Bank of England to trial a new distributed ledger system

Bank of England performs a trial run of their new proof-of concept system for real-time gross settlement
28 March 2018   402

Future-proofing the operations has been a long hard quest for the banking institutions around the globe, and eve more so since the emergence of the cryptocurrencies. And now the next step forward has been made by Bank of England. As part of their proof-of-concept network for real-time gross settlement they are trialing the use of distributed ledger technology (DLT).

Back in 2017 Bank of England has first revealed that they were working on using DLT for near-instant transaction system. Though, at that tie they were adamant, that such a technology can't be the sole driving force for such application. Now, they are backtracking a bit, stating that while nowadays DLT is not yet sufficiently mature, they will endeavor to develop it for the time when it gains a more widespread adoption.

The trial run is to see how distributed ledger-based system performs for the real-time gross settlement service, and if it performs well enough to be used on the permanent basis.

In broader sense, such a move can represent a more amiable stance toward blockchain as a whole for the UK central bank in the near future.

Ethereum VM May Have Vulnerability

The vulnerability is reported by NettaLab Twitter account
12 November 2018   65

On November 9, a statement appeared in Netta Lab’s Twitter account that the organization discovered a vulnerability in the Ethereum virtual machine that allows to execute smart contracts endlessly without paying for gas online. The researchers also allegedly turned to the operator of the American database of vulnerabilities, where they registered the corresponding discovery.

Netta Labs discovered an Ethereum EVM vulnerability, which could be exploited by hackers. The vulnerability can cause smart contracts can be executed indefinitely without gas being paied.
 

Netta Lab's Twitter

At Netta Lab's request, Google demonstrates the site of the netto.io project, which specializes in auditing smart contracts under the Netta Lab brand, but the Twitter accounts of the projects do not match. Note that the profile that reported the vulnerability was registered in November.

Many users expressed doubts about the authenticity of the information that appeared, but then the creator of the NEO project Da Hongwei said that he spoke with the CEO of Netta Labs and asked the researchers to audit the NEO virtual machine.

Nevertheless, Vitalik Buterin wrote on Reddit that this is a vulnerability in the Python-implementation of the virtual machine, which was first reported on GitHub 9 days ago. This means that the main clients (go-ethereum; parity and cpp-ethereum) are not affected.