2021, Binance launched a new project called the bitcoin standard hashrate token (BTCST), a coin that represents 0.1 terahash (TH/s). Furthermore, the mining operation Poolin has also revealed a hashrate token called pBTC35A and each token represents 1 TH/s hashrate with pre-determined SHA256 processing power.

With bitcoin mining showing significant upside potential, a couple of crypto industry heavyweights have introduced tokens backed by PoW hashrate. Last week, Binance unveiled a new project called the bitcoin standard hashrate token (BTCST), a coin that’s claimed to be backed by 0.1 terahash (TH/s).

“BTCST sets off to solve the problem of limited exit options by bringing exchange-grade liquidity to Bitcoin mining, and in secondary trading,” Binance announced last Wednesday. “BTCST will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin.”

The crypto trading exchange added:

BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market.

However, Binance is not the only business looking to offer a PoW mining token as the mining operation Poolin has also introduced the Mars Project. On January 11, 2021, Poolin tweeted “Join the first Ethereum-based standardized hashrate protocol, earn wBTC and LP reward. Infinite possibility when PoW mining steps into [an] Ethereum smart contract,” the mining pool further said. Currently, Poolin is the fifth largest bitcoin pool capturing around 9.4% or 14 exahash per second (EH/s) today.

The Poolin minted ERC-20 token is called pBTC35A and the company says each coin is backed by the firm’s PoW hashrate. “The protocol consists of pBTC35A tokens and [the] MARS token,” Poolin’s announcement explains. “Each pBTC35A token represents 1TH/s hashrate with a pre-determined power ratio, mining rigs would be in Poolin Superhashrate’s custody during life cycle. While net profit on wBTC would be distributed per block.”

Poolin says the first batch will be “50,000 pBTC35A (approximately 50PH/s) tokens for Bitcoin (output with wBTC) mining in this protocol and locks up more than 50PH/s machines physically.” Poolin notes that people can obtain the tokens using the inhouse shop (basic KYC needed) or via the token’s Uniswap contract. The company further detailed that Ethereum and other PoW mineable coins will be also created, but Poolin doesn’t have a confirmed schedule.

According to Binance Launchpool, the PoW token (BTCST), the organization recently launched has also passed an audit from the blockchain security company Certik, and scored a “98 out of 100 in a security audit.” Users will be able to stake BNB, BUSD, and BTC in separate pools in order to farm BTCST tokens, Binance Launchpool also said.

“Compared to conventional cloud mining, BTCST portrays the decentralized spirit of blockchain, with all mining rewards distribution done by smart contracts that are onchain with full transparency,” Alex Zhao, the cofounder, and CTO of BTCST said last week.

What do you think about the new tokens backed by PoW hashrate? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

