Ledger, the French flagship of crypto hardware wallets, is in turmoil. A worrying flaw was discovered in the code of its system for connecting to decentralized finance (DeFi), posing serious security challenges for the company and its users.Back to the hackLedger's Connect Kit, used to integrate decentralized applications (dapps) with Ledger products, was the target of a hacking attack. The incident was initially reported by Matthew Lilley, CTO of Sushi, who warned users of the compromise of the wallet connector. This flaw allowed the injection of malicious code affecting many dapps. The attack triggered a pop-up window inviting users to connect their wallet, activating a token diversion mechanism.RED ALERT:Do not interact with ANY dApps until further notice. It appears that a commonly used web3 connector has been compromised which allows for injection of malicious code affecting numerous dApps.— I'm Software (@MatthewLilley) December 14, 2023The security flaw in Ledger's Connect Kit affected key DeFi protocols such as Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash, with potential implications for other similar systems. According to Lookonchain, a blockchain analysis platform, the hacker behind the attack stole at least 4.334 Ether (ETH), equivalent to nearly $484,000.A hacker attacked #Ledger and has stolen ~$484K assets.#LedgerExploiter transferred 4.334 $ETH to #AngelDrainer.And the #AngelDrainer is also receiving assets currently and holds $363K assets.https://t.co/ZG5SRlKBjW pic.twitter.com/RK9aPyAjEE— Lookonchain (@lookonchain) December 14, 2023In the wake of this security breach, MetaMask, a competitor of the French unicorn, was also affected. Aware of the urgency, MetaMask quickly reacted by implementing a critical update for its platform. Its technicians assured that users equipped with the latest version, v2.121.0, should be able to resume their transactions safely, the update being done automatically.Ledger did not delay in reactingTwo hours after the discovery of the security flaw, Ledger quickly acted by replacing the compromised version of its connector with a secure update. At the same time, the company alerted its users to the importance of verifying the information displayed during transactions. They insisted that the reliable data is the one that appears on the screen of the Ledger device. The company also advised users to be vigilant and stop any transaction if the information displayed on their key differs from that on other screens.More fear than harm: Tether, through its leader Paolo Ardoino, announced that it had frozen the exploiter's address.Tether just froze the Ledger exploiter address— Paolo Ardoino (@paoloardoino) December 14, 2023Moral of the story: Even the strongest oak bends under the wind.

China has launched a blockchain-based identity verification system, which allows citizens to authenticate online with their national ID card. But is this really a good idea? Thread✍🏾The system, called Blockchain-based Service Network (BSN), aims to facilitate access to public and private online services, such as banks, insurance, transportation, etc. It uses blockchain technology to store and share identity data securely and transparently.But there is a catch: the BSN is controlled by the Chinese government, which has the power to censor, monitor and manipulate the data at will. Moreover, the BSN is not compatible with other blockchain networks, which limits its interoperability and innovation. So, is the BSN really an example of Web3, that is, a decentralized web, based on blockchain, and token-oriented? Not really. Web3, according to the definition of Gavin Wood, the co-founder of Ethereum, is a "decentralized online ecosystem based on blockchain". Web3 aims to empower users, by allowing them to control their own data, create and exchange digital assets, and participate in decentralized autonomous organizations (DAOs). Web3 relies on principles of openness, transparency and interoperability. The BSN, on the other hand, is an example of centralized web, controlled by a central authority, and focused on control. The BSN does not respect the privacy, freedom and creativity of users. The BSN is rather a tool of mass surveillance, serving the authoritarian Chinese regime. So, if you are looking for a way to verify your identity online, without compromising your security and sovereignty, you better look elsewhere. There are blockchain-based identity management solutions, which are more user-friendly, such as IBM Digital Credentials or Dock.io#Web3

Token Generation Event refers to the release of a token by dapp developers over a certain period of time. It also refers to the time interval in which a token is issued; it is a process of releasing tokens that have been developed on a blockchain network associated with decentralized applications ( dapps ) by a dapp developer.

In other words, the process of releasing a token by dapp developers within a specific time interval is called a Token Generation Event or TGE. TGE plays an important role in companies' growth strategies.

