Dash-Coin.net scam wallet steals funds

Dash-Coin.net scam wallet steals funds from its users' accounts
15 September 2017   652

Dash cryptocurrency holders fell prey to the fraudulent Dash-Coin.net service, which pretends to be a web wallet and gets access to individual users' keys, stealing their money.

The threat message was posted at the official Dash Core forum on Reddit.

Dash Core forum on reddit
The official Dash Core forum on reddit.com

The problem has drawn the attention of the administrator of the online games website Dash.red, Edward Stover. As the man explains, several users registered on the website had the same address associated with a fraudulent wallet-service.

The man goes on, saying that the Dash.red website has many security settings, one of which is the blocking of transactions from different users to the same Dash address. Thus, one of the users complained that his transaction was blocked. He said that during this operation, he went to the address of Dash Public from the "web-wallet" Dash-Coin.net. That's when Stover realized why different users use the same Dash address.

Very simple, but effective fraud.

Edward Stover
Administrator of Dash.red

The Dash Core team, in its turn, urges its users to be vigilant and trust only proven official wallets.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   55

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.