#How to become a node operator on eth

[infifashion]

How to Become a node operator on ETH

Do you want to learn more about How to Become a node operator on ETH? Ethereum, one of the most well-known blockchain networks, needs node operators to operate and maintain the network's security, consistency, and openness. You can contribute to the decentralised infrastructure of the network and get paid for your labour by running an Ethereum node.

Everything you need to know to become an Ethereum validator is covered in this blog post, including what an Ethereum node is, how to put one up, how to start staking, and the expenses and obligations of running a node.

What is an Ethereum Node?

Let's start by learning how to operate an ETH node. First, you need to understand the fundamentals. For example, what does "Ethereum node" mean? It refers to any device that has the software required to connect to the Ethereum network, such as a computer. These nodes communicate with one another in order to verify transactions, exchange information, and store data about the blockchain's current state.

Although the phrases are sometimes used interchangeably, these connected computers are the nodes, and the software they run is the client.

How to run an Ethereum Node?

Let's proceed to the next stage of learning how to operate an ETH node. Here is a list of choices for configuring your Ethereum node in various ways, depending on your preferences.

Plug and play remedies

The top two plug-and-play ETH validator solutions are DAppNode and Avado Cloud. They are well-liked since they are appropriate for non-technical users and beginners. Keep in mind that we must choose the appropriate software if we want to learn how to run an Ethereum node.

Solution for DAppNode:

DAppNode offers low-cost hardware and software options so that anyone may easily run blockchain nodes.

How to start staking on Ethereum Node?

You can start staking your Ethereum once you understand how to operate a node on the Ethereum network. Through your node, you can do it. Ethereum advises spending money on cutting-edge gear. Ethereum wallets like MetaMask and MyEtherWallet are available for use.

And after your Ethereum node has successfully been set up and is operating, you may begin staking ETH by linking your wallet to your node. simply operating your validator and receiving payment in return, you can assign your ETH to the staking pool. And that is precisely how ETH is staked.

Responsibilities of a node operator You must be aware of the fact that validators are used for staking in Proof of Stake [PoS] when you understand how to operate an ETH node. On the Execution Layer [of the Ethereum blockchain], 32 ETH have been deposited to a single Beacon Chain address, which serves as each validator.

This is accomplished by keeping an ear out for transactions and fresh block proposals, then certifying the proposed block as containing only legitimate and lawful transactions. In contrast to the Proof of Work [PoW] scheme, validators are assigned both the attestations and the block proposals on a random scheduling basis.

[jayasuriyan]

Blockchain: what it is, how it works and the most common uses

What is blockchain?

It literally means blockchain is a database or public registry that can be shared by a multitude of users in peer-to-peer mode (P2P or peer network) and that allows the storage of information in an immutable and organized way.  

It is a term associated with cryptocurrencies because, apart from being the technology that supports them, it was born with the first virtual currency in history in 2009, Bitcoin . In this case, the data added to the blockchain is public and can be consulted at any time by network users.

However, it is important to remember that cryptocurrencies are just that, currencies! Just as happens with the euro, the dollar or any type of paper money. Each one is a simple material with a printed value, but what allows its use and generates value are the economic laws that support them.

Something similar happens with virtual currencies. In this case, it is blockchain technology that allows it to function. Its main objective is to create an unchangeable record of everything that happens in the blockchain, which is why we are talking about a secure and transparent system. 

Bitcoin (BTC), Ethereum (ETH) or any other cryptocurrency is simply a virtual currency built on the blockchain and used to send or receive the amount of money that each participant has. This technology is what keeps transactions publicly recorded, but keeping the identity of the participants anonymous.

However, although it was created to store the history of Bitcoin operations, over the years it has identified great potential to be applied in other areas and sectors due to the possibilities it offers.

Features of blockchain technology

The progress of this system has been a mystery since its origin, but little by little we are learning more details about its operation:

Security

Cryptography is a fundamental pillar in the operation of the blockchain application development company, which provides security for the data stored in the system, as well as the information shared between the nodes of the network. When we are going to make a transaction, we need a set of valid asymmetric keys to be able to carry it out on the blockchain. It is also known as public key cryptography.

Trust

By representing a shared record of facts, this technology generates trust in users. Not only that, but it eliminates the possibility of manipulation by hackers and generates a ledger of operations that all members of the network can access. 

Immutability

When information is added to the distributed database, it is virtually impossible to modify it. Thanks to asymmetric cryptography and hash functions, a distributed ledger can be implemented that guarantees security. In addition, it allows consensus on data integrity to be reached among network participants without having to resort to an entity that centralizes the information. 

Transparency

It is one of the basic requirements to generate trust. Transparency in blockchain consulting services is attained by making the chain's software code publicly available and by fostering a network of nodes that use it. Its application in different activities, such as supply chains, allows product traceability from origin.

Traceability

It allows knowledge of all operations carried out, as well as the review of transactions made at a specific time. Traceability is a procedure that allows us to follow the evolution of a product in each of its stages, as well as who, how, when and where it has been intervened on. This is one of the main reasons why many sectors are beginning to apply blockchain technology.

3 keys to understanding how the blockchain works

It will only take you a single step to become an expert on the blockchain consulting services. Now that you know its definition and the main characteristics and related terms, it is time to put everything you have learned together to discover how it works. Take note!

The jack, horse, king of transactions

Networks use peer-to-peer data exchange technology to connect different users who share information. That is, the data is not centralized in a central system, but shared by all users of the network. At the moment a transaction is made, it is recorded as a block of data transmitted to all parties with the objective of being validated. 

The transaction is the movement of an asset and the block can record the information of your choice, from what, who, when, to where, how much and how. Like an irreversible record, each block joins the preceding and following ones to form a chain (blockchain). Every new block removes the chance of manipulation and strengthens the previous one's verification. Finally, the transaction is completed. 

The structure of the blocks

The chain stores a lot of information, which allows it to grow over time. This is the reason why it has been necessary to create efficient query mechanisms without having to download all the information: the Merkle hash tree.

It is a tree data structure that allows a large number of separate data to be related to a single hash value, providing a very efficient method of verifying the contents of large information structures.

Generation of chain blocks

First of all, it is a decentralized process. And to do this, a distributed consensus is needed in which the nodes have the ability to generate valid data. In order for users to initiate new operations, they must turn into nodes within the system. If what they want is to become miners and create blocks, then they must compete with others. The validation process is based on asymmetric cryptography, with a public key and a private key. The issued transactions are validated by the nodes in the new mined block, as well as their correct linking to the previous block (it must contain the hash).

The most common uses of blockchain

“But this technology was created for cryptocurrency operations.”

That's right, but the passage of time, research and social needs have seen great potential in this technology to be applied in other areas:

Voting systems

Some states such as West Virginia are implementing electronic voting through blockchain, although it is still a framework to be regulated. But that's not necessary to go that far. After the last elections to the Madrid Assembly, as well as the COVID-19 pandemic situation and its restrictions on mobility and the gathering of people, they have proposed the establishment of electronic voting with blockchain.It is an extremely appealing voting system because of its traceability and immutability.Not only would it increase transparency and reliability, but you could audit in real time.

Smart Contracts

They are programs that allow you to fulfill and execute registered agreements between the parties automatically. They can be applied in any type of transaction where a registered agreement is necessary, such as a security deposit or the contracting of a product, among others. Among its main characteristics we find: self-execution and immutability. 

