Miner – Network attack on Verge

Verge (XVG), had apparently suffered a network attack yesterday. The administrator of the Suprnova mining pool noticed the attack.

The discovery was published in a BitcoinTalk forum post in which he explained that the malicious Miner was able to exploit bugs in the redirection of XVG code. So the miner had an XVG block mined once per second within three hours.

Incorrect Bitcoin profit

Verge Mining is unique in that each XVG block is mined according to a different algorithm for Bitcoin profit. For example, one Bitcoin profit block is mined with Scrypt and the other with Blake etc.

The Verge protocol checks the previous block to confirm which algorithm was used. However, due to an error in the Verge code, the Miner could send blocks with incorrect timestamps. This allowed the Miner to trick the algorithm.

OC Miner announced a breakdown of all blocks that the miner could submit. They all followed each other, but had different timestamps. The block with the fake time stamp was immediately before a correctly clocked block. The result of this exploit was that the hacker could mine a block once per second.

There were also other miners who spoke of problems they had during this time window. OC Miner also linked a number of addresses that were used to pay out the mined coins.

Answer by Bitcoin revolution

When the message was delivered to the Bitcoin revolution developers, they initially claimed that there was nothing to correct according to onlinebetrug. After the clear demonstration of the attack, however, this was reversed via tweet:

We had a small hash attack that lasted about 3 hours earlier this morning, it’s been cleared up now. We will be implementing even more redundancy checks for things of this nature in the future! $XVG #vergefam

Of course, there were many in the XVG community who didn’t take the Bitcointalk contribution seriously. They replied with the usual statements like „FUD“ and that someone is trying to spread lies to influence the market.

This is indeed regrettable, as the pool operator has actually helped. It detected the network attack at an early stage. It also gave the Verge developers helpful information to correct the bug.

Game manufacturer Atari: Crypto Casino and the Atari Token

Crypto Casino | The company behind iconic video games like Pac-Man and Pong is planning its own crypto currency called the „Atari Token“, as was announced last week.

Partnership with Atari and Ethereum code

As part of this effort, Atari acquired a 15% stake in a Gibraltar-based company, Infinity Networks, Ltd, and has licensed its brand to onlinebetrug. The partnership, already hinted at in a December statement, will drive the development of a digital entertainment platform underpinned by the Atari token. The games manufacturer noted that its investment was made „without cash payout by Atari“.

„Our goal is to take strategic positions with limited liquidity risk in order to get the best value from the assets and the Atari brand,“ said Atari Chairman and CEO Frederic Chesnais in a statement.

The choice of name is no coincidence, as Atari had previously created an Atari token to serve as the currency for in-game purchases. Whether the newly announced Atari token will remain true to this purpose remains to be seen.

New Online Crypto Casino

In addition, Atari said it plans to integrate crypto currencies through its brand partnership with Pariplay, Ltd., which offers online games that use Atari games and characters as part of their design. Last week’s statement also points to the creation of a second token that would be used in conjunction with the online casino.

„To enhance the appeal of these new casinos, Atari is planning to release a Pong Token, a second token for Crypto Casinos, which can be used on these gaming sites. The details of this introduction of crypto-casinos will be announced soon, „it says in the (freely translated) statement.

As expected, the announcement has led to a comparison with Kodak, the former photo giant that licensed its brand to create a KodakCoin. The project was announced in January, with the intention of launching an ICO at the end of the month. This symbolic sale was later delayed, and since then no publication date has been mentioned.

Polymath Coin – security tokens using blockchain technology

– Polymath Coin – (POLY) combines the security token business with blockchain technology. Polymath is a platform that allows you to create your own security tokens based on the ST20 token. In this respect, the platform is similar to that of Ethereum.

Polymath Coin – What is this crypto currency on https://www.onlinebetrug.net/en/?

Security tokens have so far received less onlinebetrug attention than utility tokens. They could soon become much more important to you. And Polymath could become the platform for such tokens. A security token resembles a security. Such a token can be linked to a profit or turnover promise, it stands for a repayment obligation or share rights in an asset.

On Polymath, such tokens can be created using its own ST20 token standard. The concept is similar to Ethereum, where utility tokens can be created based on the ERC20 token. The special thing about Polymath Coin is that these tokens comply with government standards. The platform is intended to make the security tokens and the trade with them even more secure by regulating them by the state. Normally, the developer of the token would have to contact the state himself. Polymath helps them by largely automating this process.

The platform is intended for the Bitcoin trader

To create a security token, a form must first be filled out. Then the user chooses a Bitcoin trader. These delegates receive fees from him in the form of the POLY Coin for their work. The user must own the POLY Coin before he can start to create the security token. Once he has selected a delegate, he properly registers the token and also helps to create a smart contract for the token. Polymath also helps to find providers for the fulfillment of the know-your-customer processes. The adherence to these processes is again handled by Smart Contracts on the platform.