CHICAGO, IL, Dec 30, 2020 - (ACN Newswire) - Epazz Inc. (OTC: EPAZ), a provider of blockchain cryptocurrency mobile apps and cloud-based business software solutions, announced today that the company is working with Greenheart CBD Hemp company in developing their smart contracts for their IEO (Initial Exchange Offering). The company will be enhancing their smart contract software to allow other organizations interested in launching their IEO using an easier way to create and modify their smart contracts without needing a programmer. According to Carlos R.W., senior economist and researcher at De Meijer Independent Financial Services Advisory (MIFSA), the global blockchain market size would grow exponentially in 2021. More businesses from many industries expressed their increasing interest in using Blockchain technology to advance their business processes. The COVID-19 pandemic fast-tracked the digital transformation drive in many aspects, including distributed ledger or blockchain technology. Thus, the global blockchain market size will expand from US$3 billion in 2020 to US$39.7 billion by 2025 at an effective compound annual growth rate (CAGR) of 67.3%. Many industries are looking for solutions using Blockchain technology as a beneficial tool to digitalize their businesses. The adoption of fintech and blockchain technology allows companies to upgrade and streamline their operations. In addition, the acceptance of tokenization or the digital storage of assets on blockchain will speed up the progress of DeFi or decentralized financial services. DeFi demonstrates the successful process of smart contracts for financial services. It is an alternative form of business financing that perfectly fits the parameter of the fintechization of the economy. DeFi services witnessed impressive growth this year and surpassed US$10 billion. It is expected to speed up in 2021 and beyond.Epazz blockchain technology provider developed an IEO securitized token software using smart contracts to help Greenheart CBD Hemp company launch Greenheart Punt, as their liquid token to be used across their current and future range of CBD products. This collaboration between Epazz blockchin technology and Greenheart CBD Hemp company is part of the growing 'DeFi' movement, which will take advantage of the blockchain's capacity to establish a decentralized ecosystem, uncontrolled by a single entity, and improved accessibility for token holders. It will address the challenges of the lack of proper banking support for the CBD industry worldwide. Epazz blockchain trading technology and Greenheart CBD Hemp company anticipate its global reach with its initial IEO sale. It offers 200 million Greenheart Punt tokens backed by1,000 Liters of Greenheart's CBD oil, with an approximate value of US$4 million. The Greenheart Punt token began trading last December 1, 2020, through the LAToken mobile app.Investors can redeem their tokens for CBD oil if they wish. The token will enable the holders to skip expensive payments and processing fees charged by traditional financial payment providers. In the IEO sale, the company is offering 40 million Greenheart Punt tokens to accredited non-US investors. With this premise, the company gears up to enter the Asian Token Exchange to accommodate Asian investors, especially in China. From a regional perspective, China is leading the blockchain arena as China's government-sponsored Blockchain-Based Service (BBS) Network aims to make blockchain technology a vital part of its digital infrastructure. China is on the verge of issuing its Crypto yuan as part of its goal to provide a global public infrastructure through its BBS Network. Shaun Passley, Ph.D., CEO, and Chairman of Epazz, Inc., said in a comment, "As we enter 2021, adapting to the new normal lifestyle, maintaining social distancing and performing electronic payment transactions can further highlight the value of cryptocurrencies. However, with high liquidity in the crypto space, anything can happen; that's why our blockchain technology will help track and monitor the slightest change in the crypto movement to help users decide logically."About Epazz Inc. (www.epazz.com)Epazz Inc. is a provider of blockchain apps and a cloud-based software company specializing in providing customized cloud applications to the corporate world, higher-education institutions, and the public sector. Epazz BoxesOS v3.0 is a complete web-based software package for small- to mid-size businesses, Fortune 500 enterprises, government agencies and higher education institutions. BoxesOS provides many of the web-based applications organizations would otherwise need to purchase separately. Epazz's other products include K9Sky.com kennel software and the Provitrac applicant tracking system.DeskFlex is a desk booking solution and room reservation software useful for booking conference rooms, meeting rooms, workspaces, desks, car parking spaces and office equipment. DeskFlex meeting room scheduling system helps office managers accommodate remote workers' time in the office, reducing rent and facility costs. DeskFlex lets employees reserve desks in advance or claim desks right away. It adjusts the telephone switch (PBX) so calls ring at the "desk du jour." DeskFlex includes check-in, point-and-click floor maps, a web browser, a local kiosk, Microsoft Outlook integration and conference room scheduling.SAFE HARBORThis is the "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking words such as "may," "expect," "intend," "estimate," "anticipate," "believe" and "continue" (or the negation thereof) or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results or those implied by such forward-looking statements. Investors are cautioned that no forward-looking statement is a guarantee of future performance and that actual results may differ materially from those contemplated by such forward-looking statements. Epazz Inc. assumes no obligation and has no intention of updating these forward-looking statements. It has no obligation to update or correct information prepared by third parties that are not paid for by Epazz Inc. Investors are encouraged to review Epazz Inc.'s public filings on SEC.gov and otcmarkets.com, including its unaudited and audited financial statements and its OTC market filings, which contain general business information about the company's operations, results of operations and risks associated with the company and its operations.Source Link: ONTACT: For more information, please contact:Investor Relationsinvestors@epazz.nethttps://twitter.com/epazz?s=20 (312) 955-8161www.epazz.comSource: Epazz, Inc.Copyright 2020 ACN Newswire. All rights reserved. View Comments and Join the Discussion!   View the discussion thread.

blockchain’s native digital currency “DOT” recently surged to another level not seen since the network’s history, thereby raising DOT‘s market capitalization to a new level above Litecoin. 

Since December 2020, the cryptocurrency has been on a strong price momentum pushing up from $5.22 on December 28 to $9.1 on January 1, as seen in the chart below. 

It’s left to be seen whether Polkadot’s crypto will possibly surpass XRP, which recently faced a heavy dump amid the US SEC charges against Ripple, the blockchain company behind the crypto. 

Polkadot is an interoperability blockchain protocol founded by Gavin Wood, one of the founders of the leading blockchain network, Ethereum. Since the mainnet was released in May 2020, the native cryptocurrency has grown steadily and ranked as the seventh-largest digital currency by market capitalization on September 8. Its blockchain has attracted many developers building on it, including projects like KILT and Moonbeam, which is reportedly working on scalable smart contracts. 

