Bitcoin’s extreme volatility makes it unsuitable for some investors, but what about Bitcoin businesses? Discover how a young Bitcoin startup managed to navigate its first year operating on bitcoin-only revenues during a highly volatile crypto market.
Day: August 17, 2021
Cardano (ADA) Steadies Above $2 As Bulls Continue To Aim For $2.5
Cardano (ADA) has shown no signs of slowing down as the asset’s price continues to rally. The aim remains to hit a new all-time high before the year runs out. The previous all-time high for the asset is recorded at $2.45 and a price crashing saw the asset losing more than half of that value in the months following it. Then a bull rally had been triggered again in the market, which had set cryptocurrencies all across the market recording massive gains daily.
Related Reading | Bitcoin Dominance Down As Market Hits $2 Trillion, Altcoins Are Taking Over
Cardano (ADA) was not left out of this rally. The price had fallen down to the low $1 before the rally began. But as at the time of this writing, the asset had successfully gained back over 100% of its low price back in July. Its price climb has not come as much of a surprise to its community though. Work is currently ongoing on bringing smart contracts capability to the Cardano network. This would help position the project as a rival for the leading smart contracts platform, Ethereum.
Related Reading | Cardano (ADA) Breaks $2 For The First Time Since May, Why New All-Time High Is Imminent
Hitting the $2 had been more of the hurdle for the asset. Proving to be a resistance point in the run-up. But ADA had crossed that hurdle and now the price looks to have found its footing above $2, and now, the ever-moving target that is the price of digital assets has now been set for a new run-up towards $2.5 for the asset. Breaking the previous record all-time and setting a new one.
Smart Contracts Set To Be Released
A possible push to get Cardano (ADA) towards the point bulls are aiming for will be the release of the smart contracts capability. It was announced last Friday that the launch will take place on September 12, a month from the date of the announcement. This might be a short time frame but the project had been underway for a long time.
Related Reading | Cardano (ADA) Receives Approval To Be Listed In Japan
The announcement for the date of the mainnet launch pushed the price over $2. Since this provides a definite date for what the community had been waiting for – a way for Cardano to get into the DeFi space. With smart contracts, developers will be able to build decentralized apps (DApps) on the Cardano network to provide decentralized finance (DeFi) services to their users. And the DApp connector released last month will act as a bridge between Cardano users and decentralized applications.
As the date of the launch draws closer, investors are taking interest in the asset. Its relatively cheap price, despite being the third-largest cryptocurrency by market cap, makes it an interesting investment for investors who are looking for big returns.
Road To Cardano (ADA) At $2.5
Price movements in cryptocurrencies have always been tricky. But they work like any other market, maintaining the laws of economics. Higher demand than supply will lead to a higher price. Cardano is poised to witness this in the price when the mainnet launch for smart contracts finally happens.
ADA prices finds a landing point above $2 | Source: ADAUSD on TradingView.com
ADA has a total supply that is capped at 45,000,000,000. Of that number, over 71% is already in circulation. The dwindling supply and rising demand put ADA on a path to another rally.
The price of ADA is currently holding steady above $2 with a price of $2.073. Signals show positive sentiment in the community as investors continue to hold on to their coins in wait for September 12th. With most of the circulating supply of ADA already staked ahead of the launch of the Alonzo Purple means to bring smart contracts capability to the network.
Featured image from CryptoSlate, chart from TradingView.com
Ethereum DEX Avoids $350M DeFi Hack Thanks to White Hat Heroics: Report
In brief
- SushiSwap’s MISO token sale platform had an exploit that could have been used to steal $350 million worth of Ethereum.
- A crypto researcher from VC firm Paradigm says he discovered the exploit yesterday and worked with SushiSwap to neutralize the threat.
One week after Poly Network suffered a $600 million attack (a majority of the assets have since been returned), crypto could have been rocked by another enormous hack, this time at popular Ethereum decentralized exchange (DEX) SushiSwap. The DEX managed to avoid the expensive dilemma, however, thanks to the help of a white hat hacker.
In a post published today, samczsun—research partner at crypto-centric venture capital firm Paradigm—explained how he began examining the smart contract code yesterday for the BitDAO token sale at SushiSwap’s MISO platform, a “launchpad” for new tokens. That sale ultimately went off without a hitch, raising $365 million in the process, but it all could have gone very wrong.