Supply chain

Supervision and monitoring in food chains, as well as in production, is one of the main applications proposed with blockchain. Some examples of this technology in the food and agricultural industry are: Walmart China, with food production constituted by IBM; or the Australian AgriDigital, which works with distributed ledgers, blockchain and Smart Contracts.

It is not what has already been done, but what is yet to come. At Occam Agencia Digital , as a blockchain development company, we are convinced that it is not just about programming, but about analyzing the client's needs and designing a unique user experience.

What are some ways that your business can benefit from blockchain technology? Tell us your questions, we can help you solve them.

Tokenization of real estate and assets

 Thanks to the transparency of the blockchain, the tokenization of assets is revolutionizing traditional sectors such as real estate investment, democratizing their purchase. 

This breaks the barrier to investing in safer assets, since, until now, if you wanted to buy a property, you had to do it alone or among a very small group of people. Thanks to tokenization, now you can buy an apartment between 100, 200, 1000 people by making a small contribution. 

This also allows you to diversify and minimize risk, being able to invest €100 in several properties.

It is very important to choose a blockchain development company that has developed a project using this technology, since these are complex developments with very little documentation on the internet to help developers.

How to do good blockchain development?

We invite you to take note of the steps necessary for the development of the blockchain:

The first thing to do is a briefing between both parties . The client provides the information on the business model, and the blockchain development company offers the expertise to design the platform using the most optimal technology.

It is very important to choose the technologies to be used, since in blockchain each transaction has a cost. Depending on the blockchain chosen, it can cost between €10 or €0.0001 each.

It is imperative that the blockchain development company determines which components of the platform need to function in order to have a well-balanced security, user experience, and cost per use system that is suitable and tailored to the client's suggested business model. 

For example, if you want to develop a platform to tokenize real estate so that investors can buy tokens from these, the most recommended thing is that all the functionality related to the purchase or investment is developed on blockchain technology, and the rest of the functionalities are developed using the traditional way. In this way, you will achieve a good user experience, great security in purchases and low costs.

Once the briefing is finished, we move on to the design phase . With the briefing in hand, it's time for the UX and UI experts to get to work. With the information collected, you must design a platform with a great user experience and a friendly interface to convey confidence to the user and allow them to operate very easily. You'll be able to stay on the platform and avoid getting frustrated or giving up.

[czlabs]

Spider Swap's Bridge : A Gateway for Cross-Chain Transactions

In the rapidly evolving world of decentralized finance (DeFi), interoperability between different blockchain platforms has become a critical need. As users and developers alike seek more seamless ways to interact across ecosystems, tools that facilitate these interactions are increasingly in demand. Spider Swap, known for its innovative approach to decentralized exchanges, has recently launched a groundbreaking new feature: the Bridge. This functionality not only enhances the platform’s offerings but also pioneers a more interconnected blockchain environment. In this blog, we’ll dive deep into what Spider Swap’s Bridge is, how it works, and what it means for users wanting to swap crypto across platforms like Ethereum and Solana.

What is Spider Swap’s Bridge?

Spider Swap’s Bridge is a decentralized application (DApp) designed to connect disparate blockchain networks, enabling the transfer and exchange of assets between them. This tool is crucial for users who want to leverage the strengths of multiple blockchains — like Ethereum’s extensive development infrastructure and Solana’s high-speed, low-cost transactions — without being limited by the boundaries of any single platform.

Key Features and Capabilities

Cross-Chain Swaps: The primary function of the Bridge is to allow users to swap cryptocurrencies across different blockchains directly. For example, a user can exchange Ethereum (ETH) for Solana (SOL) seamlessly, without needing to convert ETH to a stablecoin or use centralized exchanges as intermediaries.

Decentralized: Operates in a fully decentralized manner, meaning that it does not rely on any central authority for the processing of transactions. This ensures that the swaps are secure, adhering to the core principles of DeFi.

User-Friendly Interface: Despite the complex technology underlying it, the Bridge boasts a user-friendly interface that simplifies the process of cross-chain transactions for the average user. This accessibility opens up more opportunities for non-technical users to engage with multiple blockchains.

Lower Transaction Costs: By facilitating direct swaps, Spider Swap’s Bridge can significantly reduce the transaction fees and slippage usually associated with multiple exchange steps. This efficiency is particularly beneficial in a market where transaction costs can be a barrier to participation.

How Does the Bridge Work?

The technology behind Spider Swap’s Bridge involves several innovative components:

Smart Contracts: At the heart of the Bridge are smart contracts that are deployed on each participating blockchain. These contracts handle the verification, locking, and unlocking of assets as they are transferred between chains.

Relayers: These are nodes that observe the state of one blockchain and report it to another. They play a crucial role in ensuring that transactions are validated across the ecosystems without the need for an intermediary.

Liquidity Pools: To facilitate swaps, the Bridge uses liquidity pools that hold reserves of various tokens on multiple blockchains. Users provide liquidity to these pools and, in return, earn transaction fees generated from the swaps.

Practical Applications and Benefits

The practical applications of Spider Swap’s Bridge are vast:

Enhanced Liquidity: Users from different blockchains can pool their resources, leading to enhanced liquidity, which in turn reduces price volatility and improves trade execution.

Broader Asset Access: Users can access a wider range of assets across different blockchains, potentially leading to better investment opportunities and risk diversification.

Innovative Financial Products: Developers can create complex financial products that leverage capabilities from multiple blockchains, such as combined yield farming strategies or multi-chain collateralized loans.

Challenges and Considerations

While the Bridge offers numerous advantages, there are also challenges to consider:

Security Risks: Cross-chain bridges are complex and potentially expose new attack vectors. Ensuring the security of the smart contracts and relayer systems is paramount.

Regulatory Uncertainty: The regulatory framework for cross-chain activities is still unclear, and users must navigate these uncertainties which could impact the adoption and functionality of such tools.

Conclusion

Spider Swap’s new Bridge functionality marks a significant step forward in the quest for a truly interconnected blockchain ecosystem. By allowing seamless swaps between major platforms like Ethereum and Solana, it not only broadens the scope of what’s possible within DeFi but also enhances the overall user experience. As the technology matures and more users and developers engage with it, we can expect even more innovative solutions to emerge, further solidifying the role of interoperability in the future of finance.

[jairaam]

Ethereum staking is a process that involves participating in the Ethereum 2.0 network by locking up ETH (Ethereum's native cryptocurrency) to support the network's operations and earn rewards in return. This transition to Ethereum 2.0 aims to shift Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, enhancing scalability, security, and energy efficiency.

Here's how Ethereum staking works:

Validator Nodes: Participants (validators) lock a minimum of 32 ETH into a staking contract to become validators on the Ethereum network.

Block Validation: Validators are randomly selected to create new blocks and validate transactions based on the amount of ETH they have staked.

Rewards: Validators earn ETH rewards for successfully proposing and attesting to blocks. Rewards are distributed based on participation and network performance.

Security and Incentives: Validators are economically incentivized to act honestly and maintain network integrity. However, penalties apply for malicious behavior or downtime.

Ethereum staking provides an opportunity for ETH holders to contribute to the network's security and scalability while earning passive income through staking rewards.

[aakarshita04]

How does cryptocurrency work?

