Coinbase Adds Ethereum ERC20 Token Support

Coinbase will now support Ethereum ERC20 tokens on its exchange.

One of the largest U.S. cryptocurrency trading platforms, Coinbase, is opening its door to Ethereum-based digital tokens.

In a blog post, the San Francisco-based company announced that they will start supporting Ethereum’s ERC20 technical standard on its platform. This opens the door to a lot of Ethereum-based digital tokens.

For those unfamiliar with ERC20, it is the technical standard developers use to build Ethereum-based tokens. Examples of this would include Qtum, Bancor, EOS and Omisego. As of writing, there are currently more than 50,000 ERC20 token contracts in the market.

The blog post did not specify when this support will go live and which tokens will get listed.

“This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time,” the post said.

Currently, Coinbase trades Bitcoin, Bitcoin Cash, Ether and Litecoin on its GDAX exchange.

When this starts rolling out, ERC20 support will be available on most of their products. This includes their main platform, their hedge fund tool Custody, GDAX and their Asset Management platform. They have excluded the Commerce payment system.

This announcement comes shortly after the U.S. Securities and Exchange Commission announced that platforms for digital assets need to register with the agency as a national exchange. Coinbase, however, says that they are exempted from this requirement.

Teenager Hacks “Tamper-Proof” Ledger Hardware Wallet

 British 15-year-old Saleem Rashid created a code that enabled him to “backdoor” Ledger’s wallets.

The Ledger Nano S (Credit: Ledger)

The story started in November 2017 when Rashid discovered the flaws on the wallet. He disclosed the vulnerability to the company but was apparently not taken seriously.

For years, the top guys at France-based Ledger has touted their product to be tamper-proof. The Ledger Nano S is a $100 hardware wallet for Bitcoin, Ethereum and Altcoins that according to Ledger, has sold by the millions. The company claims that resellers are not able to modify and tamper this device without attracting end users’ attention. Why would they listen to a 15-year-old right?

After four months, the company released did release an update to address the issue that Rashid privately disclosed to them. However, Ledger’s Chief Security Officer Charles Guillemet maintains that the issue was “NOT critical”. He also stresses that the “attack cannot extract the private keys or the seed.”

 

Rashid publicly criticized this update on social media and in a blog post entitled entitled Breaking the Ledger Security Model. He maintains that he could still “autonomously extract the root private key once the user unlocks the device” and use to it instigate manipulation of destination addresses for transactions.

This recent discovery of the wallet’s vulnerability definitely puts a lot of pressure on the company and to their users who actually puts their faith in these devices.

 

Ethereum Blockchain and Ether: What Are They?

Ethereum Blockchain And Its Currency Called Ether

Ethereum blockchain is an open-source, public distributed computing platform and operating system. This features smart contract functionality. It supports a modified version of Nakamoto consensus.

Ethereum’s Release And Platform

It was initially released last July 30, 2015. Its platform is x86, AMD64, ARM.

What is Ethereum

Ethereum is a decentralized platform for application that runs exactly as programmed. It has no chance of fraud, censorship, or third-party interference.


It is commonly associated with Bitcoin. But the blockchain technology has many other currencies that go way beyond digital currencies. Bitcoin is only one of the millions of applications which uses the blockchain technology.

By providing developers with the tools to build decentralized applications, Ethereum can may things possible.

Difference Between Ethereum And Bitcoin

Ethereum is a distributed blockchain network just like Bitcoin. Even so, there are some technical differences between the two. Ethereum and Bitcoin differ substantially in purpose and capability.

Bitcoin offers one application to blockchain, a peer to peer electronic cash system that enables online Bitcoin payments. While Ethereum blockchain focuses on running the programming code of any decentralized application.

What Is Ether

Ether is a necessary element for operating the distributed application platform Ethereum. It is a form of payment made by the clients of Ethereum to the machines operating the requested operations.

In other words, Ether is the incentive ensuring that the developers wrote quality applications, and that the network stays healthy.

Who Needs Ether

People who need ether are the developers who intend to build apps using the Ethereum blockchain. Users who want to access and interact with smart contracts in the Ethereum blockchain also need ether.

Relationship Between Bitcoin And Ether

Ethereum would never be possible without bitcoin, both the technology and the currency. Unlike bitcoin, Ether is to be treated as a “crypto-fuel”. Its purpose is only to pay for computation and not considered as currency, asset, share or anything else.

To sum it all up, Ethereum blockchain is responsible for running the programming code of any decentralized application while ether is its token used to pay for computations.

Twitter May Ban Cryptocurrency Ads

Twitter is reportedly banning certain ads related to cryptocurrency. This news comes in the wake of major online regulatory efforts for the cryptocurrency world.

According to Sky news, the new advertising policy is set to roll out in two weeks worldwide. It will prohibit ads that pertain to initial coin offerings (ICOs), token sales and cryptocurrency wallets.

In January, social media giant Facebook announced that they will be banning ads that promote services that are “frequently associated with misleading or deceptive promotional activities”.

Earlier this month, Google has also announced that they will be prohibiting ads for cryptocurrencies which encompasses ICOs, wallets and services related to it.

This news also comes after Twitter has experienced an influx of fake accounts relating to cryptocurrency and scamming users. These scammers get away by impersonating famous people. Personalities such as Vitalik Buterin,  John McAfee and most recently, Elon Musk.

The fake Elon Musk promised to give away ETH to his followers. The imposter promised to send more ETH in exchange for a small amount. 20 ETH sent to that fake account amounting to about $16,000 before the account was suspended.

If this news will indeed come to light, it will not be the first time that Twitter will be taking steps to reduce the amount of cryptocurrency scams on their platform.

They have already started cracking down on these fake accounts. They confirmed that they are “aware of this form of manipulation and are proactively implementing a number of signals”. This is to prevent accounts from engaging with others in a deceptive manner.

No further details are available yet with regards to Twitter’s supposedly advertising policy but we will be sure keep you up-to-date with the changes.

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