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Users need to go under the engine in Web3 — HashEx CEO
HashEx CEO Dmitry Mishunin summarizes Web3 as read, write, own — a “crazy responsibility” for the end-user.
Hacking in Web3 is easy because it uses the same pattern that’s been used since the inception of the internet — pretending to be someone else.
Due to the complexity and the “cool factor” of Web3 projects, one can easily — and mistakenly — assume that it takes Mr Robot level of advanced hacking techniques to pull off a successful attack. In truth, however, it only takes a sinister ad placed on Google search results, an impostor Telegram group or a deviously-crafted email to break the security barriers of the Web3 ecosystem.
Blockchain projects can use top-notch smart contracts, securely integrate crypto wallets and use best practices in each digital step across the board. But they still need help with the social aspect of user protection.
Web3 takes the “ownership” from central entities and distributes it to users to democratize the internet for everyone. It gives power to the user.
But, attaining this power of ownership also comes with significant responsibility. Users need to understand how crypto wallets work, how transactions are made, and how assets are stored — and the steep learning curve is not helping. Read More
How Uniswap Was Saved From Critical Vulnerability By This Security Firm
Security firm Dedaub discovered and disclosed a critical vulnerability on the popular Ethereum decentralized exchange Uniswap. The team behind the protocol fixed the bug, and the affected components were successfully redeployed—otherwise, an attacker could have tempered with transactions to steal a user’s funds.
According to the security firm, the vulnerability was unintentionally implemented with the Universal Router. This component allows Uniswap users to trade ERC-20 tokens and non-fungible tokens “into a single swap router.”
In other words, Uniswap users can optimize their operations and trade multiple tokens and NFTs in a single transaction, saving time and money. This new component also allows users to transfer funds to third parties.
When the vulnerability was in-placed, a user could send a transaction to a third party, and the latter could have gained access to the sender’s funds.
Dedaub explained the following:
(…) if third-party code is invoked at any point in the transfer (which manifests itself due to composition of protocols), the code can reenter the UniversalRouter and claim any tokens temporarily in the contract (…). The attacker also needs to implement code to reenter the router (calling execute) and sweep all token amounts. The router may contain funds mid-transaction due to other actions and transfers in a complex swap. Read More
Coin Bureau Predicts Ethereum (ETH) Layer-2s Will Play Dominating Role in Crypto Payments
A popular crypto analyst says layer-2 projects built on Ethereum (ETH) will likely dominate the crypto payments space in 2023.
In a new YouTube strategy session, pseudonymous Coin Bureau host Guy tells his 2.19 million subscribers that using crypto for payments will become more popular this year.
“My fifth crypto prediction for 2023… that’s that crypto payments will become more common. This will again be due to a combination of better frontends, regulatory clarity increasing liquidity and, most importantly, an increase in scalability that finally makes crypto payments feasible.”
Guy says layer-2s will play a critical role in the increasing adoption of crypto payments. Layer-2s are crypto projects designed to increase the number of transactions per second (TPS) that a smart contract platform can process.
“This prediction comes from a series of headlines I saw over the summer about Ethereum founder Vitalik Buterin saying how layer-2s on Ethereum will power crypto payments. This makes sense given that Ethereum is the most secure base layer to have for a payment system besides Bitcoin.” Read More
DeFi Tool Convex to Make Changes to Staking Service for Curve Token Rewards
Convex Finance is making updates to its staking system on the Curve protocol that will allow users to earn more rewards and have more control over what rewards they receive.
Convex Finance is also proposing changes to the fees on the platform and redirecting some of the existing rewards to provide more incentives for staking.
These updates will be applied to the cvxCRV – which refers to the Convex and Curve token derivative staking system on Curve. The updates will allow users to add additional incentives to their cvxCRV staking, as well as adjust their rewards to include a mix of curve (CRV) and convex (CVX) tokens.
Convex allows users to access liquidity and earn fees from Ethereum-based stablecoin exchange Curve Finance, once the largest DeFi protocols with a total value locked (TVL) of $23 billion. As of Wednesday, Curve’s TVL had dropped to $3.2 billion, in line with a broader market fall. Convex locks over $3 billion and held over $21 billion during its 2021 lifetime peak.
Curve tokens (CRV) are issued as yield farming rewards to liquidity providers on Curve Finance, and can be converted into vote-escrowed CRV (veCRV). Holding veCRV allows users to participate in platform governance, earn higher rewards and fees and receive airdrops. Read More
Also, Updates On New Integrations And The Markethive Wallet
As the bear market continues with its crypto-cleanse and traders bemoan the adverse price action, some industry leaders opine these conditions will eradicate bad actors and create more significant opportunities for upcoming projects and future participants. Several leading crypto analysts and engineers embrace the idea that this is the time to engage in moves leading to the loftiest gains when the bull cycle returns.
Markethive stands firm with these sentiments and continues to build its next-generation entrepreneurial platform and be ready for the market-cleansed bull run. Those on the Markethive journey may be aware that new features are being integrated into the newsfeed in preparation for the five-channel dashboard housing various feeds.