The reason for this approach is that security tokens are subject to different guidelines than normal tokens due to their functions, which correspond to those of the securities. Security tokens cannot simply be exchanged and traded on the normal exchanges. They can also perform functions similar to those of a stock. Therefore, it is also important to know who owns which security tokens, as they are associated with a right to dividends and other tax-relevant profits. The same applies to voting rights in corporate decisions. The Smart Contracts on the platform make it clear who can buy and sell the tokens.

The Polymath Coin cannot be mined. The blockchain uses a proof-of-stake algorithm to verify transactions of its coins. This means that users must hold a stake of coins in the Polymath wallet. More is not necessary to get a few POLY coins as a reward from time to time.

The Core Team for Crypto

The Core Team of FANTOM consists of 11 people. In addition, another 16 people are involved in project development. A total of 8 consultants are at the team’s side.
Unfortunately, it is not so easy to evaluate an Asian team, as the professional background is also mostly in Asia and it is therefore difficult to verify the professional experience. Nevertheless, we were able to find out a lot about the team members.

Bitcoin Profit professional experience

Dr. Ahn Byung Ik (안병익) (Founder and CEO of FANTOM) holds a PhD in Computer Science from Yonsei University and is President of the South Korean Food-Tech Association. Particularly noteworthy is the recommendation portal for restaurants „Siksin“ founded by Dr. Ahn in 2010, which according to Crunchbase 2017 received an investment of USD 9 million and whose app has over 1 million downloads in the Google Playstore. Dr. Ahn has already gained experience Bitcoin Profit as a successful entrepreneur and has contacts to the food tech industry, for which the benefit of blockchain technology is particularly high (keyword: supply chain management).

FANTOM Bob Tucker’s COO has worked for many well-known senior management companies such as KPMG, Barclays Capital, Man Group or one of Australia’s largest banks (ANZ-Bank). A background in the cryptoscene could be proven since 2017. As COO he is employed at Digital Currency Holdings.

The remaining team members have a rather insignificant professional background in our view.

One drawback is that there is no CTO with experience from the blockchain scene. We have contradictory information on the Head DAG Architect „Lee Chung Hee“. Because the name „Bob C. Lee“ is listed in the linked-in profile. We also found 2 different Linked-In profiles for Bob C. Lee. Bob’s in the more active. C. Lee only works as an advisor from March to May. We’ll check here to see if we can get answers.

While the Bitcoin Code team

We awarded the FANTOM team 3.5 / 5 points. We found the expertise of the CEO and COO to be good. The technical part draws the Bitcoin Code rating down a bit . If the topic is clarified around the „Head DAG Architect“, then our rating rises by half a point.

Fantom Advisor
While the Fantom team has less blockchain experience, at least in the consulting team there are some advisors who have worked as advisors for other successful blockchain projects. For example, Eddy Travia’s Coincilium company acted as advisor on the ICON billion-euro project. Most of the members of the Advisory Board are in some way connected with the Digital Currency Holding in which COO Bob Tucker also works, e.g. Michael Kong, CTO of DCH or Steve Belotti, CEO of DCH.

The Fantom Consulting team receives 4/5 points from us because it is a solid advisory board, with consultants from various areas with a good blockchain background. One point was deducted because there is no particularly prominent advisor to be found here.

Fantom wants to collect almost USD 40 million in his ICO. However, if you look at the hype statistics, this goal proves to be difficult. No real hype has yet developed around this project. Neither Twitter nor Telegram can count an above average number of followers / members.

Also the Alexa-Traffic-Rank, which tracks the number of visitors of the website, gives only a mediocre result. However, the graph shows a clear increase in the last weeks.

Bitcoin forms the foundation

As a consensus mechanism, FANTOM wants to use a so-called Lachesis protocol. This should make over 300,000 transactions per second possible. (Comparison: Bitcoin approx. 7-11, visas theoretically up to 56,000, on average approx. 1500-2000).

The FANTOM infrastructure consists of 3 layers:

Opera Core Layer: Forms the foundation – here the Lachesis protocol is used for the validation of the transactions by the nodes.
Opera Ware Layer: Function to execute transactions, rewards and incentives and to store data.
Opera Application Layer: Provides API interfaces for creating decentralized applications (dApps) that can be created for Smart Contracs, for example.
While tracking of past transactions is limited at Ethereum, this should not be a problem at FANTOM using the root hash (called story root). This is particularly important for the supply chain industry, as you have to track the complete route of a product from manufacture to sale.

