My New Article: SCAT DAO Is The New Audit Paradigm
Auditing is the key control and supervision tool for companies and their activity. In the case of the crypto industry, the search for errors and/or fraud in the codes of the protocols and smart contracts, and also the evaluation of the project development team, is essential for transparency and security for the massive adoption of decentralized applications (DApps).
The team believes there is a need for smart contract auditing standards, developed and consistently applied by decentralized organizations that maintain independence, can apply a clear rating to the DApp, and inform the public about their analysis results.
My New Article: Good Practices for Hardware Wallets
The effectiveness of the second layer of protection added by a Hardware Wallet is reduced if you do not use this security device correctly to safeguard your funds in your non-custodial wallet.
News Of The Week:
- Optim Finance launched this week with SPO liquidity bonds. If you want to know more about Optim Finance, you can read my article.
- Guchi launched its NFT lending market for long or short trades, and also allows placing limit orders.
- On-line voting for Catalyst Circel is now live on DripDropz.
- Minswap suffered a Front-Running attack, also known as “sandwich trading”. It refers to a process in which a bot is programmed by software devs to spot when another trader is attempting to purchase a crypto asset on a blockchain. The bot then places an order on the same token, with the intention of completing the transaction first and driving the asset’s price up. Then, the bot “completes the sandwich” by selling the token to the original trader at a higher price. The issue was solved by the Minswap Team.
No Blocks for Almost 5 Minutes in Cardano Blockchain
ADA4Good SPO told of losing a block during Dec. 7. It was around 8 am CET. So it was not at the epoch change, where there is usually some delay in production. There were no blocks minted for almost 5 minutes.
A member of the IOHK team, called intutionismRus, responded: “This sounds like expected behaviour. Fundamentally there will be block production gaps — the intervals follow a Poisson distribution (a consequence of the random mechanism for establishing leadership). This consequence comes with having a hidden (until used) leadership schedule. We would expect such gaps about one or twice a year (on average).” Cardano Forum.
AdaYield Pool Smells Like Rotten Fish
AdaYield [AY1] promises to return greater staking rewards than other pools by issuing extra rewards on top of regular $ADA rewards. To make it work, they are selling their own token called ADY. Tweet.
IOHK had already warned about the poor performance of this stakepool in March 2021, Tweet.
Last Words. My Opinion.
Without decentralized identity, blockchain technology becomes meaningless. If identity is centralized, the decentralization of consensus loses all its power. Think of it this way to understand, if a blockchain had KYC in its base protocol, What relevance would its decentralized block distribution have?
Central authorities would control the blockchain from the identity of its users. Censorship would exist. Anonymity is different than privacy.
My article: The Importance of Privacy and Decentralized Identity. You are your data.
