Greed and capitalism have had a long and co-dependent relationship. However, human greed knows no bounds and people are always scheming to profit, regardless of the legality of the operation. From Ponzi schemes to outright theft, no industry is isolated from them, January 5th was just another reminder of this fact.
At the start of the year, the ETC network was a victim of a 51% attack. The miscreants were able to rent enough of the hash power to exert control over the network. There is every indication that the plan was to then spend the ETC while also selling them to a different exchange. Unsurprisingly this concerned many who had their MET tokens on such networks. In a post, outlining their plan of action, the Metronome team were found to be rather confident of the work they had put in and stated“The team has put in considerable effort in developing/auditing these contracts for deployment on Ethereum Classic and the Validator Network that will secure the transactions between chains.”
Further expanding on this they said“After careful consideration and feedback from community members, the team has decided to continue with its planned Q1 deployment of Metronome contracts on the Ethereum Classic network.”
Thus, the planned Q1 deployment on the network seems to be going ahead as planned.
Even though the notification made clear the vote of confidence, the team is clearly aware of the concern the deployment is likely to arouse within the community. Thus there was a further clarification on this, as the write-up went on to say that the developers were monitoring the situation keenly and that“Ethereum Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack” has assuaged any misgivings they might have had. “The additional security in continued institutional incentive to stabilise the network has helped alleviate some of the team’s concerns,” they added.
Still, adding a word of caution, the note ended by advising token holders to be aware and on the lookout for anything that seems out of the ordinary.“Should any owner find any network with deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not store their MET on that chain,”
the team clearly explained the individual responsibility in ensuring their cryptos security.
Detailing their safety first approach, the post offers other useful hints. Advising that since all attackers are usually driven by the economic incentive, the attacks are likely to be focused on the underlying token itself and that such 51 percent attacks are usually targeted towards exchanges. The team also mentioned that post-deployment MET token holders can move their coins as they see fit, and that chain portability is of utmost priority.
The Metronome teams faith in the underlying technology is a sign of changing things. While such hacks are an unfortunate part of the business, the industry itself needs to work hard at earning and retaining such trust.
Samsung Coin rumors: is an Ethereum-based token in the works?
Sources “familiar with Samsung’s internal situation” were quoted yesterday as hinting towards an upcoming Samsung Coin project.
The person responsible for the comments, which is described as an “official”, confirmed to CoinDesk Korea that Samsung’s blockchain task force has been busy building an ethereum-based mainnet, which would have a private character, although other options appear to be as well on the table:
“It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains”.
The same source was also questioned with regards to the possibility of their own token being launched, to what he admitted that they expect it to come out in the market, regardless of not having decided yet on the “direction” for the project.
The first news regarding the incursion of Samsung into cryptocurrencies were first heard back in December of 2018, when trademark filings from the South Korean electronics firm with names such as “Blockchain KeyStore” or “Blockchain Core” were reported.
Although the company dismissed the early elucubrations that pointed towards their accelerated adoption of blockchain technology, in early March of 2019 the Samsung Galaxy S10 was introduced, and its private key storage functions confirmed the path taken.
The Ethereum me Service Is Turning Nearly 300,000 .ETH Domains Into NFTs
An effort to build a domain name system on top of the ethereum blockchain network is gearing up for a major upgrade early next month — and the project’s developers are urging stakeholders to prepare.
At the heart of the upgrade is the replacement of the Ethereum Name Service’s registrar, with the goal of vastly speeding up the process of registering .eth, .xyz, and .lux domain names. What’s more, names registered on the ENS will be treated as non-fungible tokens (NFTs), allowing them to be bought and exchanged like similar kinds of tokens on the ethereum network.
During an April 16 blog post, Ethereum Name Service (ENS) lead developer Nick Johnson wrote that registered domain users have one year after May 4 to migrate their domain to a new registar that is replacing the existing one.
The service first launched back in May 2017, allowing users to register .eth domain names and link them to ethereum resources such as smart contracts, wallet addresses, and more. This is a particularly useful application given the complex naming system attached to such resources.
Since inception, more than 270,000 domain names have been set up using the ethereum domain .eth, according to Brantly Milegan. the developer coordinator for ENS.
And data from Curious Giraffe shows the economic impact — that is, how people are actually using the network’s native ETH token to participate. To wit: nearly 800,000 auctions have been started, drawing in 3.2 million ETH worth of bids and a total of about 170,000 ETH locked up (successful bids are locked up in a contract so long as the bidder holds the domain itself). Much of that activity was seen in the earliest days of the project.