A smart contract is a bit of code that performs set instructions, and it is the backbone of blockchain-based decentralized apps (dapps), including the decentralized finance (DeFi) protocols that allow people to lend, borrow or trade without financial intermediaries. However, in this case, samczsun says he spotted potential issues with the smart contract. Further experimentation revealed an exploit that could lead to all of the ETH in the token auction contract being drained by an attacker.
“My little vulnerability just got a lot bigger,” he wrote, after discovering that the initial flaws were part of a potentially much larger exploit. “I wasn’t dealing with a bug that would let you outbid other participants. I was looking at a 350 million dollar bug.”
According to his post, samczsun looped in Paradigm colleagues Georgios Konstantopoulos and Dan Robinson to double-check his hypothesis. They quickly connected with the SushiSwap team to discuss possible solutions. Ultimately, after discussion between Paradigm, SushiSwap, and representatives of bug bounty platform Immunefi, they reached a decision: the BitDAO team holding the token sale would manually end the token auction to neutralize the potential threat.
The SushiSwap team shared additional information about the discovered exploit, noting that no funds were lost and no user action is needed as a result. SushiSwap will pause use of its MISO Dutch auction format until the smart contract can be updated.
SushiSwap is one of the most popular decentralized exchanges, with more than $444 million in trading volume over the last 24 hours per CoinGecko. Users can earn rewards by placing an array of Ethereum-based tokens into liquidity pools, which are used to facilitate trades without the need to directly connect buyers with sellers.
It began life in 2020 as a copycat of Uniswap, the leading DEX, but distinguished itself with the use of a native governance token, SUSHI—an approach that Uniswap soon adopted itself. SushiSwap has continued to diversify its DeFi feature offerings, including with the launch of the MISO token sale platform. We’ll see whether today’s disclosure of a narrowly avoided exploit leads to more cautious expansion ahead for the exchange.
Pro traders know it’s time to range trade when this classic pattern shows up
A bull trend is formed when demand exceeds supply and a bear trend occurs when sellers overpower the buyers. When the bulls and bears hold their ground without budging, it results in the formation of a trading range.
Sometimes, this leads to the formation of a rectangle pattern, which can also be described as a consolidation zone or a congestion zone. Bearish and bullish rectangles are generally considered to be a continuation pattern but on many occasions, they act as a reversal pattern that signals the completion of a major top or bottom.
Before diving in to learn more about the bullish and bearish rectangle patterns, let’s first discuss how to identify them.
Basics of the rectangle pattern
A rectangle is formed when an asset forms at least two comparable tops and two bottoms that are almost at the same level. The two parallel lines can be used to join the high and the low points, forming the resistance and support lines of the rectangle.
The duration of the rectangle could range from a few weeks to several months and if this time is shorter than three weeks it is considered a flag. Typically, the longer an asset spends in consolidation, the larger is the eventual breakout or breakdown from it.
Bullish rectangle pattern
As shown above, the asset is in an uptrend but after the rally, some bulls took profits and this created the first reaction high. After the price corrects, several dip buyers jump in and arrest the decline, which forms the first trough.
As demand exceeds supply, the asset attempts to resume its up-move but when the price nears the previous reaction high, traders book profits again. Joining these two high points with a straight line forms the resistance of the rectangle. When the price turns down, buyers defend the earlier reaction low and this forms the support.
It is difficult to predict the direction of the breakout beforehand and the price could trade between the support and the resistance for a few weeks or even months. For this reason, it is better to wait for the price to escape the rectangle before turning bullish or bearish.
In the above example, the price breaks out of the resistance of the range as demand exceeds supply. This could result in the resumption of the uptrend.
Bearish rectangle pattern
As shown in the above example, the asset is in a downtrend but when the price reaches a level deemed as undervalued by traders, dip buyers absorb the supply and form a reaction low. Bulls then attempt to reverse the direction but the sentiment is still negative and traders sell on rallies, forming the reaction high.
Traders again buy the dip when the price reaches the first reaction low but the bears stall the recovery near the earlier reaction high. Thereafter, the price gets stuck between the parallel lines, forming a rectangle.
The bearish rectangle pattern completes when the price breaks and closes below the support of the range. This generally results in the resumption of the downtrend.
A bullish continuation rectangle pattern
THETA had been in an uptrend before hitting resistance near $0.80 on Sep. 30, 2020. On the downside, buyers stepped in and arrested the correction near $0.55. Thereafter, the price remained stuck between these two levels until Dec. 15, 2020.
