January 26th was a bad day for CoinCheck. The famous exchange announced that $530 million worth of XEM (NEM) was stolen by hackers. The company executives stated that in a press conference and revealed more details about the hack linked to the infrastructure of their crypto exchange.
As they reported, the CoinCheck trading platform was not supporting multi-signature technology and stored all of the hacked funds in a hot wallet. That being said, its developers are still not sure how the exchange was hacked. Today, most of the major cryptocurrency exchanges such as Coinbase, Kraken and Bitfinex have multi-signature security measures which are designed t prevent funds from being processed on a public blockchain network.
Obviously, the lack of a multi-signature service is what costs $523 million of cryptocurrencies and what made a security breach possible. If there is any good in the situation, it has to be the fact that only NEM was impacted and that there are no multi-signature options. The security of the site was weak though – and they don’t know how it was hacked.
At this point, all eyes are on the (decreasing) number of users who got ripped off. The key takeaway from the situation is that you shouldn’t store funds on exchanges such as CoinCheck and instead store your crypto assets in non-custodial platforms where you have full control over your private key.
The Tokyo- based cryptocurrency has developed a plan to compensate approximately 260,000 NEM holders for the hack. They apologized for any inconvenience caused to business partners, customers and related parties and stated that they are committed to resuming the services and investigating the case further.
NASA Is Hiring A Data Scientist With Crypto/DLT Background
"The Data Scientist will be a member of the Chief Technology and Innovation Office, working with all of JPL. Will be detail-oriented Big Data Scientist who loves discovering trends where none were visible before. The successful candidate will be a self-starter who possesses a strong desire and experience developing, implementing, and maintaining a program of predictive analytics," the job listing notes.As many best cryptocurrency news sites reported, NASA is hiring a specific data scientist and has received a handful of applications. What's interesting is the related fields which NASA created in the job listing too, adding that the candidate should know big data, machine learning, Internet of Things, analytics, statistics and cloud computing and others. Cryptocurrency and blockchain technology are seen as a big plus, the ad says.
"The Data Scientist will be responsible for designing and implementing a program for analyzing complex, large-scale data sets used for modelling, data mining, research, and predictive analysis purposes," the job listing also notes, clearly stating that the candidate needs to be creative, tenant, curious and have deep technical skills.In other words, NASA is hiring a data scientist that will know how to design and implement programs for analyzing complex, large-scale data sets used for research, modelling, data mining and predictive analysis, as the agency wrote. However, reports in the Bitcoin and altcoin news show that the major global aerospace agency is not new to blockchain technology. In fact, in January 2019 NASA proposed an air traffic management blockchain framework to enable secure, private and anonymous communication with air traffic services. In April last year, NASA also awarded a grant supporting the development of an autonomous spacecraft which could implement blockchain technology to make decisions without any human intervention.
The German Government Establishes A Sound Blockchain Strategy
“The young and innovative blockchain ecosystem in Germany should be preserved and continue to grow. Germany should be an attractive location for the development of blockchain applications and investments in their scaling. At the same time, large companies, small and medium-sized enterprises and startups, as well as the public sector, countries, civil society organizations, and citizens should be enabled to make informed decisions about the use of technology.”In order to achieve its newly outlined blockchain goals, the German government said that one effort that it wants to undertake is devising an “investment and growth-oriented regulatory framework” geared to the domestic crypto economy. This way, the markets could “work without state intervention and the principle of sustainability is guaranteed.” Furthermore, the ministries noted that they were going to take a multi-pronged approach towards becoming a blockchain hub. As many best cryptocurrency news sites noted, Germany is looking to promote entrepreneurs, encourage investments, guarantee stability, enable fair competition, support stakeholders and foster international cooperation in the attempt to bring blockchain to the masses. All of these goals were created through consultations with officials of the German government - and more than 150 crypto economy stakeholders over the past few months. The task at hand is now putting everything into action.
“At the European and international level, the Federal Government will work to ensure that stablecoins do not become an alternative to state currencies,” the strategy document read.The grand question for now is whether other smaller European countries will follow Germany's (and France's) lead in taking a strict stance towards blockchain innovation.
CJ Korea Develops A Blockchain-Based Music Copyright System
“It is very important to have a system that guarantees fairness and transparency among copyright stakeholders,” said Kim Eung-do, the director of the DT Convergence Research Institute at CJ OliveNetworks in a report which was published in the business outlet Hankyung.As he also noted, “the blockchain-based copyright management system will greatly contribute to improving the copyright management process.” Meanwhile, CJ Korea is South Korea's 14 largest conglomerate and has 31 trillion won ($25.9 billion) in assets as the latest Fair Trade Commission data report shows. The business lines include everything from food and beverage to logistics, beauty stores, IT, entertainment and a cinema chain. On the other hand, the latest cryptocurrency news show that CJ OliveNetworks operates OliveYoung, who is one of the country's K-beauty leaders. He has an IT division doing everything from Internet of Things (IoT) to cloud computing to Big Data. However, a decision was announced in April to split the two and transfer the IT division to CJ Korea Corp. Meanwhile, Amazon Web Services (AWS) became available in Korea in 2016. 2019 was the year when it started offering the Managed Blockchain to the public, following the introduction of the service back in 2018. So far, AT&T, Nestle and Accenture are among the respected clients of the service.
Huge Mining Confidence Indicates A Strong Boost For Bitcoin
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