Earlier today, in a Medium blog post, Cory Fields, a Bitcoin Developer from MIT Media Labs revealed his experience about discovering a critical Bitcoin Cash [BCH] vulnerability that could mean the end of BCH.
In the past few hours, the post has spread like wildfire across all social medium platforms stirring up questions about responsible disclosure in open source projects.
Cory had initially discovered the vulnerability in April 2018. He said:
“On April 25, 2018, I anonymously and privately disclosed a critical vulnerability in Bitcoin Cash, one of the world’s most valuable cryptocurrencies — not to be confused with Bitcoin.”
He further stated:
“A successful exploit of this vulnerability could have been so disruptive that transacting Bitcoin Cash safely would no longer be possible, completely undermining the utility [and thus the value] of the currency itself.”
However, the vulnerability that Fields discovered was successfully fixed and resulted in a zero impact on the cryptocurrency. The incident was publicly disclosed on May 7, 2018.
Fields also clarified that the aforementioned vulnerability which has now been fixed had only posed a threat to Bitcoin Cash and not Bitcoin.
The vulnerability referred by Fields as “SIGHASH_BUG” had the potential to result in a chain split which simply means that the bug had the ability to split the currency into two incompatible currencies, making it completely impossible for users to make transactions.
Fields discovered the bug while rummaging through Bitcoin ABC’s change-logs. He stated:
“After seeing the minimal review the changes had undergone and the large number of lines changed, I thought it reasonably likely that a bug might have slipped in, and so I went looking. It took less than 10 minutes to find SIGHASH_BUG.”
He further stated that the revelation was not to demean Bitcoin Cash but was an eye-opener to all the companies and developers who are not well equipped for the situation. He also believes that a lot of work remains in order to reach a mature level of engineering that cryptocurrencies require.
He concludes his post by appealing developers to come together and work as a community to re-think all the procedures and policies that are in place and to put available tools to best use and learn from situations like the above to be better prepared for the future.
Vinny Lingham, the CEO of CivicKey tweeted:
“This is a good read for everyone working in crypto. Responsible and ethical behavior by everyone in the community, regardless of ideological beliefs, should be applauded.”
Questions remain as to how this revelation will be taken forward and the countermeasures that the cryptocurrency world will adapt, to reduce incidents such as these.
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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
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