The biggest ethereum contract on the market named FairWin is reportedly putting the users’ funds at risk and guzzles a huge amount of gas on the network as we are about to read in the ethereum news today.
Many of the crypto social media users have started analyzing what they believe to be biggest Ponzi scheme on Ethereum and the blockchain developer Philippe Castonguay warned:
“The https://FairWin.me Ponzi Scheme contains critical vulnerabilities that put all funds at risk. Spread knowledge (especially in Asia) Users need to withdraw their funds and stop interacting with the contract ASAP.”
There was a detailed Dune dashboard that was collated by the security and anti-phishing researcher Harry Denley at Meta Cartel Ventures which provides an overview of the contract and its creator’s exploits. Denley noted that ‘’the FairWin contract is a Ponzi scheme which holds a huge amount of ETH in it.’’ His dashboard provides a link to Reddit which collects the details of 6 ether wallets that reportedly account for high percentage levels which fluctuate around 50 percent of network gas used that are all spamming deposits to the same contract address.
A detailed allegation from a Reddit contributor noted that the biggest ethereum contract FairWin is mainly shared on Chinese social media and works as a 5-day period high yield investment where the users deposit up to 1-15 ETH and get high percentage return of 0.5 or 1% after 5 days:
“It’s decentralized, however only 70% of the amounts deposited actually go back to pay the commissions of the older deposits. […] 30% is always taken! Once the account is dried out those that entered last will be punished by losing absolutely everything… likely some of them will be reinvestments. Currently with 40k ETH, 12k are already for the unknown scammers.”
As per the latest cryptocurrency news today, the community members claim that the contract is being susceptible to being ‘’ drained by the owners’’ and one of the commentators alleged that there ‘’is a separate attack black hats can do if the owners don’t stop it.’’ Ethereum’s network participants are now trying to raise the block size of the network in order to prevent network congestion.
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
‘’E3 is related to eth algorithm, and DDR capacity is up to the upper limit, so E3 will not be able to continue mining (...) the meaning is E3 only can mine to January 2020, then will not mine again.’’2Miners calculated that Ethereum (ETH) mining will be terminated in about five weeks as it is a few epochs later than the older version. Among the first speakers within the crypto community that discussed the story was the author of Ethereum’s mining algorithm Kristy-Leigh Minehan who considered that this could lead to the launch of more capable miners. Bitmain is more focused on Bitcoin mining solutions and Mrs. Minehan suggested waiting for the release of the main competitors Canaan and Innoscilion. As per the previous reports, The hashrate is one of the metrics that can assess how healthy a network is. The higher the hashrate, the more secure a network will become and it also becomes much expensive to mine the cryptocurrency. Ethereum Classic saw its hashrate explode previously during a sign of growing strength so the ETC network is arguable now more secure than ever before.
Ethereum Core Developers Move Forward With ProgPOW Update
“I have not seen any evidence that there is an ideological or people willing to step up and actually have a network split. If I’m wrong I’ll resign as hardfork coordinator.’’Ethereum split once before with the ‘’DAO’’ which was the first attempt to a so called decentralized autonomous organization where more than 3.6 million ETH was exploited. Core developers decided to refund the affected users and the dissenters later formed Ethereum Classic in response. At least two projects were opposed to ProgPOW including SpanChain and the Gnosis projects. The executives of the projects were invited to voice their concerns about the next core developer meeting but this will likely won’t change the decision of the team: “There will be plenty of time for open dissent that won’t really change the decision, necessarily, because we’ve already gone back and forth and approved it twice.” ASIC resistance was a core consideration for Ethereum and the first version of the whitepaper explained how the distribution process of Ethereum will be performed through easily-accessible computer hardware which was more favorable for the community and the decentralization of the token. The leading mining hardware firm Bitmain developed an Ethereum ASIC in 2018 and in 2019 Canaan released an ASIC that was 5 times more efficient than comparable consumer hardware.
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Enjin Goes Live On The Ethereum Mainnet: Report
“Simple, great user experience is one of the core product design philosophies at Enjin, and we made damn sure that the Web Panel is minimal, straightforward, and clean.’’The process of creating a new blockchain project is not so complex and it can be done in four steps. The process doesn’t require any coding knowledge but while the Enjin platform web panel enables the codeless creation and management of the blockchain assets, the developers will have to employ Enjin platform API and SDKs when the time will come to integrate those assets with games and apps. The platform API is graphQL based while the Platform SDKs include Java, NODEJS, Godot and Unity. According to the company, the Enjin platform will be powered by Enjin Coin and will serve as the ultimate minting resource and used to back the value of the issued blockchain assets. While the Enjin platform is a relatively new platform, the company was present in the crypto space for more than 10 years. Enjin’s huge ecosystem is preferred among gamers and with partnerships with major companies such as Unity, Samsung, and PC Gamer, the platform has a strong presence in the gaming industry. When it comes to future plans, the company said to be working on a new way to distribute blockchain assets via QR codes.
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