NEM Can Became Centralized After Coincheck Attack

According to the experts, XEM tokens marking mechanism, which is being developed after Coincheck hack, can lead to centralization of NEM
02 February 2018   472

NEM Foundation is developing a mechanism for automatically tracking and marking XEM tokens in order to prevent hacker attacks, similar to the one that the Japanese currency exchange Coincheck recently underwent. Critics are convinced that this will have an extremely negative impact on the ecosystem, depriving XEM tokens of the interchangeability properties and making the network useless from an economic point of view.

The goal of the developers is to mak tokens stolen by hackers useless, the total amount of which is 5% of the total issue. Thus, attackers will not be able to sell them on crypto exchanges, because sites will know that tokens are transferred from an address associated with hackers.

Experts believe that this mechanism is contrary to the idea of ​​decentralization of the network, since the NEM Foundation and the crypto-exchange can distinguish marked tokens from the total mass, as well as decide whether to accept them or not.

The exchanges will be able to claim that a number of XEM tokens are involved in illegal activities, although this may not be true. As a result, XEM will lose the interchangeability property, which is the main characteristic of money.

Such steps by the NEM Foundation indicate centralized control over the blockchain, which contradicts the original concept of technology.

The developers also refused to host the event, stressing that the community does not support this development.

Unibright and NEM to Join Forces

Result of the partnership should be the creation of the possibility of generating NEM-oriented code in the Unibright framework
09 August 2018   205

The platform for integrating the blockchain into the business processes Unibright and the NEM Foundation announced a strategic partnership.

Representatives of the team Unibright said that the result of the partnership should be the creation of the possibility of generating NEM-oriented code in the Unibright framework and joining Unibright to the NEMsp service partnership program.

In addition, the partnership suggests:

  • adding NEM as a target of Unibrights automatic blockchain code generation
  • adding NEM adapters to Unibright’s integration plattform to connect NEM architectures to existing IT landscapes
  • qualifying Unibright as an official NEM Service Partner by training and certification through the Global NEMsp Network.
  • working together on common customer projects, case studies and proof of concepts with industry partners and clients

The NEMsp Network is a scalable and repeatable program designed to expedite the adoption of NEM globally while creating value for our partners. Companies won’t need to have any internal technical staff to be able to build on the NEM Blockchain because a project can be completely developed and deployed by a NEMsp. Unibright puts that development on an even higher level by generating code automatically, and thus are a perfect fit to the NEMsp network. We look forward to a long and mutually beneficial relationship with Unibright.
 

Kristof Van de Rek

Interim President, NEM.io

Unibright already cooperates with Lufthansa.