Dubai official state cryptocurrency: emCash

Dubai Economy launches partnership to develop and implement emCash, the first official state cryptocurrency 
03 October 2017   2433

Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Grp Ltd teams up under the Dubai Economy Accelerators umbrella to develop and implement emCash, the first official state digital currency, that people will be able to use to pay for various government and non-government services.

As the announcement claim, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. Thus, "emPay allows UAE residents to make varied payments, from their daily coffee to money transfers, through the near field communication option in their phones". 

Object Tech has now signed a memorandum of understanding with Dubai Economy under which it will work with Emcredit in order to to develop and implement emCash. Ali Ibrahim, Deputy Director General of Dubai Economy, argues that emCash would give a financial identity to contactless transactions, reinforce Dubai as a competitive business destination, enhance customer happiness and accelerate Dubai's evolution into a smart economy.

A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life.
 

Ali Ibrahim
Deputy Director General of Dubai Economy

Muna Al Qassab, CEO of Emcredit Limited, explains that customers will be able to choose between two payment options on the emPay platform – the existing dirham payment or emCash. "While the dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant. emCash thus gives real time value movement and merchants can pass the cost benefit to the emCash holder. It also reduces fraud as well as inflation since currency is issued in real time based on actual demand", - the man details.

It is also said, that a number of associated products to protect emCash wallet and digital documents, enable direct real-time settlement and peer-to-peer lending, and provide credit rating based on the distributor ledger of emCash will be developed.

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   229

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.