In the ever-evolving landscape of finance, cryptocurrencies have emerged as a groundbreaking force, reshaping the way we perceive and conduct transactions. As digital assets gain prominence, it becomes crucial to understand the underlying mechanisms that power them. In this comprehensive guide, we delve into the intricacies of cryptocurrency, exploring its fundamental principles and shedding light on the question: How does cryptocurrency work?

Understanding the basics:

Cryptocurrencies operate on a decentralized technology called blockchain. At its core, a blockchain is a distributed ledger that records all transactions across a network of computers. Each transaction, known as a block, is linked to the previous one, forming a chain of blocks. This decentralized nature ensures transparency and security, making it nearly impossible to manipulate or hack the system.

Key components of cryptocurrency:

Blockchain Technology: Cryptocurrencies rely on blockchain technology to maintain a secure and transparent record of transactions. This technology involves a consensus mechanism, where participants in the network agree on the validity of transactions, preventing fraudulent activities.

Cryptography: The name "cryptocurrency" is derived from the use of cryptographic techniques to secure transactions and control the creation of new units. Public and private keys play a crucial role in this process. A public key is the user's address on the blockchain, visible to others, while the private key is a secret code known only to the owner, ensuring the security of their digital assets.

Decentralization: Unlike traditional banking systems, cryptocurrencies operate without a central authority. This decentralization eliminates the need for intermediaries, such as banks, allowing users to have direct control over their funds.

How transactions work:

Initiating a Transaction: When a user initiates a cryptocurrency transaction, they create a digital signature using their private key. This signature serves as proof of ownership and authorization for the transaction.

Validation: The transaction is broadcasted to the network and validated by a network of nodes through consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS). Once validated, the transaction is added to a block and appended to the blockchain.

Mining Process: In the case of PoW cryptocurrencies like Bitcoin, miners compete to solve complex mathematical problems to validate transactions and create new blocks. Successful miners are rewarded with newly minted cryptocurrency and transaction fees.

Confirmation: As more blocks are added to the blockchain, the transaction becomes more secure. Most cryptocurrencies require multiple confirmations before considering a transaction final, adding an extra layer of security.

Popular cryptocurrencies and their unique features:

Bitcoin (BTC): As the pioneer of cryptocurrencies, Bitcoin remains the most widely recognized and traded digital currency. It operates on a PoW consensus mechanism, limiting the total supply to 21 million coins.

Ethereum (ETH): Ethereum introduced the concept of smart contracts, self-executing contracts with the terms of the agreement written directly into code. This feature allows for the creation of decentralized applications (DApps) on its blockchain.

Ripple (XRP): Ripple focuses on facilitating fast and low-cost cross-border payments. Unlike PoW, Ripple uses a consensus algorithm to validate transactions, making it more energy-efficient.

Security measures in cryptocurrency:

Immutable Ledger: The blockchain's immutability ensures that once a block is added to the chain, it cannot be altered or deleted. This feature safeguards the transaction history from tampering or fraud.

Encryption Techniques: Cryptocurrencies employ advanced encryption techniques to protect user data and secure transactions. This encryption makes it extremely challenging for malicious actors to compromise the system.

Consensus Mechanisms: The consensus mechanisms, such as PoW and PoS, contribute to the security of the network by preventing malicious activities and ensuring that only valid transactions are added to the blockchain.

The future of cryptocurrency:

As cryptocurrencies continue to gain traction, the future holds the promise of further innovation and integration into mainstream finance. From decentralized finance (DeFi) to non-fungible tokens (NFTs), the cryptocurrency space is evolving rapidly, offering new opportunities and challenges.

In summary, the world of cryptocurrency operates on the principles of blockchain, cryptography, and decentralization. Understanding the mechanics of cryptocurrency is essential for anyone looking to navigate this digital financial landscape securely. As we embrace the future of finance, the decentralized and transparent nature of cryptocurrencies is set to redefine the way we transact and interact with money. How does cryptocurrency work? It's a question that invites exploration and discovery in a world where digital currencies are becoming increasingly intertwined with our financial reality.

[ailtrahq]

Ethereum is the second-largest crypto in terms of market cap and the first blockchain-based smart contract to undergo a historic transformation from an energy-intensive mechanism of proof of work (PoW) to a more eco-friendly consensus mechanism of proof of stake (PoS). PoS fundamentals have transformed the roles and responsibilities of Ethereum, which was once utilized to reward ETH miners and can now be staked. It follows a two-tiered staking system, where node operators and delegators have emerged as central figures. Vitalik Buterin, the founder of Ethereum, suggested the two-tiered staking model that includes a high-complexity slashable tier with limited participants and frequent activities and a low-complexity tier with members sporadically engaging and facing minimum or no slashing risks. In this article, we will discuss how the transition from PoW to PoS has enhanced Ethereum’s security and scalability, benefiting all participants on the Blockchain network. Ethereum’s Transition to PoS and Challenges  The recent shift of Ethereum from the power-hungry PoW consensus to a greener PoS mechanism has considerably enhanced Ethereum’s energy efficiency, minimizing energy consumption and reducing its carbon footprint. According to the CCRI metric, the Merge indicates a reduced electric consumption of almost 99.5% in September. With this, the Ethereum network has become the champion in the world of decentralization. However, certain challenges have come up while orchestrating these upgrades or changes. The transition has altered the validation process for ETH transactions, moving from intricate problem-solving to crypto staking. This shift has inherent risks of amplifying the influence of wealthier participants and can potentially lead to centralization. Nevertheless, the transition has exposed Ethereum casinos to a powerful opportunity where all parties can benefit from enhanced security, scalability, and decentralization. Vitalik Buterin’s Two-Tiered Staking Proposal  Ethereum network’s founder, Vitalik Buterin, has proposed implementing a two-tiered staking solution, introducing two categories of participants – Node Operators and Delegators. The system balances accessibility, decentralization, and security within the staking ecosystem. Buterin pinpoints decentralization challenges with the selection process for node operators on different staking pools and identifies the underlying inefficiencies in the existing Layer 1 consensus mechanism. Node operators act as validators by committing a 32 ETH stake and running nodes simultaneously to handle transactions and generate new blocks. However, node operators are limited by certain ethical standards and are exposed to slashing penalties if found engaging in malicious behavior. On the other hand, delegators have stakes less than a 32 ETH threshold needed in solo staking. They can get their stakes independently for their chosen node operators. Delegation allows for supporting and engaging with the consensus mechanism with a light capacity. Benefits of the Two-Tiered Staking Proposal  The two-tiered staking proposal introduced by Vitalik Buterin has several benefits for the network and the users. The primary benefit of the two-tiered staking proposal is its potential to enhance the network’s scalability. A more efficient ETH network can process higher volumes of transactions by minimizing computational overhead and reducing the number of signatures needed per block to almost 10,000. The proposal has raised the difficulty level for attackers who are searching for gaps to gain control of the stake within the Ethereum ecosystem. The difficulty level for attackers has been increased to bolster the network’s security and decentralize the system, aligning with blockchain technology’s core principles. The approach will enable a gradual shift, reducing disruptions and reaching the desired objectives of a more scalable and secure network. Due to the transition from PoW to PoS, Buterin’s two-tiered

staking model, and the enhanced levels of scalability and security, stakeholders and investors in Ethereum casinos are heavily benefited, leading to Ethereum’s further growth.  Conclusion Ethereum’s transition from PoW to PoS and introduction of a two-tiered staking solution have marked a groundbreaking step to address the existing challenges linked with the current proof of work consensus mechanism. The changes or upgrades have established a precedent for the entire crypto sector. The transition signifies a move towards sustainability by achieving a balance between delegators and node operators, promising improved accessibility, scalability, and security to pave the way for a stronger Ethereum ecosystem. The future for the ETH community looks brighter and more promising than other blockchain platforms, considering more community members embrace these changes.

