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CZ’s Kumbaya Moment with Ethereum Proves Crypto Has Turned a Corner

CZ’s Kumbaya Moment with Ethereum Proves Crypto Has Turned a Corner

CZ’s Kumbaya Moment with Ethereum Proves Crypto Has Turned a CornerCZ isn’t interested in dissing Ethereum, unlike his peer Justin Sun. | Source: ReutersBy CCN: These are heady times for Binance Coin (BNB), the in-house cryptocurrency launched by the world’s largest crypto exchange, Binance. BNB hit a new all-time high a few days ago and the exchange successfully launched Binance chain, which features BNB and marks the coin’s independence from Ethereum. The cryptosphere has been filled with noises about BNB possibly being the new “Ethereum killer.” Weiss Ratings took the conversation a step further, suggesting that BNB might even be the new bitcoin.It seems #BNB is leading the market now – when BNB is up, the market is up – and vice versa. Is BNB the new #BTC? #bitcoin #crypto— Weiss Ratings (@WeissRatings) April 22, 2019BNB is currently the No. 7 cryptocurrency with a market share of $3.42 billion, up from $800 million at the start of the year. Data from CoinMarketCap shows that BNB has also recorded price growth of almost 300% year-to-date, rocketing up from $6.19 in early 2019 to about $24.18 currently. Binance CEO Changpeng “CZ” Zhao is doing something right.BNB has been a rock star in 2019. | Source: Yahoo FinanceSome people believe that BNB’s impressive numbers signal the end of the road for Ethereum. According to this school of thought, Ethereum, which has found much of its success as a host blockchain for ERC-20 tokens, has been proved to be irrelevant by Binance Chain. As a result, some now believe that Ethereum is facing a long-term decline heralded by the rise of BNB.Not a Zero-Sum GameCZ, however, is having none of it. Speaking on Twitter, the Binance chief remarked that he does not see ETH and BNB as rivals but as collaborators in the race to encourage adoption and mainstreaming. Responding to a user who suggested that BNB’s switch to Binance Chain would adversely affect Ethereum, Zhao said:I like the positivity for #bnb 🙏🙏🙏, but we really don’t have to diss any other coin. #eth can do much more than #bnb in features. Let’s grow together. 🤝🤝🤝 https://t.co/26a2T0Om3x— CZ Binance (@cz_binance) April 22, 2019Zhao’s comment is something of a minor sensation in the world of competitive crypto tokens, where it’s not uncommon to see founders and promoters mudslinging. The world of altcoins has long been host to a series of damaging tribal wars and incendiary comments intended to pump certain coins and damage others. The relatively small size of the crypto market means that some only see their survival as something to be gained at the expense of other projects.This comment by CZ marks a watershed because, for the first time, a front line crypto personality with a successful coin and chain is not issuing taunts or Twitter comments to deride and bait competing coins. His message is that the crypto sky is big enough for all projects to fly, so any conflict is pointless and distracting.Anyone who is familiar with the crypto industry will appreciate the significance of such a statement coming from someone like CZ. When compared to the insults fired off by Tron founder Justin Sun, for example, it’s clear CZ believes in a totally different strategy than fighting Ethereum for crypto’s No. 2 spot.ETH can do a lot of other things Binance Chain can’t. @Binance_DEX just specialize on one use case.— CZ Binance (@cz_binance) April 20, 2019Is Crypto Finally Growing Up?Zhao’s comment is particularly important because it points out the much-ignored truth that most prominent coins are designed to achieve different things, and as such are conceptually not supposed to be in competition. It was met with enthusiasm from crypto users commending him for exhibiting great leadership qualities and expressing hope that his words signal a new era of cooperation instead of pointless destruction in the crypto space.Binance has also launched Binance Singapore, a fiat-BTC exchange with investment from a Singaporean sovereign fund-backed VC firm. The signs are there that it’s not just words coming from CZ. His message is that it is time to stop bickering and actually build something. Hopefully, that message will get through soon enough. About The AuthorDavid HundeyinI am a busy writer, journalist and entrepreneur with an interest in tech and finance. When I’m not contributing to CCN and traveling around Africa, you can catch me in the writers room at ‘The Other News’, Nigeria’s weekly answer to ‘The Daily Show’ with nearly 2 million viewers.My work on ‘The Other News’ was featured in the New Yorker Magazine, and that was then cited in the Washington Post so I’m not sure that counts as a feature but I’ll definitely mention it too!I have been nominated by the US State Department to take part in the 2019 Edward R. Murrow Program for journalists under the International Visitors Leadership Program.I also like hamsters.
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Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

In the past seven weeks, white hat hackers earned at least $32,150 by fixing security flaws in popular cryptocurrency and blockchain platforms like TRON, Brave, EOS and Coinbase.
According to data reviewed by Hard Fork, 15 blockchain-related firms have paid rewards to security researchers between March 28 and May 16, split across 30 publicly-released bug reports.

Omise, the software firm behind cryptocurrency OmiseGo, fielded the most fixes (six). Blockchain-powered prediction market Augur disclosed three reports, as did Brave Software, makers of the Brave browser, which features its own native token.

Projects adjust their HackerOne rewards to the severity the discovered security flaws. Whilst the majority of Omise’s reports were only worth around $100 each, other payments in the past seven weeks were much higher.
Block.one, the firm behind the EOS “blockchain,” rewarded one hacker with $10,000 for a single fix, as did budding network Aeternity.
TRON also paid $3,100 to the researcher who realized the network was susceptible to being flooded with malicious smart contracts, which would have brought its blockchain to a screeching halt.
The amount of hackers who prefer to fix security issues seems to be remaining steady — but sometimes they can make off with much bigger amounts exploiting vulnerabilities themselves.
Indeed, cryptocurrency exchange Binance revealed attackers had successfully stolen 7,000 BTC (then $40 million, now $55 million) from its own wallets last week.
Coincidentally, Binance runs its own bug bounty program with a maximum reward of $100,000 for the most critical of vulnerabilities. The Binance hacker remains at large.

Published May 20, 2019 — 15:21 UTC

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ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

Despite abandoning plans to build its own Bitcoin wallet, ABN AMRO is not quite done with blockchain tech.
The Dutch banking giant has announced plans to launch a decentralized trade inventory platform in collaboration with Accenture and ING Bank, according to a press release (spotted by CoinDesk).

Codenamed Forcefield, the project will employ Internet-of-Things (IoT) devices to provide “real-time insight into trade inventories.” ABN AMRO claims the platform’s monitoring features “will lead to more secure physical handling processes and a reduction of costs.”
Upon launch, the project will focus on “refined metals,” but “functionality will be expanded across other dry bulk commodities” in the future.
In addition to ING and Accenture, a number of other companies – including Anglo American, CMST International, Hartree Partners, Macquarie, Mercuria, and OCBC Bank – have also signed a memorandum of understanding to join Forcefield.
Back in January, ABN AMRO teased plans to develop its own cryptocurrency wallet, called Wallie. But as Hard Fork reported, the bank has now ditched Wallie as cryptocurrencies are still “too risky.”
“We have approached all the people who have shown interest,” ABN AMRO press officer Jarco de Swart told Hard Fork. “We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets [sic] for our clients to invest in.”
ABN AMRO and ING are hardly the only banks looking to get in on the blockchain hype. Indeed, leading banks – including Barclays and HSBC – reportedly poured $50 million into a blockchain-based digital cash system, expected to launch in 2020.

Published May 20, 2019 — 15:00 UTC

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