As recently as December 8, Huobi invested $5 million to support the Polkadot ecosystem. 

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Bitcoin is catching momentum following the retesting of support at $32,000. As reported on Wednesday, it was unlikely the lower support at $30,000 would be rested. Simultaneously, the leg up to $40,000 was only possible if BTC/USD closed the day above $36,000.

The largest cryptocurrency has extended its price action above $38,000. The break past the 50 Simple Moving Average must have increased investors' confidence in the uptrend. A daily close above $38,000 may see BTC explode to $40,000 and perhaps reach new record highs.

BTC/USD 4-hour chart

On the flip side, the Bitcoin bullish narrative will be thrown out the window if a correction occurs under $38,000. The 50 SMA might absorb some of the selling pressure, but some of the most formidable support levels sit at $36,000, $34,000 and $32,000. The level at $30,000 is home to BTC's primary support.

Ethereum has just broken above the x-axis of an ascending triangle. This move is occurring after Ether took back the support at $1,100. The plunge to $900 also allowed more investors to join the bullish market.

A horizontal line can be drawn along with the swing highs, while a rising trendline developed along with the swing lows.

A recent spike in the buying pressure behind the largest altcoin allowed it to break above the overhead resistance. At the moment, ETH could shoot up nearly 17%, revisiting the recent yearly high on the ascending triangle formation.

ETH/USD 4-hour chart

On the downside, if the upswing becomes unsustainable, ETH price may retest the x-axis. Breaking under this crucial level would call for more sell orders as some investors prefer to cash out before the price dips further. Overhead pressure could see Ethereum tumble to the $1,100 and $1,000 support areas.

Ripple's upside is still capped under $0.3 as well as the 50 SMA. The cross-border token seems to be embracing another consolidation, as observed using the Bollinger bands. The middle boundary protects XRP from falling to $0.29, as explained earlier.

As the Bollinger bands constrict, XRP/USD nears its ultimate breakout. To ascertain an uptrend beyond $0.3, support at the Bollinger Bands middle boundary must hold. Buying activity is likely to rise once Ripple spikes past $0.3. The target to the upside is $0.35, but the 200 SMA may limit further price action.

XRP/USD 4-hour chart

It is worth keeping in mind that Ripple selling pressure will intensify if the 50 SMA rejects the price. More losses will come into the picture on XRP breaking under the middle boundary. The support areas likely to be tested include $0.275 and $0.25.

and could see a pullback. FTX Token showed a likelihood of reaching an upside target of $12.5.

The move from $551 to set a local high at $1291 for ETH has a 27% Fibonacci extension level of $1625. This is the target for Ether over the next few days as it rises past its previous local high.

The MACD was on the verge of forming a bullish crossover and would indicate that strong upside momentum behind ETH was present once more.

In other news, 2% of all ETH supply – amounting to $300 million – was staked in ETH 2.0, a development Vitalik Buterin described as “the ultimate bet on progress”.

BSV gained 40% in value over the past 36 hours. The 20 SMA (white) was a long distance from where BSV was trading at and, alongside strong volume, signaled the strength of the surge.

The momentum indicators RSI and Stochastic RSI showed that the digital asset was oversold in the 4-hour timeframe.

This does not necessitate a pullback by itself, however, the past few hours saw BSV face selling pressure at $320 and has formed a couple of indecisive candles since.

If BSV continues to be indecisive beneath the psychological $300 mark, it would indicate that the upside momentum has stalled and the levels highlighted by the Fibonacci retracement tool can be expected to act as support.

The OBV showed steady buying volume behind the exchange token. Just as the OBV threatened to form a series of lower lows over the past couple of days, buyers stepped in.

The Awesome Oscillator showed that the bullish momentum behind FTT was rising once more. The 27% Fibonacci extension gives a target of $12.5 for FTT if it climbs above $10.1.

If the AO forms a lower high over the next few days, it would set up a bearish twin peaks scenario and give a sell signal, and dips would likely represent an opportunity to buy.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

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Ethereum’s transaction fees flips Bitcoin’s to report ATH

deployed as planned at 12 pm UTC on Dec. 1.

The contract needed to meet the minimum of 16,384 validators seven days ahead of deployment, but a surge of deposits yesterday meant the target was exceeded late last night.

