Month: November 2018

BTC-ECHO Study: Where does the German Blockchain Ecosystem stand?

How many blockchain start-ups are there in Germany? In which cities and regions does the crypto scene pulsate? And how many people work in this young industry? We get to the bottom of these questions in our study on the Blockchain ecosystem in Germany. We interviewed over 100 Blockchain start-ups and evaluated the answers. Find out how Germany is positioned in the area of blockchain and crypto currencies.

As the largest German-language medium on the topics of blockchain and crypto currencies, it is important to us to ensure clarity and overview in the dynamic crypto sector. For this reason, we have published a comprehensive study together with BlockState, a provider of blockchain-based banking infrastructure. On the basis of a detailed survey of more than 100 Blockchain start-ups on business areas, forms of financing, team sizes and much more, we have shed light on the still relatively unexplored Blockchain ecosystem in Germany.

Bitcoin revolution affects us all

Germany has lost the Web 2.0 race. The largest Internet platforms have emerged outside Germany and also outside Europe. With the Bitcoin revolution, we now have the opportunity to make up ground again: Our crypto start-ups could become the new Facebook, Google or Amazon in a few years. With the help of blockchain technology, we have the opportunity to make our medium-sized businesses fit for the future in terms of digital change. Artificial intelligence and the Internet of Things need a secure infrastructure that can process automated transactions globally and decentrally. The Internet alone cannot provide this infrastructure. Our future competitiveness will therefore largely depend on how we manage to use blockchain technology in business and society.

Time for Bitcoin loophole

Regardless of whether you are an automotive supplier from Baden-Württemberg or a logistics service provider from North Rhine-Westphalia, our export-oriented Bitcoin loophole industry can optimize its value chain with Bitcoin loophole solutions. This requires an ecosystem that enables innovation by new and young companies. The German government has therefore made blockchain technology an integral part of its digital strategy. It is now a matter of implementing what has been understood: The best framework conditions must be created for the Blockchain location Germany.

However, this can only be achieved by those who are in a position to classify the current situation. Only those who understand the present can shape the future. For this reason, we would like to use this study to lay the foundation for reaching people outside the Blockchain and Bitcoin scene. How big is the sector? Which topics are covered by the crypto start-ups? What role do ICOs play in financing? If you want answers to these and other questions, take a closer look at our study results.

Exchange Bancor loses 13.5 million US dollars in hacker attack

The Bancor Exchange platform fell victim to a hacker attack on July 9. A total of 23.5 million US dollars were stolen by the thieves in various crypto currencies. Some of the stolen tokens have already been frozen.

On the morning of July 9, Bancor published its first statement.

After they closed their Bitcoin loophole website for maintenance, it was first posted on Twitter:

„This morning, Bancor had a security breach. User Bitcoin loophole wallets were not affected. To investigate this, we switched to maintenance operations and will shortly be making a more detailed statement. We are confident to be back online as soon as possible.“

In a later statement the realization followed. The hacker or hackers captured 24,984 ETH (approx. 12.5 million US dollars), nearly 229 million NPXS (approx. 1 million US dollars) and 3.2 million BNT (approx. 10 million US dollars) with a total Bitcoin loophole value of approx. 23.5 million US dollars. The Exchange platform explained that a wallet for updating Smart Contracts was influenced to then withdraw the sums mentioned. However, user wallets are still not affected.

In the same statement, Bancor wrote that they had succeeded in freezing their own BNT tokens so that the thief could no longer take advantage of them.

Bancor also announces regarding the news spy:

„It is not possible to freeze the news spy or the other stolen tokens. However, we are now working with onlinebetrug on another crypto scam to find the stolen tokens and make it more difficult for the thief to liquidate them.“

Hard Criticism
Bancor collected $153 million from its ICO last year, making it one of the most famous decentralized exchanges (DEX).

Since the incident, there have been several voices criticizing more than just the vulnerability. Bancor is the focus of criticism and must ask itself whether decentralized platforms should have integrated emergency options in the event of a hacker attack.

In this context, links were also drawn to the DAO disaster two years ago. Even then, the question was raised as to whether intervention was in the sense of decentralization.

Charlie Lee spoke on Twitter of a „false sense of decentralization“ of the platform.

After the incident, the BNT price fell by 14 percent, but has since stabilised again. The extent to which Bancor can now recover the remainder of the stolen amount remains to be seen. Discussions about intervention in decentralized systems are continuing.