In this process, companies produce tokens for their own blockchain projects and raise capital by offering these tokens to investors. However, tokens are only a small part of the final product, and the TGE process provides a tool for investors to back a company rather than buy a specific product.

TGE is an important step for a company, as it plays an essential role in the fund-raising process and contributes to the company's growth.

That's it for today, I hope you've learned a little more...

#Web3.0

Introduction:

Crypto-currencies have become increasingly popular in recent years, attracting many investors who for the most part are not familiar with the web3 domain, which they find quite complex. However, investing in these digital assets entails certain risks that it's important to understand and take into account to protect your investments. In this article, we'll explore the risks associated with investing in crypto-currencies and discuss the steps you can take to mitigate them.

1. Price volatility:

One of the major risks of crypto-currencies is their high volatility. Prices can rise exponentially in a short space of time, but they can also fall sharply. To mitigate this risk, it's essential to thoroughly research the crypto-currencies you're considering investing in. Understand the factors that influence their value, and make sure you diversify your portfolio by investing in several crypto-currencies rather than betting everything on one.

2. Exchange platform security:

The security of crypto-currency exchange platforms is a major concern. Hacks and security breaches can result in the loss of your funds. When choosing an exchange platform, make sure it has robust security measures, such as two-factor authentication (2FA) and offline storage of digital assets. Also, transfer your crypto-currencies to secure personal wallets rather than leaving them on exchange platforms.

3. Regulations and legislation:

Regulations relating to crypto-currencies can vary from country to country and can impact their value and availability. It's essential to keep abreast of regulatory developments in your country and understand the potential implications for your investments. Find out what laws apply and make sure you comply with any tax obligations associated with crypto-currencies.

4. Liquidity risk:

Some crypto-currencies may be less liquid than others, meaning they can be difficult to buy or sell quickly. Before investing, be sure to check the liquidity of the crypto-currency in question. If you plan to sell in the short term, favor crypto-currencies that are traded on popular platforms and have a high trading volume.

5. Scams and fraud:

The crypto-currency world is also prone to scams and fraud. Be wary of too-good-to-be-true investment offers and projects with little credibility. Do your own thorough research, consult reliable sources and be wary of unverified entities. Stay away from investment programs that promise guaranteed returns or Ponzi schemes.

Conclusion:

Investing in crypto-currencies can offer enormous opportunities, but it's essential to consider the associated risks. Price volatility, the security of exchange platforms, regulation, liquidity risk and scams are all factors to consider. To mitigate these risks, exercise caution, conduct thorough research, diversify your portfolio, use secure exchange platforms, comply with local regulations and be vigilant for scams. It's also advisable to consult an experienced financial advisor or crypto-currency expert for personalized advice. Bear in mind that investments in crypto-currencies always carry an element of risk and should not represent your entire investment portfolio. By following these steps and staying informed about market developments, you'll be better equipped to make informed decisions and maximize your chances of success in the crypto-currency world. Remember, caution and vigilance are essential when navigating this constantly evolving field.

#crypto2023

On June 3, an unprecedented hack took place? one of the biggest in the crypto ecosystem, with $35 million stolen as a result of a flaw in the Atomic Wallet, which came to light when several users began reporting the unexplained disappearance of their funds on the application. These reports quickly drew the attention of the community, highlighting the potential scale of the incident. The team behind Atomic Wallet quickly declared that they were actively investigating the situation.

On-chain analyst ZachXBT, known for his work in tracing stolen funds, was involved in the investigation. According to his estimates, based on information provided by affected users, the total amount of stolen funds could reach $35 million. It is important to note that this estimate is based on information available to date and may change as the investigation progresses.

The hack has had a significant impact on Atomic Wallet users. More than 100 addresses were affected, resulting in the theft of assets on several chains, including Bitcoin, Ethereum, Tron, BSC, Cardano, Ripple, Polkadot, Cosmos, Algorand, Avalanche, Litecoin and Dogecoin. These thefts took place between June 2 and 3, and the largest amount stolen from a single user was $7.95 million in USDT.

Faced with uncertainty and a lack of clear information, some users chose to transfer their assets to other wallet service providers. This reaction underlines the loss of confidence in Atomic Wallet following the incident, and highlights the importance of transparent communication in times of crisis.

