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Ethereum News

Vitalik Buterin: ‘’Most Ethereum Clones Are A Centralized Pile Of Trash’’

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Vitalik Buterin

Speaking at a San Francisco conference, the founder of the second largest cryptocurrency by market cap Ethereum, Vitalik Buterin talked about his cryptocurrency but for others as well naming them Ethereum clones and we are about to read more on his statements in the ethereum news below.

He said that other cryptocurrencies are a clone to Ethereum which claim to better than ETH. He thinks that most of them are centralized trash since they claim to be able to do 3,500 transactions per second but in real life, they only have 7 nodes that process the verification. He claimed:

 “When a blockchain project claims ‘We can do 3,500 TPS because we have a different algorithm,’ what we really mean is ‘We are a centralized pile of trash because we only have 7 nodes running the entire thing.”

He mostly focused on NEO and TRON but he also mentioned some issues with the chain-governance models such as the ones EOS runs on.

He continued to explain:

 “A couple of years ago I would have been more firmly in the Tezos-EOS camp that says there should be explicit on-chain governance. And now, I’m like absolutely against that, and I think that stuff is crazy. So if you look at EOS, EOS has these 21 delegate slots. And to get into one of these delegate slots you have to basically vote – or you have to have people with enough coins vote for you.”

Buterin is known for commenting on the downsides of other cryptocurrencies. He has previously expressed his disapproval of Bitcoin Cash SV calling the hard fork a ‘’dumpster fire.’’

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Blockchain News

French Societe Generale SFH Issues A $112 Million Bond As ETH Security Token

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french societe generale
The specialized credit institution which is the French Societe Generale (SFH) is in the coming altcoin news for issuing a bond worth 100 million Euros ($112 million USD) as a security token on the Ethereum (ETH) blockchain. The news first came from a blog post published on SFH's website on April 23. In it, the French Societe Generale SFH (which is a subsidiary of one of the largest financial services groups in Europs - Societe Generale Group)  has rolled out its first pilot project that is developed in collaboration with Societe Generale FORGE. The altcoin news feature the statement in which Societe Generale noted:
"This live transaction explores a more efficient process for bond issuances. Many areas of added value are predicted, among which, product scalability and reduced time to market, computer code automation structuring, thus better transparency, faster transferability and settlement. It proposes a new standard for issuances and secondary market bond trading and reduces cost and the number of intermediaries."
As the best cryptocurrency news sites noted, the latter is an internal startup that is launched through the Group's intrapreneurial program - the Internal Startup Call. As the documents show, the transaction's main goal was to investigate a more efficient way for bond issuance which could apparently facilitate better transparency, faster transferability as well as settlement. The company noted that the product “proposes a new standard for issuances and secondary market bond trading and reduces cost and the number of intermediaries.” The French Societe Generale also endorsed the bodies in charge for this operation, mentioning the teams of the Finance, Legal, Compliance and Operations departments of the Bank, as well as PwC France and francophone Africa as its blockchain advisor.
"Innovation is at the core of Societe Generale’s DNA and a priority of its Transform to Grow strategic plan. The Group’s digital transformation speeds up using new technologies to innovate and better serve its clients," the announcement concluded.
What is also important to note is the fact that Societe Generale has been present in the field of blockchain for several years - mainly through initiatives such as we.trade (blockchain-based finance platform for corporate clients in France) as well as komgo SA (a blockchain platform meant to digitalize the trade and commodities finance sector).
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Ethereum News

‘’Blockchain Bandit’’ Steals 45,000 ETH By Simply Guessing Weak Passwords

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Blockchain bandit or a crypto hacker managed to steal about 45,000 ether altcoins by simply guessing the weak private keys of users. The report from the incident by the Independent Security Evaluators reached our latest cryptocurrency news today. According to the report published today, the hack attack was discovered by accident. Adrian Bednarek who is a senior security analyst is the one who discovered the attack. He says that guessing private keys is basically a long shot, the blockchain bandit managed to gain access to more than 730 private keys which gave him the ability to make transactions as he was the account holder. The report also outlines that there was not brute force used to search and find the random private keys, but the blockchain bandit only used a combination of faulty codes and faulty random number generators. Bednarek noticed that some of the associated wallets with the private keys had high volumes of transactions that led to a single address but no money was coming out. Bednarek explained:
 “There was a guy who had an address who was going around and siphoning money from some of the keys we had access to. We found 735 private keys, he happened to take money from 12 of those keys we also had access to. It’s statistically improbable he would guess those keys by chance, so he was probably doing the same thing […] he was basically stealing funds as soon as they came into people’s wallets.”
At the current height of ethreum’s value, it is estimated that the blockchain bandit managed to take out more than $50 million from the wallets. The funds are now valued at about $7.8 million. Bednarek also explains that the private keys may have been vulnerable because there were coding errors associated with them in the software that generated them. Another theory is that the crypto owners who have the private keys and use a passphrase, the generator is generating identical ones by using weak entries such as ‘’abc123’’ or four zeros leaving the passphrase easy to guess. The identity of the blockchain bandit is still unknown but Bednarek suggests that someone from North Korea could have been behind it. Back in March, the United Nations Security Council report that the best cryptocurrency news sites wrote about, claimed that the country had amassed about $650 million in crypto and fiat through hacking attacks.
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Ethereum News