[snewshub]

What Is Ethereum Merge?

One of the most important moments within the crypto field happened today after Ethereum completed the Merge and switch to a brand new software

The second biggest cryptocurrency within the world has stated that it'll use less energy as a results of the Merge which was completed on Thursday, September 15. Before the change, the crypto reportedly used the maximum amount energy utilized by a medium-sized country.

Here’s everything you wish to understand about the Ethereum Merge and the way Proof of Stake is different to Bitcoin’s operating model.

What Is Ethereum Merge?

Ethereum Merge is that the switch to the so-called software system Proof of Stake. Up up to now, the crypto used the identical network as Bitcoin, called Proof of labor, which is maintained by a network of computers across the world using huge amounts of electricity.

Proof of labor has been utilized by other popular crypto coins like Dogecoin and Litecoin. The Merge will see Ethereum Proof of labor blockchain combine with a carbon called the Beacon Chain. The latter has been acting on Proof of Stake since 2020.

How Proof Of Stake Differs From Bitcoin

Bitcoin relies on crypto mining or the so-called system called Proof of labor. Proof of labor relies on volunteers across the globe to take care of the world network by cryptomining. Reciprocally for his or her work, they receive new coins.

Validators will be used in Proof of Stake rather than cryptocurrency mining. Users who have 32 ETH can become validators by "staking" their funds on the network.

The switch to Proof-of-Stake (PoS) will do away with the need for mining nodes to compete. It is for block rewards in favour of requiring node operators to stake 32 Ether (ETH) as collateral. However, in order to become network validators and collect rewards, according to investopedia.

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[mark-tencaten]

A New Chapter in the LINK Economy: Chainlink Staking

The decentralised oracle network's future is examined by Crypto Briefing as Chainlink token staking prepares to go live later this year.

Key points:

·       In order to fuel DeFi apps, Chainlink, the leading decentralised oracle network in the cryptocurrency industry, provides pricing data.

·       The network intends to introduce a node delegation and token staking system.

·       The upgrades may contribute to Chainlink being more secure and decentralised, thus reviving interest in the venture.

What is Chainlink?

According to Mark Tencaten Chainlink is a decentralised node network that uses oracles to deliver data and knowledge to blockchain smart contracts from off-chain sources.

A smart contract can use Chainlink's oracle network to get the external data it requires, such as the price of Bitcoin in US dollars. When an eligible oracle responds to a request from a contract, a Chainlink Aggregation Contract gathers all the information from the oracles and reconciles it to produce a correct result. LINK tokens are then given to Oracles as compensation for their work. Chainlink offers timely, reliable off-chain data reports for anything from the SWIFT payment system to AccuWeather. However, to date it is most recognised for serving as an oracle to decentralised financial protocols that depend on off-chain pricing feeds.

Currently, the only Chainlink oracles that are permitted to offer data feeds and earn LINK are those that are managed by expert teams of node operators, infrastructure engineers, or businesses that construct infrastructure specifically for Chainlink. Although anybody can build a node, only those who have been approved by Chainlink are charged with delivering data. Chainlink is therefore more centralised than other blockchains like Ethereum, where anyone with 32 ETH may host a complete node and provide transaction validation. Positively, Chainlink is more robust than other more centralised oracles due to the fact that its nodes are dispersed throughout data centres all over the world.

Chainlink has evolved into a crucial component of the blockchain architecture by securely fusing information from various off-chain sources to on-chain smart contracts. According to Defi Llama statistics, all protocols that employ the Chainlink oracle network's data feeds safeguard almost $15 billion in value. Sergey Nazarov, co-founder and CEO of Chainlink, predicted that the company holds at least 60% of the market share in blockchain verticals including gaming and DeFi as of May 2022.

Chainlink has come under fire for the security of its oracle's price feeds despite being the top decentralised oracle network. With the current network configuration, node operators have no financial incentive to refrain from conspiring to provide false oracle replies to blockchain apps that rely on Chainlink's price feeds.

The reliability of Chainlink's trusted oracles ultimately determines how accurate its pricing feeds are. If these entities are compromised, bribed, fed a large number of bogus prices from other nodes, or jeopardised in any other manner, the network may be attacked. One of Chainlink's most outspoken detractors, Eric Wall of Arcane Assets, has previously asserted that the system's security is not "cryptoeconmically safe" as its developers claim and instead depends on a trusted system.

Despite the fact that Chainlink has never been attacked, significant stakeholders (ie those guarding assets valued at billions of dollars) that are locked in DeFi protocols, could find its reliance on trust and a small number of nodes unsettling. It could only be a matter of time before bad actors seek to hack Chainlink's data feeds in order to take advantage of the resulting instability and the motivation to attack its oracle network becomes too great.

Link Staking

Chainlink's developers intend to build a staking mechanism similar to that seen in Proof-of-Stake blockchains, in order to strengthen the security of the oracle network. Following the implementation of staking, nodes will be required to store LINK tokens as collateral, which may be taxed or "slashed" if a node produces false information. Then, honest validators will get a redistribution of the LINK tokens that were stolen from dishonest validators. Once the staking system imposes a penalty for dishonest nodes, the network's crypto-economic security should increase. The idea is that it will be more expensive to assault Chainlink's pricing oracles than it would be profitable to do so. The same game theory ideas that deter bad actors from trying to attack blockchains like Bitcoin and Ethereum would thus apply to the Oracle network say’s Mark Tencaten.

Staking will also encourage community involvement in the Chainlink network outside of individuals who are competent or qualified to manage their own nodes. Anyone who has LINK will be able to assign their tokens to a dependable node operator thanks to the staking concept. Chainlink's creators predicted LINK token staking will provide a 5% yearly return in a blog post on the subject from a mix of emissions from the treasury reserve and fees paid by users of Chainlink's data feeds. Once Chainlink's adoption increases, the ultimate aim is for treasury emissions to cease and all staking rewards to come from fees paid by oracle users.

The staking system's new reputation foundation will also improve network security. Here, feeds from nodes that consistently respond to data requests quickly and accurately will be given precedence over those from less trustworthy nodes. The network will need to consider other parameters to determine which nodes will be utilised to create oracle data when there are too many quick and dependable nodes for a particular request. In this instance, when and how often a node is selected to give data feeds depends on the amount of staked LINK supporting their oracle services. By coordinating the node operators' incentives with the Chainlink network, security is enhanced. It will be necessary for nodes to retain a significant quantity of LINK in order to be chosen as data feed providers, which should deter nodes from assaulting the network, as doing so would reduce the value of the LINK tokens supporting their node.

Combining these two ideas should result in node operators who are more dependable and secure. The greatest and most trustworthy validators will likely draw the most tokens from LINK stakers as LINK holders who wish to delegate their tokens to a node for staking will want to avoid having part of their delegation clipped. The selection of quick and precise validators should become automatic as a result, improving the network's overall security and dependability.

