Ethereum Classic Labs collaborates with iZbreaker to launch decentralized application

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership.

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership. The organization is all set to collaborate with an invite-only community, iZbreaker in order to launch a decentralized application. The tweet read,

#EthereumClassicLabs Partners with iZbreaker to Build and Launch its New Platform on #EthereumClassic. #iZbreaker addresses the current gap in #SocialMedia for user-guided, relevant interactions that feel like real-life engagements. https://t.co/2uMwaO6jbB@iZbreaker#ETC$ETC

— Ethereum Classic Labs (@etclabs) August 28, 2019

iZbreaker is said to use developmental resources of ETC Labs along with its technical and marketing expertise on a new decentralized application.

The announcement was also confirmed by a blog post, in which the CEO and founder of iZbreaker, Count Erik Wachtmeister, suggested that the partnership will accelerate substantial connections all around the world, especially between globally influential people that include, artists, industry influencers, actors politicians and various others. He further said,

“After extensive due diligence, it is clear that ETC Labs and building on Ethereum Classic’s public blockchain is ideal to unleash the power of iZbreaker, achieving our goal of delivering a secure, user-guided discovery experience.”

Ethereum Classic Labs’ CEO, Terry Culver said that iZbreaker’s “unique approach” to build the community while retaining aspects like data sovereignty, integrity and security captured their attention. He also added,

“We were excited about the iZbreaker project and team from the beginning and thought it was an ideal fit for Ethereum Classic’s security, low transaction fees, and stability.”

iZbreaker shelters various features in its platform like the “use of proximity discovery, current modes, respective freemium access to a Lounge, and the invitation-only access to the Club.”

Furthermore, the platform will have to abide by Ethereum Classic’s smart contract, ERC-20.

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Cryptocurrency in Focus: Ethereum Aims for ‘Serenity’

… high fees associated with these volumes have been a deterrent to adoption by large businesses, said Ethereum’s founder, Vitalik Buterin, recently.

Leading cryptocurrency project Ethereum (ETHGet Report) garners a lot of attention in the industry, but this is a particularly interesting time for the asset as its ratings have declined over the last two months. Price has also dropped significantly.

As the prominent “smart contract platform” in the space, Ethereum boasts a market cap just over $20 billion at the time of this writing. Ether, ETH, is the native currency and lifeblood of the platform, used as “gas” to pay for network transactions.

Nearing ‘Serenity’

The Ethereum blockchain — or database containing transaction information — currently processes transactions in a similar way to Bitcoin. However, massive development efforts are underway on Ethereum 2.0, also known as “Serenity,” to produce a new type of blockchain capable of greater scale. The need for scalability is key as the number of transactions, and subsequent gas prices, continue to rise on the platform.

This summer, Ethereum ratings have been in decline. Its FCAS (Fundamental Crypto Asset Score) slid 2.43% over the last two months, driven by a 50-point (-5.27%) drop in User Activity. Developer Behavior also fell 1-point (-0.1%), and Market Maturity slipped 18-points (-2.27%). Price is down 41.41% over the same time period.

From a high-level, Ethereum’s slump in User Activity is potentially tied to several trends impacted by scalability concerns. First, existing projects building on top of Ethereum are either launching their own types of blockchains or moving to other platform competitors with better scale and cheaper fees. Second, new projects are simply choosing to build elsewhere, and third, users are engaging with Ethereum’s decentralized applications at a diminishing rate.

Additionally, increasing competition for transaction processing and the high fees associated with these volumes have been a deterrent to adoption by large businesses, said Ethereum’s founder, Vitalik Buterin, recently.

Still, Ethereum’s overall User Activity rating is still very strong, ranking 11th overall.

Our Hot Take

Ethereum has a major head-start in what has been dubbed the “Platform Wars,” where a number of emerging blockchain platforms are vying for supremacy and mass adoption in the industry. These new platforms have benefited from watching Ethereum take the early lead, creating offerings that focus on delivering both greater scalability and a higher level of compatibility with competitor assets and functionality.

While the Ethereum team’s planned move to Ethereum 2.0 is ambitious, a number of projects in the industry are already working concurrently to solve its scalability issues. These projects are known as “Layer 2” solutions and come in a variety of forms.

