DFINITY Foundation (ICP) Joins Blockchain Security Alliance

The DFINITY Foundation, the ICP token issuer, a leading contributor to the Internet Computer blockchain, has announced its membership in the Blockchain Security Alliance, a collaborative initiative aimed at enhancing the security of the global blockchain ecosystem. The announcement was made on August 9, 2023.

The Blockchain Security Alliance, launched by Beosin and SUSS NiFT, consists of various entities from diverse industry backgrounds, including university institutions, blockchain security companies, industry associations, and fintech service providers. The alliance’s first batch of board members includes Beosin, SUSS NiFT, NUS AIDF, BAS, FOMO Pay, Onchain Custodian, Semisand, Coinhako, ParityBit, and Huawei Cloud.

The Internet Computer blockchain, developed by DFINITY, introduces autonomous serverless cloud functionality to the public internet. This innovation enables developers to build systems or services entirely on a decentralized network using “canister software,” an evolution of smart contracts.

DFINITY’s membership in the Blockchain Security Alliance emphasizes the importance of collaboration and cooperation among members to strengthen security across the blockchain industry. Herbert Yang, DFINITY GM of Asia, stated, “Security has always been one of DFINITY’s top concerns as a decentralized internet computing platform. With 42 members at present, the Alliance stands as a united front committed to safeguarding the integrity and security of the blockchain industry.”

Beosin, a founding member of the alliance, plays a crucial role in enhancing the security of the ecosystem. The company offers a comprehensive “All-in-one” blockchain security solution, including Smart Contract Audits, Risk Monitoring & Alerts, KYT/AML, and Crypto Tracing. Beosin has audited over 3000 smart contracts, including well-known Web3 projects like PancakeSwap, Uniswap, DAI, and OKSwap.

In addition to its security services, Beosin has recently conducted audits for two ICP projects, MID and Catalyze, reflecting its commitment to the security of the ICP ecosystem.

Tommy Deng, Managing Director at Beosin, expressed delight at DFINITY’s participation, saying, “Together with DFINITY and other Alliance members, we strive to establish an ecosystem where innovation thrives amidst robust security measures.”

The Blockchain Security Alliance has been active in hosting events and producing reports on blockchain ecosystem security. Last year’s inaugural event, “ENABLING A DIVERSE ECOSYSTEM IN WEB3.0,” saw significant participation from alliance members.

As co-organizers, Beosin and SUSS NiFT have welcomed DFINITY’s participation and pledged to further the alliance’s work in contributing to the security development of the blockchain industry.

Image source: Shutterstock


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SEC Lawsuits Target Multiple Tokens: DCG Founder Points Out Absence of PoW Cryptos

In an unfolding legal battle against two major cryptocurrency exchanges, Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has declared various tokens as securities. These tokens include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO in the case against Coinbase. For Binance, the list features SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

This declaration by the SEC highlights its ongoing effort to regulate the cryptocurrency market and could have substantial implications for these tokens and their holders. If the SEC succeeds in classifying these tokens as securities, it would subject them to more stringent regulatory rules and obligations.

Barry Silbert, the founder of Digital Currency Group (DCG), commented on the situation via Twitter, noting, “No Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.).” Silbert’s tweet refers to the SEC’s decision to not include tokens that use Proof of Work (PoW) consensus mechanism in their lawsuits. This includes Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC), among others.

The implication of Silbert’s statement suggests that the SEC might be differentiating between PoW tokens and other tokens. This differentiation could lead to different regulatory standards and implications for tokens depending on their underlying consensus mechanism.

This ongoing case and the SEC’s decisions could set a precedent for future regulations and classifications in the crypto market. As such, all eyes within the crypto community are keenly focused on the developments. It is yet to be seen how these decisions will shape the regulatory landscape of digital assets.


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Internet Computer: Correction risk rises after ICP price gains nearly 60% in 5 days

Internet Computer (ICP) has entered 2022 with a bang.

The ICP price rose by over 56% in the first five days of the new year, reaching a 30-day high of $38 on Jan. 5. Its massive upside move accompanied a spike in trading volumes, underscoring a strong and healthy bullish sentiment for now.

ICP/USD daily price chart. Source: TradingView

At the center of ICP’s recent price rally was a flurry of optimistic news.

That includes Binance’s decision this Tuesday to list a financial instrument that would enable traders to directly swap ICP to/from Ethereum’s native token Ether (ETH) and the launch of Terabethia, a cross-blockchain bridge, on Dec. 22 that enables Ethereum’s ERC-20 tokens to exist natively on the Internet Computer blockchain.

Additionally, a rally across the smart contract platform tokens, especially in the last seven days, may have boosted traders’ appetite for ICP.

Smart contract platform tokens’ performance. Source: Messari

Downtrend intact

Nevertheless, ICP remains at risk of paring its recent gains entirely as it trended lower inside its multi-month descending channel range.

In detail, the Internet Computer token price reached the channel’s upper trendline on Wednesday, thus exposing itself to selloff risks. That is primarily due to the trendline’s history of limiting ICP’s upside attempts, as shown in the chart below.

ICP/USD daily price chart featuring descending channel pattern. Source: TradingView

Meanwhile, recent data also shows that a pullback from the upper trendline pushed the ICP price towards the channel’s lower trendline. For that reason, ICP risked falling to new price lows despite its bullish rebound.

Resistance confluence

More cues for ICP’s pullback setup came from an another resistance near $37.70 and overvaluation risks posed by the token’s daily relative strength index (RSI).

The $37.70-level, which helped ICP limit its bearish exposure between September and November 2021, coincides with the 0.236 Fib line of the Fibonacci retracement graph drawn from the circa $89-swing high to the $22-swing low.

Meanwhile, the RSI reading at press time came out to be near 67.50. A value above 70 will make ICP an overbought asset that may amount to a certain degree of price correction/consolidation. Should it happen, the ICP price could risk falling to the 0 Fib line near $22.

Related: Dfinity insiders alleged to have illegally sold ICP and harmed retail investors

Conversely, closing above the $37.70-level could have Internet Computer eye $47.50 as its next upside target.

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.