The THETA/USDT pair broke above the rectangle on Dec. 16, 2020, which indicated that the bulls had overpowered the bears. This signaled the resumption of the uptrend.
To arrive at the target objective of the breakout from the rectangle pattern, calculate the height of the rectangle. In the above case, the height is $0.25. Add this value to the breakout level, which is $0.80 in the above example. That gives the target objective at $1.05.
After a long consolidation, when the uptrend resumes, it may overshoot the target by a huge margin as is the case above. Traders can use the target as a reference point but the decision to close or hold the trade should be taken after considering the strength of the trend and signals from other indicators.
The same processes apply to bearish rectangles as shown below.
Litecoin (LTC) had been in a strong downtrend, dropping from $184.98 on May 6, 2018, to $73.22 on June 24, 2018. The buyers stepped in at this level and attempted to form a bottom but the bears were in no mood to relent. They stalled the recovery at $90 on July 3, 2018. Thereafter, the LTC/USDT pair remained range-bound between these two levels until Aug. 6, 2018.
The bears reasserted their supremacy and pulled the price below the rectangle on Aug. 7, 2018. This resumed the downtrend.
The target objective following the breakdown from a bearish rectangle is calculated by deducting the height of the rectangle from the breakdown point. In the above case, the height of the rectangle is $17. Deducting it from the breakdown level at $73 presents a target objective at $56.
The rectangle as a reversal pattern
Ether (ETH) topped out at $1,440 in January 2018 and started a strong downtrend, which reached $81.79 in December 2018. This level attracted strong buying from the bulls and the ETH/USDT pair made a sharp recovery. However, bears stalled the recovery near $300 in June 2019. Thereafter, the pair remained stuck between these two levels until July 24, 2020.
The bulls pushed the price above the rectangle on July 25, 2020, which suggested the start of a new uptrend. The bears tried to pull the price back below the breakout level at $300 but failed. This showed that the sentiment had turned positive and traders were buying the dips. The pair resumed its uptrend in November 2020.
Although the pattern target of the breakout from the rectangle was only $518.21, the pair rose to an all-time high at $4,372.72 in May.
Key takeaways
The rectangle pattern is a useful tool because it can act both as a continuation pattern and a reversal pattern. If the rectangle is large, traders may buy near the support and sell near the resistance.
To benefit from the rectangle and avoid getting whipsawed, traders can wait for the price to break and sustain above or below the pattern before establishing positions.
The target objective should only be used as a guide because when the price breaks out of a long rectangle it tends to overshoot the target objective by a huge margin.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Dogecoin Foundation Rebooted, Elon Musk’s Associate and Vitalik Buterin Among Board Advisors
The Dogecoin Foundation that was inactive for years, has relaunched, with a new advisory board that includes notable names such as Tesla and SpaceX CEO Elon Musk represented by his associate, and Ethereum co-founder Vitalik Buterin.
New Dogecoin Foundation
The Foundation was originally established as a non-profit in 2014. In 2013, Jackson Palmer and Billy Markus created dogecoin (DOGE) initially as a meme, with the altcoin currently the seventh-largest crypto with a market capitalization of $41 billion.
Meanwhile, seven years after the Dogecoin Foundation was first birthed, the core developers have relaunched along with a heavyweight team.
An excerpt from the press release about the latest development reads:
“We are here to accelerate the development effort by supporting current Dogecoin Core and future Dogecoin Developers to work on a full-time basis through sponsorship, as well as providing a welcome landing for new contributors hoping to help with the project.”
The announcement also stated that the Foundation was looking to obtain a three-year budget. The fund would be used to hire a small staff dedicated to working on dogecoin full-time.
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Meanwhile, members of the Board on the Dogecoin Foundation include prominent dogecoin community members such as Jens Wiechers, Gary Lachance, and Timothy Stebbing. Others are core developers of the dogecoin project Ross Nicoll and Michi Lumin.
Tesla CEO’s Associate and Vitalik Buterin Part of the Board Advisors
The new Board Advisors also include Ethereum co-founder Vitalik Buterin and a representative of Elon Musk, Jared Birchall. Other advisors include Shibetoshi Nakamoto and another dogecoin core developer Max Keller. Birchall is Head of Musk’s Family Office and was a former senior vice president at Morgan Stanley.
Musk’s rep appearing on the advisory board is in keeping with the Tesla CEO’s support for the meme token.
