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dApp Transactions Are Now 75% Made By Bots, Study Finds

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A blockchain APT hacker group named AnChain.AI, which is responsible for providing AI-powered blockchain ecosystem security (as CBInsights says), recently released a report in which it shows that the equivalent of $6 million in transaction volumes was driven by a malicious bot activity. The study, published in our latest cryptocurrency news section, found that the dApp transactions in the first quarter of 2019 have been mostly made by bots.

The report also found that 51% of unique accounts and 75% of total transactions were driven by non-human accounts. Bot activity, as reported, threatens the integrity of the blockchain industry, as user activity, transaction volume and daily volume are among the most frequently called-upon metrics for determining the technological validity, and precisely what is being faked. This is what Victor Fang, the CEO of AnChain said and was featured for in the coming altcoin news.

The company responsible for the dApp transactions study, AnChain, is backed by Amino Capital which is a Palo Alto VC firm with 15 employees. In the study, they examined millions of transactions from the top 10 EOS blockchain gambling dApp platforms – representing 65% of all EOS dApp transaction volume – to monitor the performance as well as detect suspicious activity.

By using artificial intelligence, the dApp transactions study by AnChain was able to root out repetitive or hyperactive accounts and determine that they were in fact, malicious bots. As many best cryptocurrency news sites reported, these autonomous players (bots) were programmed to boost dApp rankings, increase the liquidity of the dApp utility tokens, reap unearned profits on dApp without paying dividends, sabotage competitors by congesting the dApp and/or launch targeted attacks on the vulnerable applications.

The study on dApp transactions went on to suggest that bot activity is actually a feature – and not a bug – of decentralized applications. As it claims, pseudonymous transactions “leave the door open to bots going undetected for extended periods of time,” in comparison to IP based Internet accounts governed by a central authority like ICANN or the SEC. “The decentralized nature makes blockchains even harder to defend than cloud systems,” said Fang.

The report also cited a study that showed that almost 40% of all internet traffic in 2018 alone was bot driven.

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South American Online Marketplace Works With Facebook On Its Crypto Project

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The latest cryptocurrency news show that Facebook is working with one South American online marketplace named Mercado Libre while developing its upcoming Libra cryptocurrency project. According to a cryptocurrency news website and its reports on June 14, the two firms are working alongside in pushing the Libra into life and giving the crypto community its much-expected project. According to the news outlet, an executive from the South American online marketplace Mercado Libre said that the purported cryptocurrency is apparently going to be integrated in the e-commerce platform as a form of payment. Even though the anonymous executive confirmed the partnership, there is no statement by Facebook in the altcoin news with details on the case. The executive also said that it was likely that the company could operate as a node in Facebook's forthcoming blockchain network. Right now, Mercado Libre is one of the most popular South American online marketplace websites and e-commerce platforms in South America with operations in 19 countries. As another recent report shows, the testnet for Facebook's Libra platform is to be unveiled later this week. The platform has reportedly gathered support from dozens of firms such as Mastercard, Visa, Uber and PayPal. Another report by The Block shared by many best cryptocurrency news sites stated that a consortium has been formed to govern the project. This consortium, will apparently include organizations such as venture capital firms including Andreessen Horowitz and Union Square Ventures, the crypto exchange Coinbase as well as non-profit organizations including Mercy Corps. A while ago, an RBC Capital analyst named Mark Mahaney and Zachary Schwartzman said that Facebook's Libra stablecoin is going to be one of the most significant events in the company's history. According to him, the project would "unlock new engagement and revenue streams." The South American online marketplace Mercado Libre has about 4,000 employees and is right now the most popular e-commerce site in Latin America in terms of its number of visitors. However, the executive has asked not to be identified and could not say with certainty about the news. Still, he admitted that "it is very likely that yes" and noted that negotiations have been made directly by the first step of the company.  
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Gold-Backed Russian Crypto Could Crush The USD Standard

