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Lack of Diversity in Ethereum Smart Contracts Pose Risks to Whole Ecosystem, Report Says

A lack of diversity of Ethereum (ETH) smart contracts poses a threat to Ethereum blockchain ecosystem, according to research by a group of analysts from Northeastern University and the University of Maryland released on Oct. 31.
The paper, entitled “Analyzing Ethereum’s Contract Topology,” claims that most Ethereum smart contracts are “direct- or near-copies of other contracts,” which represents a potential risk if a copied smart contract contains a vulnerable or a buggy code.

Partially supported by the U.S. National Science Foundation, the study has analyzed Ethereum smart contracts’ bytecodes during its first 5 million blocks, which covers almost a three-year time frame from the cryptocurrency’s inception in 2015. The researchers have also collected and modified data via Ethereum’s virtual machine, dubbed geth, in order to log all interactions between contracts and their users.

To date, Ethereum smart contracts are “three times more likely to be created by other contracts” than by users, the study found. Moreover, over 60 percent of contracts “have never been interacted with,” while less than 10 percent of users-backed contracts are unique. The research stated that there is a significant reuse of code on Ethereum, which can allegedly have a “widespread impact on the Ethereum user population,” despite the fact that it is also likely a “driving force behind Ethereum’s success.”

Considering the low diversity of smart contracts on Ethereum as a potential risk to its whole blockchain ecosystem, the researchers mentioned that Ethereum has become a subject of “high-profile bugs” several times, resulting in over $170 million worth of cryptocurrency being frozen. The research concluded that multiple implementations of “core contract functionality” on Ethereum would eventually provide “greater defense-in-depth to Ethereum.”

Developed by Vitalik Buterin, Ethereum is a public, open-sourced blockchain-based platform that features smart contracts as well as its native cryptocurrency Ether. Launched on July 30, 2015, Ethereum is now the second biggest cryptocurrency by market cap at around $20.6 billion, with its price standing at $200 as of press time.

In mid-October, Cointelegraph reported on a security breach of Ethereum smart contracts that caused a loss of around $38,000 for adult entertainment platform SpankChain and its users.

In April 2018, the now second largest crypto exchange by trade volume OKEX suspended all ERC20 token deposits after detecting a “new smart contract bug,” which reportedly allowed hackers to “generate an extremely large amount of tokens, and deposit them into a normal address.”https://cointelegraph.com/news/lack-of-diversity-in-ethereum-smart-contracts-pose-risks-to-whole-ecosystem-report-says
Crypto Markets See Mixed Signals While BCH and XLM Grow Significantly

Saturday, Nov. 3: crypto markets have seen mixed signals over the day, with most of the top 20 cryptocurrencies by market cap experiencing. slight fluctuations. Bitcoin Cash (BCH) and Stellar (XLM) are seeing significant gains on the day of more than 3.5 percent, according to CoinMarketCap.
Following a slight price rebound, Bitcoin (BTC) has failed to foothold the $6,400 price point today. The major cryptocurrency is down around 0.4 percent over the past 24 hours and is trading at around $6,348 at press time. The intraday high of Bitcoin’s price has amounted to $6,400, while the lowest price point has constituted to $6,342.
https://s3.cointelegraph.com/storage/uploads/view/f61529848f39fabfaf75112b84b46fbc.png
🔔 Russian State Duma Committee Considers Launch of Central Bank-Issued Stablecoin

The chairman of Russia’s State Duma Committee on Financial Markets has claimed that the entity is considering the launch of state-backed cryptocurrency pegged to the Russian ruble, Russian radio news station Govorit Moskva reported Friday, Nov. 2.
Speaking at a press conference on the increase of the household debt load, Chairman Anatoly Aksakov expressed his confidence that the government will back a cryptocurrency, “but it will be a ruble-pegged cryptocurrency.” The deputy clarified that the implied coin will represent a blockchain-powered stablecoin pegged 1:1 to the ruble.

Aksakov further described the model of creating the stablecoin, stating that the cryptocurrency will be backed by a banking deposit of a certain amount. After that, a banking institution is set to issue a corresponding amount of crypto assets by using blockchain technology and adhering to the 1:1 proportion.