In all, Buterin and team are highly capable of keeping the Ethereum ship on course to Serenity. The headwinds of scalability and declining use are surmountable challenges as the industry becomes increasingly focused on delivering real use cases through the applications it fosters.

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OpenZeppelin: Millions of dollars are at risk for badly coded smart contracts

We have a smart contract, it’s not like any software, and if someone finds a vulnerability before we find it or before the contract owner finds it, it can be …

Smart contracts are vulnerable to attacks, that is the conclusion reached by the OpenZeppelin team, the company that creates tools for developers and performs security audits for systems distributed through smart contracts, the blocks that make up the Ethereum network and the responsibility for the transfer of millions of dollars.

The UK-based company, founded in 2015, boasts having networks worth more than $ 4.5 billion built using its systems. In addition to security audits for decentralized applications (Dapps), the company also builds an open-source infrastructure to make it easier for new developers to create complex applications on the blockchain.

If the decentralized applications were arteries, the smart contracts would be the blood that circulates through them. Any defect within this code could be a problem for a company, which in this system would be like the human body. However, there are doctors who in our analogy would be the OpenZeppelin team.

Earlier this year, MakerDAO, the Decentralized Autonomous Organization (DAO) behind the stablecoin DAI, announced a critical security update after a vulnerability was discovered in the smart governance contract.

The problem that arose in the voting system for the governance of MakerDAO originated in a vulnerability in the operation of smart contracts implemented for the voting process, which was discovered during the second round of security audits, which at that time He was part of the work carried out together with the Coinbase and OpenZeppelin cryptocurrency exchange house. An important achievement for the security team’s developer team.

On these aspects, Iván Gómez de CriptoNoticias spoke with Martin Abbatemarco and Juan Carpanelli, representatives of OpenZeppelin in Argentina.

What have been the most frequent vulnerabilities or the most common errors they encounter when reviewing contracts?

The last one we found is the most interesting, which was found on Maker, one of the biggest processes we made with millions of dollars supported by their contracts. Zeppelin ended up finding a very important vulnerability in the Maker voting system that led to Maker’s smart contracts having to be looked at in order to avoid that vulnerability, so that was one of the most important.

What happened was that problems were found in business or smart contracts. They are not vulnerabilities associated with Ethereum in particular or with the Ethereum base protocol, but simply we found errors in the programmers and therefore they ran some bad or somehow wrong function and we as attacking vitality system, we just had to find them and attack them and well it went right.

And precisely those errors are of adequacy of the contract, of the business idea?

Yes, fundamentally that is. Sometimes they are not very clear about the specifications of their projects and we need these specifications to try to understand between what the code does and what the code wants to do. Many times not even the project is clear about what the code wants to do and we manage to find ways to attack the project where they are not expected to attack because they think about the project in a certain way, but we as auditors have the ability to think about the project otherwise

And do you think these errors occur because the number of developers in the ecosystem have not matured enough, or is it due to the lack of talent or experience, or due to some difficulty in the languages?

I think it is a normal issue, because making mistakes is something human and that is inherent in software development and there will always be mistakes. The issue is that here you have to emphasize doing things right because there is a lot of money involved. We have a smart contract, it’s not like any software, and if someone finds a vulnerability before we find it or before the contract owner finds it, it can be exploited and there are investments at stake, and that’s why we have to do More emphasis on that part. But it is inherent in the software development cycle. There will always be vulnerabilities and the issue is to take it to a process in which you can mitigate all that in the best way.

And in terms of blockchain language programming issues, especially in Ethereum, where it has been talked about that Solidity is a more or less complicated language, just like the Bitcoin language, they are difficult languages ​​to develop. How do you see this area, there is more maturity in development, are there searches to make a simpler language for safer developments?

There are other languages, there is also Vyper which is a language very similar to Python and yet Solidity is the language that is most stable today, which we also recommend using. Even our smart contracts in Zeppelin are made in Solidity, the new ones in Zeppelin (contracts) too. There is a community behind Solidity, of very intelligent human beings who have made a language something that is quite green, something that has matured enough. And if I had to recommend a language, it is certainly Solidity.

What is Zeppelin doing now, what are the next projects? What do they have on the table? How is the company moving forward?