Now, Johnson and the team at ENS are looking ahead to improving the domain name registration system in major ways.
First, as opposed to waiting roughly five days for a domain name to be registered, users of the new ENS system will be able to complete orders within a minute.
“Registering a name is nearly instant,” according to Johnson. “Users submit two transactions, first committing to registering the name, then actually registering the name. In order to prevent front-running, these two transactions must be mined at least 1 minute apart.”
ENS developer relations coordinator Brantly Milegan added that this speedy registration process was made possible by replacing the service’s “blind auction process” with “instant [domain] registration.”
Milegan told CoinDesk:
“The reason we had an auction process is because we thought that was the most fair way to have an initial distribution of domains…We’re now moving to instant registration because we’re assuming that if there was a valuable domain it’s already been contested through auction.”
Once registered, domain names will be treated as non-fungible tokens (NFTs) that just like any other unique asset on the ethereum blockchain can be easily collected and transferred between users.
“[ENS names] were always non-fungible but they’ll have the same properties as other NFTs, they will plug into other NFT systems,” Milegan explained.
Thirdly, the new ENS system will eventually be opening up a three-step allocation process similar in part to the blind auction process for domain names shorter than seven characters. Finally, for all domain names longer than seven characters, users will have to pay an annual fee of $5 in order to guarantee ownership over the name.
“Imposing a cost on name registrations is necessary to limit ‘land grabs,’” explains Johnson in his blog post. “The interim registrar achieved this with a deposit based scheme…But experience has shown us that this is less effective than we had hoped.”
Milegan estimates that the forthcoming yearly rent will amount to roughly $250,000 starting sometime in 2020.
As stated in a Reddit AMA about the forthcoming ENS upgrade, funds will initially be sent “to the ENS root multisig wallet for the key holders to determine how to allocate funds.”
Milegan explained in a blog post published April 19:
“What this means is whatever four of these seven people can agree to do with the ETH from the yearly rent is what will happen to it.”
The seven individuals in charge of collectively managing the ENS root multisig include Johnson, two individuals from the Ethereum Foundation, CEO of crypto wallet application MyCrypto, founder of ethereum mobile client Status, software developer at Consensys, and lead engineer at blockchain startup Colony.
Before the introduction of rent fees, these individuals were actually primarily tasked “to facilitate the possibility of upgrades and maintenance and in exceptional circumstances to handle problems with the ENS,” as stated on the official website. Now, these keyholders are looking for feedback from the community about how best to allocate future funds from a yearly rent model.
Ultimately, however, the intention will be to migrate away from a multisig system entirely and create “some form of distributed decision-making process” to takeover the task of both ENS fund management and system administration.
As stated by Aron Fischer – lead engineer at blockchain startup Colony – on Twitter:
“The ultimate goal, is and has always been, to get rid of (the need for) the multisig…Ideally, the permanent registrar eventually reaches a level of maturity which obviates the need for any entity having the permissions to change its code. “
$112 Million Bond Issued On Ethereum By French Finance Firm
Societe Generale Group is a French financial services company which has just issued more than $110 million worth of bonds in the form of a security token on the public Ethereum blockchain.
It was announced today that the subsidiary dubbed Societe Generale SFH used the OFH token (obligations de financement de l’habitat, or home financing obligations in English) in order to represent 100 million euros of covered bonds, a type of security that is backed by specific assets but remain on the issuer’s balance sheet.
Even so, according to a report published by the bond rating agency Moody’s Investors Service earlier this week suggests that Societe Generale was the only investor. This would mean that the company issued the securities to itself and no outside buyers were involved.
As reported by CoinDesk:
“The bond has a five-year maturity with a 12-month extension period, Moody’s said. It is pari passu (“on equal footing”) with other covered bonds of the issuer, meaning if the company were to fail, whoever held the tokens at that time would be repaid the same fractional amounts at the same time as regular bondholders, the report said.”
The rating firm has said that it considers the use of blockchain technology “credit positive” for the issuer, in part because of increased transparency and a reduced likelihood of errors “arising from the complexity and the number of intermediaries involved in issuing covered bonds using traditional means.”
Initially, the pilot was designed by Societe Generale’s blockchain subsidiary Societe Generale FORGE. The company said, “one of the 60 internal startups launched via the Internal Startup Call, the Group’s intrapreneurial programme.”
The big four professional-services company PwC advised the project on the technology and the French law firm Gide Loyrette Nouel was a legal advisor, SocGen said.
In a press release, the company said, “this live transaction explores a more efficient process for bond issuances.”
They then added
“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.