According to Moscow-based news outlet Mskagency, the chairman has clarified that the cryptocurrency will be issued by the central bank since it is backed by fiat currency. In conclusion, Aksakov noted that the implementation of blockchain technology in terms of issuance “crypto-money” is “promising.”

In late October, Aksakov claimed that major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are doomed to a “bleak future” since they are not backed by anything, adding that this was a reason for the recent amendment to the Russian draft law "On Digital Financial Assets” removing the definition of crypto mining from its purview.

The idea of launching a Russian state-issued cryptocurrency, dubbed the CryptoRuble, was announced in early 2018, with the Russian Association of Cryptocurrency and Blockchain (RACIB) claiming that the coin will be launched in the middle of 2019.
© https://cointelegraph.com/news/russian-state-duma-committee-considers-launch-of-central-bank-issued-stablecoin
However, most recently, presidential adviser Sergey Glazyev claimed that there is still no movement on the matter, while stating that the existing programmatic tools could allow for a “very fast” issuance of cryptocurrency.
📢 Op-Ed: Goldman Sachs Embezzlement Scandal Shows Value of Crypto

According to a report in the New York Times, Goldman Sachs bankers have been successfully brought to heel regarding their part in a massive multi-billion dollar embezzlement scheme in league with former Malaysian PM Najib Razak, who used proceeds from the scandal to purchase luxury items and fund an extravagant lifestyle.

There’s nothing overly special about the scandal. It’s something that happens quite frequently in current — or shall we say “legacy” — financial systems. Razak created and oversaw a “sovereign wealth fund,” and with the help of Goldman Sachs bankers, embezzled and misused the funds in outlandish ways including the purchase of a Picasso.

Of Prime Ministers and Picassos
The prime minister received nearly a billion dollars of the funds in his own private bank account, enriching himself to such an extreme that he was for a time extremely wealthy by any standard. Ironically, US federal prosecutors seem to be doing the most in response to the criminal activities, prosecuting at least two Goldman bankers thus far, one of whom has reportedly already pleaded guilty.

This is, of course, not Goldman’s first instance of misconduct. At the same time, when we look around the banking industry, nearly everyone has dirty hands in one way or another. If only there were some kind of technology which forced transparency and inherently prevented fraud — what’s that, Goldman Sachs? blockchain, you say?

Current Systems Not Effective

An important passage from the NYT report reads [emphasis added]:

“The authorities said that at least one high-ranking executive in the bank’s Asian operations was aware of the scheme, which dodged Goldman’s systems to detect the payment of bribes. That person, unidentified in the court filings, has not been charged. According to three people familiar with the matter, the executive was Andrea Vella, who was the co-head of Goldman’s Asian investment banking business.”

This passage is important because it illustrates that the traditional banking sector actually does want what we have natively in the cryptocurrency and blockchain space: methods of preventing fraud and misuse of funds. Opaque practices and institutions always have and always will present the opportunity for fraud and abuse. Transparency, as is innate in all public and most private blockchains, is a fundamental remedy to such situations. Essentially, we suggest that such fraud as was conducted by the agents of 1Malaysia Development Berhad (1MDB) is basically impossible to get away with in a blockchain enabled ecosystem.

The Blockchain Natively Discourages Fraud
Certainly the criminal element will forever develop ways to get around anything that intends to keep them honest, but actually getting away with it long enough to steal three-quarters of a billion dollars is pretty unlikely. AI via neural networks could be trained to watch for behavior that frequently resulted in fraud, and such disgraceful incidents as this, where a despot utilized his power to secure many millions of dollars, and private bankers aided him in pursuit of hundreds of millions in fees, would as a start be less attractive to attempt.

It took two years for any sort of justice to be served. Two men besides Tim Leissner, the banker who has already plead guilty, were allegedly involved. One of them has yet to be arrested, meaning it could be a couple more years before the matter is finally resolved. The bottom line is: if a conspiracy of this size only required that many participants, then there is plenty of other good medicine the blockchain can delivery via multi-signature smart contracts and other crypto applications

One thing is for sure: no Bitcoiners were harmed during the making of this scandal.