FANTOM will provide its own virtual machine to run Smart Contracts. Ethereum uses its own virtual machine EVM with the programming language Solidity. At Fantom, the programming language „SCALA“ will be similar. Whether it will be possible to switch dApps running on Ethereum to Fantom is not known.

The goals are ambitious but they take up a very acute topic, because today’s blockchains have to struggle with problems of scalability, which still holds up the entry into the mainstream.

We give 5/5 points for the idea + solution approach.

Market and competition on Bitcoin Code

Blockchain technology is still in its infancy. The potential is gigantic. While many „experts“ consider Bitcoin & other crypto currencies worthless, almost everyone is certain that the technology behind it has an enormous value for almost all economic sectors. So a race has started to create the „perfect“ blockchain on which all other protocols and dApps are based. Because the current blockchains are still struggling with teething troubles. No wonder it is scam that more and more projects with new ideas are emerging. The market is huge, but as with the evaluation of the Quarkchain project, the same applies here: The project that first solves the scaling problems could make most other projects unnecessary.

There are enough competing projects. We have already mentioned a few. The most similar Bitcoin Code seems to be the ICO project Hedera Hashgraph, which has pretty much the same DAG approach as FANTOM. But even this project is still a long way from final completion.
Since FANTOM, unlike most other projects, is particularly responsive to the supply chain market and the CEO maintains good contacts with the food technology industry, this is a particularly good opportunity for market entry.

Source: https://fantom.foundation/data/FANTOM%20Whitepaper%20English%20v1.1.pdf

So far only one well-known partnership, with Oracle, is known. FANTOM raised USD 6 million in venture capital in a private round.

We score 3.5/5 points for the market/competition ratio.

Project development and roadmap

The FANTOM project is still relatively at the beginning of development. The whitepaper was recently published. Thus there is neither a TestNet on which the idea is tested nor a prototype that can somehow illustrate the idea. After all, the whitepaper explains the project in relative detail on almost 60 pages, or at least how it works theoretically. On June 15th a part of the project will be tested in the beta phase.

Due to the well elaborated whitepaper and the partly created prototype we have 2.5 / 5 points for the development status.

On June 15, at the start of the ICO, a major update is planned, namely the middleware beta launch and the validation of the Lachesis protocol. A further milestone is to be reached in the third quarter of this year. If you assume that the FANTOM token will be listed on a stock exchange in July / August, you can expect a new update at short notice, which could increase the price.

Token, token price and presale

The FTM FANTOM token is an ERC-20 utility token until the own MainNet starts. After that the token will be converted and accordingly independent of the Ethereum network. The ICO price was set at $0.04 per FTM. In the private sale there was a 30% bonus. There will be a 15% bonus for pre-sale. The pre-sale is expected to start on 01.06.2018 (update: no presale) and the ICO on 15.06.2018.

Token distribution and market cap

There will be a total of 3.55 billion tokens. 40% goes to investors. The hardcap amounts to USD 39.9 million, which is just within the green range. If market entry at ICO price, however, market capitalization would already exceed $140 million, making high growth more difficult. There are already similar blockchain projects in the billion euro range and there is therefore still some room for improvement for FANTOM, but the probability is not as high.

It is already known that if not all FANTOM tokens are sold during the ICO, the rest will be destroyed. That gives us a plus point. Because on the one hand this could correct the market capitalization downwards and on the other hand they would not be abused by team members.

There is also a lockout period for the team as well as for investors in presale and private sale. The bonus tokens are blocked for at least 3 months. For the team even 24 months. It is therefore unlikely that the token price will slip below the ICO price immediately after the stock exchange listing.

Speaking of stock exchanges: Unfortunately, there is still no information on when a stock exchange listing is planned.

The overall rating for the FANTOM ICO Token Metrics is currently 3.2/5 points.

FANTOMProject Details
FANTOM wants to solve the current problems associated with the blockchain:

Scaling to make blockchain technology mainstream-ready.
Reduce transaction costs to nearly 0.
Immediate validation of current and detailed tracking of past transactions.
FANTOM joins the ranks of all Blockchain-Layer-1 projects. So projects that create a blockchain infrastructure, like the „giants“ Ethereum, Bitcoin, IOTA, EOS, NEO etc. or new high-flyers like R-Chain or Zilliqa.

Instead of a typical blockchain, FANTOM chooses the data structure „Directed Acyclic Graph“ (DAG). The same method is already used by IOTA under the name „Tangle“. In contrast to IOTA, however, Smart Contracts should already be possible when the Mainnet is launched. IOTA would like to implement this also in the future, when it should happen, but it is still in the stars.

The advantages of the DAG approach became already clear at IOTA: As good as 0 transaction costs and a theoretically infinite scalability. FANTOM also offers the additional advantage of Smart Contracts. This opens up many other areas of application in addition to its function as a means of payment. More on this in the section „Market and Competition)