Protocol Labs Teams Up With The Ethereum Foundation To Develop VDF

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Protocol Labs, the owner of Filecoin is officially partnering with the Ethereum Foundation to develop a verifiable delay function (VDF). The company made the announcement which reached our altcoin news, in an official blog post two days ago. According to the blog post, verifiable delay function or VDFs are a new cryptographic primitive that is able to provide higher support for the systems that rely on the generation of random values. For example, a similar case where this can be explained includes picking out a lottery winner on the blockchain. The VDFs can help stop the miners from interfering with the block hash in order to win the jackpot. One of the researchers in Protocol Labs Dan Boneh explains that VDFs are a new way to ‘’slow things down verifiably.’’ Dan Boneh was the one to introduce the concept of paper in 2018. Since then, Protocol Labs stated that additional research is needed in order to make VDFs more robust since there are still capable malicious actors with specialized hardware to breach the security protocols. The team explained:
 “This is an investment towards building publicly-verifiable randomness and VDFs as novel tools in the arsenals of cryptographers and decentralization projects.”
As previously reported in the latest cryptocurrency news, the blog post added that a successful outcome could be achieved in applied cryptography and distributed system. This means that Protocol Labs aims to boost the use of cryptography beyond the blockchain. The ethereum foundation and Protocol Labs jointly plan to evaluate and to fund grants to research the feasibility of optimized hardware development for running VDFs. The blog post also outlines that this plan aims to eliminate the ‘’knowable uncertainty around the length of the verifiable delay based on the speed and quality of the hardware being used to generate it.’’ The partnership between the Ethereum foundation and Protocol Labs resulted in a new website so both of the organizations are now available to hear from academic institutions that are willing to get involved. A competition for the fastest VDF construction research is also in the game. Back in February, the eth foundation denied the allegations of spending $15 million on VDF development for its proof-of-stake network transition.
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Ethereum News

Ethereum Price Closer To $175: Is $182 The Next Milestone For ETH?

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ethereum price
There has been a strong rebound in the Ethereum price lately. As the coming altcoin news show, the price of ETH has managed to reach $175 but later corrected to its current levels at $171. Still, the momentum is big and the ETH/USD pair has tested the $170 resistance level, settling above the 100 hourly simple moving average, as data from CoinMarketCap shows. Finally, the Ethereum price broke the $169 and $170 resistance levels and extended the rally towards the $175 level (from yesterday's altcoin news analysis), testing the $174 level and currently consolidating its gains below that level. The initial support is near $172 and the 23.6% Fibonacci retracement level of the recent wave from the $164 swing low to $174 high. On the downside, there are currently many supports near the $170 and $169 levels which were the previous resistances. Right now, the Ethereum price is changing hands with $172 and if it corrects and stabilizes below that margin, it is likely to find support near the $168 area. The good news, as shared on many best cryptocurrency news sites and by a lot of experts, is that the initial resistance is near $175 - which means a lot for Ether buyers. In other words, the Ethereum price could be pushed above and there could be a strong move towards the $180 and $182 resistance levels. That way, if buyers remain in action, we are likely to see a chance of a run towards the $190 resistance area. Looking at the latest cryptocurrency news and the chart, the Ethereum price is now trading nicely above the $168, $169 and $170 support levels. As long as there is no close coming in the $168 region, the price will remain in a positive zone. Below this level, the next support will be at $164 and the 100 hourly simple moving average. Right now, the overall price action is positive and the recent break above $170 suggests that bears are clearly struggling and trying to push the Ethereum price lower.
  • The technical indicators are as following:
  • Hourly MACD – The MACD for ETH/USD is pushing higher and gaining a bullish momentum, with a lot of positive signs.
  • Hourly RSI – The RSI for ETH/USD surged above the 60 level and it is right now stabilizing near 75.
  • Major Support Level is at $168
  • Major Resistance Level is at $175
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