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New Vulnerabilities Found in EOS, Network Lands in Hot Water

New Vulnerabilities Found In EOS, Network Lands In Hot Water

After many irritating delays and head on controversies, EOS blockchain was eventually launched on June 10. But, it seems that the blockchain is still not ready to function properly.

Guido Vranken, a security researcher who won $120,000 in EOS after entering company’s bug bounty program, has again found a vulnerability in the system. What’s more shocking is that he is not the only developer to find issues with the blockchain platform.

Vranken stated that the newly discovered flaw is related to “unbounded recursion in Binaryen WASM parsing.” In simple terms, an unbounded recursion happens when a function enters an endless loop after calling itself from within.  It keeps happening until a system utilizes all its resources and reaches its demise. Any user who uses the Binaryen compiler to compile to web assembly (WASM) will wreck his system.

Block.one’s HackerOne profile states that the celebrated developer has already gained $120,000 after discovering twelve different imperfections. Although he is not sure if any other glitch is still present within the system yet reports claim that more researchers are observing kinks.

Earlier in May, Qihoo 360, a Chinese security firm, exposed various defects in EOS. The issue was dangerous as they would have allowed hackers sitting around the globe to access network’s nodes which would compromise the whole EOS blockchain. The allegation made by the Chinese firm forced the company to start a bug bounty program which halted its original launch on June 2.

It was eventually launched on June 10 after the block producer candidates affirmed it a green signal, but only technically. As per firm’s protocol, 21 block producer candidates are elected who decide the functioning of the platform. For the election of the block producer candidates, a minimum of 15 percent of the entire EOS supply should be stacked. Yesterday, the voting process did not even pass the 10 percent mark.

In order to stack the coins, an investor will have to use his private key which is looked upon as a risky venture as unauthorized use of their private keys could erase all their funds.

It should be noted that EOS blockchain has finally gone live. The company received the desired numbers of votes to determine the officials that will manage the distributed network.  Thus the fifth largest blockchain platform will see the light of the day after facing the most complex and negative set of affairs the crypto space has ever seen. After the launch, the tokens have been trading at $10.45.

However, the unfavorable press attention gained by the company has made it look stupid at times. Being outsmarted by outside developers has decreased the reputation of the company, but it still has a thin chance of making it big again. If the firm is able to pace up its functions and provide value to investors, its failures will be quickly forgotten.

Investors only care about profits which has nothing to do with media’s perspective.  As of now, the platform is finally live and can be accessed by investors until another blunder takes place.

About the author

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Prateek Kulhari

Prateek is a business editor who writes about various topics such as technology, health and finance. At Pressly, he works along with the colourful folks that build a nation through tech startups. He is also a professional football player and video games enthusiast.

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