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Ethereum News

Mining Ethereum Can Make You A Target For Hack Attacks According To Developers

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As time goes by, hackers are getting creative and are finding new ways to steal your cryptocurrencies. In today’s ethereum news we take a look at the massive growth in hack attacks in ethereum wallets since they have a specific vulnerability.

According to developers, the hackers are targeting Ethereum wallets and mining equipment through an exposed port 8545 on specific devices, which is a standard port for the JSON-RPC interface that can be used for mine-related activities.

The ethereum developers have also warned users about the dangers of exposing the interface when using equipment for mining ethereum and the ethereum software, urging them to create a password for the interface to activate a firewall.

The JSON-RPC interface doesn’t come with a password. Users can set one but they rarely do. For Ethereum wallets that are exposed, hackers can send the API different commands and transfer funds from the wallet they attacked.

The mining rigs producers have also done the best they can to limit the damage that is caused by the problematic interface by urging the users to add a password. Other removed the interface totally.

This is the first time that the market scanning is done in a bear market. All of the data reports show that all of the analyses were conducted when the prices were stable. What makes the market scanning that hackers do incredibly difficult to understand is how it can be possible to find such tools so easy to exploit Ethereum clients. More than 4,500 devices made up of Geth mining rigs and Parity wallets are the ones that are the most vulnerable devices.

In 2017, hackers managed to steal about $32 million in ether because of the vulnerability in Parity’s multi-signature wallet.

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Blockchain News

Ping An Insurance Giant Partners With ETH-Based AI Startup SingularityNET

Ping An, the insurance giant of China, has officially partnered with Ethereum (ETH)-based decentralized artificial intelligence (AI) startup called SingularityNET according to a press release published on Medium which we are reading more about in our latest cryptocurrency news. According to the press release, the partnership between the insurance company and the startup will mainly focus on Optical Character Recognition (OCR), model training and Computer vision (CV). SinglularityNET explains that the main goal of the partnership is to continue with the expansion and to have branches in multiple industries and start new initiatives in the future. The announcement was made quickly after SingularityNET launched a beta version of the decentralized marketplace that is also ethereum-based back on February 28 this year. Last year, on the other hand, the company announced another partnership but this time with an agriculture-focused blockchain startup named Hara at the world web forum. Per the announcement:
‘’As more and more entities adopt SingularityNET either by offering their services on the platform, utilizing the services that already exist, or backing the creation of new services — the first mover advantage of SingularityNET will seal its place as the global mind cloud that is governed democratically and not controlled by any single entity.’’
Ping An is one of the world’s most important insurance companies since it serves about 170 million customers and was ranked on the 10th place in Forbes Global 200 list of largest public companies in the world. As previously reported, Ping An and the Sanya municipal government also made a partnership or more like a strategic agreement for building a ‘’Smart City’’ with the help of the blockchain technology.
‘’Ping An Technology and SingularityNET have reached the intention to collaborate in the field of Artificial Intelligence, possible future directions for collaboration include (but are not limited to) OCR and model training.’’- Said Mr. Bai Meng, the AI lead for Ping An.
The press release also points out that the ‘’One Minute Clinics’’ that is initially built by Ping An, use artificial intelligence and they are currently expanding in China after being accepted by the community in more exactly eight Chinese cities. Ping An’s banking branch, Ping An Bank also made headlines after announcing that they will launch a boutique bank with the help of blockchain technology, the Internet of Things (IoT) tech and cloud services.
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Ethereum News

Joseph Lubin Guarantees Investors That Ethereum Is Not Going To Fail

During the harsh crypto winter, Ethereum was one of the cryptocurrencies that got hit the worst since for a couple of months it was trading at low points and it was even overtaken by XRP. Many in the crypto community believed that to be the end of Ethereum. However, ETH managed to climb back to the second spot and in today’s ethereum news we read why Joseph Lubin reassured the investors that Ethereum is not going to fail. Joseph Lubin, as ethereum’s co-founder, was invited as a speaker at the popular SXSW conference and he took the time to explain ETH’s nature and said:
 “Ethereum is not going away. It’s not going to fail. It will remain very significant.”
According to Lubin, all of the high tech entrepreneurs are now in the process of building new applications by using the ethereum blockchain and don’t really worry about the price fluctuations. He continued:
“Since the start of the ecosystem and since 2009, we’ve seen many incredible rises in the price of these tokens followed by very significant corrections. So the most significant correction took us back one year, which was 5,000-times more valuable than when ETH was initially launched. In that context, it’s not so horrifying. There is way more activity in our ecosystem now than a year or 18 months ago.’’
Lubin also tapped another issue which is the scaling aspect of Ethereum, the one issue everyone cares the most. The scaling problem is the biggest problem for ethereum since it can currently only handle about 14-17 TPS which is only a small fraction when compared to the global transactions on the internet. He explained:
 “Ethereum 2.0 is coming…we have eight teams building it,” said Lubin, adding that they’re in “phase 0 of four phases.” This base layer upon which we continue to build Layer 2 scalability solutions is going to expand by at least 1,000-fold over the next 18-24 months from now. It will keep expanding after that.”
Despite the harsh position that ethereum had on the market after losing 92% of its value from its peak in January 2018, it seems like the user base of the blockchain protocol increased and this also led to the improvement of the eth infrastructure.
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Blockchain News

