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EOS (EOS) With Another Hackathon In Sydney After Honk Kong’s, Calls For Technical Mentors

The market looks favourable and EOS, the world’s fifth largest cryptocurrency by market capitalisation, is enticing its community and developers, who are avid lover and contributor to the cryptocurrency, by staging another Hackathon Event where bounties would be won.

Previously, a Hackathon event took place in Hong Kong, and now, the cryptocurrency is announcing an impending Hackathon which will take place in Sydney.

EOS, in a release made known that through the event, it will be welcoming applications from developers who are willing volunteer as Technical Mentor at the event come August 4–5.

The Cryptocurrency with widely appreciated use cases stated that to be a potential applicant, one would have been following the development and launch of EOSIO, have DAPP which is already working on the platform, and lastly understand everything about “cleos,” “nodeos” and “keosd”.

For interested applicants, a link which is directed to EOS Hackathon Website where Mentor Application Form would be filled out was included in the release.

Benefits Of Applying For The Event.

  • For every selected applicants, hotel and airfare expenses from the applicant location to Sydney and back will be covered by the foundation.
  • Another vital importance of being a part of the event is that selected applicant will have the privilege to discuss about the platform and educate others building innovative projects on EOSIO.
  • As a mentor one would be entitled to various numerous rewards.

Since the event is not the first of its kinds, other benefits enjoyed at the hackathon event in Hong Kong will also be made available.

EOSIO Hackathon Event In In Hong Kong

Earlier, on June 10, EOS announced that it will kick-start the EOS Global Hackathon series in Hong Kong, and Block.one will be the one launching it.

At the event where 90 teams displayed their work for appraisal, top three teams walked away with cash prizes and stood the chance of being a competitor at the final where US$500,000 would be won.

Return Of Cryptocurrency.

Cryptocurrency is now having a rebound. There is hope that EOS will also enjoy from this massive increment in value.

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EOS Showcases Proper Governance by Freezing 7 Accounts After MainNet Hiccup

The countries of Greece, Britain, the United States and several other nations, have forever been embattled in the claim that each is individually the oldest democracy in the world. If these countries cannot accept in a democratic manner, as to which is the oldest democracy, then it is easy to understand the current growing pains being experienced by the EOS (EOS) Community. The platform was launched less than a week ago on the 10th of June. Therefore, decentralization is not 100% functional.

With the launch of the platform came the delay in voting brought about by lack of reaching the 150 Million EOS tokens needed for staking. Eventually, the community managed to elect 21 block producers and the platform went live on the 14th of June. But two days later, the network would experience a freeze due to a software bug.

Block.one, the EOS creator, was then reported to be working on creating a patch for the bug. What then proceeded, is that the block producers held a conference call to discuss the problem and how to solve it without compromising the rest of the token holders.

The decision was then reached that the block producers would lock seven compromised accounts. These accounts could potentially allow ‘thieves’ to misappropriate funds on the platform due to the bug.

This action seemed like an overstep of their mandate and throwing decentralization out the window. But during difficult times, comes the need to make quick executive decisions. Block producers are meant to be executors of discussed and voted decisions, and not decisions makers. But given that the EOS constitution has not been ratified, it is within their powers to act as they did.

This scenario can be compared to the well thought out water landing of the US Airways Flight on the Hudson River by Captain Sullivan. He took control of the aircraft and acted to the best of his ability. So did the EOS block producers with respect to how they handled such ‘a young democracy’ on the blockchain.

EOS42 issued a statement on Steemit about the Block Producers decision to Freeze 7 EOS accounts. In the statement, the following was said acknowledging the difficult decision:

Given the time sensitive nature of this case, Block Producers debated this difficult decision for over two hours today on a call. On the one hand we could protect token holders, on the other this on the surface appears a dramatic overstep of our role in the constitution and BP agreement, which is to be the executor only of arbitration decisions, not to also be judge and jury.

However, the following was added to explain why the decision was reached to freeze the 7 accounts.

…our own conclusion is that if a ratified EOS constitution and arbitration was in place, then it would indeed be a fundamental overstep of Block Producers to do more than action arbitration decisions. However this is not currently the case, so the question was whether we would freeze the tokens on 7 accounts identified as already unlocking (meaning potential thieves could appropriate funds in under 24hrs), to subsequently enable ECAF when able to review and pass a ruling – and protect token holders to the best of our ability.

