x
Image Source: Pixabay
What is a vampire attack in crypto?
Vampire attacks can be aggressive new project launches or less genuine events where illicit actors target established project communities.
A vampire attack in crypto is when a new project — sometimes a fork of an established project — offers better incentives or rewards than the original. Key characteristics of a vampire attack include a new project aiming to outdo another project with very similar features, or a project looking to steal competitors’ resources and customers who provide critical liquidity.
An attack often involves a decentralized finance (DeFi) protocol or decentralized application offering better rates for the same service than a close competitor. These attacks often involve mechanisms like liquidity mining, staking rewards or lower transaction fees to entice users to switch from the original project to the new one.
A DeFi vampire attack could result in losing liquidity or even shuttering an existing project. The new project “sucks the life” out of the original project, which is why these events are called vampire attacks. Read More
OpenSea Delisted This Game's NFTs—Then the Creators Got Their Revenge
The makers of OpenSeason gave the major marketplace a reference in the Fortnite-like NFT game—and it's impossible to miss. Here’s why.
A reference to an NFT marketplace might not stand out in a game like OpenSeason. After all, the Fortnite-like battle royale shooter is drenched in colorful crypto memes, including a Pepe-themed amusement park plus Bored Apes and Milady avatars running around.
But when the “tribute” in question is the flaming wreckage of a ship next to a dock labeled “OpenSea”—and you consider the game’s title—then it’s bound to grab attention. And it’s personal, too.
The burning effigy to OpenSea, first shared via Twitter this month, is game developer Fractional Uprising Studios’ winking response to an enforcement action taken by the NFT marketplace. OpenSea delisted the studio’s Ethereum NFT passes, which offer access to the game and other perks, including in-game items and potential token airdrop rewards. Read More
Europe’s Crypto Kill Switch Has Arrived
Europe’s Data Act in January 2024 went into force, and the legislation has far-reaching requirements that could force smart contract developers to comply with strict requirements – such as terminating a live smart contract – even in cases where the smart contract features immutability, thus making any changes impossible.
“Safe termination and interruption – ensure that a mechanism exists to terminate the continued execution of transactions. The smart contract shall include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future (accidental) executions,” reads Article 30 of the Data Act.
In essence, the Data Act outlaws immutable smart contracts, and thus true blockchain applications, potentially marking the dawn of a dark day for the European crypto industry after much optimism around MiCA (Markets in Crypto-assets) legislation passed last year.
The draconian rules in the Data Act are likely to cause an exodus of crypto talent away from the continent if lawmakers don’t see the errors in their ways – and quickly. Read More
Vitalik Buterin has an open-source solution to Elon Musk’s Microsoft OS issues
A few users on X lauded Buterin for promoting open-source software; however, a few others also pointed out that Linux has its own share of issues.
Ethereum co-founder Vitalik Buterin believes the open-source operating system (OS) Linux is a perfect solution for Elon Musk’s Microsoft Windows OS issues. He invited Musk to the desktop Linux community a day after Musk complained about not being able to install Microsoft’s Windows OS on his newly bought computer without a Microsoft account.
Like Windows, iOS and macOS, Linux is an OS, but unlike most others, Linux is open-source. The Linux OS was first released in September 1991, and over the years, it has gained popularity with a niche user base. Today, popular mobile OS Android is powered by the Linux OS.
Open-source software has its source code available for anyone to see, alter and improve. When a computer program’s source code is available to programmers, they can enhance it by adding new features or correcting malfunctioning sections. Read More
Because of Solana’s POH method, it can horizontally scale the rest of the blockchain, the same way that operating systems and databases scale their software. Each Solana team member has over a decade of experience working in operating systems GPU acceleration. Compilers, networks, etc., giving them extensive and deep experience optimizing software.
Solana is based on scaling software with hardware, with the vision of building the world's largest decentralized, single chart blockchain. The only way to do that is by scaling all the core technologies with hardware.
Scaling the Blockchain in this way delivers a cheap cryptographic base for financial transfers and, more importantly, outside of finance. It is a way for Solana to build a better web experience for social media communities regarding micropayments.
Also, advertising-based revenues can be relinquished for social networks, leading communities to generate value by self-expression, creating their own content, and growing the network and the connections within the community, creating a better world for all. Read More
Get Smart – Ending Crypto’s Over-Reliance on Contract Audits
Blockchain entities protect themselves with smart contract audits, wherein independent reviewers inspect the smart contract for design flaws, security vulnerabilities, efficiency and other coding issues.
The auditors issue a public report, listing all the issues found and the steps taken to mitigate them.
So far, so transparent – audits help blockchain companies ensure their smart contracts are secure and help investors make informed decisions.
The process is far from foolproof, though. There are no widely adopted standards for smart contract verification, and no audit can truly guarantee that a smart contract is bug-free.
As a result, lots of vulnerabilities slip through the cracks, often with devastating results. Read More
Family-run gin distillery uses blockchain for water clarity
An artisan, family-run gin distillery near Keith, Moray, Roehill Springs, is using blockchain technology – essentially a digital ledger – to be completely clear about the amount, quality, and provenance of the water used in the creation of its award-winning spirits.
Roehill Springs is using the system, developed by CENSIS – Scotland’s innovation centre for sensing, imaging, and Internet of Things (IoT) technologies – and Aberdeen-based app developer TrackGenesis, in what is believed to be among the first direct uses of sensor data with a blockchain.
The project is part of the CENSIS IoT Evolve programme, funded by the Scottish Government and Highlands and Islands Enterprise (HIE), to support the development of IoT technologies by companies across the north of Scotland.
Roehill Springs is committed to using local ingredients, offering transparency to its customers, and being environmentally responsible. In discussions with CENSIS, the team identified combining the automation potential of IoT with the traceability and security provided by blockchain technology as the best way of ensuring full transparency for customers. Read More
Kraken launches institutional arm aiming to cash in on Bitcoin ETFs
The crypto exchange launched a new institutional-focused brand, angling for more clients after the U.S. approved spot Bitcoin ETFs.
Crypto exchange Kraken has launched a new division to offer dedicated services to institutions as it angles for a piece of the spot Bitcoin exchange-traded fund (ETF) pie.
Kraken announced its new institutional brand on Feb. 27 that folds in its existing institutional offerings of spot and over-the-counter trading along with crypto staking — for those outside the United States — and is aiming it toward asset managers, hedge funds and high-net-worth individuals.
Staked co-founder Tim Ogilvie, who joined Kraken when it acquired his firm in December 2021, will head Kraken Institutional and said in a statement that “institutional adoption of crypto is growing rapidly.”
“The recent ETF approval has spurred broader institutional demand,” Ogilvie added. Read More
Coinbase expands asset recovery tool to Polygon and BNB Chain
The cryptocurrency exchange will charge a 5% commission for retrievals above $100.
Crypto exchange Coinbase will soon enable users to recover lost assets sent to the platform’s unsupported blockchains, including BNB Chain and Polygon.
According to the Feb. 27 announcement, users who sent assets to Coinbase accounts on BNB Chain or Polygon would simply need to provide their transaction ID and inbound Coinbase wallet address for the assets to be recovered.
“Historically, these assets have been unrecoverable, in part because our employees and support channels don’t have access to the private keys needed to reverse these transactions,” the exchange said. For assets under $100, no fee is charged for recovery efforts by Coinbase. However, retrieving lost crypto over that amount would incur a commission of 5%. 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.