The company basically today consists of two teams: the research team , which is basically engaged in project audits. There is, on the other hand, the platform team that is composed of two edges: the contracts that are all known as OpenZeppelin contracts and the platform edge that are responsible for having everything to create the smart contract , upload them to a blockchain, to be able to make a Dapp and communicate with those contracts in an easy, fast, simple way, without having a super-deep knowledge of what it is, not only software development in general, but blockchain development.

Additionally OpenZeppelin is working on a set of products for Ethereum developers , which includes contracts, SDKs and starter kits. They also work at Gas Service Stations for meta transactions. It is a decentralized network of retransmitters that are used to send ETH transactions without end users paying for the gas normally charged for the cost of the transactions.

The Stations Gas Service (GNS for its acronym in English) emerged as an alternative to the barriers to widespread adoption of criptomonedas, in the case of network ethereum require interact with multiple applications, install extensions and pay solution by gas, among other requirements for the user.

About Post Author

Miu Lin

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

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OpenZeppelin: millions of dollars are at risk by contracts smart poorly coded | Breaking News

… all known as OpenZeppelin contracts and the edge of the platform which is responsible of having everything to be able to create the smart contract, …

Contracts smart are vulnerable to attacks, that is the conclusion reached by the team of OpenZeppelin, the company that creates tools for developers and performs audits of security for distributed systems by means of contracts with smart, the blocks that form the network Ethereum and are responsible for the transfer of millions of dollars.The company with headquarters in the United Kingdom, founded in 2015, and boasts of having a network value of over 4,500 million dollars built using their systems. In addition to the security audits for decentralized applications (Dapps), the company also built an open source infrastructure to make it easier for new developers to create complex applications on the string blocks.If the decentralized applications were arteries, contracts smart would be the blood that circulates through them. Any defect within this code could pose a problem for a company, which in this system would be like the human body. However, there are doctors in our analogy, would be the team OpenZeppelin.Earlier this year, MakerDAO, the Autonomous Organization Decentralized (DAO) behind the stablecoin DAI, announced a critical update security after a vulnerability is discovered in the contract smart governance.The problem presented in the voting system for the governance of MakerDAO originated in a vulnerability in the performance of contracts, smart implemented for the process of voting, which was discovered during the second round of security audits, which at that time formed part of the work undertaken by the house of the change of cryptocurrencies Coinbase and OpenZeppelin. A major achievement for the team of developers of the security company.On these aspects, Ivan Gomez, Breaking News spoke with Martin Abbatemarco and John Carpanelli, representatives of OpenZeppelin in Argentina.What are the vulnerabilities most frequent or the most common mistakes found in the review of contracts?The last that we find we think is the most interesting, which was found on Maker, one of the processes larger than we did with millions of dollars supported by their contracts. Zeppelin ended up finding a vulnerability is very important in the voting system Maker, which led to them having to look at the contracts intelligent Maker to be able to avoid this vulnerability, so that was one of the most important.What happened was that there were problems in the business or in the contracts smart. There are vulnerabilities associated with Ethereum in particular or the basic protocol of Ethereum, but we simply find errors in the programmers and therefore they were at some function wrong or otherwise incorrect, and we as a system of vitality attackers, we had to just find them and attack them and good came out well.What precisely those errors are of the suitability of the contract, the business idea?If, fundamentally, this is it. Sometimes you don’t have very clear what are the specifications of their projects and we need these specifications to try to understand between what the code does and what the code wants to do. Many times even the draft is clear about what the code wants to do and we were able to find ways to attack the project where they do not expect us to strike because they think the project in a certain way, but we, as auditors, we have the ability to think about the project in any other way.”And you think these errors occur because they have not yet matured enough, the number of developers in the ecosystem, or because they still lack talent or experience, or due to any difficulty in languages?I think that is a normal topic, because making mistakes is only human, and that is inherent to the development of the software and is always going to be errors. The issue is that here there is an emphasis on doing the right thing because there is a lot of silver in the middle. We have a contract smart is not like a software anyone, and if someone finds a vulnerability before we meet or before which the owner of the contract the find, the can explode and there are investments at stake, and that is why there is more emphasis on that part. But it is inherent to the software development cycle. There will always be vulnerabilities, and the theme is take it to a process in which you can alleviate the best way for all of that.And in regards to issues of language programming in the blockchain, especially in Ethereum, where it has been discussed that Solidity is a language more or less complicated, the same as the language of Bitcoin, are languages difficult to develop How do you see this area, there is more maturity in development, there are searches to make a simpler language to build more secure?There are other languages, is also Vyper which is a language very similar to Python, and even so, Solidity is the language that is most stable is today, which we recommend using. Even our contracts smart Zeppelin are made in the Solidity, the Zeppelin (contracts) new also. There is a community behind Solidity, of very intelligent human beings that have been made of a language something that is pretty green, something that he has matured quite a bit. And if I had to recommend a language, it is certainly Solidity.What anda Zeppelin now, what are the next projects? what do they have on the table? how is advancing the company?The company basically today is composed by two teams: the team of research, which is dedicated basically to make audits of projects. It is, on the other hand, the computer platform that is composed by two edges: the contracts which are all known as OpenZeppelin contracts and the edge of the platform which is responsible of having everything to be able to create the smart contract, and upload them to a blockchain, to be able to make a Dapp and communicate with those contracts in a way easy, fast, simple, without having a knowledge deep-plunge on what is, not just software development in general, but the development of blockchain.In addition OpenZeppelin is working on a set of products for developers of Ethereum, which includes contracts, SDKS, and starter kits. They also work on the Stations of Gas Service to finish the transaction. It is a decentralized network of relay that is used to send transactions from ETH without the end-user to pay for the gas that normally charged for the cost of the transaction.The Stations of Gas Service (GNS by its acronym in English) emerged as an alternative solution to the obstacles hindering the mass adoption of the cryptocurrencies, that in the case of the network of Ethereum force you to interact with various applications, install extensions, and pay for gas, among other requirements to the user.