Despite the seriousness of the situation, efforts were made to recover some of the stolen funds, notably enabling analyst ZachXBT to recover around $1 million. However, the majority of the stolen funds remain unaccounted for.

For its part, Atomic Wallet announces that the investigation is still ongoing, explaining that it is approaching major exchanges as well as companies specializing in on-chain analysis with a view to potentially freezing the stolen funds.

#BinanceTournament #hack #web3

Blockchain, a revolutionary technology originally behind Bitcoin, is garnering increasing interest worldwide. Africa, in particular, is positioning itself as fertile ground for the adoption and utilization of blockchain. This technology offers unprecedented opportunities to drive economic development, enhance transparency, and foster financial inclusion across the continent.

This article will highlight the growing importance of blockchain in Africa and the benefits it brings to various sectors.

1. Transparency and Anti-Corruption Efforts:

One of the major challenges Africa faces is corruption. Blockchain provides a means to combat this scourge by creating immutable and transparent ledgers. Transactions conducted on a blockchain can be verified and tracked by all participants, thus reducing the risks of corruption and fund misappropriation. African governments are beginning to explore the use of blockchain to improve transparency in areas such as public procurement, humanitarian aid distribution, and natural resource management.

2. Financial Inclusion and Banking Services:

A significant portion of the African population lacks access to traditional banking services. Blockchain offers the possibility of creating decentralized financial systems, enabling the unbanked to access basic financial services. Blockchain-based microfinance platforms facilitate loans, cross-border fund transfers, and digital identity management. These innovative solutions contribute to poverty reduction and stimulate economic activity by enabling African entrepreneurs to access financing more easily.

3. Supply Chain Traceability:

Agriculture and natural resources are key sectors in Africa, but they are often plagued by fraud and counterfeiting issues. Blockchain can be used to create immutable supply chain records, ensuring traceability of products from their origin to the final destination. This guarantees product quality, enhances consumer trust, and opens up new business opportunities in international markets.

4. Stimulating Technological Innovation:

Blockchain is an emerging technology with tremendous potential to drive innovation in Africa. Many African blockchain projects focus on developing solutions tailored to the continent's specific challenges, such as access to energy, democratic governance, and public health. Blockchain also fosters collaboration among entrepreneurs, developers, and investors, creating a dynamic ecosystem conducive to innovation and economic growth.

Conclusion:

Blockchain is transforming Africa by offering solutions to complex challenges faced by the continent. With its potential to enhance transparency, foster financial inclusion, ensure supply chain integrity, and stimulate technological innovation, blockchain is poised to play a vital role in Africa's socio-economic development. As governments, businesses, and entrepreneurs continue to embrace this technology, Africa stands to reap the benefits and propel itself towards a brighter future.

#feedfeverchallenge #blockchain #Africa

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a blockchain protocol from Binance that runs in parallel with Binance Chain. Unlike Binance Chain, however, Binance Smart Chain powers smart contract functionality and boasts compatibility with Ethereum Virtual Machine (EVM).

What’s more, BSC has one of the fastest blockchain transaction times and lowest fee structures, which makes building DeFi apps on the protocol so appealing for developers.

Binance Smart Chain uses a consensus algorithm known as Proof of Staked Authority (PoSA) where 21 validators stake BNB, the native token for the Binance ecosystem, to secure the network.

Unlike many other blockchains, however, Binance Smart Chain does not offer block subsidies or allows minting of fresh BNB in the form of a block reward. Instead, validators receive transaction fees as a reward for securing the network.

Binance Smart Chain’s BEP-20 token uses essentially the same format as the Ethereum protocol’s popular ERC-20 tokens.

Currently, there are already 60+ DApps operating on Binance Smart Chain, with the majority focusing on decentralized finance solutions.

Fascinating Features of Binance Smart Chain

Interoperability

Binance Smart Chain is built with a dual chain architecture, which makes it possible for users to enjoy the flexibility of transferring assets from one blockchain to another. The interoperability of Binance Smart Chain offers users the opportunity of accessing a vast ecosystem with a myriad of use cases. Interoperability is one of the key features held in high esteem by DeFi proponents, and Binance Smart Chain is at the forefront of making this possible.

