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Blockchain News

Ethereum dApp Browsers Begin Web3 Support To Increase Their (Wallet) Security



Metamask has been the first browser in the list of Ethereum browsers that recently started to inject Web3 into its system – mainly after a recently-uncovered privacy issue that triggered additional security for the wallets within the Ethereum ecosystem.

The news was first published by Paul Bouchon in a Medium blog post.

As a popular Ethereum wallet and dApp browser, Metamask lets users visit the distributed web and navigate the dApp towards the blockchain, as well as help in accessing user account addresses and proposing transactions.

However, the recent privacy exposure showed that malicious sites can scan the injected objects and track Ethereum users even with the extension being locked. This attack is known as “fingerprinting” in the crypto scams verbiage – and a method which makes users vulnerable to a variety of attacks.

Aside from this practice, many users have been victims of phishing campaigns which mimic the browser interface and trigger them to enter their user and password. Once the extension unlocks, the players can also see the victim’s Ethereum address from which they can gain access to all of his private information (transaction history, balance and other information).

The dApp browsers such as MetaMask, imToken, Status and Mist will all require new updates to their existing dApps so that this new privacy measure is properly addressed. Users, on the other hand, will start seeing more “login” buttons on dApps and will be able to deny blockchain access for the websites that they consider untrustworthy.

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Blockchain News

$30 Billion Later: There Is Still Not A Single Crypto App Created With A Real User Base

ICOs are a hot topic this past couple of days in our crypto news since they are gaining popularity each day. However, over the past two years, initial coin offering projects managed to raise more than $30 billion but most of the projects have little or none to show. Most ICO projects don’t really have good results in term of user growth and blockchain adoption and user activity on decentralized systems are quite low. Despite the fact that a lot of tokens expressed great success, this is still not enough. For example, Binance Coin made a huge success when it was launched and thousands of merchants started to use the token to accept crypto payments. Other tokens such as 0x also proved to be successful for facilitating liquidity among the many decentralized exchanges. However, the larger majority of the tokens still haven’t proved to be very successful. Uber’s Sam Gelman explained:
 “After $30 billion invested in the past two years in ICOs there still isn’t a single crypto app with a real user base for anything other than speculating on crypto. The BTC price movement is tough, but the lack of real user base for anything they’re investing in is tougher.”
The ICO ecosystem is expected to get hit even harder and this will be a problem for both investors and project makers. Only this week the SEC shut down two ICO projects characterizing them as unregistered security offerings. Experts believe that the Bear Market will help to filter the projects useful to useless and those that will manage to stay afloat will be projects with a great roadmap, active user base, and a competitive model.
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Blockchain News

Bilbao, Spain: New $171k Worth Tender Issued For Developing A Public Blockchain Network

The city of Bilbao, Spain is in the latest blockchain news on our cryptocurrency news site, this time for launching a tender worth 150,000 Euros (approximately $171,000) in order to develop a blockchain service for public services. First announced in a press release issued by Bilbao's municipal authorities, the officials of the largest city in the Basque country are set to create a decentralized platform that will be designed to allow people to act with "power of attorney" online. As the release notes, the deadline is set for November 23rd. The company which will be awarded this contract has to develop the blockchain network within six months. As the technical description of the tender reads, the winning company should also build a network similar to EJIE which is a digital platform owned by the government of the Basque country. Moreover, Bilbao's authorities want to facilitate the data exchange between different public institutions, implying interoperability with EJIE. According to the officials, blockchain technology will help store citizens' data in a better way, preventing hacks and alterations. As reported earlier on our site, Spain remains one of the forward-thinking countries which promote blockchain optimism on many levels. Previously this year, the community of Aragon announced a new blockchain platform on a state level, followed by the city of Valencia which also stated it was creating a "smart port" to improve logistics and cut costs as one of the busiest ports in the city.
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Blockchain News

Q3 Report: Chinese Blockchain Company Xunlei Reaches $45.3 Million In Revenue

The revenue report of the Chinese blockchain-based software company Xunlei is in today’s blockchain news where you can see that the company’s revenue increased this year after they introduced blockchain services. According to the report, the company’s Q3 revenue reached $45.3 million which is an increase since last year by 1.1 percent. The company also added $19.8 million of the revenue to its cloud services which is also an 8.3 percent increase since 2017. CEO of Xunlei group, Lei Chen noted:
 “We believe that blockchain is a technology that can change our lives, and we will strive to make it available in different areas in a simpler and more cost-effective way.”
Xunlei is known for its P2P software and BitTorrent client which is very popular in China, have turned to blockchain technology development in 2017. Before they turn to the blockchain, the company was facing a downturn for more than 2 years. After implementing blockchain, Xunlei became the best performing stock on Nasdaq with more than 70 percent in shares. However, in November 2017, Xunlei was under scrutiny from the financial regulator in China after the state ban on ICOs which led to a 40 percent drop in shares. Despite this however, Xunlei launched two new blockchain based products and increased its revenue incredibly. In 2018, according to a report from Cointelegraph, Xunlei partnered with People’s Daily to create a technology innovation laboratory in order to develop a blockchain-based platform for organizing seminars and workshops. Other companies around the world published their Q3 2018 Report where they record historical performances with high percentage incensement.
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Blockchain News

Bank Of America Secures A Patent For Crypto Aggregation Systems

Bank of America is in the crypto news again, this time for acquiring a patent for a cryptocurrency aggregation system that will allow companies to store customers’ crypto deposits on a special account and offline storage in an enterprise. This way safekeeping of the funds is guaranteed. Other patents mainly focus on the blockchain technology but, this system is a huge step up for crypto. The patent was approved by the US Patent and Trademark Office yesterday. The current system of the Bank of America is made of memory for storing customers’ accounts as well as to handle crypto deposits and also to identify public keys with the relevant customer. The processor aggregates the crypto into an enterprise account. This patent application was filed in 2014 where it was noted back then that the crypto transactions are growing incredibly and that crypto transactions are becoming more common. Companies and merchants around the world also started accepting cryptocurrencies and their number is also on the rise. This move could spike further crypto adoption and could possibly encourage businesses to transact in crypto as well. However, this idea is a major turn off for many crypto users and enthusiasts because of the large gap that exists between the two worlds. Despite that, Bank of America hopes to provide an efficient system that will put fees aside and to eliminate the third-party currency exchange to conduct a currency exchange. In the meantime, Michael Wuehler who is one of the inventors of many blockchain patents suggested that these patents are meaningless and want to deceive the public’s perception of innovation and banks.
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