Earlier in July, Musk slammed bitcoin and Ether, the two largest crypto assets by market capitalization, stating that their transaction rate was expensive and slow. However, the tech billionaire suggested that DOGE could be a better alternative for faster transactions and minimal fees.
The entrepreneur also briefly put the DOGE eyes as his profile picture on Twitter. Musk also revealed that he owned bitcoin, ETH, and DOGE.
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Bitcoin Mining Revenue Up $35 Million Per Day Since China Crackdown
In brief
- China cracked down on Bitcoin mining in June.
- That brought a dip in the network’s hashrate.
- The remaining miners have been capitalizing on decreased competition.
Bitcoin miners are raking in the big bucks, two months after a crackdown on Bitcoin in China took most of the country’s miners offline.
According to a report today from Arcane Research, daily Bitcoin mining revenue is up 10%, or $4.3 million, from the previous week. The transaction fees generated are up 22%, or $118,000 per day. Data from YCharts shows this to be a longer trend dating back to China’s crackdown; miner revenue bottomed out for the year at $13 million on June 27. Yesterday, it was at $48 million, a $35 million difference.
“As protocol difficulty adjusted in response to the Great Migration,” wrote Glassnode Insights in a report Monday, “miners who remained online have now seen their BTC income grow by 57% per hash to around 8.8 BTC/EH.”
In mid-June, after several provinces expelled Bitcoin miners, China’s national government ordered banks in the country to cut off their relationships with miners. An estimated 90% of Chinese Bitcoin miners went in search of other places to ply their trade, namely, receiving BTC rewards commensurate with the amount of computing power, or hashpower, they provide to the network.
The migration had profound effects on the blockchain‘s health. The hashrate, a measure of how much computing power is being contributed to the network, fell by about 50%, putting in perspective how much Bitcoin relied on Chinese mining.
Will Clemente, a lead analyst with mining consultant Blockware Solutions, wrote that more BTC began flowing to miners outside of China. “Less competition,” he tweeted, equalled “higher profitability for the miners still operating.”
But that’s in BTC, not USD.
After reaching an all-time high of $63,595 on April 12, Bitcoin fell off in May and spent most of June and July submerged beneath the $40,000 mark. As a result, miners weren’t eager to cash out their accumulated Bitcoin. Instead, they’ve been stockpiling it. The Bitcoin miner net position has now been positive since the beginning of July, indicating they are not selling as much as they are holding. It also suggests they believe the price is on its way up. The coin has indeed risen in value by $17,000 in the last month, possibly because lack of miner sales have put less downward pressure on the price.
The price might well be on its way up, but so is the difficulty of getting rewarded in Bitcoin on the network. Says Glassnode, “Over the course of the last two months, hash-rate has increased by around 25% from the lows.” Bitcoin mining difficulty—which adjusts roughly every two weeks based on hashrate—has now increased twice in a row. In other words, the same amount of effort now gets you less compensation.
Assuming Bitcoin mining relocates outside of China in the months ahead, the competition for compensation may intensify further.
Could Ethereum Rival Microsoft’s Market Cap? Coin Bureau Lists 5 Reasons To Be Bullish on ETH
Guy, the pseudonymous host of Coin Bureau is listing five big reasons to be bullish on ETH, positing whether Ethereum could eventually become as big as tech giant Microsoft.
In a new video, the widely followed analyst names Ethereum’s recent EIP-1559 upgrade, which puts pressure on the supply of ETH by burning a portion of the gas fees rather than giving them to miners, as one important bullish catalyst.
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He also lists the upcoming Ethereum 2.0 upgrade, bullish on-chain signals, Wall Street adoption, and the highly optimistic options prices as reasons to be an ETH bull.
“It’s hard to take [a] look at all these fundamental factors and not be incredibly optimistic about [Ethereum’s] future. The London hard fork has shown just how smoothly the Ethereum community can execute fundamental protocol upgrades. It was a great demonstration of what we could expect to see when the 2.0 upgrades start being rolled out. With that proof-of-stake merge, we’re going to see ETH become ultra sound money, money that will have a deflating supply year on year, day by day, block by block.
And it seems as if most of the crypto community agrees. ETH is being stacked, staked, and otherwise removed from the open market. It’s being held as a rare store of value that will be in much shorter supply one year from now. And of course, it’s not only us that are trying to Hoover up that ultra sound money. Institutions are chomping at the bit, or should I say ETH, as they continue to accumulate more of it. This is a theme that I don’t see slowing down anytime soon.
