Blockchain Key Leader Sharing | 2018 Blockchain Story and Accident
Key Leaders in the Hashgard community share their stories is a new section
We will invite key leaders in Hashgard community every week
to share their blockchain story.
The key leaders this round: all members in Hashgard Star Rainbow Fleet
There are accidents, stories as well in blockchain circle in 2018. The hackers cast covetous eyes on the various tokens, and the transfer is even more congested than the Beijing Third Ring. There are also stable coins that cannot be stabilized.
In a twinkling of an eye, it is now 2019, and all members of the Hashgard Star Rainbow Fleet (MAY, snails rushing, Yu, Shenzhou Feitian, Master) wish all the loyal fans in the community a rich 2019.
Dry your tears and let’s talk about the blockchain industry in 2018. There are accidents as well as stories in the blockchain circle in 2018. The hackers cast covetous eyes on the various tokens, and the transfer is even more congested than the Beijing Third Ring. There are also stable coins that cannot be stabilized. We will use a few keywords to summarize the blockchain industry in 2018 in the following.
The first keyword “Congestion”
Let’s take a look at the old-fashioned star of congestion ETH, and EOS whose CPU constantly collapses recently the recently.
1, ETH congestion
Ethercoin (ETH) is a digital token of Ethereum. Developers need to pay Ether (ETH) to support the operation of the application. Since July this year, following the Crypto Kitties incident last year, Ethereum network has ushered in a wave of congestion.
Ethereum transactions are divided into two categories:
The first category: ETH transfer, the blockchain processing capacity is low, and one block can handle 380 transactions.
The second category: smart contract trading, Dapp decentralized application transactions. This type of transaction consumes a lot of block processing, and the occupancy of the blocks are several times or even dozens of times more than that of the simplest ETH transfer transaction.
Smart contract transactions have become more and more popular, and thus it takes up too much block processing power.
EOS, ie Enterprise Operation System, a blockchain operating system designed for commercial distributed applications. EOS is a new blockchain architecture introduced to achieve performance extensions for distributed applications, known as Blockchain 3.0.
In July this year, a screenshot of Huobi customer service replying to the user about the slowness of EOS coin withdrawal is widely circulated on the Internet. The direct cause of this incident is related to ADD, who recently conducted a stress test on the EOS main network with a large-scale no-limit transaction request. This test began on July 10th, and EOS’s real-time computing volume surpassed Ethereum on July 11.
The original EOS CPU is dynamically adjusted. When the EOS chain is mainly idle, the account can use 1000 times more resources than the pledge it obtains. When not idle, the resources are allocated in strict proportion of 1:1. .
The second keyword “loophole”
As it goes: a day in blockchain circle equals a year in the secular world. But for blockchain circle with existing loopholes, that statement has been upgraded: a second in blockchain circle equals a year in the secular world.
According to statistics, currently 92% of the global Top 100 market valued tokens are based on Ethereum. Data also suggests that, 89% of smart contracts have security vulnerabilities. It is roughly estimated that the losses caused by smart contract vulnerabilities have exceeded $2 billion.
To put it simply, a smart contract is a technology that adopts blockchain technology, and everyone agrees that contracts can be automatically executed when certain conditions are met. At present, the most commonly used smart contract platform for blockchain is Ethereum, and anyone can issue tokens if they follow the ERC20 standard of Ethereum.
On April 22, 2018, hackers used the BatchOverFlow loophole in the Ethereum ERC-20 smart contract to attack the BEC smart contract, and successfully transferred large amount of BEC of to two addresses, resulting in a large number of BECs being sold. The BEC value of the day was almost down to Zero, which brought a devastating blow to BEC market transactions. More seriously, the loopholes do not only affect tokens based on the Ethereum ERC20 standard, but also the ERC721, ERC223 and other Ethereum standards based token are all affected.
Ilya Sergey, an associate professor in the Department of Computer Science at the University of London, revealed in his latest paper that he analyzed 10 million smart contracts 10 seconds each contract and found that 34,200 smart contracts among which were vulnerable to hackers. At the same time, he also conducted a sample survey of 3,686 smart contracts and found that these contracts had a 89% probability of existing loopholes.