The deposit contract is the starting point for phase 0 of Ethereum 2.0, also known as Serenity. After Dec. 1, Ethereum will initiate proof-of-stake (PoS), a mechanism where validators provide security to the network and receive ETH as a reward.

It’s an alternative to the blockchain’s current proof-of-work (PoW) system. Ethereum 2.0 has been discussed since late 2018, and its launch has had a few delays. The deposit contract was finally released on Nov. 4, though the initial uptake to become a validator was relatively slow. To participate in the genesis launch, validators need to deposit a multiple of 32 ETH, meaning a high cost of entry (32 ETH is worth almost $20,000 today).

Setting up a validator is also a relatively complex process for less advanced users.  

Despite the slow start, progress picked up significantly towards the end of the one-week cut-off period. The deposit contract met 60% of its target early yesterday. Meanwhile, the ETH price soared past $600 for the first time since 2018 amid the anticipation for the upgrade. 

Later, a stream of participants pushed the balance past its 524,288 ETH threshold.

It met the goal with around ten hours to go before the 12 pm UTC cut-off. Many members of the Ethereum community took to Twitter to celebrate the milestone. 

There’s now 612,736 ETH deposited at the time of writing. According to a graph provided by Ethereum, stakers can expect to earn 20% APR as a reward for securing the network. 

The deployment of the Beacon chain is phase 0 of Ethereum 2.0. It will be followed by several other stages over the coming years, which all form part of the blockchain’s Serenity upgrade.

With those developments, it’s hoped that the network will achieve scalability, and ultimately, wider adoption. 

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You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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demand it will become so popular and labeled as cryptocurrency. How does this Initial Coin Offering Works? The main purpose of the initial coin offering is fundraising, the user will buy the token/coin and the owner of the website will receive the fund and use it in the project as per the road map of the project. There will be a promised profit for the investor in ICO as per the pre charted road map. The core of the initial coin offering project is token. These tokens will be based on Ethereum, Waves, Bitcoin, etc. Majority Tokens will be based on Ethereum and they will be called ERC20 tokens.

Smart contracts are automated address. They are auto-executing with particular instructions written on its code which get executed when specific conditions are made. When someone wants to get a particular task done in Ethereum they initiate a smart contract with one or more people.

The ERC20 standard consists of 3 optional rules and 6 mandatory rules. The mandatory rules are as follows: • TotalSupply • BalanceOf • Transfer • Transfer from • Approve • Allowance

On the other hand, the optional rules are: • Token Name • Symbol • Decimal (up to 18)

The main purpose of having an erc20 smart contract inside the ICO website is, it will make the token transfer to users automatic without delay. You can find advanced ICO script with lending and stacking stuffed from KIR HYIP.

