You can break the encryption, but you can’t hack the blockchain

You can break the encryption, but you can’t hack the blockchain

George Friedman thinks that blockchain will become 'obsolete' very soon, anniversary of the DAO hack which split the ETH community and unclear future of EOS.

George Friedman, a geopolitical forecaster, has an opinion that blockchain technology won't last long

He explains that every encryption technology was cracked in the end, by the USA, China or Russia.

The opinions like these ones are good for blockchain, as it clearly shows that its opponents rarely do any research and barely have any basic understanding of how it all works. George Friedman talks here about breaking the encryption, but the truth is, you can’t hack a blockchain.

It a principle of the big numbers, the numbers are just so ridiculously big it’s impossible to brute force it, because it would take the amount of time comparable to the time of universe existence. It’s impossible at the current levels of human technology, it’s not an algorithm that could be cracked. However, there’s still a threat from quantum computers, but they are still in the early stages of development.

We have 10 more years before they could actually crack the blockchain, and by that time all blockchains will be upgraded against the quantum threat.

Two years have passed since the DAO hack, according to Vlad Zamfir

This hack split Ethereum community and created Ethereum Classic fork, in an attempt to keep the chain immutable.

The DAO hack was an unfortunate event, that showed one of the blockchain’s biggest strengths and weaknesses: the irreversibility of transactions. There’s still a question unsolved: was it good to fork Ethereum.

As we see, two years later, after the similar problem with Parity wallet, with millions lost forever, the community refused to return the funds to people who lost them in Parity wallet, that would mean forking in the process. The fix was ready, but the community rejected it during the voting. Was it possible to leave it be in the first place? There’s an opinion that it would be the end of Ethereum because nobody would trust his money to such blockchain after this failure. Meanwhile, that still remains one of the biggest failures in crypto.

Now the Ethereum team is one the most mature and professional in the space, but it doesn’t diminish the lesson learned after this hack. It showed the community that there should be a very high level of competence and responsibility, as there’s no way to change the code after you’ve sent it to the blockchain. A lesson that not everyone seems to have learned.

EOS has more and more problems since its launch

The ambitious project has provoked heated debates in the crypto community, about whether it's normal or not for a 4 billion dollar project to stop running after just a few days of uptime.

There are two things that surprise us no more: Tim Draper shilling his bitcoin holdings and EOS having critical problems. The 4 billion dollar chain halting after having worked barely a few days, it tells so much of the number of efforts put in its development. It’s great to have a high profit from the project but the community would like to see more of its money put into actual development and less in the marketing, hyping and various venture funds.

The product looks to be released untested and unfinished, that it sparkled new debates whether it’s a scam. The future of EOS remains very unclear. It has a school project’s level of organization. The questions is, how the funds were spent?


272.72 USD -8.76%
0.03118000 BTC 2.16%
Volume, 24h
2,405,210,584 USD
28,549,930,014 USD

Related news

Japan Plans To Build A “SWIFT-LIKE” Blockchain Payment Network

According to an insider familiar with the matter on Thursday, the Japanese government is leading innovation to build a payment network for cryptocurrencies similar to SWIFT used by banks. This news comes in an effort of the Japanese government to fight financial crimes and money laundering. According to the report,  these are issues resulting from either the adoption and/or use of the blockchain and cryptocurrencies in the region. As the innovation is yet to be made public. The insider source, whose identity is not certain for security reasons, clarified that the innovation is in active development. The new crypto payment system would allow for a much easier mode of settlements, transaction speed, and cost-effectiveness. According to the source, the Japanese government aims to corporate with other countries in achieving this accomplishment. The developments would be monitored by the Intergovernmental Financial Task Force (FATF). The development, according to the report was proposed by the Japanese Ministry of Finance and approved by the FATF in June of this year and plans of implementation have since then begun. Japan is known to have widely adopted the blockchain technology and made many innovations from its building blocks. The country leads a pack including other countries which have active blockchain and cryptocurrency regulatory practices and allows for active developments in the blockchain and crypto space. Although recently, Japan was one of the countries which disapproved of the much controversial Facebook cryptocurrency, Libra. The Bank of Japan (BoJ) too recently went against the idea of central banks developing national cryptocurrencies. The nation has been investing heavily in developing itself using the blockchain as a means of substantial economic growth and developments. At the moment, no regulatory measures have been taken by the country’s Financial Service Agency (FSA) and how this new crypto payment network would be regulated. The post Japan Plans To Build A “SWIFT-LIKE” Blockchain Payment Network appeared first on Coingape.

Ethereum Price (ETH) Correcting Losses: $225 Presents Key Resistance

ETH price traded to a new monthly low near $190 and later corrected lower against the US Dollar. The price corrected above the $200 resistance level, but upsides could face hurdles near $220 and $225. There is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to gain momentum above the $218, $220 and $225 resistance levels. Ethereum price is currently correcting losses above $200 versus the US Dollar, similar to bitcoin. ETH price might start a fresh decrease if it fails to continue higher above $225. Ethereum Price Analysis Yesterday, we saw a sharp decline in bitcoin and Ethereum price against the US Dollar. ETH/USD even broke the key $200 support level and traded to a new monthly low. A swing low was formed near $190 and recently the price started an upside correction. It broke the $200 resistance to start a decent recovery. Moreover, there was a break above the $210 resistance plus the 50% Fib retracement level of the last decline from the $235 high to $190 low. However, the price faced a strong resistance near the $218 and $220 levels. Moreover, there is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD. It seems like the pair struggled near the 61.8% Fib retracement level of the last decline from the $235 high to $190 low. Above the trend line, the next important resistance is near the $225 level. The 100 hourly simple moving average is positioned near the $225 level to act as a strong resistance. The final hurdle for the bulls is near the $235 resistance and another bearish trend line. Therefore, the bulls are likely to face a lot of hurdles, starting with $218 and up to $235. Only a successful close above $235 might decrease bearish pressure and push the price towards $250. On the other hand, if the price fails to climb above $220 or $225, it is likely to restart its decline. An immediate support is near the $210 level, below which the price may perhaps revisit the $200 handle. Looking at the chart, Ethereum price is showing a few positive signs above the $210 level. Having said that, it must clear the $220 and $225 resistance levels to continue higher. If not, it could decline back towards $200 or the $190 low. ETH Technical Indicators Hourly MACD – The MACD for ETH/USD might move back into the bearish zone. Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a bullish angle. Major Support Level – $210 Major Resistance Level – $220 Ethereum Price (ETH) Correcting Losses: $225 Presents Key Resistance was last modified: July 18th, 2019 by Aayush JindalThe post Ethereum Price (ETH) Correcting Losses: $225 Presents Key Resistance appeared first on NewsBTC.

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.