Several major vulnerabilities in the past year have caused turmoil in the cryptocurrency market, but security incidents have also reminded blockchain developers and hackers that developers have to pay more attention to code security, while hackers need to divert their attention from the token holders to the source code audit. The issue of information security is, in the final analysis, a game of interests between people. As long as the interests exist, attack and defense, spears and shields will continue.
I hope that the loopholes in blockchain circle in 2018 caught everyone’s attention to information security. Keep in mind that security issue is no small matter, and that prevention is the key!
The third keyword “stable currency”
This year, USDT ushered in its strong competitors. with the opacity of USDT; competitors began to take initial move, with the approval of the New York Financial Services Authority (NYDFS), Paxos and Gemini officially announced the launch of two stable coins — Gemini Dollar (GUSD) and Paxos Standard (PAX). Both stable currencies anchor the dollar in a 1:1 ratio, and each unit of GUST and PAX represents the value of $1. Experts believe that the emergence of fully audited, legal and licensed stable currencies will have a profound impact on the cryptocurrency market, especially in the long run; as it provides investors with a means of hedging to avoid being exposed to the impact of fluctuations of market.
The fourth keyword “falls down”
Looking back at the entire blockchain world in 2018, it is a stormy year. From the skyrocketing at the beginning of the year to the continuous collapsing from the middle of the year; let’s have a review.
1. Three-O’clock sleepless blockchain community. On the 17th of February, 2018; the Lunar New Year’s Eve, all the communities in the crypto currency circle were swiped by the chat content of a group called “3 o’clock sleepless blockchain”.
2. In March, the EOS SuperNode campaign kicked off. According to the rules published by the EOS official at the time, EOS will select 21 master nodes and 80 candidate nodes for block packing and verification of the EOS blockchain system.
3. After the country repeatedly issued an order prohibiting real estate speculation, Wenzhou people who were active in the real estate speculation began to change the lane and 4 billion Capital entered the blockchain field.
4. Yuhong Waterfall cuts the leek, XMX market value goes down to zero
5.Fcoin high-profile “save the market”
6. Li Xiaolai’s recording circulated
7.Fomo3d class Pons game gets popular
8.OKEx is frequently sued by customers for right protection
Last year’s big bull market gave rise to a lot of newly riches, and it also gave rise to some people’s ambitions. After a shortcut, they would not be willing to go step by step, but this year’s market is rational, occupying the mainstream, 90% of the decline has worn away the patience of some people who are waiting. Leverage may be the last glimmer of hope when all the efforts of buying and selling do not pay off.and perhaps it is enough to be blessed and wants to win and lose in a short time. It is not that the futures can’t be played, the leverage can’t be added, but it’s just a matter of preparing for the loss in advance.
At present, the blockchain world is still in a bubble period. It is the endurance and strength of the project that matters. Hashgard in 2019, the main-net is about to be launched, the token economic model will be announced, the main-net wallet will be released, and the deployment of smart contract of securities tokens will be realized. Project planning is clear, one step at a time, we are looking forward to every leap of Hashgard.
Before the release of this article, good news come all along to Hashgard; First, it got listed on CoinMex, and then went online to test the public chain testnet was launched. In the Hashgard memorabilia inventory in 2018, the team’s efforts of the past year can be viewed. We believe that the development of Hahgard will be more stable in 2019 and it will hand out brilliant result.
Hashgard is a new generation of digital financial public chain led by Fenbushi Capital and BKFUND and invested by 80 well-known investment institutions. The public chain will create an open, high-expansion ecosystem, solve the pain points in the digital finance field through technological innovation and ecological construction, protect the assets and rights of investors, and promote the healthy development of the digital finance industry.
The Hashgard Technology Empowerment Platform is the first distributed commercial application on the public chain to provide enterprise-level services for a diverse blockchain ecosystem, including but not limited to digital asset management, securities tokens services, multi-party collaboration, and intelligence. One-stop solutions for contract deployment, community reward distribution, content & media promotion, and legal compliance.
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