3,800 smart contracts have severe weaknesses that can allow cybercriminals to quickly steal 1 million dollars.  One of the most famous Ethereum smart contract vulnerabilities is what’s known as a reentrancy attack, which in 2016 allowed a cybercriminal to steal $50 million. We scanned 6 months’ worth of blocks from Ethereum’s blockchain and found that 3,779 contracts have 13 different types of vulnerabilities, including 4 high-severity vulnerabilities. The total value of these vulnerable smart contracts is 2,088 ETH, which equals $964,172. One of these high-severity vulnerabilities is the integer underflow, which allows someone with no funds in their account to send out one token, and receive billions of tokens in return. Another is the unprotected selfdestruct, which would allow any attacker to kill the contract and withdraw all the funds to any address. These vulnerabilities, while specific and technical in nature, basically allow attackers to fiddle with the code and steal as much money as possible in a very short amount of time.  In order to undertake our analysis, we performed the following steps: Of the total blocks that were scanned, 3,779 contracts were shown to have the four following high-severity vulnerabilities: You can find a full list of the vulnerabilities in the table at the end of the article. Ethereum is the second-largest cryptocurrency platform in the world, and it is also a cryptocurrency in and of itself. As a platform, 1,900 different cryptocurrencies and tokens are built on top of it. Smart contracts on Ethereum help people and organizations exchange money, or really anything of value, in a transparent way that doesn’t require any middlemen. Smart contracts are simply code that define the rules and penalties between two parties (the buyer and seller, for example).  These smart contracts also automatically enforce those obligations – again, since there are no middlemen. This means that online services and platforms can use smart contracts to send and receive payments on Ethereum without needing to involve any third parties. In order to understand an integer underflow attack, we need to cover a few basics (warning: there’s some math involved).  Ethereum smart contracts are built using 256 bits as its word size. Practically, this means that the allowed numbers on Ethereum contracts range from 0 all the way to 4,294,967,295 (or 2²⁵⁶), which is approximately 4.3 billion, and there are no negative numbers allowed.  Now, in an integer overflow, if you add 1 to the top of the range, it’ll cycle back down to zero (2²⁵⁶ + 1 = 0), kind of like an odometer in a really old car. In an integer underflow, it’s the opposite – if you subtract 1 from zero, you’ll cycle all the way to the top of the range (0–1= 2²⁵⁶). An integer underflow attack then involves a malicious user with zero balance sending just one token to a friend. Because of the vulnerability, the malicious user’s balance now goes from zero all the way to nearly 4.3 billion. To complete the attack, the malicious user withdraws all that free money to a wallet. Although the integer underflow and overflow attacks are caused by the same issue, the underflow attack is much more practical since it’s easier for a user to have a zero balance than a 4.3 billion balance of a given token. Lastly, there’s the unprotected selfdestruct and unprotected Ether withdrawal vulnerabilities. Both of these have to do with a common weakness known as “improper access control,” which essentially means that the contract didn’t have enough protections in place to stop an attacker accessing these critical functions. These are also the simplest attacks to understand. In terms of the unprotected Ether withdrawal vulnerability, any attacker can withdraw Ether tokens from the contract without needing to first send an equivalent amount of tokens to the contract.  For the unprotected selfdestruct vulnerability, the weakness allows any attacker to kill the contract and then withdraw any balance from the contract to any specified address.  For all the sophistication of smart contracts and Ethereum, there are some potentially huge vulnerabilities in the way that smart contracts work. The 2016 reentrancy attack, for example, affected the way that DAO tokens were traded. The DAO – Decentralized Autonomous Organization – was a sort of decentralized venture capital fund. Because of a fault in the smart contract code, an attacker was able to initiate multiple transfers without actually submitting them. The fault lay in the fact that the attacker was able to continuously withdraw funds, in a near-infinite loop, without actually completing the withdrawal on the contract. In simpler terms: if for example, you have 10 Ether in your contract, and your contract updates the balance only after withdrawing the funds, you can write a malicious contract that would continuously withdraw those funds without updating the balance. The DAO attack scored $50 million from that smart contract vulnerability. These types of vulnerability can certainly impact many users, depending on whether they’ve stored Ethereum-based cryptocurrency or tokens on an online platform that holds money.  These include crypto gambling sites, loan services, Ethereum banks, and other online services where users are likely to hold their coins or tokens. If the attacker creates a malicious smart contract and attacks those sites, users can stand to lose their money. This is similar to what happened in the 2016 DAO reentrancy attack. In effect, the $50 million that users had put into the DAO was essentially stolen. In any case, whenever money is stolen from any platform, the user will end up paying in one form or another. Luckily for users – the average person using these online services – it’s pretty easy to check if the platforms they’re on is using a smart contract with any of these vulnerabilities. They can review the smart contracts on Etherscan or a similar explorer to see if these contracts have been audited and verified.  If the smart contract has not been audited or verified, we’d recommend avoiding that particular platform or online service. For the developers that have created these smart contracts, there are SWC recommendations for each individual vulnerability (linked in the table below). However, in order to fix a vulnerable smart contract, these developers will have to redo them, fixing the code first to remove the vulnerability. In the table below, you will find the different types of vulnerabilities contained within the 3,779 smart contracts. This includes their severity, SWC ID and description, as well as how many times the specific vulnerability was observed (under Instances).

