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Security firms seek to make it more difficult for scammers to get away with DeFi project hacks
While projects cannot wholly prevent bad actors from infiltrating the DeFi realm, security specialists say there are ways to deter such practices.
The rise of community-oriented blockchain security companies may be making it more difficult for alleged bad actors to get away without a trace.
Early Wednesday, CertiK issued a community alert regarding Flurry Finance, where its smart contracts were allegedly breached by hackers, leading to $293,000 worth of funds being stolen. Shortly after the incident, CertiK published the wallet addresses of the alleged perpetrator, the address of the malicious token contract, and a PancakeSwap pair address allegedly involved in the attack, leading to a warning issued on BscScan. While the firm audited the project's smart contracts, it appears that the exploit was the result of external dependencies.
In a report published Tuesday, Assure DeFi, a verification company providing Know Your Customer, or KYC, as well as checks on project developers, lists one French national on file as responsible for Atom Protocol. The firm conducts such checks and then creates publicly viewable compliance content. Through a statement to Cointelegraph, Assure DeFi explained that it's important to understand that knowing someone's name, address, nationality, etc., does not prevent them from committing a crime. But, Assure DeFi reps elaborated:
"It does, however, create an accountability path to pursue legal recourse against bad actors...which is the value that the Assure DeFi KYC Verification process provides." Read More
Games will adopt blockchain in 2022 through esports and P2E models: Report
Gaming insight platform Newzoo predicts that the need to diversify earning streams may lead esports organizations to use blockchain.
In the past, earning money through games was only possible by uploading gaming videos online, streaming game content, and playing competitively through esports. But in 2021, many realized that through blockchain, gamers can earn money simply by playing.
This trend may continue in 2022 as play-to-earn (P2E) business models become more developed and blockchain adoption in esports becomes more mainstream. In a report published by gaming insight company Newzoo, the firm predicts that P2E models will become more viable in 2022 as gaming companies try to adopt blockchain.
“Publishers might use blockchain technology to facilitate more secure and legitimized player-to-player trading within a centralized game environment.” Read More
Crypto Space Needs To Self-Regulate To Reduce Hacker Threat
Exchanges need to be proactive in the development of best practices. Regular code audits to ensure the security of exchanges and other security initiatives are becoming increasingly important.
Since these problems are so prevalent, a number of standards have been set for exchanges to follow. For example, SOC2 and ISO 27001 are among the primary standards, ensuring exchanges meet globally established security requirements.
When looking at CER metrics – a cybersecurity ranking and certification platform – exchanges that want to get a high-security score need to adhere to ISO 27001 and SOC2 standards, which “enable organizations of any kind to manage the security of assets such as financial information, intellectual property, employee details or information entrusted by third parties,” as well as a few additional criteria.
Expert developers in the field have also found a niche by providing fully tailored security services like PeckShield that secure any crypto project. On the user side, scoring systems like CER assists users by making them aware of the safety of the platform they’re using. Read More
Opera Announces Integration With DeFi Platform DeversiFi
Opera’s integration with DeFi trading platform DeversiFi aims to eliminate exorbitant gas fees and slow network speeds that may hinder Web 3 adoption.
Opera – a web browser supporting Web3 – announced integrating Starkware-powered DeversiFi in collaboration with a blockchain-backend company Gateway.fm. Thus, it has enabled its users to transact with Ethereum Layer 2 directly.
The latest move is part of Opera’s plans to offer cost and time-efficient transactions within its mobile browser wallet as well as its strategy to make cryptocurrency usage more mainstream.
According to the official press release, the integration will enable low-cost and faster DeFi functionality to the web browser’s millions of users. DeversiFi’s decentralized exchange eliminates the need for user personal data. Read More
Wallet in final draft mode
Staking the Markethive Way
Staying One Step Ahead
Markethive started out as a sophisticated inbound marketing platform with a social media interface harvesting a robust collaborative culture. The entrepreneurs of the Markethive community have been using the free system and tools, promoting their businesses, and branding themselves across the internet with much success.
With the advent of Blockchain technologies, Markethive set its path on an unprecedented journey of combining marketing, social media, digital broadcasting, e-commerce, gamification, etc., with cryptocurrency and decentralized Blockchain, distributed ledger technology. An ongoing project of massive proportion to deliver sovereignty, financial and self, and freedom of self-expression for all equitably, without bias.
