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Coinomi partners with Binance DEX, Positive for BNB

Binance

Cryptocurrency wallet provider, Coinomi has announced its partnership with Binance DEX in a move that would see them provide support for the BNB token.

The world’s leading cryptocurrency exchange, Binance, recently launched its mainnet and its decentralized exchange (DEX). Therefore and as expected, the Binance DEX, which the community at large expects to outperform and even change longstanding worries around DEXs like latency, liquidity and vulnerabilities of algo trading exploitation through front running. Of the many companies supporting Binance DEX is Coinomi, an open source multi-currency wallet. The wallet provider, through a tweet announced their support of the DEX’s native currency, Binance Coin (BNB).

 “We are excited to announce that #Coinomi now provides native support for @Binance’s $BNB Mainnet across all platforms!! Over the next few days, you will also be able to access #Binance’s #DEX platform and trade in @Binance_DEX from within your wallet!!”

This latest development is excellent for BNB coin as it will give users an option to store the cryptocurrency. While the BNB token was previously stored on ERC20 supported wallets, Coinomi adding support is a remarkable achievement for the coin that is already printing triple digit gains after bottoming up five months ago.

In total there will be 200 million BNB coins, 48 million of which will be locked and frozen and 11,654,398 burnt straight from the Binance chain. To facilitate a smooth transition, the exchange will assist users and technically every withdrawal request will be a “mechanism to convert ERC-20 BNB tokens into BEP2 BNB tokens”. As we can gauge from the comment thread, users and the general blockchain community are pretty excited, further improving sentiment that took a hit on Apr-25.

At the moment, Binance—after launching
their blockchain is swapping ERC-20 based BNB tokens and the announcement is no
doubt a boost for users keen on storing their assets away from the Binance
Chain. Note that there is no limitation and while are others who would use the
BNB coins on Binance DEX and the central Binance exchange, others would love to
store the cryptocurrency on wallets in case of future use. For this reason, the
support of Coinomi will be outstanding. Coinomi reveals that over the next few
days, users will access the Binance DEX platform and trade in the
cryptocurrency directly from their wallet.

Binance Chain and DEX Starts On the Right Foot

The launch of the Binance Chain is
off to the right start as the cryptocurrency exchange continues to receive
support from crypto service providers. While a few cryptocurrency projects
expressed the desire to move their tokens to the Binance Chain, there is an
expectation that more would follow over the coming weeks and months.

There have been talks amongst
cryptocurrency enthusiasts that Binance Chain would provide fierce competition
for Ethereum. However, the CEO of Binance, Changpeng Zhao continues to
reiterate that Binance Chain is not a competitor to Ethereum since they lack
some functions that the Ethereum Network has, such as smart contracts
deployment.

Binance maintains that the primary
objective of the Binance Chain is to help boost community growth.
Besides, it would aid the industry achieve its long-term vision of P2P trading
as laid out by Satoshi. For this reason, Binance continues to invite vetted
projects to crowd fund right off their platform and thereafter, trade directly
off the world’s largest exchange helping them steady thanks to an innovative crowdfunding
alternative.

The post Coinomi partners with Binance DEX, Positive for BNB appeared first on Ethereum World News.

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Coinomi Used to Send Your Wallet Passphrase to Google for Spell Check, User Reveals

A vulnerability in the code of Coinomi’s desktop wallet sent the users’ passphrases to google for a spell check, potentially affecting all of those who decide to restore their wallets.

Warith Al Maawali, a wallet user who allegedly lost his life savings after restoring his wallet with an approximate 60 – 70 k in cryptocurrencies, disclosed the information.

User Finds that Coinomi Sends Your Wallet Passphrase to Google for Spell Check

Warith tried several times to communicate with Coinomi’s team, yet could not reach a satisfactory solution, so he decided to write a post and raise awareness through social networks.

In a Reddit post, Warith explains that after using the passphrase of his Exodus wallet, he noticed a strange series of transactions, losing almost 90% of his funds. The first thing he verified was that the Coinomi Wallet was not signed, something that led him to think that it could contain some backdoor.

Later he contacted Coinomi, and they proceeded to fix this error, signing the app. However, he was able to verify that the software was exactly the same.
Then, he ran a program to monitor https, and https traffic and the results were surprising:

“I started monitoring the traffic by running Fiddler in the background and then started Coinomi wallet. The first thing I noticed is that Coinomi application starts downloading dictionary wordlist from the following web address:
https://redirector.gvt1.com/edgedl/chrome/dict/en-us-8-0.bdic

Then I clicked on restore wallet and pasted a random passphrase and suddenly the screen screamed SURPRISE MOTHER******** (boom puzzle solved!)
The WHOLE passphrase in plain-text is sent to googleapis.com a domain name owned by Google! It was sending it as a spelling check function! Here is sample of the screenshot of the HTTP request:

To see the whole “experiment” click the video below:

Coinomi Responds

After this, Coinomi issued an official statement. The team quickly patched the desktop app, confirming that it did not affect mobile wallets. They also explained that while Warith’s findings are accurate, it is improbable that a hack could have occurred.