developers can get with many other blockchains. However, a new report has shed light on an inherent vulnerability in the blockchain that could affect thousands of tokens built on it.  This week, researchers from several educational institutions published a research paper highlighting a “fake deposit vulnerability” in Ethereum-based smart contracts. The researchers came from institutions such as Peking University, Zhejiang University, the University of Queensland, and the Beijing University of Posts and Telecommunications. According to them, over $1 billion worth of Ethereum-based tokens is now at risk. Going deeper, the research paper explained that these tokens come with verification methods that are less secure than ERC20 contracts developed after 2017. Thus, hackers can use the fake deposit vulnerability to manipulate the contracts’ codebases and steal millions. The research paper added that vulnerable tokens are available on both centralized and decentralized exchanges. They allow coins to be swapped without any comprehensive verification, thus presenting an opportunity for skilled hackers to steal users’ tokens. To remedy the situation, the researchers developed a took known as “Deposafe.” With the tool, token developers can test their smart contracts for possible fake deposit vulnerabilities. The researchers added that they’d tested the product to a large number of smart contracts. The tests showed that about 7,735 tokens were susceptible to the fake deposit vulnerability using the “Type I” attack. A Type II attack could affect a further 7,716 tokens. Together, these tokens have a market cap of $1 billion. Security on the Ethereum blockchain is more prominent than ever, especially as its use in decentralized finance (DeFi) is growing. The DeFi boom has been quite noteworthy, with projects seeing record funding rounds and surging market value. The total value of capital locked in DeFi protocols has increased by at least 250 percent in less than two months. This month, DeFi protocols reached a record $7 billion in market cap. If this rate continues, the DeFi sector could hit a $25 billion market valuation before the year runs out. Aave, a lending protocol, is currently the largest DeFi project, according to data from DeFi Pulse. With $1.51 billion in assets locked, the project is followed by MakerDAO and its $1.42 billion. Curve Finance rounds out the top 3 with $1.15 billion in assets locked. Most of the top DeFi protocols were built on the Ethereum blockchain. While some might end up branching out to form their own networks, Ethereum is still the preferred choice. If there is a vulnerability in the platform’s underlying smart contracts, developers will want to be aware. 4.5/5 75% of retail investors lose money.eToro Reviews https://insidebitcoins.com/visit/etoro-newsCreate your account Hide eToro Reviews 4.5/5 80.5% of retail investors lose money.Plus500 Reviews https://insidebitcoins.com/visit/plus500-newsCreate your account Hide Plus500 Reviews Remember, all trading carries risk. Past performance is no guarantee of future results. Article Info Author: Jimmy Aki Last Updated: 28 August 2020 Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

3,800 smart contracts have severe weaknesses that can allow cybercriminals to quickly steal 1 million dollars.  One of the most famous Ethereum smart contract vulnerabilities is what’s known as a reentrancy attack, which in 2016 allowed a cybercriminal to steal $50 million. We scanned 6 months’ worth of blocks from Ethereum’s blockchain and found that 3,779 contracts have 13 different types of vulnerabilities, including 4 high-severity vulnerabilities. The total value of these vulnerable smart contracts is 2,088 ETH, which equals $964,172. One of these high-severity vulnerabilities is the integer underflow, which allows someone with no funds in their account to send out one token, and receive billions of tokens in return. Another is the unprotected selfdestruct, which would allow any attacker to kill the contract and withdraw all the funds to any address. These vulnerabilities, while specific and technical in nature, basically allow attackers to fiddle with the code and steal as much money as possible in a very short amount of time.  In order to undertake our analysis, we performed the following steps: Of the total blocks that were scanned, 3,779 contracts were shown to have the four following high-severity vulnerabilities: You can find a full list of the vulnerabilities in the table at the end of the article. Ethereum is the second-largest cryptocurrency platform in the world, and it is also a cryptocurrency in and of itself. As a platform, 1,900 different cryptocurrencies and tokens are built on top of it. Smart contracts on Ethereum help people and organizations exchange money, or really anything of value, in a transparent way that doesn’t require any middlemen. Smart contracts are simply code that define the rules and penalties between two parties (the buyer and seller, for example).  These smart contracts also automatically enforce those obligations – again, since there are no middlemen. This means that online services and platforms can use smart contracts to send and receive payments on Ethereum without needing to involve any third parties. In order to understand an integer underflow attack, we need to cover a few basics (warning: there’s some math involved).  Ethereum smart contracts are built using 256 bits as its word size. Practically, this means that the allowed numbers on Ethereum contracts range from 0 all the way to 4,294,967,295 (or 2²⁵⁶), which is approximately 4.3 billion, and there are no negative numbers allowed.  Now, in an integer overflow, if you add 1 to the top of the range, it’ll cycle back down to zero (2²⁵⁶ + 1 = 0), kind of like an odometer in a really old car. In an integer underflow, it’s the opposite – if you subtract 1 from zero, you’ll cycle all the way to the top of the range (0–1= 2²⁵⁶). An integer underflow attack then involves a malicious user with zero balance sending just one token to a friend. Because of the vulnerability, the malicious user’s balance now goes from zero all the way to nearly 4.3 billion. To complete the attack, the malicious user withdraws all that free money to a wallet. Although the integer underflow and overflow attacks are caused by the same issue, the underflow attack is much more practical since it’s easier for a user to have a zero balance than a 4.3 billion balance of a given token. Lastly, there’s the unprotected selfdestruct and unprotected Ether withdrawal vulnerabilities. Both of these have to do with a common weakness known as “improper access control,” which essentially means that the contract didn’t have enough protections in place to stop an attacker accessing these critical functions. These are also the simplest attacks to understand. In terms of the unprotected Ether withdrawal vulnerability, any attacker can withdraw Ether tokens from the contract without needing to first send an equivalent amount of tokens to the contract.  For the unprotected selfdestruct vulnerability, the weakness allows any attacker to kill the contract and then withdraw any balance from the contract to any specified address.  For all the sophistication of smart contracts and Ethereum, there are some potentially huge vulnerabilities in the way that smart contracts work. The 2016 reentrancy attack, for example, affected the way that DAO tokens were traded. The DAO – Decentralized Autonomous Organization – was a sort of decentralized venture capital fund. Because of a fault in the smart contract code, an attacker was able to initiate multiple transfers without actually submitting them. The fault lay in the fact that the attacker was able to continuously withdraw funds, in a near-infinite loop, without actually completing the withdrawal on the contract. In simpler terms: if for example, you have 10 Ether in your contract, and your contract updates the balance only after withdrawing the funds, you can write a malicious contract that would continuously withdraw those funds without updating the balance. The DAO attack scored $50 million from that smart contract vulnerability. These types of vulnerability can certainly impact many users, depending on whether they’ve stored Ethereum-based cryptocurrency or tokens on an online platform that holds money.  These include crypto gambling sites, loan services, Ethereum banks, and other online services where users are likely to hold their coins or tokens. If the attacker creates a malicious smart contract and attacks those sites, users can stand to lose their money. This is similar to what happened in the 2016 DAO reentrancy attack. In effect, the $50 million that users had put into the DAO was essentially stolen. In any case, whenever money is stolen from any platform, the user will end up paying in one form or another. Luckily for users – the average person using these online services – it’s pretty easy to check if the platforms they’re on is using a smart contract with any of these vulnerabilities. They can review the smart contracts on Etherscan or a similar explorer to see if these contracts have been audited and verified.  If the smart contract has not been audited or verified, we’d recommend avoiding that particular platform or online service. For the developers that have created these smart contracts, there are SWC recommendations for each individual vulnerability (linked in the table below). However, in order to fix a vulnerable smart contract, these developers will have to redo them, fixing the code first to remove the vulnerability. In the table below, you will find the different types of vulnerabilities contained within the 3,779 smart contracts. This includes their severity, SWC ID and description, as well as how many times the specific vulnerability was observed (under Instances).

