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.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Samsung Just Added Bitcoin Support To Its Blockchain Keystore
Regulation2 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Blockchain News4 days ago
BitMEX Loses The Leading Position To Emerging Competition
Bitcoin News4 days ago
Dallas Mavericks Is The Second NBA Team To Accept Bitcoin
Bitcoin Scams3 days ago
Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off
Bitcoin News4 days ago
Bitcoin Chart Perfectly Shows The Dominance Of BTC Over Altcoins
Bitcoin News1 day ago
Bitcoin Price Hesitates But Further Recovery Is Likely
Altcoin News4 days ago
Coinbase Ditched Zcash And Here’s The Real Reason Why