Promises Archives -
Iranian President Hassan Rouhani vowed that his country would resist tough new U.S. sanctions on Iran’s oil and banks, as Tehran braced for a new era of political and economic isolation.
WSJ.com: What’s News Europe
Tesla Inc. stock jumped Thursday morning after an upbeat report showed booming sales for the electric-car maker’s Model 3 and fulfillment of Chief Executive Elon Musk’s promises that Tesla would turn a profit and improve its cash flow.
The stock surged as much as 11% in after-hours trading Wednesday…
Wiz Khalifa is so jacked up about his song with Tyron Woodley … he’s tellin’ TMZ Sports 100 different versions of it are on the way!!! We got Wiz leaving The Forum on Wednesday night when we brought up the magic words that turned him from…
“On Oct 13, 3:00 CDT I will be doing a 51% attack against the cryptocurrency Einsteinium,” began the call-to-arms. As promises go, this one was as bold as it was brazen. The anonymous attacker has promised to assume majority hashrate control of an altcoin to demonstrate how easy the process is. As proof, they’ve not only given fair warning of the attack, but have promised to livestream the event.
51% Attacking Altcoins Is Now a Spectator Sport
51% attacks, in which a malevolent attacker gains majority control of a cryptocurrency’s hashrate, and then potentially uses this advantage to fraudulently double spend transactions, have been a recurring motif in 2018. During the course of three months, a string of altcoins were 51% attacked including bitcoin gold and verge, the latter succumbing twice. Now, another scrypt-based coin, einsteinium (EMC2), is in the spotlight after being singled out for attack.
The entity responsible, operating under the handle of “piracy1”, has disclosed extraordinarily precise details as to when and how the attack will go down. The reasons stated are to “1. Demonstrate how easy these attacks are for anyone to do. 2. Generally teach people about the nuts and bolts of these attacks and potential mitigations.” For interested parties, a livestream link has been provided, with the action scheduled for 4am EST on October 13.
Oct 13, 3:00 CDT (8:00 UTC) I'm doing 51% attacks against real live CryptoCurrencies and explaining the whole process on twitch. https://t.co/JQm34LrvhW
— GeoCold (@geocold51) October 8, 2018
Low Hashrate Altcoins Have Become a Joke
In selecting EMC2, the aspiring attacker could hardly have chosen an easier target. The altcoin is this year’s third worst performer, down 97% from its all-time high. Devalued PoW coins typically have a hashrate commensurate with their price, making them vulnerable to malicious or bored attackers. The monetary rewards to be derived from 51% attacking a coin such as einsteinium are likely to be negligible. In fact, all indications suggest that the would-be attacker has no interest in attempting to confirm double spent transactions. As a consequence, the attack is likely to cost piracy1 money in renting the necessary hashrate to complete their assault.
“I’m putting in $ 50 of my money and if you want to donate you can,” they explained. This derisory figure demonstrates the cheapness with which a low hashrate altcoin can be owned. According to crypto51.app, scrypt-based alts can be attacked for an hour using rented hashpower for as little as $ 22 in the case of florincoin. Should EMC2’s attacker make good on their promise, they won’t have proven anything that wasn’t already known: attacking low cap altcoins is easy and most Proof of Work cryptocurrencies outside of the top 10 are sitting ducks.
Would you watch a livestream of an altcoin being 51% attacked? Let us know in the comments section below.
Images courtesy of Shutterstock.
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At a hastily arranged news conference during a World Economic Forum meeting in China, a pair of U.S. lawmakers vigorously defended President Trump’s policies and took issue with remarks made by Chinese Premier Li Keqiang.
WSJ.com: What’s News Asia
On July 19, a group of interdisciplinary researchers from the University of Pennsylvania, with guidance from the esteemed Penn Law professor David Hoffman, published an in-depth study of initial coin offerings (ICOs) that promise innovative concepts like autonomous governance and operate by the belief that ‘code is law’. However, most of the ICOs the group researched failed to match the original contractual promises and the so-called ‘trustless trust’ offered by these projects had very little merit.
University of Pennsylvania Study Looks Into Whether ICO White Paper Promises Match the Project’s Codebase
This week, researchers from the University of Pennsylvania and Penn Law professor David Hoffman have published an interesting working paper on ICOs called “Coin Operated Capitalism.” The paper was authored by university members Shaanan Cohney (computer science PHd), David Wishnick (a fellow at Penn Law’s interdisciplinary Center for Technology), and Jeremy Sklaroff (Penn’s JD/MBA program).
The study’s authors surveyed and audited the top 50 ICOs that raised the most funds in 2017 and researchers looked at whether or not the ICO promises made by the promoters and white papers actually matched the technology’s codebase. The study finds that there are glaring differences between what the ICOs’ code delivers and what the creators promised to their investors.
“The automated mechanisms found in code—known as ‘smart contracts’—are not the only way entrepreneurs can deliver on their promises,” Wishnick explained.
But, according to proponents, they are what make ICOs innovative.
Only 20% of 50 ICO Codebases Matched the Promoter’s Promises
Out of the 50 ICOs surveyed, using both the white papers (contracts) and the codebases (delivered or non-delivered promises), a great deal of the ICO code and their associated ICO contracts did not match. In fact, only 20 percent of the 50 contracts surveyed matched their promises to code 100 percent of the time. “Nearly 60 percent made a least one governance promise that was missing from the code, and 20 percent had two or more mismatches,” the study’s authors emphasize.
“Surprisingly, in a community known for espousing a techno-libertarian belief in the power of ‘trustless trust’ built with carefully designed code, a significant fraction of issuers retained centralized control through previously undisclosed code permitting modification of the entities’ governing structures,” the working paper explains.
In Contrast to Traditional Law, the Smart Contract Community Is Full of Energy But So-Called Autonomous Protocols Need Vetting and Code Auditing
The paper concludes that the informality of smart-contract production does lead to “risks” but also “creativity”. Smart contract developers are far more creative than a “community of lawyers who tend to recycle language from agreement to agreement without much thought,” the study states. In contrast, the smart contract community has a lot of passion and energy, the researchers explain. But the study shows the manufacturing of smart contracts and blockchain promises must be evaluated and scrutinized closely.
“Beyond the production of smart contracts and blockchain code, our study also highlights the importance of the ecosystem through which crypto code is vetted, audited, and made legible to the outside world,” the paper concludes.
What do you think about the Penn Law working paper that details most ICO code does not match the promises tied to the project? Let us know what you think in the comment section below.
Images via Shutterstock, and the University of Pennsylvania
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He sent a sports car to space , but can he fix Flint’s water crisis? Elon Musk says the answer is yes. In response to a request on Twitter Wednesday, the Tesla and SpaceX CEO promised that he would deal with the scandal in the Michigan city, where the water supply…
A “day” is traditionally defined as 24 hours, but in Amazon’s case, it could also mean 36. The latter is what the online giant is allotting for its upcoming Amazon Prime Day on July 16, kicking off the online sales at 3pm that day, per CNNMoney . Billing what’s usually its…
President Recep Tayyip Erdogan celebrated his twin victory in presidential and parliamentary elections, heralding a more assertive Turkey rooted in nationalism as much as in conservative Islam.
WSJ.com: What’s News Europe
CNN’s Chris Cuomo speaks to former NBA player Dennis Rodman from Singapore as President Donald Trump and North Korean leader Kim Jong Un meet in a historic summit.
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