The Block Producers went ahead to eventually freeze the said 7 accounts. They also emphasized a need to ratify the said constitution because without an agreed ‘document’, democratic rulings during critical events will continue being a challenge. Up until the constitution is ratified, the block producers have the mandate to make tough executive decisions. This is an example of good governance by the 21 Block Producers.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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EOS Bug Bounty Update: Researcher Earns $120K in a Week Highlighting Bugs on The Platform

One is tempted to reference words by our parents or guardians with respect to working hard in school for one day it will pay off. One software researcher must have taken these words to heart for he is $120,000 wealthier for his efforts in uncovering bugs on the EOS platform in a period of less than a week.

Guido Vranken, is the sharp software researcher who managed this feat. EOS had launched a bug bounty program that rewarded $10,000 for each vulnerability found on the EOS platform. The bug bounty program was announced via twitter a while back by Daniel Larimer who works at the project. Larimer had this to say via twitter with respect to the announcment:

Help us find critical bugs in #EOSIO before our 1.0 release. $10K for every unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts. Offer subject to change, ID required, validity decided at the sole discretion of Block One.

This was after a cyber security firm had identified critical vulnerability on the EOS MainNet that could enable a rogue hacker, to take full advantage of the EOS node network, and launch a full blown cyber attack on other cryptocurrency mining networks.

Guido Vranken answered the call of duty to help the EOS project in making the platform more secure for its users. EOS did not waste time thanking him and even went a step further to offer him a permanent job at the project. Vranken and EOS are yet to confirm if they ironed out a deal.

Fellow bug bounty enthusiasts, had nothing but praise for Vranken on twitter:

Tweet by John Bottarini, a bug bounty enthusiast

To which Vranken acknowledged and thanked Bottarini:

Thank you. A couple more waiting to be rewarded. I think the final tally was $120K but I lost count. Took me about a week.

Vraken has an impressive history available on his website, of uncovering over 92 software bugs in companies such as Twitter, Tor, OpenSSL, DropBox, Python, Yahoo!, Slack, Trello, HackerOne and now on EOSIO.

With respect to market performance, EOS is still holding strong at $13.98 and up less than a percentage point in 24 hours. The total market capitalization of the crypto-markets has stabilized at levels of $340 Billion with Bitcoin holding steady at $7,624.

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Smart Contracts Will Never Be The Same As Ripple (XRP) Revives CODIUS

Back in late April, Ethereum World News had highlighted that the crypto-verse was in need of the then discontinued Codius Smart Contract platform by Ripple. The platform had been discontinued in 2015 due to the presence of a small market for the product back then and the lack of a standard for payments on the smart contract ecosystem. Each blockchain had its own standards and communication between two different ones was unheard of until the introduction of Interledger not too long ago.

Interledger is an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. Interledger is not tied to any one company, blockchain, or currency.

Another problem that made Codius unable to launch back then, was that running smart contracts does indeed cost money and the team at Ripple did not have a neutral way to pay the Codius hosts. This problem was solved by creating an abstract layer that would allow users to send and receive any digital asset, fiat currency, or any other kind of value. This abstract layer would later become the aforementioned Interledger that is now 100% fit for use.

With Interledger available, a new version of Codius  now available for download on GitHub since it is an open source platform. The team at Ripple made the announcement via Medium earlier today.

Many developers had reached out to the team at Ripple with the challenges they faced while using the Ethereum platform such as high transaction fees, high latency, convoluted programming model and lack of scalability. Codius solves these issues by making it possible to program using traditional programming languages of C++, Java, JavaScript, C#, and so on.

Josh Williams, a serial entrepreneur and investor in the gaming space (Unity, Zynga, Kabam), was asked by the team at Ripple to explain his excitement about Codius and had this to say:

Powerful, scalable decentralized computing and smart contracts interfacing with distributed ledgers are essential for every industry hoping to utilize blockchains and the need is particularly acute for highly interactive, real-time, mass market experiences like games. Teams in games and elsewhere are building on Ethereum and running into the cost and scalability issues we’re all familiar with. Codius has great potential in addressing these concerns, and we are eager to work with it.