including BASED, FEW and 420 DUDE, as well as $340,000 worth of STAKE. In total, $54 million has been deposited according to etherscan, but $50 million of it is UNIF, a dead coin with about $10 in trading volumes giving it a price of $1. Enough to fool etherscan bots and surprise all in first impression as $38 million worth of eth has been deposited, but $54 million worth of burned tokens. It just shows how cautious ethereans are being with depositing to stake on ethereum 2.0, it currently running at about 300 eth per hour. Just 11,000 more eth has been sent since yesterday, bringing the total at 84,000 eth, far less than the 524,000 required. That’s with just about a week to go until November 24th, by which if the eth minimum is met, then the genesis block launches on December the first. If the eth minimum is not met, then the genesis block launches seven days after the minimum is met. At the current rate, that would be sometime in early February. The chief reason for this hesitation appears to be the fact that the eth could be locked for years until the current Proof of Work (PoW) chain merges into PoS, so finally launching full Proof of Stake for ethereum. The uncertainty regarding when that might happen appears to have ethereans reluctant to deposit, more so even than the shitcoiners who are burning their tokens. Gimmickly, yes, but if it was up to these shitcoiners the minimum would have probably been met by now, while eth toffs are sitting there twirling their mustaches like pretty girls. Not that it matters now. The process has been initiated. So it’s just watching it progress as the phase zero launch is pretty much imminent.