Cheap Transactions

Transaction fees — also known as blockchain fees — refer to the fee users pay when they conduct a transaction on a blockchain. This fee is collected by miners or validators who ensure that the blockchain only records and processes valid transactions.

Most DeFi applications involve myriads of transactions, which incur transaction fees at every step. For this reason, blockchain fees are an important factor to consider before choosing a blockchain protocol.

Binance Smart Chain and Ethereum are two of the most common blockchains of choice for DeFi projects. But when it comes to blockchain fees, Binance Smart Chain is substantially more cost-effective than Ethereum.

Recently, Ethereum has recorded fees over $100 for a single transaction, while Binance Smart Chain charges between $0.01 — $0.05 for the same services.

Transaction Speed

Blockchain transactions require a number of confirmations before a transaction can be completely processed. The essence of confirmations is to avoid the risk of double-spending. The longer the confirmation time, the longer the time it takes for a transaction to be completed.

#feedfeverchallenge #Binance #BSC

DeFi (Decentralized Finance) is a relatively recent movement that has arisen largely due to the development of the Ethereum blockchain, which enables the execution of smart contracts. Smart contracts are computer programs that can be executed automatically without the need for a central authority to validate transactions.

 The first DeFi applications began to emerge in 2017, with projects such as MakerDAO, which introduced the concept of stable coins indexed to the value of the US dollar. These stablecoins maintain a stable value while allowing ease of use on the blockchain.

 Over time, new DeFi applications have emerged, including borrowing and lending platforms, decentralised exchanges (DEX), cash aggregators and hedge funds. Lending protocols such as Aave, Compound and dYdX allow users to deposit digital assets to earn interest or borrow digital assets by providing crypto-currency collateral.

 Decentralised exchanges, such as Uniswap, allow users to trade crypto-currencies without the need for a centralised intermediary, allowing greater autonomy and transparency.

 More globally, DeFi aims to create decentralised financial services on the blockchain. These services are designed to be autonomous, open to all and do not require a central authority to operate. The applications of DeFi are varied, ranging from borrowing, exchanging, investing, trading and insurance.

 A key feature of DEFI is that transactions are executed directly between users, without the need for a trusted third party to perform verification or clearing. Instead, transactions are validated by a set of rules defined by smart contracts, which are autonomous programs running on the blockchain.

 Let's talk about the advantages and disadvantages of the DeFi .

 

Advantages of DeFi :

- Accessibility: DeFi allows universal access to financial services, without being limited by geographical restrictions or income requirements.

- Transparency: the transactions carried out on the blockchain are transparent and accessible to all, which allows for greater confidence in the system.

- Security: DeFi uses blockchain technology to ensure the immutability of transactions, as well as the use of smart contracts to automate transactions, which reduces the risk of human error and fraud.

- Efficiency: DeFi allows transactions to be executed instantly, without the need for a trusted third party to perform verification or clearing. This reduces processing times and costs associated with financial services.

 

Limitations of DeFi :

- Liquidity risk: liquidity is a common issue for DeFi markets as there are often less liquid assets and smaller markets, which can affect the value of assets and cause large price fluctuations.

- Security risk: DeFi is often confronted with security problems, such as smart contract vulnerabilities or platform hacks. These risks can lead to significant financial losses for users.

- Technical complexity: DeFi is often based on advanced technologies and concepts, which can make it difficult for non-technical users to use and understand.

- Regulatory risk: DeFi is still a relatively new and unregulated market, which may lead to legal and regulatory uncertainties, which may discourage investors.

 

In sum, DeFi offers great potential for the future of finance by enabling autonomy, efficiency and transparency in financial services. However, DeFi faces significant limitations that require continued attention to ensure the security, regulation and liquidity necessary for sustained growth.