Codius will make blockchain technology more mainstream by solving the challenge of interoperability of blockchains. With Codius and Interledger, blockchains will be able to communicate and transfer funds between them in a frictionless manner.

It is with the above statement that it is safe to conclude that Smart Contracts will never be the same again with Codius returning into the arena of smart contracts. Current heavyweights and new entries in the ‘arena’ of smart contracts include Ethereum (ETH), Stellar (XLM), Tron (TRX), EOS (EOS), VeChain (VEN), Zilliqa (ZIL), just to name a few.

Disclaimer: This article is not meant to give financial advice. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
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Block.one Launches EOSIO, Signs $50 million JV Partnership with SVK Crypto

Block.one has announced the launch of the EOSIO blockchain software. The release of the open source EOSIO 1.0 was revealed via a blog post on the company’s website on June 2, 2018. EOSIO is touted as a revolutionary decentralized protocol for both enterprise and community applications. The EOSIO launch also coincides with the establishment of a $50 million partnership between Block.one and SVK Crypto.

EOSIO 1.0 From Block.one

These appear to be exciting times for the EOS movement as a whole with the mainnet launch and now the release of the EOSIO blockchain software. EOSIO can operate without the need for accompanying digital token assets. However, the program can also be configured to allocate resources via market fees, voting, or staking protocols. Thus, EOSIO can be implemented for both public community-focused blockchains and corporate enterprise blockchain solutions.

EOSIO is designed to use either of two Web Assembly engine configurations – Binaryen and WAVM. According to Block.one, EOSIO encompasses the following design features:

  • Free Rate Limited Transactions
  • Low Latency Block confirmation (0.5 seconds)
  • Low-overhead Byzantine Fault Tolerant Finality
  • Optional high-overhead, low-latency BFT finality
  • Smart contract platform powered by Web Assembly
  • Designed for Sparse Header Light Client Validation
  • Scheduled Recurring Transactions
  • Time Delay Security
  • Hierarchical Role Based Permissions
  • Support for Biometric Hardware Secured Keys (e.g., Apple Secure Enclave)
  • Parallel Execution of Context Free Validation Logic
  • Inter Blockchain Communication

EOS is currently experiencing a marked increase in price. The token is now up by more than 16 percent in the last 24 hours according to CoinMarketCap. Much of that increase occurred during a four-hour period on today, June 2, 2018.

A few Words of Caution

While launching EOSIO, Block.one provided a few words of caution for potential users. The blockchain program is presented “AS IS.” Thus, users must take care to verify the viability of the companies that build protocols on top of EOSIO before interacting with them. The company also urged developers to take note that the third-party libraries used are provided in “AS IS” conditions as well. Block.one bears no liabilities for any damages that might occur while using the EOSIO blockchain software.

The Block.one – SVK Crypto JV

In a related development, Block.one has also announced a $50 million partnership with SVK Crypto. The collaboration aims to develop useful applications built on the EOSIO blockchain software.

Commenting on the partnership, Brendan Blumer, the CEO of Block.one said that:

Working with a market-leader such as SVK Crypto is a positive step as we grow the impact and footprint of the EOSIO developer ecosystem. This fund further strengthens our top-notch roster of VC partners focused on identifying and fostering projects that are building a decentralized, open future.

The $50 million partnership is the fifth funding round carried out via Block.one’s EOS VC initiative. According to the announcement, SVK will be in charge of the funds. Speaking on the collaboration, Hugh Cochrane, the co-founder of SVK said that:

Block.one has created the world’s most powerful infrastructure for decentralized applications and is the most forward-thinking company driving growth in the blockchain space. SVK Crypto is thrilled to partner with Block.one to establish a fund that enables developers to thrive. We look forward to helping to produce innovative game-changing DAPPs in the coming months and years.

Will Block.one’s EOSIO blockchain software contribute to taking EOS tokens “to the moon?” Do you think the partnership between Block.one and SVK Crypto will create more use-cases for the EOSIO blockchain? Keep the conversation going in the comment section below.

