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.
South American Online Marketplace Works With Facebook On Its Crypto Project
Gold-Backed Russian Crypto Could Crush The USD Standard
“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.
Crypto Trading In The US Becomes A Nightmare, What’s The Solution?
TRON Community Aims To Get The Token Listed On Coinbase
Join us on Facebook
- South American Online Marketplace Works With Facebook On Its Crypto Project
- South Korean Exchanges Increase Liability Following Demands From Regulators
- Samsung Taps Blockchain And 6G, Seeks Collaboration With Firms
- Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000
- Indian Central Bank Denies Knowledge Of Proposed Crypto Ban Bill
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Regulation5 days ago
Financial Action Task Force Wants To Turn BTC Exchanges Into Banks
Ethereum News2 days ago
Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction
Bitcoin News3 days ago
Bitcoin Tax Evasion Will Be Criminally Punishable: IRS Warns
Bitcoin News3 days ago
Weiss Ratings Upgrades Bitcoin From B- To B: Report
Altcoin News3 days ago
Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon
Bitcoin News4 days ago
Call Center Scam From India Steals $1.7 Million In Bitcoin
Blockchain News4 days ago
Erik Finman Will Bring Crypto To The Masses With The Help Of CoinBits
Altcoin News23 hours ago
Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)