MEW Creator to Answer Big ETH Questions

Kosala Hemachandra told about DApss, initial coin offerings, Ethereum community, trust to crypto and new level for Ethereum developments
26 December 2018   1335

The coming year will test the reliability of the Ethereum ecosystem. In addition, in 2019, one of the most anticipated updates, Constantinople, will be activated on the Ethereum network. In the column for CoinDesk, the creator of the popular cryptocurrency wallet MyEtherWallet (MEW), Kosala Hemachandra, answered the questions of concern to users regarding the state of affairs in the Ethereum community.

Kosala Hemachandra said that many good decentralized applications (DApps) have already appeared on the Ethereum network that can improve the user experience.

In his opinion, the progressive DApps-developments include the products of Kyber Network and MakerDAO, as well as the domain name system Ethereum Name Service (ENS), a solution that allows replacing long addresses with “readable” names.

Although these applications work on the principle of decentralization, according to Hemachandra, it will take at least five years for these DApps to interest the average user.

I encourage dapp developers to focus on building ecosystems with user experience and newcomer adoption in mind. We cannot ignore that in recent years, the Ethereum community has expanded beyond the technically-proficient to include the crypto-curious too.

Kosala Hemachandra

Creator, MyEtherWallet

Kosala Hemachandra believes that the ICO boom was both the best and the worst event in the crypto industry. In 2017, start-ups attracted more than $ 5.5 billion through tokensale, and already in the first eight months of 2018, this figure exceeded $ 14 billion. This increased interest in the industry and spurred the creation of innovative solutions.

However, at the time of the rise in the price of Ethereum cryptocurrency, many ICO organizers and developers withdrew the collected funds and left the ecosystem. According to the creator of MEW, although then the community lost bright minds, these events helped clean the ecosystem from developers looking only for financial gain.

The results of the Satis Group study showed that in 2017, fraudulent ICO collected more than $ 1 billion. Kosala, however, notes that ICO's frustration led to the growth of the popularity of traditional and venture financing, which can provide an incentive for development to crypto companies.

This season will not just be a test for the robustness of Ethereum’s technology, but also how we evolve as a community. 

Kosala Hemachandra

Creator, MyEtherWallet

Ethereum developers have already come to unified solutions and compromise, according to Kosala. DevCon's annual conferences allow ecosystem participants to interact harmoniously.

Now more than ever, it is important that we hold onto good talent throughout the industry. In the midst of these volatile market conditions, we cannot afford another brain drain and it is crucial that intelligent and committed people are drawn to this field and incentivized by goals that are not purely financial.

Kosala Hemachandra

Creator, MyEtherWallet

According to him, in order to have less people disenchanted with cryptoindustry, it is necessary to raise the level of awareness of fraudulent projects.

To turn over a new leaf, we can start by making it easier for crypto beginners by providing more materials and resources tailored to them.

Kosala Hemachandra

Creator, MyEtherWallet

Drawing an analogy with Bitcoin, which took almost 10 years to attract massive attention, Hemachandra is sure that for the successful development of the Ethereum network, new solutions need to be developed carefully and slowly.

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   1018

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.