Images courtesy of Block.one and CoinMarketCap.

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Charlie Lee Lampoons EOS (EOS), Raises Concern Over ‘Catastrophic’ MainNet Launch

Cryptocurrency authority and Litecoin (LTC) founder Charlie Lee has raised concern over an announcement made by EOS team that they need expert bug finders, two days to their MainNet launch.

The lampoon is coming after Daniel Larimer, Co-founder of Steemit and EOS CTO, publicized that the cryptocurrency project, ahead of the mainNet launch, desires bug finders capable of pointing unique bug that can result in hack or crash, stating afterward that they would be paid $10 thousand.

He said in a tweet: “Help us find critical bugs in #EOSIO before our 1.0 release. $10K for every unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts. Offer subject to change, ID required, validity decided at the sole discretion of Block One.”

Lending his voice to the demand, Charlie Lee called the decision “strange” on the ground that EOS just raised $4B from investors, and offered to “only pay $10k for catastrophic bugs 2 day before mainnet launch”.

Charlied Lee said: “Raises $4B, offers to pay only $10k for catastrophic bugs 2 days before mainnet launch. Strange. And quite a few other concerning issues with EOS. See: https://twitter.com/panekkkk/status/1001627755736322048 … This will also be one of the biggest ERC20 token to blockchain launch. Should be an exciting day!”

He furthered by pointing to other issues raised by one Panek, an Ethereum enthusiasts, who also raised doubt on the EOS mainNet slated to be launched June 2.

It is noteworthy that EOS is posing to be a stern competitor to the Ethereum network, the project has raised a revolutionary $4 billion USD from its ICO, which ends June 1.

The ICO, by all indications, is going to be the largest ICO in history, doubling Telegram, which raised $1.7 billion USD.

The only hindrance for EOS now is the security flaws that observers reiterate is a growing concern for the cryptocoin due to incessant “Supernode Attacks” witnessed by different coins day in day out.

The flaws, if not taken care of, could leave the EOS network vulnerable to private data breaches.

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Will EOS (EOS) Manage To Patch Vulnerabilities Before MainNet Launch?

The internet has been abuzz with news of discovered vulnerabilities in the EOS (EOS) platform ahead of the MainNet launch on the 2nd of June. The discoveries were made by China based internet security firm, Qihoo 360 who later notified the EOS project members in what the firm considered as ‘epic vulnerabilities’.

The vulnerabilities were relayed to the EOS team early today morning with Qihoo 360 highlighting that rogue attackers can use a malicious smart contract to gain control of all the nodes in the network. What can then proceed to happen, is the attacker will probably manipulate transactions at will and cash out. The attacker was also noted as being capable of using the nodes as a botnet system that can be used to mine another cryptocurrency network or even launch a full blown cyber attack.

The report is quoted on discovering the following:

Due to the decentralized computing characteristics of blockchain networks. A security vulnerability in the implementation of a blockchain node may cause thousands of nodes to be attacked. Even a denial-of-service vulnerability that is considered to be relatively harmless in the area of ​​traditional software vulnerabilities may trigger storm attacks on the entire network in a blockchain network, causing a huge impact on the entire digital currency system.

The report goes on to explain how the attacker can do whatever he wants once he has access to the EOS super node including gathering information on the EOS users’ keys, profiles, private data and more.

The question now is, with such vulnerabilities identified, will the EOS team be able to still launch the MainNet on time or will they postpone the launch?

The team at EOS has even announced a bug bounty program via twitter through their team member, Daniel Larimer who posted the following just 16 hours ago:

Help us find critical bugs in #EOSIO before our 1.0 release. $10K for every unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts. Offer subject to change, ID required, validity decided at the sole discretion of Block One.

The crypto-market has had a knee jerk reaction to the news with EOS currently trading at $11.63 at the moment of writing this and down 2.82% in 24 hours. The token had bottomed at $10.94 this morning around 6:34 am, UTC. Only time will tell if the security vulnerabilities will be fixed before the MainNet launch, or if the launch will have to be postponed.

The current EOS MainNet launch countdown reads 4 Days, 7 Hours and 15 Minutes at the moment of writing this. Time is indeed a factor.

[Photo source, gawker.com]