The innovative five-channel dashboard integration will consist of five newsfeeds—the general newsfeed, the blog, the video channel, curation, and surveys.
It will significantly streamline your activities and business facilitation and will include a search engine so you can build your personal algorithms. This will save time and effort by eliminating what you don’t want to see in your newsfeeds, be more intuitive, and enhance the user experience.
CEO of Markethive, Thomas Prendergast, and the team of engineers have made substantial headway with the wallet. It is all but done, and the release is imminent. It’s not a simple wallet that just transfers coins. It is a complete portfolio and accounts of all your transactions, payments, and affairs, including your ILPs. The wallet comprises fourteen major foundational processes and is your internal wallet on the Markethive database. Read More
Crypto regulation world: How laws for digital assets changed in 2022
While regulations were once seen as hurdles to crypto adoption, they are now perceived as the fastest way to attain global mainstream adoption.
Effective regulations are one of the key gateways to cryptocurrency’s mainstream adoption. Due to greater compliance, crypto businesses saw broader acceptance from regulators worldwide. While the crypto ecosystem was awarded countless operational licenses and exposure to new markets, the fall of Terraform Labs, FTX and Celsius, among others, had a negative impact on the industry's reputation with investors and regulators alike.
As we look back on 2022 and all it brought to the cryptocurrency industry, we're highlighting how the regulatory landscape has changed for cryptocurrencies and the blockchain industry as a whole. Read More
MEXC launches $20M ecosystem fund to support Sei Network
A layer 1 blockchain designed for trading, Sei Network previously raised $5 million in funding in August.
According to a blog post published on Jan. 4, Singapore-based cryptocurrency exchange MEXC will allocate $20 million to support developments on Sei Network. A layer 1 blockchain designed for trading, Sei Network’s stated features include native order matching, frontrunning protection, smart block propagation and 600-millisecond on-chain trade settlement. Leo Zhao, investment manager of MEXC Ventures, commented:
"AMM [Automated Market Makers] was the dominant market-making method in crypto for the past 2 years. The lack of a more efficient market-making strategy is in large part because of technology restrictions like low speed and smart-contract restrictions. We believe Sei’s customized Layer 1 solution will be a game changer in the industry."
Last August, Sei Network raised $5 million in a funding round from investors such as Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders and others. By then, over 20 decentralized applications had been built in the ecosystem. Sei claims its blockchain can process approximately 22,000 orders per second and has 250,000 testnet users. Similarly, to meet exchange trading specifications, other decentralized solutions such as dYdX chose to migrate their blockchain from Ethereum to Cosmos. Developers said that Ethereum simply couldn't handle its orderbook of around 1,000 orders per second:
“Decentralized exchanges are also the most underserved application in crypto. They demand a unique level of requirements for reliability, scalability, and speed that no other apps need. If a large exchange goes down for a few moments, it’s catastrophic, but the same downtime is far more tolerable for most other application types.” Read More
CoinDeal Scammers Nailed By SEC in $45 Million Fraud Case
The Commission has charged the defendants with wire fraud, selling unregistered securities, and using investor funds to finance a lavish lifestyle.
U.S. Regulators are starting 2023 off with a new round of cases targeting cryptocurrency scams. Six individuals and two companies tied to an investment scheme called CoinDeal were charged on Wednesday by the U.S. Securities and Exchange Commission in the U.S. District Court for the Eastern District of Michigan.
“We allege the defendants falsely claimed access to valuable blockchain technology and that the imminent sale of the technology would generate investment returns of more than 500,000 times for investors,” said Daniel Gregus, Director of the SEC’s Chicago Regional Office.
The SEC has charged Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, and Linda Knott for their role in CoinDeal, a scheme the agency says raised more than $45 million from sales of what it calls unregistered securities to thousands of investors worldwide. The agency also filed charges against AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC.
Chandran is already behind bars, awaiting trial in a separate investment fraud case under the U.S. Justice Department. Read More
Blockchain-based Digital Identification For Online Public Services In Turkey
The process of registering for online public services in Turkey is going to incorporate blockchain technology at some point in the not-too-distant future, according to the plans of the Turkish government.
E-Devlet is a digital government site that is utilized in Turkey to access a broad variety of public services. In order to validate the identity of a resident of Turkey who logs into E-Devlet, the site will use a digital identity that is based on blockchain technology. This will make it possible for E-Devlet to check the resident's capability of accessing the vast array of public services that are on offer in Turkey. Because of this, E-Devlet will be able to provide its users with a higher level of protection for the confidentiality of their personal information.
During the event that was held for Digital Turkey 2023, Turkey's Vice President Fuat Oktay broke the news that citizens would soon be able to use digital identities that are based on blockchain technology in order to use e-wallet apps. This news was announced during the event that was held for Digital Turkey 2023. The Vice President of Turkey made this information available to the general public. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
