Category Archives: geth

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Ethereum Could Get Major Lift from Plasma, Sharding Developments, SEC Boost

Ethereum has currently created an environment for some positive movement due to current developments in hand and positive SEC rulings over the past few days, according to NewsBTC. Although the price of Ether continues to reflect the current market, there are some positive developments such as its Plasma updates and sharding solutions.

Sharding, also known as horizontal partitioning is a design principle whereby rows of a database table are held separately, rather than splitting by columns (as for normalization). Each partition forms part of a shard, which may, in turn, be located on a separate database server or physical location, explains Stackoverflow.

Plasma itself is a collection of standard smart contracts used to create a tree of side-chains aptly called Plasma chains. This collection of smart contracts includes a multitude of key innovations that together make up a powerful tool in the battle towards scaling Ethereum’s capacity, explains Coincentral.

If Plasma is successful, it will successfully help Ethereum scale to a whole new level, and there has been some talk regarding Plasma Debit, which has the potential of introducing payment channels to Plasma Cash.

Ethereum can also gain a lift up after US Commodity Futures Trading Commission (CFTC) commissioner Rostin Beham’s recent unexpected remarks that cryptocurrency is a “technological revolution” that will one day be a part of every national economy, tagging blockchain as life “transforming”.

Add to that the statement of director of division of corporation finance at SEC, William Hinman, which lifted market hopes considerably:

“And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value.”

Such views from the SEC are empowering for Ethereum, Bitcoin and the blockchain, clearly adding much-needed and long-awaited legitimacy to crypto space, and along with new projects in hand, are certainly a step in the right direction for Ethereum investors.

 

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Hackers Collect $20 Million in Ether from 3-Yr Old Geth Flaw

Hackers have stolen more than ETH 38,000 worth over USD 20 million in a single wallet by exploiting a vulnerability in the Geth Ethereum client, despite a warning three years ago from the developers of Ethereum about this specific exploit. There was an additional warning in March 2018 that hackers had successfully stolen ETH 4 with this method. These warnings apparently did not result in a fix.

The flaw lies in the JSON-RPC protocol of the Geth client, which is used to send Ether from a wallet that has been unlocked. This is useful for creating programs that interact with the Ethereum wallet. By default, the Remote Call Protocol (RPC) is disabled, and if it is enabled it is usually only available to the same computer which is running the Ethereum client.

However, it is possible to configure the RPC so that any computer on the internet can query the Ethereum wallet, which allows any computer on the internet to withdraw funds. Anyone that knows your wallet address and IP address can steal your Ethereum if your RPC is configured in this way.

The hackers simply scanned the internet for Geth clients that had JSON-RPC port 8545 open, and withdrew funds to their wallet whenever they found one.

This is probably being done with an automatic script, as Ethereum accounts are actively being robbed today based on the transaction history of the hacker’s wallet. There are over 5,000 transactions in the hacker’s Ethereum wallet, dating as far back as 2016. Comments on the address on Etherscan.io suggest that many users have fallen victim.

It is unknown how widespread the hacking is, since this is just one wallet address, and there could be many more addresses that hackers use to siphon off funds by exploiting the Geth client’s JSON-RPC vulnerability.

 

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