#feedfeverchallenge #DeFi

The hype around bitcoin is still going strong. It is the first crypto to have a large fan base, internationally. And that fan base is growing and finding more and more followers who are discovering the benefits of bitcoin and joining the network: both the technical network and the social network. They invest in bitcoin and make payments with it. Bitcoin is a digital currency based on a decentralized network.

blockchain. Unlike traditional currencies, bitcoin is not controlled by a central authority, but is mutually controlled by a network of servers. No one can influence or reverse the payments made. Anonymity and security are the strongest arguments for using Bitcoin. Security because the decentralised system is less vulnerable to hacking and fraud than traditional payment systems. In addition, Bitcoin offers users the possibility to make anonymous transactions, which is an important factor for many people.

The big problem with Bitcoin is that it is not easy to understand. It is not intuitive. If you don't have technical or financial knowledge, you have to understand a new world, you have to gain trust and you have to learn a lot of new things. But first, yes, you have to learn about bitcoin; many people see it simply as a crypto-currency, something for tech nerds and online gamers, but not as a real alternative to fiat currency.

 We still have a long way to go. There are still many challenges to be overcome in order for bitcoin to reach its full potential. Of course, realising its full potential requires, in particular, high distribution and social acceptance.

What needs to change for bitcoin to grow?

First of all, a larger user group is needed. For Bitcoin to realise its full potential, it needs to be used by many people. And not just in the IT or financial sectors, or in certain strata of society, but in society as a whole. If Bitcoin is used in all social strata and groups, social acceptance will also increase accordingly.

But how do you reach a larger group of users?

 To reach a larger group of users, you need to provide low threshold information. Information about what bitcoin is. Bitcoin is very complex, even for those who know it. How complex must it seem to those who have never had contact with bitcoin or the blockchain? Bitcoin needs to be communicated in an accessible way, it needs good sources of information that everyone can easily find and where no false news is spread.

 This is an absolutely huge challenge, as there is hardly any source of information that reaches everyone. Information alone is not enough either. Trust is also needed.

Can I trust Bitcoin?

Bitcoin must appear secure and trustworthy. We know that the Bitcoin blockchain is the most secure way to secure data. But sometimes other people don't know this and hear about attacks or theft of Bitcoins. This doesn't really promote trust in the technology. So building trust takes time. Time during which social acceptance can develop.

Social acceptance is growing because many people are using it, and therefore many people trust the Bitcoin blockchain. However, to ensure that many people trust bitcoin, it should not fluctuate so much. The large fluctuations that still exist at the moment hinder trust and therefore widespread use and social acceptance. People see bitcoin as a speculative investment instead of using it as a means of payment.

Conclusion: The strong fluctuations in the price of bitcoin must stop, only then will social acceptance increase.

 What role do political decisions play in the acceptance of Bitcoin?

Social acceptance is also enhanced by the fact that it is politically accepted or desired. As bitcoin is not controlled by a central authority, there are no clear rules and regulations governing its use. This can increase concerns about cybersecurity and consumer protection, especially when it comes to protecting user data and combating fraud. In some countries, bitcoin is banned. Of course, this can be an incentive to use it, but in general, people perceive a ban as a warning and comply with it. If international politics accepts bitcoin, people who trust their politics will be more likely to do so.

Other socio-political issues are also related to Bitcoin. For example, the issue of sustainability. It is increasingly important that the technology used is sustainable. Bitcoin must therefore be sustainable. The electricity used for the decentralised system worldwide should ideally be green. States should therefore promote green energy so that it is more attractive for miners to use sustainable electricity.

 What are the other pitfalls?

 Then there is the argument that Bitcoin is compared to other blockchains. Why Bitcoin? Why not Ethereum? Bitcoin is slow, Ethereum is much faster, they say. Our society is built for speed.

Everything has to be fast and cheap. So it seems logical that society prefers faster systems. That the slow method of bitcoin has value, namely proof of work, is something that many cannot understand. It is a very difficult and time consuming challenge. To explain the difference between proof of work and proof of stake, we first need the social interest in dealing with such issues.

Another important point is that people have to trust technology more than people. Everyone knows that people make mistakes, but many people still find it difficult to trust technology more than other people. The reason is that people have emotions. They can understand and justify the decisions of others, even if they are irrational. Because emotions can be perceived with empathy. People are able to forgive mistakes. People are less emotional about a machine or technology; after all, they can't put themselves in its place. That's why bitcoin has a hard time gaining acceptance: Bitcoin has to gain people's trust in its technology. It takes a long time to gain that trust. People are more likely to trust if other people do the same. Bitcoin needs to spread, only then can it reach its full potential. This brings us back to the first point, the highest user group.