Later this year, Chainlink plans to deploy a 0.1 version of its staking mechanism. Staking nodes will first debut with a restricted feature set and simply offer a price feed for the ETH/USD pair. If the 0.1 version launches without any problems, the creators will release version 1.0, which will include new features like stake reduction and user fee inclusion in rewards. In the future, a full 2.0 version will provide loss protection and broaden Chainlink staking to include more services in addition to price feeds. With the use of this solution, providers of Oracle services can protect themselves from financial harm caused by erroneous data feeds from Oracle networks.

The Prospects for Chainlink

The LINK token economy will enter a new phase with the implementation of node delegation and staking. For the first time, LINK will be more useful than just a means of processing oracle service fees. In order to receive a larger share of treasury emissions and user fees, node operators will be encouraged to stake their LINK tokens. In order to gain staking incentives, many LINK holders will probably decide to assign their tokens to nodes.

Longer term, LINK staking may function as a source of cash flow for holders. The circulation supply will stop growing once the Chainlink treasury has released all of its reserve tokens. At that moment, the sole source of staking rewards will be fees charged by protocols utilising the Oracle network. Stakeholders in LINK will also get incentives depending on the demand for Chainlink's oracle services, much as how owning and staking Ethereum following its impending network Merge would provide a cash flow dependent on network usage.

It's unknown how long it will take the Chainlink ecosystem to reach its intended vision and use-case, however, there have been prior hints that LINK staking will launch in the latter half of 2022. To date, specific information on the system's implementation, the timing of token emissions, and the rollout of the whole 2.0 staking system has remained hazy. Even so, Chainlink should profit in the coming months from a surge of rekindled interest throughout the cryptocurrency ecosystem if it can integrate staking and move on with its 2.0 roadmap.

[jadonsancho09]

Digital Bureaucracy

Digital Bureaucracy with Blockchain infrastructure

The first decentralized Bureaucracy system that simplifies and standardizes data with blockchain technology.

What is Digital Bureaucracy?

It is the Artificial Intelligence (AI) supported Blockchain Project that aims to end the difficult and long-lasting paperwork and bureaucracy transactions between countries, institutions, and individuals. It is a document management and document transfer solution specially developed for a decentralized blockchain, aimed at making your life easier with the combination of artificial intelligence and blockchain technologies.

Documents and Bureaucracy transactions in documents, invoices, land registry, vehicles and many more are distributed in the Blockchain database and then your documents are distributed decentralized in a comparable, irrevocable way on the blockchain network. A system where the submitted information can only be seen by users who have Hash key. This confirms, or can be verified, by comparing the

HOW WILL DIGITIAL BUREAUCRACY MAKE YOUR LIFE EASYER?

Digital Bureaucracy is a Project that will enable you to perform your time consuming and tiring daily bureaucratic transactions between individuals, institutions and countries using the Blockchain network, quickly and cost effectively.

https://youtu.be/SSo_EIwHSd4

WHAT IS DBC

DBC is the first Decentralized Bureaucracy System that simplifies and standardizes data using blockchain technology. We facilitate bureaucracy across Individuals, Institutions, and Countries on the Blockchain Network.

Decentralised Platform.

It is fully decentralised and is backed by Blockchain.

Managing Bureaucracy with One Click.

Our project will allow you to handle bureaucratic procedures and tedious paperwork that makes your life difficult, efficiently, and securely.

Artificial Intelligence

We are a Bureaucracy Transfer network that uses the power of Artificial Intelligence and connects the World.

How Does DBC Work

Digital Bureaucracy is making our lives difficult. It is instated everywhere and is carried out by the Municipality. Official documents, Invoices, Home and Vehicle purchase and sale, School and Education, Health and Hospital, Finance and Business, Customs procedures, Passport and Identity procedures are just some of the areas of example.

The DBC Project has made it possible to manage the tedious document transactions that causes complexity in our lives. For a moment, imagine that paper is not used within the World. With DBC, you will be able to send and receive your invoices, official documents, insurance and hospital documentation, customs and tax transactions, home, and car buying/ transactions, international, official, or personal information/documents using a single click encrypted over the Blockchain Network.

We combine the structure of Artificial Intelligence and Blockchain, allowing you to trade securely and quickly.

Bureaucratic procedures will rely on the help of Artificial Intelligence completely. It is a great project that will ensure swift and reliable transfers over the blockchain network.

Dependable and rapid payments. You will be able to send even the highest payments at the lowest cost.

Safe storage of school and hospital transactions on the Blockchain network. It enables making an action or obtaining information simpler with just a click.

To facilitate the blockchain network in our daily lives, DBC started to develop its own Blockchain infrastructure to provide convenience in the listed areas below:

Property

A smoother, faster, and cheaper transaction of fees on the Blockchain network combined with Artificial Intelligence that will eliminate the long and tiring dealings that you have experienced in the purchase and sale of houses, land and immovable properties.

Buying and selling vehicles, obtaining new license plates, vehicle insurance and detailed vehicle history is available when using DBC to carry out such transactions.

An incredible feature of the blockchain is that flagged data is immutable. For example: Information sent to the Blockchain network is immutable; It cannot be changed in any way. Therefore, counterfeiting documents is automatically protected.

Councils

Imagine the ability of transactions in municipalities entirely over Blockchain Network. It would enable the actioning of all your paperwork promptly and inexpensively. For example: When a new child is born, it is added as a block to a blockchain chain in that municipality. The individual can then perform all their operations over this block during their life.

All municipal transactions that you can think of such as Identity, Address change, Driving Licenses and more. The combination of Artificial Intelligence and the Blockchain Network will permit you to do all the paperwork that makes your life complicated, all the while being quicker and cheaper for you.

Removes all bureaucratic paperwork allowing for speed, lower costs, and security via Blockchain.

Identify

Transactions such as Passport applications, Passport Controls and Verification. You can make these proceedings at a faster and cheaper rate on the Blockchain and with the support of Artificial Intelligence.

Authentication, Pedigree Checks, Identity, and any other form of official documents that identify you will become faster, cheaper, and reliable on the blockchain network ultimately allowing for easier overall transactions.

Visa applications, delays in family reunification visas and complex document processes will now be quick, safeguarded, and cost effective.

Schools & Education

Student Information tracking system. Fast communications between teacher, trainer and parents of students. An infrastructure that enables detailed bureaucracy procedures to proceed faster.

Storage and tracking of Student Notes and Student Diplomas on the Blockchain network. Recording of school diplomas in the system as unchangeable and tracking it.

Distribution of religious books and Books in an immutable manner over the blockchain network. Transactions such as making comparisons or purchasing and reselling the work will be available afterwards.

Health & Hospitals

Patient tracking system in Hospitals and Health Institutions. Monitoring of Tests and Other health services within hospitals on the blockchain.

Communication and bureaucracy transactions between hospitals and pharmacies. The rapid processing of these transactions on the Blockchain and the progress of the workload will be entirely by Artificial Intelligence.

Every individual will have their own Private Key. All transactions are processed on this key. Eventually, control and accuracy controls can be provided.

Taxes

It ensures that all bureaucracy and paperwork transactions of places such as institutions, individuals, and workplaces where tax transactions take place intensely, are processed faster and with reasonable costs over the blockchain network.

Tax tracking and tracking of sales and purchases at workplaces through the blockchain network.

Online Sales and International Tax. Providing and controlling tax transactions between countries through the Blockchain network. All complex tax systems become completely easy.

Customs

Follow-up of import and export transactions. Unchangeable tracking of import and export transactions made in all customs systems on the blockchain network.