Taking all of these factors into account, I can see why options expiring next year have such high strike prices. Market momentum is on our side, and the ETH bull is not running out of steam.”
Guy asks his 1.24 million subscribers if it’s really hard to believe that Ethereum could have a market cap as big as Microsoft.
“If ETH was at $17,000, that would give it a market cap equivalent to that of Microsoft. Is that inconceivable knowing exactly what Ethereum will one day be powering?”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ana Aguirre Perez
Ethereum 2.0 Becomes The Leading Hodler of Ether With $21.5 Billion in Funds
Presently, the staking contract of Eth2 has become the largest holder of Ethereum. Moreover, it is compliant with ERC-20 standards and leads the other projects using the same tokens.
The blockchain analytics source Nansen carries that the staking contract of Eth2 has exceeded that of WETH (Wrapped Ethereum) and is now the largest single Eher holder.
Furthermore, unlike Eth, wrapped Ether meets the ERC-20 standard, making it the best ETH representation champion amidst decentralized finance projects that employ ERC-20 tokens.
Related Reading | Microsoft To Fight Piracy With Ethereum, Introduces Project Argus
Alex Svanevik, the Nansen CEO, put up his findings on Twitter this Tuesday. According to the available data, the deposit contract of Beacon Chain consists of 6.73 million ETH – roughly valued at $21.5 billion at present rates.
Check who’s #1 ETH holder now guys! pic.twitter.com/3isDLkrv7I
— Alex Svanevik ✨ (@ASvanevik) August 16, 2021
While on the other side of the coin, the data by Nansen shows that the contract of Wrapped Ethereum consists of 6.7 million ETH, roughly valued at $21.4 billion. Binance follows with 2.29 million ETH, which is roughly valued at $7.3 billion.
As maintained by CoinMarketCap, the sum of Ether staked and locked on Eth2 now constitutes 5.7% of the circulating supply of Ethereum. Moreover, the Eth2 network has up to 210,000 validators at this time, Beaconcha.in claims.
At this time, the staked Ether on Eth2 are all confined, and users cannot withdraw them from the contract until the impending Ethereum chain merges to join Eth2 and Ethereum networks. At present, the anticipated chain integration will happen within the first six months of 2022.
Ethereum 2.0 Occupies Third Position In POS Network
As per Staking Rewards, the top 3 proof-of-stake network is Eth2 through staked capitalization. It is therefore positioned behind Solana’s $27.5 billion and Cardona’s $49 billion.
The news went live a short time after the major Ethereum’s breakthrough for the Eth2 roadmap and the successful deployment of the network upgrades in London on the 5th of August.
Related Reading | Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record
This hard fork introduced the greatly expected Improvement Proposal 1559 of Ethereum. This proposal introduces the accurate transaction price, which is burned from the fees generated on the network.
According to Ultrasound.Money, users have destroyed up to 54,916 ETH or $175 million through transaction fees in the 12 days following the London fork.
At the current burn rate involving 3.28 ETH, users might destroy above 140,000 ETH every month if the network keeps operating optimally.
At the time of writing, ETH has lost at least 3.94% of its price in the last 24 hours | Source: ETHUSD on TradingView.com
Featured image from Pixabay, chart from TradingView.com
How A Whitehat Hacker Saved 109K ETH On SushiSwap-Based Contract
White hat hacker Samczsun from investment firm Paradigm reported what could be one of the biggest rescues ever on the SushiSwap protocol, the Ethereum ecosystem, and maybe the entire internet.
Just pulled off maybe the biggest whitehat rescue ever. Story time soon 🔥
— samczsun (@samczsun) August 17, 2021
Samczun claimed in a post that he found and help patch a vulnerability that was threatening over $350 million or 109,000 ETH from a Sushiswap based contract from its MISO platform. The white hacker reviewed the contract after he found there was a new auction taking place on the platform.
MISO uses two types of auctions Duct and batch. While Samczun was reviewing the DutchAuction contract, the white hacker found that functions InitMarket and InitAuction lacked access controls. This was “extremely concerning”.
I didn’t really expect this to be a vulnerability though, since I didn’t expect the Sushi team to make such an obvious misstep. Sure enough, the initAccessControls function validated that the contract had not already been initialized.
Samczun said that the above combined with the use of a mixin library called BoringBatchable by the contract made it more suspicious. The hacker recognized the ingredients that led to an attack on another platform during 2020.
