Colu launched new local digital currency

New digital local currency helps to support local community and economy
22 June 2017   1938
Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks.

Colu, enthuisiasts of a Blockchain, developers of a platform for creating digital, localized currencies, announced today the launch of its second currency in the UK – the Local Pound, East London.

Using the Blockchain technology, Colu develops digital currencies for territorial communities. By the mobile app-based platform, peer-to-peer and cutomer-to-business transactions are being held in safe environment. It supports local economies, independent bussines and trade, creates social capital. 

Colu has offices in London and Tel Aviv, gains funding from Aleph and Spark Capital.

Digital wallet app by Colu supports local economics by creating an easy and safe way for instant payments from a phone. Local Pound, East London provides local citizens with a digital currency to create stronger local economy and community.

Digital payments provide more safe and seamless transactions. Due to this fact, digital currencies and local payments are growing trends in the UK. The company creates a closed-loop economy that bolsters both the economic well-being and social fabric of the community.

Colu used an open-source and blockchain infrastructure to create digital version of "cash". It can perform large amount of safe transactions in real-time As a final result, Colu creates a true peer-to-peer economy.

When a customer supports local business, he supports his own neighborhood. Colu gives local businesses a digital toolbox to help them better compete with large retailers, including a business dashboard that replaces the need for point-of-sale systems. 
Since the start of Local Pound, Liverpool in 2016, over 16000 locals begun to use Colu app daily, making purchases at small local businesses such as bars, fitness clubs, etc. 

Colu has an experience in creating digital, local currencies in Israel and Barbados. It has around 50000 worldwide users that spends almost 1000000$ at local business thru the app.

Potentional Vulnerabilities Found in ETH 2.0

Least Authority have found potentional security issues in the network P2P interaction and block proposal system
26 March 2020   1026

Technology security firm Least Authority, at the request of the Ethereum Foundation, conducted an audit of the Ethereum 2.0 specifications and identified several potential vulnerabilities at once.

Least Authority said that developers need to solve problems with vulnerabilities in the network layer of peer-to-peer (P2P) interaction, as well as in the block proposal system. At the same time, the auditor noted that the specifications are "very well thought out and competent."

However, at the moment there is no large ecosystem based on PoS and using sharding in the world, so it is impossible to accurately assess the prospects for system stability.
Also, information security experts emphasized that the specifications did not pay enough attention to the description of the P2P network level and the system of records about Ethereum nodes. Vulnerability risks are also observed in the block proposal system and the messaging system between nodes.

Experts said that in the blockchains running on PoS, the choice of a new block is simple and no one can predict who will get the new block. In PoS systems, it is the block proposal system that decides whose block will fall into the blockchain, and this leads to the risk of data leakage. To solve the problem, auditors suggested using the mechanism of "Single Secret Leader Election" (SSLE).

As for the peer-to-peer exchange system, there is a danger of spam. There is no centralized node in the system that would evaluate the actions of other nodes, so a “malicious" node can spam the entire network with various messages without any special punishment. The solution to this problem may be to use special protocols for exchanging messages between nodes.