Listen to article 0:00 Analysis Decentralized finance continues to make its impact on the crypto market, and with over $13 billion of total value of assets locked, DeFi projects are clearly resonating with eager crypto investors. Yet while the DeFi space has been progressing over the last year, a number of illegitimate projects have come to fruition, reminding some of the 2017 ICO boom and its subsequent bust. For example,. The attacker made away with $24 million from Harvest Finance pools. Most recently, Value DeFi, the decentralized finance protocol,. And of course, one of the biggest events of the year for DeFi involved SushiSwap, where the creator . It’s important to point out that the majority of DeFi projects are built on the Ethereum blockchain. According to the website DeFiPrime, there are currently over 200 DeFi projects on the Ethereum network. Yet while Ethereum appears to be the most suitable platform for DeFi projects, the network’s vulnerabilities have played a large role in hacks and fraudulent activities. Specifically speaking, the smart contracts that power Ethereum are known for being fraught with security issues, which, in turn, have greatly impacted DeFi projects. In addition, smart contracts being applied to DeFi projects worth billions of dollars are often not audited beforehand. Tom Lindeman, a previous veteran researcher at Microsoft and the former managing director of the Ethereum Trust Alliance — a group of blockchain companies working on a security system for smart contracts — told Cointelegraph that there is currently no good ways to identify whether a smart contract is secure before initiating a transaction: In an attempt to solve the security challenges related to smart contracts, Lindeman has joined the Enterprise Ethereum Alliance’s newly formed “EthTrust Security Levels Working Group” as its co-chair. According to Lindeman, the working group’s mission will be to continue the advances initially started by the Ethereum Trust Alliance, or ETA, which are aimed to set standards for secure, smart contract transactions conducted on the Ethereum blockchain. Lindeman explained that the ETA has been working on its EthTrust project for close to a year, even before the DeFi space started to expose the vulnerabilities of Ethereum smart contracts. Coincidentally, the EthTrust project joined forces with the Enterprise Ethereum Alliance just as the DeFi space was gaining traction. Daniel Burnett, executive director of the Enterprise Ethereum Alliance, told Cointelegraph that the timing for the new working group has been purely coincidental in regards to the rise of DeFi. According to Burnett, the new EthTrust project further demonstrates that the Ethereum network is maturing. “We want to help solve the problems many of our members have expressed in regards to Ethereum,” he said. Specifically, the new working group plans to address security vulnerabilities in smart contracts by creating a standard and registry system to help users gain greater awareness of how to differentiate which contracts have gone through rigorous security checks. While the project is still a work in progress, the goal is to define certain requirements that smart contracts must exhibit in order to be deemed secure. For example, Pierre-Alain Mouy, an Enterprise Ethereum Alliance member, former ETA product owner and managing director at NVISO Security in Germany, told Cointelegraph that there are three levels of validation that a smart contract can achieve to help individuals understand its level of trust: Mouy shared that in order for a smart contract to achieve a level one badge, an automated security scanning tool will be run against the contract. The AI-powered tool is designed to check for a specific set of requirements that the working group is currently defining. If a smart contract continues to level two, individuals will perform a security audit. “There will be definitions for audit companies, explaining how long they need to dig into these smart contracts,” said Mouy, adding further: “Eventually, an audit report will be created for the working group to manually review. We are not auditors, however. The working group serves as a router to verify that these steps are taken.” Finally, if a smart contract makes it to level three, additional specifications and test cases written to verify properties in the contract will be performed. According to Mouy, this is called the “formal verification process.” Once a smart contract has undergone this step-by-step verification process, the initiative’s registry system will enable exchanges, for example, to request a specific rating level before new tokens are listed. This system could also be applied to a multi-member consortium that relies on smart contracts for business purposes. According to Lindeman, the EthTrust project has already sparked interest from daily Ethereum users who want to see new things, such as . He further shared that Big Four firm PricewaterhouseCoopers has expressed interest in using this system to provide smart contract ratings for companies interested in the blockchain space. The growing interest in secure smart contracts is especially important as the Ethereum infrastructure progresses and the. Burnett believes the Ethereum ecosystem will see increased trust moving forward, which will be exhibited by new projects being used by businesses, such as the. While innovative, it’s important to point out that the Enterprise Ethereum Alliance’s new working group and the EthTrust project are not the first to tackle challenges related to the security of smart contracts. For example, blockchain security firm Quantstamp has been performing smart contract audits and security checks for blockchain companies since 2017. The firm’s clients include major players in the space such as Binance and eToro. Quantstamp recently announced that it will. In addition to security firms performing audits, companies are also finding ways to ensure secure smart contracts. For example, Vaiot, a blockchain company that uses artificial intelligence to create digital services for enterprises, leverages AI to provide software security and performance in smart contracts. Jakub Kobeldys, the lead developer at Vaiot, told Cointelegraph that while no amount of AI can fully protect against flaws in code, the technology can aid developers significantly: