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OpenZeppelin Co-Founder Warns DeFi Is Unsafe After Exploit Surge Grows
Manuel Aráoz warned investors against holding DeFi positions amid rising exploit threats. DeFi protocols recorded nearly $630 million losses during April exploit incidents. Declining DeFi total value locked reflected weakening investor confidence across protocols. Manuel Aráoz, co-founder of OpenZeppelin, has warned that decentralized finance no longer provides a safe environment for investors,…
OpenZeppelin evalúa 6 redes de criptomonedas ante el boom de la tokenización
La compañía tecnológica estudia los riesgos técnicos de Ethereum, Solana, BNB Smart Chain, XRP Ledger, Tron y Canton.
➤ OpenZeppelin has evaluated six cryptocurrency networks (Ethereum, Solana, BNB Smart Chain, XRP Ledger, Tron, and Canton) for their technical risks in tokenizing real-world assets (RWAs). ➤ The assessment focuses on providing institutions with a justifiable technical basis for network selection, addressing regulatory demands beyond informal metrics. ➤ Key findings include network downtimes, lack of post-quantum cryptography implementation across all evaluated chains, and significant validator concentration in some networks.
Compound discovers bug in new update, freezes cETH market
Compound discovers bug in new update, freezes cETH market
DeFi protocol Compound (COMP) discovered a bug in governance proposal 117 designed to upgrade its price feeds, forcing it to temporarily freeze the Compound ETH (cETH) market. An hour ago, Proposal 117 was executed, which updated the price feed that Compound v2 uses. This price feed, while audited by three auditors, contained an error that is causing transactions for ETH suppliers and borrowers…
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DeFi Audit Firms Seeing ‘Overwhelming Demand’ Even Amid Token Price Slump
DeFi Audit Firms Seeing ‘Overwhelming Demand’ Even Amid Token Price Slump
If you’re an Ethereum project looking to get audits done before the close of 2020, it’s probably too late in the game.
Audit firms CoinDesk spoke with said they are swamped with decentralized finance (DeFi) projects. The months-long backlog comes amid a sharp pullback across the $11 billion DeFi market, with most tokens down 19% over the last 30 days, according to Messari.
Audit firm OpenZepp…
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OpenZeppelin Discloses ‘High Severity Vulnerability’ in DeFi Wallet Argent
OpenZeppelin Discloses ‘High Severity Vulnerability’ in DeFi Wallet Argent
A “high severity vulnerability” was found and patched in Ethereum wallet Argent, according to leading white-hat hackers OpenZeppelin.
Disclosed Friday, OpenZeppelin security researcher Alice Henshaw discovered a vulnerability within Argent that would have allowed user funds to be drained from wallets that did not have Argent’s “guardian” feature.
According to an OpenZepplin blog postand…
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Microsoft Azure blockchain kit integrates OpenZeppelin smart contracts
Microsoft Azure blockchain kit integrates OpenZeppelin smart contracts
OpenZeppelin, a provider of security audits and open-source development tools for blockchain, announced today that the OpenZeppelin Audited Smart Contract library is now part of the Microsoft Azure Blockchain Development Kit VSCode plugin.
Smart contract developers building with Microsoft’s VSCode will benefit from the workflow advantages by securely adding a contract from the OpenZeppelin…
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Is Blockchain The Solution The Music Industry Is Looking For?
Blockchain for supply chain , Blockchain for KYC , Blockchain for gaming !! You will hear about all sorts of applications that are being developed industry-wise using the blockchain technology. But have you ever wondered why it is happening? Well, the answer lies in the definition of the blockchain itself. Blockchain, if put simply, is a form of a database which is not centralized. A database that’s not centralized seems surprising to many but it is here to stay. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is an open, distributed, decentralized ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. (Wikipedia) I have covered in detail the basics of blockchain on CoinSutra . Here is The Ultimate Guide To Understanding What A “Blockchain” Is & How It Works . By harnessing the similar features of the blockchain tech, the music industry is also trying to fix its pain points. Through this article, I intend to pass on the message of how blockchain is being applied to the music industry. Blockchain For Music Industry In Making… The music industry, due to the centralized and mediated nature of production and distribution, suffers mainly through these following issues: Piracy Of Digital Records Improper Rights Management Cumbersome Royalty Management Delay In Rewards To Artists etc… Apart from that, the irony is despite digital records the artists cannot get real-time data for their production which otherwise would have helped them improve and strengthen their marketing efforts. And you know there is a problem when such key insights aren’t available despite an industry being online & digital. But being online or digital doesn’t solve the problem alone as the main issue is that different digital platforms or brands through which the actual distribution of music happens are like silos of information which don’t talk to each other. For example, even if an artist sells his/her music on Song Music, Apple Music, and Google Play Music, they don’t get the actual picture of what is happening overall digitally to their product. They don’t have insights that can be conclusive. That is why, when you have a database like blockchain it becomes easy to make conclusive insights. And there is more: These production and distribution houses that act as agents take a hefty amount from the earnings of the actual musical product and very less gets passed on to the actual artists. In some scenarios, this reward has been as low as 10-20% for the artists and can take up to 2-3 years in actually reaching the artist’s bank account. This problem can be solved with autonomous smart contracts hosted on the blockchain which pays the artists at the point of sale itself in a matter of minutes. Some start-ups have already started doing this. (We will talk about them further in the article). On top of that, piracy problems bring down the overall sales of the music records that results in a loss to its creator. And that’s because these labeled houses aren’t efficient enough to prevent piracy to occur. But with blockchain-based cloud storage platforms, the problem can also be solved where the actual records are broken into many pieces and stored in a distributed way. And the good thing is, these can be reassembled on demand upon a paid request from the consumer. Last but not the least, the most complicated problem of rights management can also be solved by the blockchain. And through this, royalty management and distribution amongst various entities such as composers, producers, publishers, and singer can be done in an effective way. Blockchain For Music & More… Parallelly, the onset of music-centered blockchain is catching up very fast and the cryptocurrency space has developed quite a few music management blockchains by now for various uses, some of which are: Ujo Vibrate Mycelia Blokur Having said that, we should understand the fact that blockchain might not solve all the ills of the music industry but it is certainly a very strong alternative to fix some of the age-old friction points. If the artists are paid well and don’t need to worry about the monetary aspect, they will be motivated to produce better content for their supporters. And this aspect of blockchain has been recognized by quite a few artists around the world who have started launching their music on the blockchain. Some of the examples are: Imogen Heap RAC Giraffage To add to it, Pitbull, the famous American rapper, has recently understood the worth of blockchain for the music industry and has tweeted about his Smakathon-A blockchain music challenge for the developers to solve the problems of the music industry. It’s time for a major change in the music industry! Blockchain developers, we need your help to empower artists worldwide. Learn more at https://t.co/pPfBjux1g4 #emergeamericas #openzeppelin #smackathon https://t.co/G2jqnpBLJJ — Pitbull (@pitbull) April 25, 2018 That’s it from me in this article but stay tuned to CoinSutra for more blockchain and cryptocurrency related information as we are going to cover some of the good blockchain projects related to music industry very soon. Hope you enjoyed this write-up. If you did, do share it with your friends and family. Further suggested readings from CoinSutra : GameCredits: Everything Beginners Need To Know Neblio Cryptocurrency: Everything You Need To Know Top Free Blockchain & Cryptocurrency Courses/Certifications Best Gaming-Based Cryptocurrencies To Invest In This Year Looking To Buy Monero/XMR? Here Are The Top 5 Sites For You The post Is Blockchain The Solution The Music Industry Is Looking For? appeared first on CoinSutra - Bitcoin Community .
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