The team explains that it looks more like a “bribe” since the communication goes directly from the wallet to the google server, without going through Coinomi. Likewise, Google automatically rejects the connection.

They explain that it is false that they have refused to solve the problem. According to Coinomi, they responded to Warith asking for more information; however, the user declined to collaborate:

During these days, Warith Al Maawali repeatedly refused to disclose his findings and kept threatened to take this public if we didn’t pay right away the ransom of 17 BTC which would make up for the “hacked” funds (stolen by Google, according to Warith Al Maawali) that are possibly still controlled by him and couldn’t have been hacked because of Coinomi for a series of reasons:

  • Coinomi Team never had access to these seed phrases or funds
  • No one else except from Google could read the contents of the encrypted packets that contained the seed phrases
  •  Google rejected these requests initiated by jxBrowser/Chromium as they were badly formed (didn’t contain a valid Google API key) and never actually processed them

To sum things up: was there an issue with our Desktop wallets? Yes, there was, and it was fixed hours only after it was disclosed to us. Could this issue have resulted in loss of funds?

  • Practically, no, it couldn’t have.

Warith has stated that he is considering taking “legal actions against the company behind Coinomi if they don’t act and take the responsibility”, but he has not provided any further information or comment on Coinomi’s statements.

The use of hot wallets, while safe, also carries significant risks that must be taken into account when storing large amounts of funds in crypto.
If users are going to store large sums of money, the best option is a cold wallet or hardware wallet that eliminates any possibility of interception.

The post Coinomi Used to Send Your Wallet Passphrase to Google for Spell Check, User Reveals appeared first on Ethereum World News.

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American Startup Promises to Reward Users with Cryptocurrency for Demonstrating Expertise

A knowledge-based American startup using Blockchain and related technologies has built a robust new advertising platform with potential to impact digital advertising and education.

Knowledge.io, based in Rocky River, Ohio, rewards people with cryptocurrency tokens for demonstrating knowledge and expertise in myriad topics ranging from Mercedes-Maybach S-Class sedans to Hollywood and Bollywood trivia. It then allows advertisers and marketers to harness this knowledge for varied use, often employing gamification techniques.

Rating and rewarding knowledge

The knowledge-sharing startup is similar to Quora or Reddit, but what distinguishes it from its entrenched rivals is the ability to measure and rate people in varied knowledge areas, and a direct way of rewarding them with KNW tokens.

At the heart of its business model is an advertising platform that helps monetize knowledge. Building on the advertising industry’s traditional “lookalike analysis,” Knowledge.io has added a new functionality it calls ‘Knowledge Match’. The company states that Knowledge Match provides advanced personalization to match users with products or services, making advertising more effective.

Scores and Q&Ads enable targeted advertising

Most ad tech platforms build personas based on consumption of content. The Knowledge system adds a new dimension by scoring the knowledge level of people about topics, and then targeting ads suitably. These knowledge scores assigned to individuals allow advertisers to engage with people in a more effective way by customizing their messaging based on knowing where the user is within the “knowledge funnel.”

Knowledge.io’s advertising platform also has several recommender systems. Notably, these include the Q&Ads platform, which is similar to Google’s Adwords, Advertiser/Seller marketplace and Knowledge Graph, a recommendation engine based on matches. The Q&Ads platform allows advertisers to select and identify keywords for target audiences based on topics and knowledge levels.

Another key element of Knowledge.io’s advertising platform is fraud protection. Using machine learning, among other technologies, it can, amongst other things, identify ad bots and stop fake impressions, saving millions of dollars for advertisers.

“The underlying Blockchain … takes into account a set of increasingly complex algorithms that are used to combat fraud by bots and farms,” Marcia Hales, co-founder of Knowledge.io, told Forbes. “These transactions are not rewarded for their fraudulent meta-mining activity. The ads.txt standard from the Interactive Advertising Bureau (IAB) are used as a way of whitelisting accredited publishers as part of this algorithm.”

Knowledge and education go hand in hand

The startup’s parent company, International Knowledge League (IKL) has established partnerships with Kelley Blue Book, the authoritative valuer for used cars in the United States; TiVo, a digital video service that enables recording and playback of television programmes; and Oxford University Press, a leading global publisher.

IKL – the maker of the Trivia Star app – also has a partnership with the maker of the gaming app GamingGrids, bringing in an estimated 5 mln monthly active users (MAU). It is targeting an additional 250 mln MAU from a partnership with Trivia Spar.

ICO targets $19 mln

Knowledge.io has developed a partnership with Coinomi, a London-based provider of cryptocurrency wallets, and has its CEO George Kimionis to its advisory board.

Out of 150 mln KNW Tokens created, Knowledge.io is offering up to 19 mln at $1 apiece in its ongoing ICO. After a pre-sale round in January, the main offering has been open since Feb. 12. The ICO closes on April 8, with over 5 mln tokens already sold.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.