FiiiPay to change Payments Processing via Blockchain

Hybrid Payment Network has been developed by FiiiPay: the new system allows any crypto payments to be made immediately
11 June 2018   967

Blockchain technology is currently taking its place in the fintech and payment processing field. FiiiPay, the brainchild and proprietary payment system of FiiiGroup, that is stated to be the blockchain counterpart of payment giants like America’s PayPal and China’s Alipay - both of which are revolutionary ideas in their prime and reshaped traditional money transfers globally.

Being the basement of cryptocurrencies, blockchain technology is shaking up businesses in big ways because of its wide application for financial processes. Blockchain is a distributed ledger of records without a centralized system, in that older parts of the record cannot be altered. Financial transactions can be coducted directly between people in the network, excluding third parties and delays.

Nevertheless, transaction confirmation time is in common slow and there is hardly a viable alternative for payment transfers. Bitcoin block, for instance, is propagated every 10 minutes. To get a 9-block confirmation, an estimated one and a half hours is necessary. FiiiPay developers have devised a Hybrid Payment Network (HPN) that operates as a workaround, letting any crypto payments to be made immediately.

FiiiPay’s HPN applies risk mitigation strategies in order to make up for its vulnerabilities. Equipped with machine learning possibilities to review all crypto withdrawal requests, it can collect all the withdrawal timestamps, IP addresses, geolocations and more essential data. It can then  decompose user behaviour to raise alerts to FiiiGroup’s team when an unusual activity is detected. This way has to protect FiiiPay customers from risks of hackers. 

The architecture of FiiiPay’s is a distributed system that supports load balancing, can easily be scaled by adding hardware to the network when the requirement is getting higher. At present, a single server can support up to 1500 transactions per second. By having multiple servers online, FiiiPay may conduct thousands of transactions at the same time.

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   964

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.