduce risk, increase trust and transparency in rental ecosystem, which may drive the whole rental supply and demand chain to a whole new level. The management team is mature and comprehensive.”

Mushegh Tovmasyan, a well-known veteran of the online trading industry and a FinTech entrepreneur, is another high-calibre addition to the RxEal advisory board. Tovmasyan stated that;

“RxEal leverage blockchain and smart contract technology delivering disruptive improvement to how transactions are done in rental markets. A practical solution to reduce risk and increase transparency in the rental ecosystems creates a trust mechanism that can push supply and demand chain to a whole new level. I am confident in the ability of the management team to deliver promised milestones and look forward to guiding them to success.”

RxEal CEO Dmitry Orlov voiced his excitement in regards to the four new additions to the project. He stated that the company was honored to have “these impressive advisors” with a proven track record of successful blockchain projects join our advisory board. With this brilliant team of advisors, Dmitry feels that the company are ready to take RxEal to the next level.

What is RxEal

RxEal is a blockchain-based system where anyone can safely store funds, such as a rental or leasing security deposit for real estate, vehicle rentals, and industrial equipment, in an Enthereum smart contract. The RxEal platform also includes a dispute resolution system for any disagreements between the parties that have signed a contract. Currently, a large percentage of the landlord-tenant disputes occur because of disagreements about how security deposits should be handled at the end of the rental agreement.

RxEal aims to reduce the high rate of these disputes and, in cases when disputes do occur, utilize blockchain technology to directly connect legal experts with parties involved in the rental agreement to reduce time and costs required to solve any disagreements. The solution targets mainly real estate and automotive rental markets valued billions of USD. All services provided by RxEal can be purchased in RxEal tokens (RXL).

Token Sale Details

• RXL tokens are offered with a 50% bonus during a limited Tier 1 sale phase (1 ETH = 1800 RXL)
• Payment methods accepted: ETH
• Token sale end date: 12th of May, 2018 (12:00 UTC)

Visit the RxEal Website: https://rxeal.com
Read the RxEal Whitepaper: https://storage.rxeal.com/public/RxEAL_White_Paper.pdf
RxEAL on Telegram: https://t.me/rxealofficial
Connect to RxEal on Facebook: https://www.facebook.com/RxEAL
Follow RxEal on Twitter: https://twitter.com/rxealofficial
Read the RxEal Medium: https://medium.com/rxeal

Media Contact

Name: Dmitrijs Orlovs
Location: Seychelles
Email: [email protected]

RxEal is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only.

About Bitcoin PR Buzz – Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 5 years. Get your own professional Bitcoin Press Release. Click here for more information about Bitcoin PR

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The United Nations Children’s Fund (UNICEF) has announced a program which has been designed to use donors’ computers to raise fiat currency through cryptocurrency mining.

The website, the nucleus of the new project, is called “The Hope Page“, and is able to mine the cryptocurrency Monero using donors’ computer processing power through Coinhive, a crypto-mining service. This is the second time that UNICEF has used cryptocurrency to fund its overseas projects. In February, it launched a similar program to support children in Syria, affected by the lengthy civil war in that country, using donors’ computers to mine Ether.

The donated funds will go to the UNICEF Australia‘s current mission in Bangladesh established due to the Rohingya crisis, providing humanitarian relief for both children and their mothers and ensuring that they receive life-saving supplies such as safe drinking water, food, and vaccines. Some families, having escaped the military-led violence in neighboring Myanmar, are now living in refugee camps in Bangladesh awaiting placement.

UNICEF’s director of fundraising and communications Jennifer Tierney explained, “We wanted to leverage new emerging technologies to raise awareness about current humanitarian crises and raise new funds to support children caught up in them.”

She suggests that donating is simply as easy as opening a page. The Hope Page instructions clarify this for donors:

“The longer you stay on the page and the more processor power you donate, the more algorithms get solved, which earns cryptocurrency.”

However, visitors to the page are warned that cryptocurrency mining may incur further costs apart from the added domestic energy consumption.  Donating may lead to higher energy bills and visitors to the site are informed that they have the option to donate cash or make credit card donations prior to authorizing mining.

At press time, over 3,600 people were donating to the programme using the cryptocurrency mining process.

image source: https://pixabay.com/en/girl-asylum-politically-policy-982119/ – geralt

 

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Defending cryptocurrencies against the centralizing forces of ASIC mining chips requires more than coding fixes; human governance is also critical.