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Samsung supposedly looking to launch its own Ethereum-based blockchain and token

Samsung supposedly looking to launch its own Ethereum-based blockchain and token

Samsung is reportedly looking to develop its own proprietary blockchain network as well as its own token some time in the future.
According to an exclusive CoinDesk Korea report, which cited a person “familiar with Samsung’s internal situation,” the South Korean electronics giant’s blockchain task force is building an Ethereum-based blockchain mainnet.

To manage expectations, though, the development is said to be at the “internal experimental” stage, which means we’ll likely have to wait to see a solution out in the wild.
“Currently, we are thinking of a private blockchain, though this is not yet confirmed. It could also be a public blockchain in the future, but I think it will be a hybrid – that is, a combination of public and private blockchains,” the source said.
Additionally, the source went on to say that although the markets expected ‘Samsung Coin’ to be launched, the specifics had not yet been decided.
Samsung’s potential foray into the blockchain world has excited cryptocurrency enthusiasts for some time.
In January last year, rumours swirled about Samsung reportedly manufacturing ASIC (application-specific integrated circuit) hardware specialized for Bitcoin and cryptocurrency mining. As part of the deal, Samsung would supply an unnamed Chinese mining equipment provider with the required hardware, according to a report (in Korean) from South Korean outlet The Bell. 
As previously reported by Hard Fork in August last year, Samsung published a blog post suggesting smartphones had the best security for blockchain and cryptocurrency. The post went unnoticed until it was eventually picked up by various trade news sites.
At the time, Hard Fork spoke to several security experts to discern Samsung’s claims and the consensus was that although smartphones could be a potential good short-term storage solution, they carry plenty associated risks when it comes to storing users’ cryptocurrency funds.
A couple of months ago, Samsung finally unveiled the Galaxy S10, which can store cryptocurrency private keys and support a host of blockchain-based features including digital signatures.
Last month, it revealed its cryptocurrency wallet, which supports ether and Ethereum-based ERC20 tokens, but not Bitcoin. Some reports also stated the wallet is not available in some jurisdictions.
There’s no denying Samsung is eyeing the blockchain space, but when it comes to this particular report, we’ll just have to sit and wait. For what it’s worth though, this particular announcement hasn’t had a positive impact on the company’s stock price, which has sunk by 0.22 percent over the past five days.
Did you know? Hard Fork has its own stage at TNW2019, our tech conference in Amsterdam. Check it out.

Published April 25, 2019 — 09:34 UTC

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Cryptocurrency

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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Cryptocurrency

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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