Markethive is a Vision from the Divine Source. Its mission is to fill the vacuum for the world's entrepreneurs - To empower and enrich the lives of every individual on every level across the globe. And the timing couldn’t be more perfect as we witness the soul-less destruction, tyranny, and surveillance of humanity gift wrapped and delivered to us as protection and for our own good.
We are building an ecosystem, and there’s an absolute need and use for our coin (HVC) for everything we do; therefore, the potential for the open market to accept and embrace HiveCoin is very promising. Read More
Blockchain: Not just proof of work or proof stake, here are 7 other consensus mechanisms
Blockchains can be thought of as distributed ledgers that are held by multiple nodes or computers in a peer-to-peer network. All nodes in the network must validate any data recorded in the blockchain, and this is how the network becomes secure, immutable, and transparent. Essentially, all nodes in the network must reach a consensus to make changes or take any read/write actions on the network. This is the central mechanic that makes a blockchain network. All blockchains that exist now use a consensus mechanism in some way or fashion.
The most popular one is the proof-of-work (PoW) consensus mechanism. It is used by the two biggest cryptocurrencies in the market, Bitcoin and Ethereum. In PoW, nodes must solve complex computational puzzles to add new blocks in the blockchain and add transactions on the network. Nodes usually use energy-intensive computational hardware to solve these puzzles, and the first one to solve the puzzle and add blocks is rewarded in bitcoin tokens. This process is known as bitcoin mining. PoW mining has come under significant scrutiny in the past year or so due to its energy consumption and the subsequent carbon footprint it leaves behind. This is why the Ethereum network is in the process of transitioning from the proof-of-work mechanism to proof-of-stake (PoS). Read More
Can Seesaw Protocol (SSW) Solve Ethereum (ETH) And Binance Smart Chain’s (BNB) Congestion Issues
If there is one criticism of both the Ethereum and Binance Smart Chain blockchain, it's the mass congestion both networks face, limiting the transactions that their users can accomplish.
The likes of Solana suffered heavily in 2021 with congestion on its blockchain, which led to network outages, with one lasting for 17 hours back in September.
With the cryptocurrency industry growing at a rapid rate and set for another big year in 2022, the performance of blockchains is of the utmost importance to allow a new generation of cryptocurrency investors to participate.
For those waiting for a platform aiming to fix the congestion of blockchains, look no further than Seesaw Protocol (SSW).
Despite launching just last month, the project has made a name for itself within the crypto community as it aims to bridge the blockchains of Binance Smart Chain (BNB) with Ethereum (ETH) and Polygon (MATIC).
Its focus lies on allowing investors to use the most efficient blockchain at the time and will provide users with a quick and cheap transaction experience. Read More
A project to fund effective policy advocacy and educate lawmakers about the positive potential of Web 3.0
Regulators must be engaged early to ensure the global Web 3.0 community is having their voices heard.
While many marvel at the growth cryptocurrency and Web 3.0 communities are experiencing, they fail to consider the opposing side of the coin (or, dare one say, token). Traditionally, new technologies have continued to follow a cycle in which they rise to the world's attention and its legislators, only to have bad actors abuse their power and consequently have the need for reform arise. Although oversight has proven to offer many benefits, such as instilling confidence in institutional investors, the opposite can be true if the right voices aren't being represented.
To ensure that legislation continues to propel Web 3.0 innovation, the community needs proper representation on their needs, values, and goals for the future. As a result, trade organizations and individual companies are funded, created, and staffed. Unfortunately, these parties don't always have the community's best interests in mind, with select technologies and business models being favored over others. In many cases, unfavorable outcomes are commonplace since money and power stifle future developments.
Responding to this concern is the LobbyDAO platform which aims to decentralize policymaking by giving the global community a say in what comes of Web 3.0. Read More
Cardano (ADA) Creator Charles Hoskinson Says Ethereum (ETH) Is Doing ‘Impressive Things’ – Here’s Why
Cardano (ADA) creator Charles Hoskinson says there are a lot of things that he admires in rival smart contract platform Ethereum (ETH).
In a new YouTube video, Hoskinson says Ethereum’s vibrant ecosystem of scaling solutions such as rollup is something that Cardano can aspire to.
“[Ethereum’s layer-2] ecosystem is fascinating, roll-ups in particular. There’s a lot of magic there and I admire that greatly. And I think we can do better as an ecosystem…
I think a lot can be done above and beyond what we’re doing. The Ethereum space is doing interesting things there… really impressive things are happening.” 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.
