Roundup – 26/01/2019 – Petro’s Future Unclear, Study Finds PoS Coin Flaws & more

Maduro’s Reign Contested – Petro’s Future Unclear

The power struggle in Venezuela is ongoing. The people are on the streets, the opposition contests Maduro’s power and it has a charismatic leader in Juan Guaidó. Meanwhile, the socialist government does not stand still of course. The “colectivos” Maduro’s death squads on motorcycles are reportedly fighting and intimidating the rebels. While Maduro’s militaristic approach to hold down the opposition with force has worked in the past, the outcome might be very different this time. As the international community, led by the USA, is supporting the opposition. During all this, the future of the Petro is highly questionable. So far, the cryptocurrency has been nothing more than one single gear in a bigger plan. And as the planned economy will possibly vanish soon from Venezuela, so might the Petro.

Huobi Cryptocurrency Exchange To Be Part Of Japan’s Cashless Economy

The government of Japan plans to have an advanced and hybrid economy that is powered by cashless transactions. This is meant to ensure that the inconveniences of using Japan Yen paper money are eliminated and the society is able to buy goods and services through app-based solutions.To take advantage of such laws, the Singapore-based Crypto exchange platform -Huobi, is entering the Japanese market. With a GDP of over $5 trillion and a population of over 120 million people, Japan is one of the globe’s biggest markets as well as the most advanced. Hence, the entry of Huobi into the space is strategic as the platform’s services are suited for the local needs.

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Study Finds Major Security Flaws in 26 Proof-of-Stake Coins

A team of researchers has released a study that found serious security flaws in many cryptocurrencies that rely on Proof-of-Stake. The researchers are students from the  University of Illinois at Urbana Champaign (UIUC) and they have called themselves the Decentralized Systems Lab. The study is accessible both in its academic form as well as in a shortened Medium article.

The study distinguished two major vulnerabilities that attackers could exploit. The “I Can’t Believe it’s not Stake” vulnerability which entered many PoS cryptocurrencies when they copied Bitcoin’s block propagation method which is suitable only for a PoW coin. Through this vulnerability, a fake message attack can overload a victim node similar to a DDOS attack. The second vulnerability leads to a “Spent Stake” attack which allows an attacker to abuse the validation of stake to amplify his stake artificially – the “Fake Stake Attack”. According to the researchers, at least 26 PoS coins have either one of these vulnerabilities.

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