Transactions such as Passenger passes, Passport and Identity verification. There will be ease of passenger transit through the blockchain network. The required paperwork and bureaucracy procedures are fast and cost-effective.

There will be control of vehicle crossings at customs. In this way, we aim to finalize the illegal vehicle or passenger crossings entirely.

Finance & Business

Contracts signed by international companies. Commercial exchangeable contracts, or agreements or contracts concluded between countries on a permanent basis.

Tenders organized by countries or institutions, fulfilment, and follow-up of these tenders on time and without any problems. Simultaneously, the payment of these auction fees will be with the DBC Coin.

The Solution

The DBC token has been created to be used in the Digital Bureaucracy Infrastructure and to become the currency of the future. DBC token is the Crypto Currency that will be used in your bureaucratic transactions around the world. What will DBC token do?

Relational Blockchain

Faster and cheaper cost of paperwork and bureaucracy with relational blockchain.

Fraud Reduction

DBC token aims to completely terminate fraud and unlawful business.

Next Generation Wallet

You can safely store DBC Tokens in Next Generation Wallets.

Recovery Nodes

Our Cryptocurrencies are 100% Safe in Smart Wallets with recovery facility.

Full Transparency

Our project and DBC Token are completely open source.

Very Low Fees

With very low transaction fees, DBC Token will become your favorite currency.

Decentralized Network

DBC Token is a Decentralized and User-oriented Crypto Currency.

Crypto Payment

You will be able to pay with DBC Coin in every area of your life.

Token Sale

The DBC token was created using Binance Smart Chain (BSC) BEP20 Smart Contrac. The token’s third party service wallets, exchanges, etc. It provides compatibility with and easy-to-use integration.

Start: 2021-04-30

Total Supply: 200.000.000 DBC

Number of tokens for sale: 25.000.000 DBC

Tokens exchange rate: 1 DBC = 0.010 USD

Acceptable currencies: ETH, BNB, BTC, USDT

Minimal transaction amount: 1000 DBC / 10 USD

DBC Token Distribution

Binance Smart Chain Contract: https://bscscan.com/token/0xaede8306171b2aac22cf4f39a63aae09e99a488c

RoadMap

2019 - Q1

Release and Distribution - Providing Bureaucracy between Artificial Intelligence and Blockchain Supported Countries, Institutions and Persons to eliminate delays and uncertain transactions in today’s Bureaucracy system. The beginning of the infrastructure was provided and aims to facilitate these difficult document and file transactions by combining Artificial Intelligence and the Blockchain network.

2020 - Q1

Our team started building the foundations of the DBCChain software for Documents and File Transfers.

2021 - Q1

DBC Token Binance Smart Chain (BSC) - created and published with the BEP20 Smart Contract.

2021 - Q2

In order to support DBC Token sales, Airdrop and ICO Program, the user panel has been integrated into the system and activated.

2021 - Q3

To purchase DBC Token, Offline Crypto Money payment methods have been added to the user panel.

2021 - Q4

DBC Token has been added to Pancakeswap.finance Liquidity pool and Exchange sections.

2021 - Q5

The Digital Bureaucracy (DBC) Whitepaper was completed and published.

2021- Q6

DBC Token Airdrop and ICO Program was launched. In this context, 25.000.000 DBC Token has been opened for sale with ICO pricing.

2021- Q7

DBC Chain will perform P2P, Miner, Genesis tests

2022 -Q1

- ICO sale Completed and Token Distribution.

-Airdrop distribution completed and Token Distribution

2022 - Q2

- CoinMarketCap list

- Coingecko list

2022 - Q3

DBC Wallet Android and iOS application publishing.

2022 - Q3

Top 10 CMC Exchange listing (KuCoin/Bithumb exchange)

- Roadmap v2.0 release

- Future products development

our team

The Digital Bureaucracy team aims to eliminate the difficulties in your life by bringing together Artificial Intelligence and Blockchain. Our Project is created in an open-sourced way completely. You can contribute to the development of our project by joining our team.

Akif Dogan: CEO/Founder Blockchain Development

Sidar Ozden: Head of Partnerships & Business Development

Silan Dogan: Head of Legal & Compliance

Ahmet Deryahanoglu: Backend Software Engineer

Mesut Acil: Head of Design

Muhammad Aliyev: Marketing Director

Berna Asel: Social Media Lead

For more information please follow the link below:

Website : https://www.digitalbureaucracy.org/

Whitepaper : https://www.digitalbureaucracy.org/Whitepaper-EN.pdf

Medium : https://digitalbureaucracy.medium.com/

Telegram : https://t.me/digitalbureaucracy

Twitter : https://twitter.com/DigiBureaucracy

Reddit : https://www.reddit.com/user/Digitalbureaucracy/

Author:

Bitcointalk username: Jadon Sancho

Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2954208

Telegram: @Jadonsancho09

BEP-20 Address: 0xb05fc25bCfa612Eaef1Fa17cEBF05A675a40D5e1

[ailtrahq]

JPMorgan Chase &. Co. has shed light on how the Ethereum network decentralization has decreased significantly since the Merge event and Shanghai upgrade went live. The rise of staking and centralization Since implementing the Merge and Shanghai upgrades, Ethereum has seen a substantial uptick in staking activities. Staking, a process where users lock up their crypto assets to support network operations, has its merits. According to a CoinDesk report citing JPMorgan research, this surge in staking activity comes at a cost: centralization. Traditionally, many in the crypto community prefer decentralized liquid staking platforms like Lido over their centralized counterparts.  Lido’s approach included adding more node operators to ensure no single entity controlled a significant portion of staked Ether (ETH). The aim was to address centralization concerns. However, centralization remains a risk. A concentration of liquidity providers or node operators could act as a single point of failure or even collude to create an oligopoly, potentially undermining the interests of the broader Ethereum community. Ethereum, the world’s second-largest crypto, has become more centralized since the Merge and Shanghai upgrades. And JPMorgan is highlighting concerns over a decline in staking yields.  The menace of rehypothecation Another highlight from the report is rehypothecation. This complex term refers to the practice of reusing liquidity tokens as collateral across multiple decentralized finance (DeFi) protocols simultaneously.  DeFi encompasses lending, trading, and other financial activities carried out on the blockchain. The problem arises when a staked asset’s value sharply declines or faces a security breach or protocol error.  In such scenarios, rehypothecation could trigger a cascade of liquidations, jeopardizing the stability of the DeFi ecosystem. Furthermore, the report points out that the increase in staking has diminished the appeal of Ethereum from a yield perspective. This shift is especially noticeable amid rising yields in traditional financial assets. The total staking yield has fallen from 7.3% before the Shanghai upgrade to approximately 5.5%. From a different perspective, the research data presented in December following Ethereum’s Merge upgrade in September 2022 reveals a significant reduction in the network’s energy consumption, akin to the energy usage of entire countries such as Ireland and Austria.  This decrease in power consumption positively contributes to environmental sustainability, aligning with broader global efforts to reduce the carbon footprint associated with blockchain technologies. Ethereum’s core developers have introduced an Ethereum Improvement Proposal (EIP-7514) as part of the upcoming Dencun upgrade, scheduled for activation in October 2023.  This proposal aims to slow down the rate of Ether staking. The intention is to provide the Ethereum community with more time to devise a practical reward scheme for stakers on the network. ETH price analysis As of the time of writing, the price of Ethereum (ETH) stands at $1,629, representing a 3.4%  decline on the weekly timeframe. Ethereum’s Relative Strength Index (RSI) is currently sitting at 40.4.  The price of ETH is struggling to maintain the $1600 level after facing rejection at the $1700 resistance level. A failure to hold the $1600 level could potentially lead to a further decline to the $1500 level.

