SemanticMD is a solution that is especially useful for those who need medical data solutions without needing a lot of technical skills. There are a variety of ways where this kind of medical technology can be useful. Storage The SemanticMD Cloud Storage service makes it easier to store medical images and videos. While some organizations may…
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Dash Platform plans to remove the cryptographic address in transactions
Dash Platform is planned to become a cloud system It will feature decentralized data storage The transaction will be conducted using usernames Dash Platform plans to develop into the cloud system while at the same time abandon the use of addresses in transactions. This information came from its CEO, Ryan Taylor. He revealed on September, […]
- Dash Platform is planned to become a cloud system
- It will feature decentralized data storage
- The transaction will be conducted using usernames
Dash Platform plans to develop into the cloud system while at the same time abandon the use of addresses in transactions. This information came from its CEO, Ryan Taylor. He revealed on September, 18th that the Dash Platform intends to streamline the way users send or receive funds. Instead of a cryptographic address, users will be able to send and receive funds using username and blockchain identity.
The main goal of the Dash Platform is to have a better user experience. Taylor also said that this new Dash’s developments should improve the efficiency of the Dash system. Dash Platform will also host a DApp API and decentralized storage system.
Dash Platform – DApp Development
Creators of the Dash Platform aim to develop a fully decentralized blockchain solution. It should allow users to make transactions based on their usernames and without the need of including a third-party service.
Its Decentralized API (DAP) will mean an expanded offering, and virtually endless opportunity to host decentralized apps on the network.
Taylor is convinced that it will be a revolutionary change in the industry and “an explosion of use-cases and easy integration of new merchants.”
Removing cryptographic addresses
Crypto transactions require cryptographic addresses. They are very long and carry great risks of losing them or even worse losing the cryptos. For example, one small error in the address will always result in losing access to funds, and if the address becomes known to malevolent actors loss of funds.
The risk is involved in both cases, whether the users store it themselves or use a third-party solution. Data breaches happen every day and no one is really safe from them. Individual personal email accounts can be compromised by viruses and similar threats. On the other hand, third-party’s services are always a tempting target for malicious hackers. In both scenarios the possibility of losing funds is big.
Dash Platform plans to provide access with usernames and facilitate connecting with other users via a ubiquitous “friend request” form. After accepting such a request, the users will be allowed to make transactions between each other without using cryptographic addresses.
Dash Platform’s team expects that this will both help crypto adoption even beyond the technophile users. The other benefit is the reduced security risk. In the press release, Taylor said that the Dash Platform allows data to sync across devices.
“So I can have the same user account on my tablet as I have on my desktop or my mobile phone. If I create a friend request on one of those devices, it should sync across all of them.”
Circle unveils new feature allowing businesses to pay sellers in local currencies
Circle businesses can now pay sellers in local fiat currencies in over 80 countries.
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Hackers Nab $16 Million In BTC Through Bitcoin Wallet Exploit
A long-time holder was unfortunately taken for their 1,400 BTC – over $16 million worth of Bitcoin – in a wallet exploit. But how were hackers able to make off with this user’s cryptocurrency? And what can others do to avoid the same situation from happening to them?
Crypto Crime Takes A Bow But Is Just As Active Behind The Curtain
Due to the lowered frequency and severity of big crypto exchange hacks compared to the past, Bitcoin-related hacks have since cooled off in the media.
Phishing attempts, ransomware, and SIM-card hacks are just three examples of crypto-related crime that isn’t widely covered.
Related Reading | Dangers of DeFi Hype Surface Following One-Hour Crypto Scam
It wasn’t until recently when several high profile Twitter accounts of celebrities, politicians, and company CEOs were hacked as part of a phony Bitcoin giveaway scam.
Hacks are commonplace in crypto, but it is only when there’s something of significance attached does it make the news. And a new hack uncovered involving over $16 million in stolen BTC could be the next headlining story to make it to publishing.
BTCUSD 1400 BTC = Roughly $16,000,000 USD | Source: TradingView
How Hackers Were Able To Steal 1400 Bitcoin, Over $16 Million In USD Value
According to the appropriately named GitHub user ‘1400BitcoinStolen,’ the enormous sum of BTC matching his username is now gone in part of a hack involving the Bitcoin wallet Electrum.
The fault is not of Electrum’s nor really the user’s, but it does put a spotlight on the importance of two key issues.
— Ben Verret⚡ (@verretor) August 30, 2020
The user utilized Electrum software from the last time they accessed their BTC in 2017. Electrum has since issued security updates that this user hasn’t yet installed.
Before they could move their Bitcoin, they were prompted to update and patch potentially critical issues. But when they did, the software contacted the hacker’s server using an exploit that the real security update would have likely prevented. 1400 BTC was immediately emptied from the wallet and into the hacker’s – a somber reminder to always keep software up to date.
Related Reading | The Most Common Bitcoin Scams And How To Avoid Them
Because Electrum is a “light client” software engineer Ben Kaufman explains in a deeper Twitter thread on the subject that this means the software must connect to a public server before it is then be connected to the blockchain.
It’s this trusted third-party acting as a middle man where hackers were able to exploit the process – the other key reminder to never trust third-parties with your private keys.
This unfortunate user likely can’t get their funds back, but others have been luckier. For those that experience this issue and act fast enough can potentially “double-spend” over the transaction if the hacker used a low enough fee.
For everyone else, let this be a reminder to keep your software up to date and to rely on cold storage methods whenever possible.
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