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Critical Bug Found in the Maker Voting Contract. Stakers Must Withdraw Their Tokens ASAP

A recent flaw in the MakerDAO Governance Voting Contract detected by the Maker Foundation endangered the tokens placed on stake by users and required a critical update. The information was shared by the Maker team on their official subreddit a few hours ago.

Maker Logo
Maker (MKR) Logo

According to the new findings, this discovery was
possible thanks to the joint work between the Maker Foundation, Coinbase
and the cybersecurity firm Zeppelin.

The post does not provide any particular details about the
bug or the consequences it might generate, however; the team urges all stakers
to withdraw their tokens and place them on their personal wallets or migrate to
the new version of the contract -the one with the critical update.

Maker’s team emphasized that they are not hiding information and promised to “provide a full debrief and detailed outline of the changes ASAP.”

Don’t Stake Maker Tokens? Then, Don’t Worry

According to the post, the problem affects only the voting
contract and not the stability of the token, so those who do not take part in
the voting portal have nothing to worry about.

They also explained that those who have tokens involved in
the new contract do not need to worry. The problem may arise for those who have
not migrated yet.

You are not in danger of losing your MKR if you own one of the ~190 addresses who have staked MKR in the current MakerDAO Governance Voting Contract, but you are advised to move your MKR out of the old contract and back into your personal wallet immediately.  

DAI Logo

The Maker Foundation is also responsible for the development of DAI, a stablecoin pegged to the value of the dollar. In order to achieve price stability and get it as close as possible to a 1:1 proportion with USD MakerDAO creates or destroys MKR according to the fluctuation of this stablecoin.

The announcement of the Maker Foundation does not seem to have affected the value of the MKR token. This cryptocurrency has had a fairly stable behavior during the day, with a stable bullish trend that has led the token to test resistance around 552 USD.

The post Critical Bug Found in the Maker Voting Contract. Stakers Must Withdraw Their Tokens ASAP appeared first on Ethereum World News.

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Coinbase To Pay Interest to Institutional Investors on Staked Cryptocurrencies. Tezos (XTZ) is The First Crypto, MKR Will be Next

Tezos Betanet

Coinbase is committed to becoming the best option to attract
institutional investors to the world of cryptocurrencies, presenting a broad
spectrum of possibilities ranging from trading to offering rewards to those
willing to learn about these technologies.

In a post published in the official blog of the famous american crypto exchange, the team explains that as of today they are starting a program to support staking of cryptocurrencies.

Tezos (XTZ) is The First Crypto Chosen By Coinbase for Its New Program

The first token to be accepted by this program is Tezos (XTZ). A PoS cryptocurrency that allows users to earn passive income by hodling their funds without spending them.

Tezos (XTZ)

Kathleen Breitman, co-founder of Tezos explained that this
strategic decision could play a very positive role in engaging more
institutional investors. According to her, the fact of being supported by
Coinbase makes not only Tezos but the eco-system, in general, an especially
attractive investment option for previously skeptical traders and

“The launch of Tezos staking through Coinbase Custody serves an acute need that existed up until now: a way for institutional participants who rely on a secure, offline custodian to take an active role in the network, achieving our mission of creating a ‘digital commonwealth’ means facilitating participation for all, and that includes the institutional customers that Coinbase Custody brings to the space.

Coinbase offers its clients 100% offline segregated storage
via Coinbase Custody. Likewise, Coinbase’s relationship with insurance
companies provides clients with a sense of security in the face of a possible
(but highly unlikely) loss of funds due to an attack.

In fact, it is important to note that the exposure to attacks is similar to that of non DPoS cryptocurrencies such as Bitcoin. This implies such a strong level of difficulty that an abuse is not profitable for the perpetrators.

Coinbase Sets Its Eyes on Maker after Announcing XTZ Stake Support

Coinbase also hopes to add governance support for Maker (MKR) protocol soon. The information was confirmed by Rune Christensen, Founder and CEO of MakerDAO who was pleased and optimistic not only about the future of the exchange but also about the adoption of MKR thanks to decisions such as this one.

“Decentralized governance is fundamental to the success of the Maker project. Coinbase Custody will provide an essential service by providing a way for institutional holders to participate in the system and vote with their MKR.”

The post Coinbase To Pay Interest to Institutional Investors on Staked Cryptocurrencies. Tezos (XTZ) is The First Crypto, MKR Will be Next appeared first on Ethereum World News.

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Coinbase Displays Maker (MKR), 0x (ZRX), Basic Attention Token (BAT) On Its Newly Converted Toshi Wallet

The cryptocurrency community is surprised seeing Coinbase display Maker, OX, Basic Attention Token on its newly converted Toshi Wallet.

Not long, Coinbase announced it’s exploring some assets and may soon list them on its exchange.

Among these coins were Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). However, Coinbase did not state if it will definitely list this asset. Also. Maker is said to be explored by Coinbase Custody, but not Coinbase exchange.

Displaying these three coins on Coinbase wallet does not denote the Coinbase exchange will list any of them anytime soon.

Few days ago, Coinbase announced it is converting Toshi wallet to Coinbase Wallet. The exchange said that Toshi’s now Coinbase Wallet.

According to a release by Coinbase, “Toshi was developed by the Coinbase team a little over a year ago.”

“When the product launched, it featured the world’s first mobile dapp browser. Later, we became the first wallet to launch crypto collectibles. Our goal was to make managing crypto and accessing the decentralized web as easy as downloading an app on your mobile phone. And as part of our effort to be the most trusted brand in the space, we also set out to provide best-in-class secure storage. With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology.”

According to the release, with Coinbase wallet, it is easy for users to:

  • Manage ETH and all your ERC-20 tokens (very soon we’ll be supporting BTC, BCH and LTC).
  • Receive airdrops and ICO tokens.
  • Buy and store crypto collectibles — non-fungible tokens that are unique — and use them in games, or trade them on marketplaces.
  • Send payments to anyone anywhere, without geographical borders or fees.
  • Access leading decentralized exchanges and relayers to buy and sell tokens.
  • Explore the full universe of third party dapps that enable everything from taking out a loan or lending to others on the blockchain to earning crypto by answering questions, performing services, or completing tasks.

Every cryptocurrency related idea is seeking expansion, this has been the case of Coinbase and many other prominent crypto exchanges.