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Gold-backed Russian crypto is still under exploration and the possibilities of developing it are high in order to be used as a cross-border settlement alternative for other countries and we read more about it in the coming altcoin news. Due to the heavy sanctions from the United States, the potential of the value of gold-backed Russian crypto could help the country escape from the usage of the Dollar as the main currency standard. Russia’s State Duma member Vladimir Gutenev proposed the creation of the cryptocurrency and he suggested that the pegging of the value to gold could alleviate issues related in cryptocurrencies and that this idea could be linked to a stablecoin. Russia has been on standby on gold reserves as a way to fight the US Dollar and by boosting the reserves could allow the country to diversify foreign exchange and to reduce the high reliance on the US dollar. This has been a policy of Russia for quite some time. The central bank also reported that back in May their gold holdings reached up to $492 billion. The idea of tokenizing of their stores would give them much more freedom and power with the value of the gold reserves. Cryptocurrencies that are launch by the central bank are still met with high resistance. The head of the Central Bank of Russia Elvira Nabiullina stated:
 “As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”
Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
 “The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”
As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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Crypto Trading In The US Becomes A Nightmare, What’s The Solution?

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Crypto trading in the US is becoming much more difficult to conduct since the two major US-based crypto exchanges have announced the delisting of multiple cryptocurrencies for the customers in the country. Their decision comes due to the regulatory uncertainty and the big questions which crypto assets will be considered as securities so we read more on how to fix this problem in the altcoin news below. Binance, for example, announced that starting from September 12 this year, it will prohibit United States customers from trading on the exchange and stated that they even aimed to launch a local exchange Binance U.S. however, it is still unclear what tokens will be available on the new platform. Now, the crypto community is wondering what can be done about the crypto trading in the US problem and there are already some solutions. Some of the solutions include moving the altcoin trading offshore, trading only regulated assets and using decentralized exchanges. U.S. traders might have to choose the offshore option in order to trade digital assets. Depending on the exchanges this could mean smaller and less liquid exchanges to use. Additionally, the U.S. traders could go to decentralized exchanges such as Binance DEX which is now fully decentralized. Using a VPN on a centralized exchange that has a geoblock on the United States is a risky affair but could be one of the solutions as well. Keep in mind with the latest option that the risk of losing funds is much greater. At last, U.S. traders with high trading volumes could switch to those crypto assets that have been approved by the United States Securities and Exchange Commission such as Bitcoin and ETH and those coins that have been approved as security tokens. This can reduce the investable portion of the community but it will ensure that no funds would be jeopardized with the upcoming regulation in the states. As reported in the latest cryptocurrency news, Poloniex crypto exchange also ceased to offer the trading of 9 cryptocurrencies because of regulatory uncertainty. Bittrex also made the same decision. However, Bittrex did not specify that the reason for banning the traders from using the exchange was regulation, we could assume that the reasons are the same.
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TRON Community Aims To Get The Token Listed On Coinbase

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TRON Community now demands from Coinbase to get the Tron token listed on the platform after Binance announced they will not be serving US customers. We are about to read more in the latest cryptocurrency news below. The largest crypto exchange out there announced they will not be serving US customers on its original platform but they aim to launch a special platform for US crypto traders only. The timeline for the new platform has not been revealed but the decision spiked a panic among the US Tron community as many of the exchanges in the US do not support major tokens such as TRON. All of the TRON traders from the United States now use Binance to trade Tron. After the Binance announcement, the Tron community now demands from the United States to get the token listed on Coinbase. The panic comes as the bullish trend reached the entire market and the US traders might miss out on the opportunity. The founder of TRON Justin Sun tweeted that Coinbase needs to purchase the tokens and asked Brian Armstrong to work it out for the entire community. As noted in the coming altcoin news, Coinbase is known for having extremely strict guidelines and rules on how they select which tokens get listed on the platform. The original Coinbase platform supports only four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Coinbase Pro, on the other hand, listed multiple tokens and works in the United States. The crypto exchange is aiming at the beginners in the crypto space who prefer buying or selling bitcoins. Coinbase Pro, on the other hand, aims at crypto traders who want to trade actively no matter the coin. The Pro platform was spun out of GDAX right after the exchange giant acquired it. Many other crypto communities demand the listing of their own tokens on Coinbase and one of them is Cardano (ADA). We already learned that Coinbase has strict criteria when listing a token. So far the exchange supports 18 cryptocurrencies and 3 fiat currencies. You can check the entire list on their Website as well as see that the platform is the most popular crypto exchange in the United States.
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