Crypto News Tech

Samsung Galaxy S10 Wallet Supports Ethereum (ETH) Cryptocurrency, But Not Bitcoin (BTC)

The latest flagship offered by Samsung arrives with a variety of useful features. Among them, one of the most interesting ones is the decision to include the Samsung Galaxy S10 wallet for the cryptocurrency, including Ethereum (ETH), ERC-20 tokens, and dApps. However, Bitcoin (BTC) is not supported.

The new Samsung S10 range is now on sale, and some users are looking forward to the dedicated wallet. The feature is limited to the standard S10 model for now, but the situation could change in the future as Samsung has announced that it plans to add support for cryptocurrency on its other devices, too.

Newcomers will enjoy the fact that the Samsung Galaxy S10 wallet uses Samsung’s Blockchain Keystore, a decision which makes the process of saving and using cryptocurrencies very approachable. The standard is also compatible with CoinDuck, which means that users will be able to complete payments by scanning a QR code.

Samsung Galaxy S10 Wallet Works With Ethereum (ETH), dApps, and ERC-20 Tokens, But Not Bitcoin (BTC)

As cryptocurrencies started to become popular companies began to work hard on the perfect app that could be able to replace other popular dApps. The race becomes even stronger after TRON acquired BitTorrent. The wallet offered by Samsung is compatible with four popular dApps: the well-known gaming platform Enjin, the Cosmee beauty community, the crypto collectibles platform named CryptoKitties, and the previously mentioned payments service CoinDuck. So, Samsung Galaxy S10 wallet support Ethereum (ETH), dApps, and ERC-20 tokens.

Some sources which ran in-depth reports on the Blockchain Keystore note a specific phrase which appears in terms and conditions of the service. It is mentioned that Samsung’s Payments Service Group will accept and deal with any inquiries about payments completed with the Blockchain Keystore. Since the same division is responsible with payments made with the help of the Samsung Pay dedicated service, hinting that the two services could collaborate in the future.

According to some estimation Samsung sold 70 million smartphones by Q4 2018. While most of the devices aren’t a part of the Galaxy range, it is clear the Samsung could play a huge role in the adoption of cryptocurrencies at a global level via Samsung Galaxy S10 wallet. It is clear that Samsung is serious when it comes to cryptos, even though the company does not support Bitcoin (BTC) in its e-wallet, at the moment.

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Crypto Exchanges With No Gas Limit Set On Ethereum (ETH) Transactions Are Vulnerable To Cyber Attacks

On November 21st, researchers revealed a vulnerability in crypto exchange platforms with no gas limit established for outgoing transactions related to Ethereum (ETH) smart contracts. According to a Level K publication, since November 9th, several crypto exchanges have been alerted about this security flaw that could empty their hot wallets by the permanent collection of commissions or gas in Ethereum network.

Level K explained that this is because, in smart contracts (from tokens ERC20, tokens ERC721 like CryptoKitties and others), the receiving addresses are the ones that arbitrarily set the gas limit to carry out a transaction, which is paid by its initiators, in this case, the crypto exchange platforms.

When cryptocurrency exchanges have not established a well-defined gas limit for Ethereum (ETH) smart contracts, malicious users can set high gas costs to process their transactions and withdraw more funds than necessary from the hot wallet used by the exchange platforms. This scenario could be even worse if a crypto trading platform does not have KYC standards.

Crypto Exchange Platforms With No Gas Limit Set On Ethereum (ETH) Transactions Are Vulnerable ToCyber Attacks

Many cryptocurrency exchanges allow the withdrawal of Ethereum (ETH) to arbitrary addresses with no gas limit. Since sending ETH to a contract address performs its backup function, attackers can make these crypto exchange platforms pay for commissions. That allows cyberattackers to force exchange platforms to burn their own Ethereum (ETH) at high transaction costs. Hackers can even benefit economically by using GasTokens.

Keep in mind that GasToken is a smart contract that could be used to further exploit this vulnerability by conducting a “profitable attack.” GasToken functions as a gas bank, the fundamental resource for transactions in the Ethereum network. So, users can buy representative GasToken and store them when this resource is at low prices.

Also, through GasToken, users can benefit from Ethereum (ETH) storage rebate. This rebate only applies to contract transactions, when these remove storage elements that otherwise must be housed in the blockchain. The advantage of this type of reimbursement is that it can represent up to half of the gas in a contract transaction.

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The US SEC Fined EtherDelta, An Ethereum (ETH) and ERC20 Exchange, For Operating Without A License

The US Securities and Exchange Commission (SEC) sanctioned Zachary Coburn, founder of Ethereum’s decentralized Ethereum (ETH) and ETH tokens exchange platform, EtherDelta, with $388,000, alleging that the startup operated as an unauthorized cryptocurrency exchange. The regulator said Thursday, November 8th, that EtherDelta “was required to register with the SEC or qualify for an exemption.”