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Algorand [ALGO] – Algo Capital Closes $200M Financing Round

In addition, the company raised about $66 million previously from investors including Union Square Ventures and Pillar Venture Capital. That is a …
Algorand [ALGO] - Algo Capital cierra una ronda de financiación de 200 millones de dólares

Algo Capital, the financial institution behind the innovative Algorandblockchain announced on Tuesday the closure of their funding round towards the Algo VC Fund. More than $200 million was raised from several noteworthy investors including Brainchild, NGC Ventures (NEO Global’s venture arm), TechCrunch founder’s Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, Tezos investor 11-11 Ventures, DG Ventures, Winslow Strong, and Invermaster. This was markedly greater than their goal of $100 million.

The Algo Capital is a separate entity from the Algorand Foundation as well as the Algorand LLC two of the main entities that are helping build the Algorand ecosystem. Despite this, Algo Capital will be using the funds to “invest in category-leading businesses that are building on the Algorand technology platform” according to a press release published on Tuesday. The fund will only be used to support Algorand specific blockchain startups.

The latest fundraiser adds to funds that were already raised in previous events. For instance, Algorand conducted a relatively successful token sale earlier this summer raising $60 million through CoinList platform. In addition, the company raised about $66 million previously from investors including Union Square Ventures and Pillar Venture Capital. That is a massive war chest that will be allocated specifically to improving and developing on the Algorand blockchain.

funds Algo VCfunds Algo VC

So far Algo Capital has revealed the initial beneficiaries of the funds. One of them is Securitize, a blockchaincompany building a security token issuance platform akin to the popular IEO model except that the tokens are regulatory compliant. Then there is BlockDaemon, a blockchain infrastructure, and middleware orchestration platform. IDEX and OTCXN, both exchanges close out the initial list as revealed by Algo Capital. IDEX is second largest decentralized exchange by trade volume, initially the leading before Binance launched its DEX platform. OTCXN is an institutional exchange and cross-custodian settlement platform.

The Algo Capital was founded and is led by David Garcia, a veteran blockchain investor, Pablo Yabo, a blockchain technology expert as well as entrepreneur-turned VC Arul Murugan. In a statement, Murugan said that,

“Our investment approach specifically targets companies that are creating the next great blockchain applications and infrastructure solutions, and as a result, helping to speed blockchain adoption and bring millions of new users into the Algorand network.”

Algorand is a Proof of Stake (PoS) network that seeks to provide the same services that Ethereum offers only with better throughput. It has the capability to support decentralized applications (dApps) and has an active developer population. Ethereum is eyeing a PoS consensus mechanism with its major upcoming network-wide overhaul. It is currently plagued with slow transactions speeds and rising network fees. Now that Algorand has a head start, maybe it will be too late for Ethereum by the time it migrates to PoS over the coming to years.

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