© https://www.ccn.com/op-ed-goldman-sachs-embezzlement-scandal-shows-value-of-crypto/
Bitcoin Cash Spikes 20 Percent in the Wake of Upcoming Hard Fork Backed by Binance

Bitcoin Cash, the fourth top cryptocurrency by market capitalization, has grown sharply from $473 at the beginning of the day to as high as $573 as of press time, which is the highest trading point of the cryptocurrency over the past month. Trading around $420 for the most part of the week, Bitcoin Cash started this upward trend on Nov. 2.

The fourth top coin is up around 30 percent over the past 7 days in the wake of the now-second largest global crypto trading platform Binance recent announcement of support for Bitcoin Cash’s upcoming hard fork.

While most top cryptos have seen an influx of gains, Bitcoin (BTC) is one of few coins that suffered some losses today. As of press time, the major cryptocurrency is down some 0.4 percent and trading at $6,327. The coin is down around 2.2 percent over the past 7 days, and Bitcoin’s dominance on the market has slightly dropped over the day from 53.3 percent to its current 52.5 percent. © https://s3.cointelegraph.com/storage/uploads/view/b7b8b125e836826cde13a7a5a5bc04d0.png
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🔲 A message from Crypto Circle X (CCX) to our dedicated community and investors.

After our last board meeting, the decision was made that Crypto Circle X (CCX) - @CryptoCircleX_Official will make a strategic change in the direction of our ICO marketing strategy. Therefore, we will be extending the Pre-ICO project time for 30 days starting September 17th.

We will ensure that our ICO will reach its full potential and our cryptocurrency exchange will be around for many years to come. During this time, we have decided to extend the Pre-ICO period to focus on increasing the Crypto Circle X (CCX) brand awareness by furthering our social media presence. We will be focusing on the following areas: Reddit, Medium, Telegram, Twitter, and YouTube. While we are doing this, it will be business as usual and all aspects will continue as normal.

⚡️ WHITEPAPER
The white paper will detail use cases, which will enhance and go into more details about specific sections and be more explanatory. Everyone can understand each section with easy to understand wording, of what our product and features will have to offer.

⚡️ MARKETING/ADVERTISING
During this time, we will be focusing on Crypto Circle X (CCX) brand awareness. Brand awareness is the level of consumer consciousness of a company. It measures a customer's ability to not only recognize a brand image, but to also associate it with a certain company's product or service.
Our telegram chat has increased to over 40k users over the past few weeks and due to the overwhelming support from social media. We have started to implement 2 different programs that will benefit everyone who supports the Crypto Circle X (CCX) brand.

1. Our Daily Trivia quizzes, that occur at random times, that allow members to participate in questions pertaining to Crypto Circle X (CCX) with a chance to win CCX tokens for answering 5 questions correctly.

2. A Meme making contest that will be judged by our moderators and the person who has the winning Meme will be awarded CCX tokens.
We will be implementing other ways to interact with our audience in the future. So be sure to check these out and there will be more ways to win as well in the future. Please don’t hesitate to leave us feedback info@cryptocirclex.com for any suggestions or concerns.

⚡️ ROAD MAP
The increase in time to the Pre-ICO period will affect the Road Map. So we will have to adjust some of the time frames, with the CCX Token as well as the Crypto Circle Exchange. This will only change some of the details on the Road Map and not impact the vision of Crypto Circle X (CCX)

⚡️ INVESTORS
We have been actively looking to increase the number of partnerships, Public and Private, and will be continuing to do the same, moving forward. Also, we will be pitching the Crypto Circle X (CCX) brand to prospective venture capitalists and private investors to increase our capital for investment back into the ICO project.

Crypto Circle X (CCX) will begin hosting AMA’s written and video sessions, on many different platforms, twitter, medium, youtube, and other social media forums, where our team will be answering any and all your questions regarding the Crypto Circle Exchange and CCX project..


We would like to extend a big heartfelt thank you for your support! With the all the community growth Crypto Circle X (CCX) is seeing and the marketing/advertising strategies we will be implementing. The success of the ICO will easily be achieved with the help of our great core team and leading cryptocurrency advisors, Crypto Circle X (CCX) is on its way to bring the most advanced Crypto Exchange on the Blockchain!

https://www.cryptocircle.exchange
✔️ Why Use Pinmo


Pinmo is a decentralized social media marketing network that helps advertisers to deliver ads content directly to allow users to post on their online social networks. Users will also receive token rewards based on their influence and ads performance.