[comp6841]

Cryptocurrencies (3/3)

What sort of security issues do we have?

Due to the distributed nature of cryptocurrencies, we have to consider the security in a number of different areas and from a couple of different angles. In terms of looking at historical flaws and their relative impacts, I would classify them under 3 main categories:

Blockchain itself - vulnerabilities relating specifically to the implementation of the blockchain (so in the nodes, mining, etc)

51% attacks (i.e. ETC 2019)

DDoS

Doublespend (i.e. The Finney attack)

Exchanges and wallets

Phishing

Bad hashes (i.e. IOTA)

Software bugs in cryptocurrency wallets

Software bugs in cryptocurrency exchanges

Client malware (i.e. changing address in clipboard)

Smart contracts - complexity of smart contract languages leading to bugs or poorly designed contracts (i.e. TheDAO)

As per the seminar, I will summarise a specific example of each of these categories.

Blockchain - 51% Attack 

How does it work?

If you read my (1/3) article on cryptocurrencies, you will understand the process of mining in PoW and how multiple chains can form. Essentially, what we have happening in this attack is we have a miner (corrupted) with a large portion of the hash power deciding not to broadcast the block to the network when he as found a valid hash for the block. He will then continue to mine on his own chain in stealth; the original chain will continue to be built by other miners.

The corrupted miner will then spend all the bitcoin that he owns on the public chain, however he will choose NOT to do the same on his own secret chain. He will then continue to mine blocks on his own chain; however since he has majority hash power he will be producing blocks at a greater rate than the main chain. After a while he will choose to broadcast his chain to the rest of the Bitcoin network - the democratic governance process of the network enforces that the ‘longest chain’ is the correct one and the protocol will force the nodes to switch to the corrupted miner’s chain. This miner is then able to spend his bitcoins (that he spent earlier) all over again - this is why it is also referred to as a double-spend attack.

What security mechanisms are in place against it?

The main thing defending against a 51% attack is the sheer amount of resources required to perform it - on larger networks such as Bitcoin you need approximately $12.5 billion dollars worth of hardware which will cost you $8.6 million dollars per day to run in order to perform this attack. (from this site) This makes the risk associated with the costs in electricity, hardware and government prosecution not worth the reward of the attack.

Exchanges - Mt Gox

What happened in the first hack in 2011?

The computer of Mt Gox’s auditor was compromised which they then used to access the exchange and artificially modify the traded value of bitcoin down to 1 cent (i.e. by selling all the bitcoin from all the accounts). They could then buy a heap of these bitcoins at this low price (around 2000 BTC they got), and could transfer them from the exchange. As a result of the hack, Mt Gox resorted to utilising cold storage for the majority of their bitcoin - this means you cannot access a large proportion of the funds through the web server or any other computer.

The method in which this account was compromised is still somewhat debated - however it is suspected that the auditor account was compromised through an SQL injection on the Mt. Gox website which allowed the attacker to gain read-only access to the user database. The passwords were hashed with MD5 (retrospectively, we know is definitely poor) and accounts which hadn’t logged in prior to the chance in ownership of the exchange (by Tibanne Co. Ltd in March 2011) had unsalted password hashes used. You can read the Mt. Gox press release at the time on BitcoinTalk here.

How did the big second hack in 2014 occur?

In a short period of time in 2013, Mt Gox had become the largest bitcoin exchange in the world and was struggling to cope with the expansion. They had expended significant resources towards dealing with the lawsuits from former business partners (Coinlab) and investigations by the US Department of Homeland Security. We now also know from employee accounts that the security procedures were poor, the website source code was poor quality and a number of other operational issues existed.

This all led to the events which unfolded in February 2014, as follows (according to CoinTelegraph article):

7th - withdrawals frozen due to an “apparent bug” in the Bitcoin network relating to modification of transactions

17th - press release regarding a solution they had found to solve this “bug” which would be applied shortly

23rd - the CEO of Mt. Gox, Mark Karpeles, resigned from the Bitcoin Foundation and disappeared from Twitter

24th - trading was suspended and an internal document leaked claiming they were insolvent; missing 744,408 bitcoins (it was a crisis strategy draft)

28th - Mt. Gox filed for bankruptcy protection in Tokyo and in the US on March 9th

They haven’t been particularly transparent regarding the cause of the second hack, however some information has been pieced together. It is believed that Mt. Gox’s hot wallet private keys were stolen from a wallet.dat file near the end of 2011. Throughout 2012 and 2013, the hacker emptied the wallets associated with the private keys, however Mt. Gox’s systems interpreted this is deposits for some reason. Towards the end of 2013, the hacker had stolen over 600,000 BTC; a large proportion of this ended up on BTC-E. This exchange was essentially responsible for laundering half the funds associated from the hack; it was taken down in 2017 by the US Justice Department.

Smart Contracts

What is a smart contract?

A contract is an agreement between two parties which will be binding in some point in the future. The difference in the case of smart contracts with blockchain is that it makes the execution of the contract trustless - we don’t need a third party. Some restrictions are imposed when we make them decentralised; they need to be unable to access data outside the program (to prevent malicious activity) and they need to be deterministic (so nodes in the network can still verify blocks).

Why are these contracts so prone to errors?

The majority of smart contracts we know today are built upon the Ethereum blockchain; it uses a Turing-complete smart contract language known as Solidity. This differs from traditional contracts in the sense you are to solve any reasonable computational problem. It also comes at the cost of increasing complexity; there is an increasing number of ways the flow of the contract can occur and thus they are very difficult to get right. We already know that writing ‘secure’ code is hard, but when you have money directly on the line it becomes even more important.

What was the DAO?

The DAO (Decentralised Autonomous Organisation) was an organisation built on top of Ethereum which ran completely through smart contracts on the platforms. In the token offering, users were able to send ETH to a particular address and receive DAO tokens in return. Anyone was able to make a pitch to the community, and people could vote with their DAO tokens whether to make an investment. If a project was successful as a result of the DAO, it would then return profits to the investors.

How was the smart contract code in the DAO exploited?

One of the developers announced on the 12th of June that they had discovered a recursive bug call in the DAO contract, however emphasised that no funds were at risk. An attacker managed to find a way on the 18th of June to abuse this recursive bug call to continuously send funds to a child DAO under their control. The process was as follows (source):

(1) Propose a split and wait for the voting period to expire

(2) Call splitDAO()

(3) Let createTokenProxy() send your new DAO its share of tokens

(4) Ensure the DAO calls withdrawRewardFor() before updating your balance and after doing (3)

(5) Call splitDAO() again with the same parameters while (4) is occurring

(6) DAO will repeat steps (3) and (4) to give you the child tokens again

(7) Go back to (5) as many times as you like

So in summary, the problem all stems from the fact that you get your reward in the child DAO before subtracting from the original balance. The stack was actually limited to 128 on Ethereum at the time, so he wasn’t able to continue these calls forever. The attacker managed to get around this by using the handy transfer() function, so he could quickly move the funds out to another account he controlled. Then he could move it back into the original account and repeat the process.