Vitalik Buterin: Non-Financial Blockchain Use Cases Are A “Harder Pitch”

The co-founder of Ethereum (ETH), Vitalik Buterin, is in our cryptocurrency news section again. This time, we are featuring his statement at the crypto event Token 2049 (held in Hong Kong) - where he said that blockchain applications outside of finance face more difficulty in gaining traction - mostly because of the primary added value that they offer - being decentralization. His comments began with the note where he described finance as “realistically the first blockchain [application] that will probably achieve wide scale adoption,”adding that he is a huge fan of self-declared huge fan of other applications. As he said:
“The problem is that decentralization is basically their value add. With finance you’re competing with banks that take five days to do something interesting. With anything that’s not financial, chances are there is some internet thing that does what you want, that’s just centralized. So it’s a bit of a harder pitch.”
When it came to the actual examples of areas that blockchain could be implemented into beyond finance, Vitalik isolated digital identity, reputation and digital certificates as the specific use cases that are not necessarily confined to the use of cryptocurrencies or financial markets. In his further discussion, Buterin also motivated the event attendees to identify real-world applications that focus on developing "not just theory but something on the ground." Some of the examples included micro-insurance, non-fungible tokens as well as gaming. Speaking of, Buterin said a lot about gaming. He thinks that while many people are committed to blockchain innovation that could tackle real-world problems in many industries and provide positive social impact - the use of blockchain in the entertainment and gaming industries is where it could excel as well, attracting high numbers of early adopters. On the topic of personal commitments, Buterin highlighted the decentralized applications (dApps) which allow multipel actors to share and cooperate on applications that are based on underlying and decentralized blockchain protocol. He also proposed that the dApps use case can potentially redraw the existing technology and power landscape by leveraging a unique decentralized ecosystem that would allow smaller players to compete with tech giants' monopolies. In another interview, Buterin stated that he was trying to solve Bitcoin's (BTC) limited functionality with the creation of Ethereum.
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Ethereum News

A Potential Bug Of The Ethereum Parity Full Note Found By BitMEX Research Branch

One of the largest crypto trading platform BitMEX and its research branch has revealed in their official blog post about a potential Etheruem Parity full node bug and we are about to find out more in our latest Ethereum news today. Published today, on March 13, the research branch of the exchange discovered the bug while analyzing data from Nodestats.org which is the first new website that is designed to collect the key metrics on the Ethereum nodes. In the same blog post recently published, the exchange pointed out that there will be a launch of Nodestats today which was created in collaboration with TokenAnalyst. Nodestats provides key data for Ethereum Party and Ethereum Geth clients which reportedly are the two largest ETH nodes client implementations. The research branch’s team started gathering data and information from the Ethereum parity node on March 1 and that until March 12, the node was still not synced with the Ethereum blockchain. The client was about 450,000 blocks behind according to the block post, saying that ‘’based on its current trajectory, it should catch up with the main chain tip in a few days.’’ The researchers explain:
 “While the slow initial sync is a potential problem, at least for this system setup, Ethereum has not yet reached a point where the node cannot catch up, as the sync is faster than the rate of blockchain growth.”
The BitMEX blog post authors further explain:
 “One could argue the impact of this potential bug could be severe [...] if exploited by an attacker in the right way. For example a user could accept an incoming payment or smart contract execution as verified, while their node claims to be at the network chain tip. [...] The attacker would need to double spend at a height the vulnerable node wrongly thought was the chain tip, which could have a lower proof of work requirement than the main chain tip. Although successful execution of this attack is highly unlikely and users are not likely to be using the highest seen block feature anyway.”
Nodestats is connected to five etehreum nodes that collect data every five seconds. According to the blog post, the main goal is to have decent metrics related to the computational resources each eth node asks for.
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