Monday, June 4, 2018

GitHub / ZenCash Attack / Coinbase in Japan / Amazon Web Services

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Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. Microsoft’s reported acquisition of GitHub has already caused dissension in the bitcoin community. Bitcoin developers have traditionally used GitHub as a global participation environment. News of a corporate takeover, though, has some calling for the community to leave GitHub for another platform. In fairness, bitcoin developers have long discussed moving to a proprietary platform, but Microsoft’s involvement in GitHub may now speed up that process. -BITCOINIST

GitHub acquisition angers some in bitcoin community
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2. ZenCash has fought off a 51 percent attack. These types of attacks attempt to take control of 51 percent of a blockchain’s hashrate, allowing for hackers to take control of the network. ZenCash became a target Sunday at 2:43 UTC, but developers were able to combat the attack by contacting exchanges to increase confirmation times to mitigate the risk of double-spend. Bitcoin Gold and Verge both recently were victims of similar attacks. –NEWS BTC

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3. Coinbase plans to enter the Japanese cryptocurrency market. Coinbase said it intends to apply for a license with the country’s financial regulator, the Financial Services Agency, within a year. The process is mandatory for all crypto exchanges that operate within the country. Coinbase’s Japanese trading service will focus on supporting major cryptocurrencies such as bitcoin and ethereum. Coinbase currently has more than $20 million customers and to date has traded $150 billion in digital assets. –COIN TELEGRAPH

Coinbase looking to enter Japanese market
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4. Developers are currently testing a new cryptocurrency that implements three major blockchain technology advances. Called MimbleWimble, the project incorporates Schnoor, Bulletproofs, and Dandelion in an effort to create a more secure and efficient blockchain. Instead of starting from scratch, the developers wanted to build the framework around technologies that a circle of experts believe in but have not yet been used on a large scale. -COINDESK

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5. Amazon Web Services is now offering blockchain-as-a-service. While AWS gave little specifics about its BaaS launch, the deployment is significant, as AWS is largely seen as the world’s leading cloud computing provider. AWS said its goal is to help drive mass adoption of blockchain technology through use cases from which people can benefit sooner rather than later. A number of other prominent technology companies, including IBM, HP, Microsoft and SAP already offer blockchain-as-a-service features. –THE MERKLE

Amazon now offering blockchain-as-a-service
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6. Airports may be the first true use case for cryptocurrencies. Cryptocurrency-related stories have sprung up in international airports across the world, providing a way for customers to pay without exchanging different currencies or using credit cards. -CNET

7. The Bitcoin Cash Fund has created a new website to educate businesses and individuals on bitcoin cash to help speed adoption. The site, bitcoincashers.org, tells users how to buy and spend bitcoin cash, provides information on the necessary resources to use the coin, and explains how people can get started. -COINGEEK

8. The Hodl Hodl bitcoin exchange platform has succeeded using multi-signature smart contracts. The exchange never touches bitcoin deposits or traditional fiat payments, but instead provides listings for people to connect, plus an interface to help users apply smart contracts directly to bitcoin. -COINDESK

9. BitPesa has found success in Africa. The startup exchange is one of a handful of companies helping to bring cryptocurrency to the continent, which has long been served by remittance companies like Western Union. –NEWS BTC

10. Samsung SDS has unveiled Nexfinance, a blockchain-based finance platform. Nexfinance will offer services such as digital identify, finance concierge, artificial intelligence virtual assistant, and automatic insurance payment. -ZDNET

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From the Forums

Ethereum could be the backbone of the new internet, one writer argues.

The argument to increase bitcoin block size has been ongoing for more than three years. Some things never change.

Thoughts on the Chinese government's blockchain push.

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Breaking News: How Komodo is protecting $GAME from consensus attacks.

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How Komodo is protecting $GAME from consensus attacks.


A real-world problem - consensus attacks.
In the past few weeks, GameCredits saw reports of consensus attacks on large crypto projects such as Verge (XVG) and Bitcoin Gold (BTG). They also faced some consensus attacks as well. These attacks are known as double-spends.
  1. An attacker sends a transaction.
  2. The attacker mines blocks on a chain with his/her own or rented hashpower (usually by forking off), but refuses to broadcast these blocks on the network. These blocks do not contain his/her original transaction from step 1.
  3. The attacker's transaction is confirmed on a service (like an exchange), so he/she gets credited for the transaction.
  4. The attacker broadcasts the blocks on the network, erasing the existence of his or her transaction. Now he or she has been credited coins on the service he/she sent to and he/she still has the coins.
A real-world solution - delayed proof of work.
Komodo's notarization feature greatly reduces the impact of such an attack. Komodo notaries are running GameCredits clients and monitoring the network 24/7/365.
  1. At a certain interval of blocks, these notaries get the hash of a block and write it into the Komodo chain. They also note down which Komodo block has the notarization within the GameCredits chain.
  2. This two-way peg allows GameCredits' block history to be secured by the Komodo network.
  3. If an attacker attempts to double-spend on the chain, but the real chain has already notarized several blocks since he forked off, the attacker's blocks will be rejected by the network. 
  4. The beauty of this is that the Komodo chain is notarized by Bitcoin. Komodo's chain is secured by Bitcoin's hashpower, and GameCredits' chain is secured by Komodo. 

As a result, the exchange situation is being resolved.
As you may know, several exchanges — including Bittrex and Poloniex — shut down trading or halted $GAME deposits and withdrawals a few weeks ago. This was because of the network attack. However, with the 0.15.2 Komodo network update, these attacks will be far more difficult, meaning exchanges can safely come back online. Since $GAME deployed the code last week (the week beginning Monday 28 May), several services and exchanges like Poloniex have already updated. GameCredits are now communicating with Bittrex to help them update as soon as possible.

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