No matter how small or large your social media following is, everyone is an influencer within their circle - but now with Pinmo, you can become the influencer that you are and get paid with incentive Tokens. Your daily social media shares (which are actions you are already engaging in!) help you earn Tokens that can later be redeemed.

📈 site - https://www.pinmo.io/

📈 telegram - https://t.me/thisispinmo

📈 twitter - https://twitter.com/thisispinmo
China’s Central Bank Extends Its Regulatory Scrutiny to Crypto ‘Airdrops’
🔹🔹Crypt-ON 🔹🔹

🔥Don't miss the chance to earn tokens of the new perspective project!🔥

Crypt-ON - a multifunctional P2P platform built on blockchain technology to provide safe and secure trades in cryptocurrency.

👇🏻Crypt-ON includes 4 services👇🏻

⚖️Escrow-service
💰P2P lending
👨🏽‍💻Crypto freelance marketplace
💸Local crypto-exchange


Crypt-ON is a single infrastructure solution for work and business with safe and convenient tools in the form of smart-contracts.

You will be able to conclude transactions, to take loans, to hire performers and to exchange cryptocurrency for money directly, without intermediaries.

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❗️Bounty campaign has already started and will last until 21.01.2019❗️

🎂3% of i-Point tokens total will be distributed between bounty participants🎂

🔻Project presentation: https://www.youtube.com/watch?v=xwGvc66rOTo

🔻Links:
https://crypt-on.io
https://bitcointalk.org/index.php?topic=3530713.0 - announcement
https://bitcointalk.org/index.php?topic=3937069 - bounty
Telegram Official group: https://t.me/Crypt_ON_En
Telegram Bounty chat: https://t.me/Bounty_Crypt_ON
Bank of America Has the Most Blockchain Patents, But Is It Actually Going to Use Them?
Turkish Police Arrest 11 Suspects in Alleged Hack of Cryptocurrency Wallet Accounts
📈 BISTOX — Crypto Semi-Decentralization Exchange that We Need

Bistox comes with an engine that novices can use without needing any trouble to comprehend trading and that veterans can research to get more benefits when they should trade. Some of the significant features of this company are the way that it provides pre-trade notifications and post-trade instruction using a deep learning artificial neural network intelligence. Essentially, this exchange will give you signals so that you can know when you must trade and you’ll have the ability to use it later to check your strategies using your historical data. You can fully control your risk management by using this platform and can target news that interest you can forecast the industry better, use a day to day learning algorithm and also produce your approaches based on the behavior of other traders which you can find online.
Advantage of Bistox Exchange
Bistox is An advanced exchanger lets you save your time to professionals and efficiently teach traders. The programmers used a new engine for their system, which made the Bistox exchanger as fast and effective as possible. The cornerstone of this project is the blockchain technology, which lets you guarantee high-quality and secure operation of the system. The call center of this project has all you want to provide useful help to clients. If you choose to become part of Bistox, then you will undoubtedly be helped to handle any issues and start productive trading. Any activities can be carried out extremely quickly and thought out, which enables you not to overlook essential points and trade cryptocurrency taking into consideration all market trends.
Every newcomer will have the ability to count on getting individual notifications that enable them to trade efficiently. A particular training system gives an opportunity to comprehend the nuances of work in the section quickly. The platform will work as secure and secure as possible. The programmers have done everything to give quality conditions for their clients. No fraudsters and special schemes directed at accessing other people’s information or funds. The ability to make your group of traders. This type of strategy is as useful and considerate as possible. Such platforms don’t often use call centers to work with customers. However, Bistox is a pleasant exception — here every user will have the ability to get all the required professional advice letting you deal with any issues arising in work. There’s a particular algorithm for assessing and helping traders. This is the perfect option for beginners that are just beginning their way in this section. For those who have questions regarding the performance of the platform or using its capabilities, you can seek the aid of qualified professionals. The decentralized Bistox exchanger will be a perfect selection for people who want not just to swap cryptocurrency, but also to gain from this, and this can be executed a reasonably comfortable, but clear functionality, so beginners don’t have to spend additional time understanding the machine. © https://medium.com/@cryptonesia/bistox-crypto-semi-decentralization-exchange-that-we-need-c7a9b1acb87f
📢 Skirting the Great Wall: The Chequered Saga of Crypto in China, 2018