 Conclusion

In summary, it can be said that the road to a socially accepted Bitcoin world is long. There are many reasons why Bitcoin is not yet widespread. These include lack of trust, price fluctuation, lack of information and sustainability. However, if something moves and changes on all the points mentioned, it will promote positive communication about Bitcoin, the transparency of the technology and therefore the overall value of Bitcoin.

#feedfeverchallenge #BTC

For more than a decade, blockchain has been the buzzword in the technology field. But little by little, it is turning into reality and the time has come when we will finally start seeing real applications of Blockchain technology for the general public.

The growth of blockchain has often been compared to the growth of the internet. Both have had their share of supporters and detractors, but ultimately the internet led to what is now known as the information age.

What will become of Blockchain technology, and its potential state of application in 10 years? Shall we make predictions?

But before we do, here are some important points about the current state of blockchain: In 2021,the blockchain market was valued at about $3.67 billion and is expected to reach $40.7 billion by 2025 with an annual growth rate of 67.3% While the technology was made famous by the crypto-currency Bitcoin, its future prospects go far beyond that field.

The Hyperledger project, led by the Linux Foundation and involving more than 100 companies (including big names like IBM, JP Morgan, etc.), is an umbrella project that seeks to discover and create new applications for blockchain technology.

Platforms such as Ethereum are playing a progressive role in the development of decentralized applications using blockchain technology and smart contracts. Let's turn to smart contracts. This is the icing on the cake. At its core, a smart contract program allows for the automation of certain activities that take place in the process of a transaction. It is akin to an escrow service, but the middleman is replaced by a standalone smart program coded using the Solidity programming language.

Here are some other points describing the challenges in developing blockchain in the future:

Although applications of Blockchain technology are being developed by some of the largest companies in the world, the technology is still in its infancy. It is still in its infancy. In fact, no one really knows how to design a blockchain interface. Those who do know have not yet found stable solutions. On the other hand, everything that makes blockchain so powerful is what the world really needs right now. Blockchain's promises of transparency, decentralization and immutability are a necessity in a world where trust in centralized organizations is a major concern. Threats to data privacy and security loom large in the digital world. Only blockchain, or perhaps something similar to blockchain, can provide a solution to this problem.

More importantly, features such as Proof-of-Stake implemented on a blockchain may seem great at first glance. But the truth is that such security implementation requires a lot of computing power, which is not cheap. Even then, such transactions implemented on blockchain networks would take a long time. Which is not a major problem in today's conventional transactions. Taking all of the above into account, here is a prediction of the state of blockchain over the next decade:

1) Over the next decade, blockchain may not become commonplace, but it will gain traction as we see new platforms and implementations emerge. It's kind of like the Internet growing over time. We will certainly start to see new and very promising Dapps.

2) However, the pioneers would be the giant companies of the world, and it is likely that public blockchains will not find a valid use case even in 10 years.

3) Public blockchains are difficult to implement. Also, governments will not be willing to make things that transparent within 10 years.

4) Even in the next 10 years, it would be difficult to see an existing business moving to a Blockchain network for transactions or record keeping. Even if some do, it may take another five years for the changes to be visible.

5) But for startups, blockchain will be a new playground to explore, as many new startups will emerge using blockchain development. The advantage for these startups is that, unlike established companies, they will not have an existing burden or method to throw away.

In conclusion, it would be best to say that blockchain will remain as popular, if not more so, even 10 years from now. But by then, it will be a much more mature technology. Market leaders will continue to innovate in this area and acquire new emerging startups that will take the technology further. If you are an aspiring entrepreneur looking to get into blockchain, now is the best time to invest. This is the best time to invest and hire Blockchain developers in India (being one of the most profitable IT playgrounds, hiring developers in India can provide the best return on investment). Who knows, maybe a new Blockchain company today could end up becoming something like Amazon or Google (two companies that wouldn't have existed without the Internet) in 10 years.

#feedfeverchallenge #blockchain