Newsletter: Snapchat Plans ‘SnapKit’ & Bitcoin Gold Faces 51% Attack!

Newsletter: Snapchat Plans ‘SnapKit’ & Bitcoin Gold Faces 51% Attack!

QUOTE OF THE DAY:

“I think of a hero as someone who understands the degree of responsibility that comes with his freedom.” ~ Bob Dylan

SNAPCHAT PLANS ITS FIRST DEVELOPER PLATFORM ‘SNAPKIT’

THE STORY

According to recent leaks Snapchat is working in its first developer platform ‘SnapKit’. It shall integrate AR Camera and ‘Login with Snapchat’ options.

WHAT IS SNAPKIT ALL ABOUT?

According to the reports, Snapchat is launching its first developer platform known as ‘SnapKit’. Further proof of its launch was confirmed when, reports stated that Snap Inc. is in talks with many app developers to get SnapKit integrated. This is an important development as Snapchat has been famous as a closed platform. It has guarded its teenaged user base and their data from other app developers who wanted to mine the same. Furthermore, if rumors are to be believed, SnapKit shall also offer its users ‘Login with Snapchat’ options and its specialized AR Camera. With SnapKit, one can log in to other services with their Snapchat ID and use its AR Camera on the other applications too. In other words, its bitmoji avatars can be used on other services too!

HOW DOES SNAPKIT BENEFIT THE USERS?

The primary user base of Snapchat are teens, that prefer its ‘filters, lenses, AR Camera features’ to that of the other platforms. Due to this, irrespective of the fact that Snapchat is going through its lowest popularity, SnapKit has the potential of making things right. Hence, the features it possesses shall be the booster that Snapchat desperately needs. The users can enjoy many AR features and have ease of access onto the other services. Its teenaged user base has always preferred Snapchat to Facebook and the recent Cambridge Analytica Scandal has further disillusioned them. So, by creating SnapKit, they have landed a masterstroke.

Additionally, the company’s terms of service mention that, “You will not use or develop any third-party applications that interact with the Services or other users’ content or information without our written consent.” This has been proven when they discontinued a popular third-party music sharing app called ‘Mindle’. Such policies and the implementation of the same has prevented Snapchat’s name from being muddled in any data mining scandal to date.

WHEN SHALL IT BE ANNOUNCED AND LAUNCHED?

There is no confirmation or comment in regard to SnapKit from any source within Snapchat. Guess we have to wait and watch!


BITCOIN GOLD BLOCKCHAIN SUFFERS 51% ATTACK!

THE STORY

Bitcoin Gold Blockchain hacked into with the 51% attack. It lost $ 18 Million from its online exchanges.

WHAT IS BITCOIN GOLD AND WHAT IS A 51% ATTACK?

Bitcoin Gold is a fork, or spin-off, of the Bitcoin. Their Blockchain shares the same code and operates in a similar fashion. When more than half of the mining power on a cryptocurrency network comes under control of an individual or a group, they get the power to modify or change the virtual ledger and alter or transfer funds. This unethical procedure is called the 51% attack. In 2009, when the mysterious Satoshi Nakamoto first created the Blockchain Technology, he left one loophole in its operations. This vulnerability of Blockchain has had many close calls but ethics compelled miners to step away and not exploit the same. Hence, the team behind Bitcoin Gold were in for a rude shock to discover fraudulent deposits in which the money never ended up with the recipient exchanged.

BTG address bitcoin gold

According to Bitcoin Gold’s forum poster, ‘Mental Nomad’ the signs of the same were obvious almost a week ago. “An unknown party with access to very large amounts of hashpower is trying to use ‘51% attacks, to perform ‘double spend’ attacks to steal money from Exchanges. We have been advising all exchanges to increase confirmations and carefully review large deposits.” Alas, his warning fell on deaf ears and the online exchanges lost a massive $ 18 Million.

HOW CAN ONE PREVENT A 51% ATTACK?

Due to the concept of large scale mining farms that are currently used by miners such types of attacks are soon going to be on the rise. While technically, large scale Blockchain like Bitcoin and Ethereum are truly decentralized and hence there is a little chance of hackers gaining control on its board, there is always a risk involved. On the attack that had taken place on Bitcoin Gold’s platform, one of its developers commented, “Any blockchain – even bitcoin – can theoretically be attacked by a malicious actor who can control more hashing (computing) power than all the honest miners. Of course, the biggest risk is to a smaller network in the shadow of a bigger one… We’re monitoring the situation carefully in a variety of ways to rapidly alert the exchanges when we can tell an attack is in progress.” This comment may seem like a latent shrugging of responsibility, the main question that arises is that why hasn’t there been any information on the retrieval of the lost currency and if the investors will be reimbursed.

IS THIS THE FIRST TIME A 51% ATTACK HAS BEEN EXECUTED?

Way back in 2014, the Ghash.io board achieved 42% of the mining power. Those ethical people kept a close eye on the Blockchain and its eventual transactions, preventing the loss of millions of dollars.

However, in the past week alone, there are reports of Verge and MonaCoin facing hacks of similar type. In the case of Verge, the attacker gained the control of 2 out of the 5 mining algorithms and successfully walked away with 35 million XVG tokens which are valued at $ 1.75 Million.

If this trend continues, there is an urgent need for Blockchain companies to keep an extra eye out on their board security in order to prevent such instances from occurring again in the future.

A traveler who has eaten with Bedouins, gotten lost in mist, and walked a kilometer to get net connection. When not writing, Nisha reads tech magazines to shampoo bottle labels

Show your support

Clapping shows how much you appreciated Nisha Joshi story.

0 thought on “Newsletter: Snapchat Plans ‘SnapKit’ & Bitcoin Gold Faces 51% Attack!”

Leave a Reply

Your email address will not be published. Required fields are marked *