Ethereum, the market’s leading altcoin, is currently one of the most-trusted cryptocurrencies and blockchain technologies. Leading businesses such as Facebook, JP Morgan and E&Y have all released open-source software for Ethereum, signalling a strong inclination towards Vitalik Buterin’s brainchild. One of the Goliaths consistently involved with crypto technologies such as Ethereum and Bitcoin is Microsoft. The software giant shared an official blog post announcing the release of an open-source formal verification tool for Solidity smart contracts.
Solidity, an Ethereum-powered programming language used to write smart contracts on a blockchain environment. The driver behind the project seems to aimed at exploiting the potential of blockchain technology to save loss of millions of dollars in cryptocurrency. Microsoft’s post also highlighted some recent attacks such as the DAO exploit and the Parity wallet bug, which could be avoided by deploying a blockchain infrastructure.
Although Microsoft Azure’s Blockchain leader, Marley Gray, gained negative publicity after his old views on Bitcoin resurfaced, the blog shared his team’s involvement in implementing proof-of-concept solutions with Azure Blockchain Workbench. Furthermore, Microsoft had recently announced working on a project which involves creating a Decentralized Identity Tool on the Bitcoin blockchain. The leading technology company’s Principal Researcher, Shuvendu Lahiri, expanded on smart contracts’ clear advantages over Microsoft’s formal verification techniques.
Powering the technology is Verisol, which is built based on Microsoft’s decade of work in verification as part of the company’s larger commitment to security, user experience, and high-quality, state-of-the-art products and services. VeriSol operates by encoding the semantics of Solidity programs to perform high-coverage symbolic testing for finding counterexample traces.
Source: MicrosoftWhile Verisol formal verification tool is designed to improve the quality of smart contracts, the company is investing in improving automation in inferring common inductive invariant to reduce manual overhead for performing correctness proofs.
As a conclusion to the post, Lahiri said,
“We envision empowering not just Azure Blockchain developers and customers, but contributing to a full blockchain ecosystem that is safer and helping people realize the full potential of the technology without being plagued by the costly mistakes in smart contracts.”
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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