In the press release, the SEC said this is the first action it has taken “based on the findings that the platform operated as a national means of exchanging unlicensed securities.” Also, the officials said EtherDelta provided a market for buyers and sellers to exchange tokens “using an order book, an order display website, and a smart contract based on Ethereum (ETH).”

The US regulators noted that, over an 18-month period, EtherDelta crypto exchange’s users executed more than 3.6 million orders for ERC20 tokens, “including tokens that are securities under federal securities laws.”

The US Securities and Exchange Commission (SEC) Fined EtherDelta Ethereum (ETH) Crypto Exchange For Operating Without A License

The US Securities and Exchange Commission’s decision marks a precedent that could impact the creation and development of decentralized crypto exchange projects. Stephanie Avakian, co-director of the SEC’s Enforcement Division, noted that “EtherDelta had both the user interface and the underlying functionality of a national online stock exchange and was required to register with the SEC or qualify for an exemption.”

Without admitting or denying the facts, Zachary Coburn agreed to pay $388,000 in penalties broken down into $300,000 in profit returns, $13,000 in interest, plus a fine of $75,000.

EtherDelta attracted media attention back in December 2017 when its platform was hacked, putting users’ information and funds at risk. The system is used to exchange Ethereum (ETH), the Ethereum blockchain’s native cryptocurrency, as well as other tokens created on this network, known as the ERC20 tokens, among others.

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Ethereum (ETH) Constantinople Hard Fork Might Be Postponed For 2019

The next Ethereum (ETH) hard fork, the renowned Constantinople, could be postponed to 2019, due to operational problems in the test network. As reported by the Infura project through Twitter, there was a problem in the consensus mechanism of the Ropsten network, which made it obsolete, so the community of developers of Ethereum (EHT) is investigating what happened and make a call to use other systems for testing until further notice.

On October 13th, at the block height of 4,230,000, the protocol was activated in the Ropsten test network. However, then, there began to appear some faults. Next Friday, on October 19th, it was deliberated to postpone the implementation of Constantinople Ethereum (ETH) hard fork.

In the sector of crypto mining, the ASIC equipment is increasingly sophisticated and could put at risk the decentralization of blockchain networks, as some analysts indicate. Thus, the change of consensus mechanism in Ethereum (ETH) network seeks to test other models to validate the confirmation of transactions and make the process physically lighter, leaving the security of the network in the cryptographic and virtual environment.

Ethereum (ETH) Constantinople hard fork postponed for 2019

Platforms such as SIA have already announced updates to address the monopoly of crypto mining equipment of Innosilicon and Bitmain, although in this case there is no need to change the Proof of Work for another mechanism for blockchain validation, only to annul the competition they consider unfair.

Bitmain, primarily, has shown to have more power to control a part of the crypto mining equipment market and, therefore, they can give certain Ethereum (ETH) mining pools the ability to mine more and dominate the blockchain.

In turn, the Ethereum (ETH) network is designed as a platform that provides smart contracts, which, at least in theory, should be increasingly accessible by the user. The cost of ERC-20 tokens’ transactions, for example, is considered very high, an impediment to their wider adoption, and accessibility for users of customized cryptocurrencies.

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Ethereum (ETH) Constantinople Update To Deploy On The Blockchain On October 9th

The Ethereum (ETH) developers community met and reached an agreement to apply the Constantinople hard fork to the Ethereum Ropsten TestNet from block 4.200.000. The objective of implementing this update in a test network is to minimize the possible risks associated with this type of forks. The agreement was total, and the proposal was accepted without inconvenience. Thus, the tentative date of application of the hard fork would be October 9th, taking into account the current block generation speed. The fork will also be made in Kovan, from block 9.200.000.

Jameson Hudson moderated the meeting, and the co-creator of Ethereum (ETH), Vitalik Buterin, participated, although he did not offer more information.

Let’s remember that EIP 1013, Constantinople, created on April 20th, 2017, by Nick Savers, will allow for the transition of the Ethereum network consensus from Proof of Work to Proof of Participation. The beginning of Constantinople marks the end of the first phase of Metropolis, a planned hard fork for the development of the network.

This update will help the network to solve its scalability problems, according to its own developers, lowering the commissions for the transactions made in it by increasing the efficiency of the blockchain.

Constantinople to deploy on Ethereum (ETH) blockchain on October 9th

Additionally, they discussed the status of Prog PoW, a working test algorithm designed to “close the efficiency gap available to specialized ASICs.” The goal is to extend the lifespan of Ethereum (ETH) mining equipment. According to Kristy-Leigh Minehan, the code is ready.

However, the dev assured that until the community demonstrates a real interest in implementing the algorithm, the team will not advance further in its application throughout the network, since it involves a considerable investment that might not be included in the implementation of the hard fork.

“Until then I don’t think it’s worth wasting work hours or money on a project that could be ignored,” the dev said during the meeting.

In another meeting held this year, the team of developers decided to reduce Ethereum (ETH) mining and delay the application of the hardship pump on the network, to revalue the cryptocurrencies, in the middle of a tough year for ETH, especially concerning the fall in its price.

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