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EthDenver Day 2 Highlights – uPort – Medium

EthDenver Day 2 Highlights – uPort – Medium

The 2nd day of EthDenver was just as exciting as the first with the hackathon in full force and talks from across the Ethereum community providing valuable insights for ways to increase user adoption. The key themes were to implement processes, creating better user experiences and more successful partnerships. These talks are directly applicable to the way uPort is building product and moving forward with partnerships across innovative new blockchain applications.

A talk focused on usability called, “The Impossible Balance Between Usability & Security” by Taylor Monahan of MyCrypto mentioned usability within the decentralized applications that exists today is often seen as a large issue. While that may be due to the state of a technology that is so new in development, we’re seeing the natural progression of moving towards a more customer driven approach from a focus on R&D. The uPort team has been working on usability and is using customer definition, usability testing, and constant iterations to solve for the problem of credential management and sharing, giving the power over data back to the individual. A mobile app redesign is coming soon based on these processes and will only continue to improve as we receive feedback.

In addition to the mobile app redesign we’re focused on partnerships moving forward that will allow for significant scale. The past two weeks leading up to EthDenver were spent with many members of the uPort team in Europe, meeting with some of the largest blockchain projects within different financial products, cities, and universities in Europe. As we think about partnerships moving forward, Ashleigh Schap from MakerDAO mentioned in a talk entitled, “Biz Dev & Crypto: Breaking Out of the Bubble” it’s important to not “build it and they will come,” but to instead work with partners in a collaborative manner. The process includes understanding the needs of the partner, tailoring the messaging to solve their problem and having commitment of resources from both sides of the project.

As the space matures, there’s process that can truly give focus to previously unstructured development. The hackathon is a perfect example of this with a variety of projects integrating uPort for the identity layer to login to their application and sign transactions. We’re excited for the hackathon judging today and are optimistic that uPort is set up for success as we prepare for an increasing number of users and use cases in 2019.

Published at Sun, 17 Feb 2019 19:19:08 +0000

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Tether Claims a “Hack” Cost Them $30m, or is it an Exit Scam?

The big news of last night was how Tether allegedly got hacked. In a statement issued by the company, they explain how almost 31m USDT were removed from the Treasury. This incident occurred on November 19th, and the money was sent to an unauthorized address. None of the stolen tokens will be redeemed, but the company hopes to recover the money regardless. For now, the money still appears to be in a bitcoin address. It is unclear how this money will be spent, assuming that is even the objective.

This whole Tether issue is pretty worrisome, to say the very least. We have reported on this company’s odd behavior for some time now. Whether or not there is a malicious intent behind this attack, remains to be determined. The company did not explain how the money was moved from the Treasury exactly. That is always a bit worrisome, as companies should be transparent regarding what is happening. The stolen tokens have effectively been flagged and won’t be redeemable for USD.

The Plot Thickens for Tether

For the time being, the Tether back-end wallet service is suspended. This is part of the ongoing investigation to determine what caused this problem. Secondly, the Tether “chain” went through a hard fork to ensure the stolen funds can’t be moved. Considering how USDT is issued on Omni, new builds are being provided to Omni Core to make this happen. All individual users and integrators need to update their client as soon as possible. This is similar to how Ethereum bailed out The DAO investors when a similar issue occurred.

This new software will also cause a consensus change. It is a temporary hard fork to the Omni Layer. Any tokens belonging to the flagged bunch will not be accepted. This should prevent the attacker from successfully moving the USDT balance to an exchange. Otherwise, they could easily convert it to BTC or different altcoins and cash out that way. It is possible this may still happen, depending on how fast all integrators upgrade their clients. It is a very worrisome turn of events, to say the very least.

Some sources claim this was not a hack at all. Instead, they are fearful Tether is working toward a major exit scam. Their rapid issuance of new tokens, previous issues with converting back to USD, and now this certainly makes for a strange year for Tether. Whether or not the company can recover from this incident, remains to be determined, though. The company confirms all other assets are still backed by US Dollars in reserve. For now, everyone will have to believe that story. It may be the truth, though, but no one knows for sure at this point.

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