Thus, Samczun was able to identify that SushiSwap was in danger. If exploited, the vulnerability would allow a bad actor to reuse a fixed amount of ETH to batch multiple calls to the contract. This would effectively allow the attacker to “bid in the auction for free”.
While processing token payments involved a separate transferFrom call for each loop iteration, processing ETH payments simply checked whether msg.value was sufficient. This allowed the attacker to reuse the same ETH multiple times.
Fixing A Multi-Million Dollar Bug On SushiSwap
In addition to free bids, a bad actor could steal the funds on the SushiSwap contract by triggering a refund. The attacker would have had only to send a higher amount of ETH than the auction hard cap. Samczun said:
This applied even once the hard cap was hit, meaning that instead of rejecting the transaction altogether, the contract would simply refund all of your ETH instead.
Just minutes after the white hacker discovered the vulnerability, he put set up a “poor man’s mainnet fork on the command line”. Thus, Samczun was able to verify if the contract would allow for the above describe attack.
Once the thesis was verified, the white hacker reported the bug to SushiSwap’s CTO Joseph Delong. He and other members of the protocol’s team coordinated a response to remove the bug. The team and Samczun “rescued” the funds by buying the remaining items. Thus, the auction was finalized.
As pseudonym community member DC Investor said, the fact that the vulnerability was discovered by a white-hat hacker from an investment firm with a high stake on Uniswap, the decentralized exchange competing with SushiSwap, says a lot about the “ethos” of the Ethereum ecosystem. DC said:
Found and helped patch a vulnerability that put over 109k ETH at risk everyone knows Paradigm has big UNI / Uniswap bags, but Sam from their team just helped save SushiSwap (an ostensible competitor) from a critical bug this is the ethos of the space among the best actors.
At the time of writing, SUSHI trades at $12,50 with a 2.4% loss in the daily chart.
Microsoft To Fight Piracy With Ethereum, Introduces Project Argus
When it comes to software piracy platforms, the top performers remain for the office productivity suite and Windows operating system. So it’s not a surprise that the developer of the two products, Microsoft, takes its moves in creating Ethereum backed anti-piracy measures.
Microsoft’s research department released a recent document involving contributions of other researchers from Alibaba and Carnegie Mellon University.
The document revealed that the software giant engaged in a blockchain-based reward system to fortify its anti-piracy campaigns.
Related Reading | Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record
The research has a title, Argus: A Fully Transparent Incentive System for Anti-Piracy Campaigns. This implies that Microsoft will depend on the transparency of blockchain technology for its new system.
Argus is a protocol built on the Ethereum blockchain that proposes to give a trustless incentive mechanism. Also, it will secure data from any open unknown or hidden population of piracy reporters.
Here’s How Ethereum Powered Anti-Piracy Program Will Run
The document states that this should be taken as a shared system issue. Furthermore, it reveals that in the real application, there are unavoidable obstacles that need surmounting. It’s only the finished aspect that would ascertain the desired security irrespective of full transparency.
Argus allows tracing pirated content back to its source while giving a watermarking algorithm as contained in the document.
Furthermore, every report of leaked content, known as proof of leakage, has a procedure that hides the information. Hence, only the informer can report the exact watermarked copy without taking possession of it.
There are incentive-reducing precautions in the system that deter an informer from repeating the exact leaked content using different aliases.
The report from the paper believes in the security and functionality of Argus to achieve anti-piracy campaigns in real-world situations. It states that a shift to an incentive mechanism that is transparent is the expected solution.
Related Reading | Ukraine’s Security Service Closes Illegal Cryptocurrency Exchanges
Explaining the challenge of fees in the Ethereum network, the document records the team’s optimization of many cryptographic operations.
ETH is trading sideways although bulls are trying to push Ethereum ahead | Source: ETHUSD on TradingView.com
This helps reduce the piracy reporting cost equitably for running 14ETH-transfer transactions on Ethereum’s public network. However, the expanded form represents thousands of transactions.
There is now a global concern from technological companies to protect intellectual property and combat digital piracy. For example, there’s a recent report of piracy combating move from the IT subsidiary of Indian Conglomerate Mahindra Group, Tech Mahindra.
The company launched its new platform that runs on blockchain-based digital rights and contracts. The platform operates on IBM’s Hyperledger fabric protocol, and it’s meant to boost the entertainment and media industry.
Featured image from Pixabay, chart from TradingView.com