What happened after the hack?

The attacker managed to steal ETH worth up to 250 million USD; they actually stopped after draining around 1/3 of the DAO’s funds. It started a big debate among members of the Ethereum community as to how they could respond to this attack. One side fought for the immutability (’code is law’) of the blockchain and argued that we shouldn’t fork to take away the funds from the attacker. The other side wanted to fork the chain to return all the funds. The miners were divided on the proposals (a contentious hard fork) so we ended with two chains - Ethereum Classic (ETC) and Ethereum (ETH).

[cabrera68anker-blog]

Dogecoin Wallet

Dogecoin Core is typically the standard Dogecoin wallet mantained by the Dogecoin basic foundation. It is the complete Dogecoin client and for that reason can take up a lot regarding space like it downloads available the full blockchain. Theinitial synchronization will take some download the lot connected with records. Although the buyer is not rich in features, it will present a high level of protection as the personal keys are going to be created and even reside on your hard drive. Dogecoin Main Wallet Analysis Dogecoin Main is the entire established version of the DOGE wallet. Initial match-up together with the blockchain is slow compared to lightweight versions, and the idea will take a lot of free space around the PERSONAL COMPUTER to install the Software. You will discover versions for running systems (Windows, OS A, Linux, Android, Blackberry, Visitor, Source, IOS). Dogecoin Primary is a new pretty fundamental wallet what should be operate as a complete node to support the entire DOGE Network. The build up isn't complicated. If anyone don't want to operate a full client you can certainly use any wallet program which helps DOGE. This most reliable choice to safeguard your currency will be the Dogecoin Core wallet, using this type of system you can store gold coins on your computer seeing as a file. Nonetheless in case the operating system can be reinstalled and no backup has been recently created, all of coins will be lost. Inside improvement, the program automatically syncs with the Blockchain community upon completion of often the installation. This one-time function can take about 20 hrs. And at the end of the synchronized program will take 30 GB associated with hard disk space. Dogecoin. What is |x||Dodgecoin Core Wallet Download ? Every person knows or even has no less than heard of the Internet feeling that was the �Doge� meme. Following your likeness associated with this famous Shiba Inu dog, the cryptocurrency Dogecoin was created. Since their release in 2013, Dogecoin has quickly gathered the impressive on the internet area around it, attaining a capitalization on UNITED STATES DOLLAR 60 thousand in 2014. As associated with December 2017, the idea features reached a capitalization connected with USD 308 thousand. Dogecoin is an open-source cryptocurrency that can be applied to purchase and offer things online, or deal it for some other cryptocurrencies (such Bitcoin and altcoins) or perhaps fiat foreign currencies. Dogecoin Billfolds Dogecoins need to be stored in some sort of Dogecoin Wallet. |x||Dodgecoin Core Wallet Download can be seen simply by personal computer, smartphone as well as site, allowing the customer to be able to send, be given and shop Dogecoins around a new make a difference of minutes. Fundamentally, the Dogecoin wallet acts as being a bank account would whenever dealing with your funds. Right now there are different types of pouches which have been designed to help give you the individual needs of users. The primary types associated with wallets and handbags are: desktop, cellular, components, web and documents. Dodgecoin Core Wallet 0.5.0 will vary quantities of security and ease so it�s very essential to choose the one particular that is best with regard to an individual. Below is a good directory of the best purses for Dogecoin. dogecoin Dogecoin Core Dogecoin Core will be the Doge�s public pocket book. It downloads the entire blockchain and then it offers to synchronize with the idea in order for often the user to begin dealings. Because of this, it has the first sync is a new bit reduced in comparison to others, and it also demands more space. This wallet is usually recommended regarding Dogecoin miners, as it is very secure and trustworthy. It is compatible with often the following operating systems: Microsoft windows, OS IN THIS HANDSET X, Apache. MultiDoge MultiDoge is a personal computer Dogecoin client which need not synchronize with the whole blockchain. Powered by Dogecoin, is considered a light wallet which usually syncs fast and it�s very easy to work with. This is just not recommended of which this wallet be used for mining or prospecting, as it can be impede and unresponsive. The idea sustains Home windows, OS Times, Cpanel. multidoge WowDoge WowDoge is furthermore a light budget designed for desktop use. This kind of wallet eliminates frustrating holding out time because this doesn�t have to acquire entire gigabytes of blockchain. The interface is user friendly and it runs faultlessly. You may request to need new features extra. WowDoge is also free together with open source. wowdoge DogeChain finances DogeChain is furthermore a no cost online pocket book with regard to you to retail store your own personal Dogecoins. It�s extremely simple and easy to work with, empowering the end user to access the coins anyplace, anytime. dogechain budget Exodus. io Exodus is a multi-coin wallet the fact that retailers many cryptocurrencies, one of these in addition being Dogecoin. The woking platform is definitely known to be a good safeguarded place to always keep your virtual resources. Often the user interface is uncomplicated to use and is this only desktop app to be able to have ShapeShift built within. You may keep all your current cryptocurrencies in a single place plus carry out deals from one particular app. Exodus presents seed starting phrase which can be employed to recover their coins when the user�s pc pauses or maybe their hard commute becomes corrupted. Exodus furthermore has good customer help service. exodus Mass. io Wallet Block. io can be an online web finances for multi-currency hard drive plus transactions. Users can handle Dogecoin, Bitcoin and Litecoin from one account. Although it can be certainly not advised you shop much inside an online wallet, no matter how trusted this site will be. block. io Cryptonator Wallet Cryptonator is definitely an online alternate web site and wallet that will supports multiple virtual stock markets plus instant transactions. It may be around the globe accessible on various products, such as mobile computer, personal computer and smartphones. Cryptonator is viewed as a new generally good finances, although it may not really remain in reality with safety freaks because of it being online and very low larger potential of being hacked. Supported cryptocurrencies are Bitcoin, Dogecoin, Litecoin, Ethereum, Dash, Bitcoin Cash, Blackcoin, Emercoin, Monero, Peercoin, Primecoin, Reddcoin, Ripple, Zcash. cryptonator Jaxx. io Jaxx. io is a multi-currency wallet that has some sort of user-friendly and accessible software. Jaxx has ShapeShift integrated and it furthermore gives seed key phrase intended for coin recovery. To date |x||Dodgecoin Core Wallet Download there have been bug reports, but they also have been recently sorted out along with the coins were recuperated. jaxx Ledger Nano Ersus Ledger Nano is some sort of very advised equipment finances by most crypto coin owners. This offers wonderful security and back up characteristics. Ledger Nano now offers seed starting phrasing if you�ve dropped your coins. The expense is accessible and it supports Bitcoin, Dogecoin, ETH, Ripple, Dash, Zcash and other folks. ledger ridotto s WalletGenerator Paper billfolds are a great offline technique of keeping your current Dogecoins safe, as often the necessary data is printed on a piece connected with paper. This kind of wallet will be good if you are thinking of storing coins with regard to a long period of time, but even if they will are safe from online strikes, they are nevertheless weak to loss and fraud. However, extra security could be added in by splitting typically the finances into shares the fact that reassemble the secret key or perhaps have multiple tips produced. Check out WalletGenerator�s official site. |x||Dodgecoin Core Wallet 0.5.11 hope often the abovementioned list was needed to help you and that by you now have a good idea of exactly what Dogecoin wallet you need.