Stellar to collaborate with Veridium, Environmental Firm

Environmental blockchain company Veridium Labs Ltd announced about the partnership with Stellar and plans to simplify the whole carbon footprint process
28 June 2018   895

Veridium created the world’s first environmental social impact token and is developing disruptive sustainability solutions for the Fortune 500 companies. Last month, the firm declared about its partnership with IBM, which planned to make the process of offsetting companies’ footprints easier.   

It was also approved by the source that Stellar’s distributed, open-source, and hybrid blockchain will let Veridium to “accurately track carbon credits in real time to mitigate the environmental impact of the goods and services being transacted”.

We are very excited about the momentum Veridium has had since our announced partnership with IBM. Our new collaboration with Stellar and the addition of our advisory board members are important steps in making a decentralized carbon credit industry a reality so we can truly bring about global environmental change.
Todd Lemons,
Chairman, Veridium

It is as well believed that once Veridium begins running on Stellar and IBM Hyperledger Fabric blockchains, the firm will be able to evaluate the whole carbon footprint process. It will measure and compensate footprints by converting carbon credits into tokenized assets that hence can be displayed and integrated into corporate accounting systems more easily. The total process of tokenization of assets is supposing to raise trust and integrity in the flow of information among trading partners and network users.

Messari to Found Stellar Inflation Bug

Someone was able to issue 2.25B XLM in April 2017 ($10M at that time)
28 March 2019   361

Analysts of the Messari made public a serious inflation bug that occurred on the Stellar network in April 2017. This incident went almost unnoticed.

According to them, a certain attacker using the bug in the MergeOPFrame :: doApply function of the Stellar protocol created about 2.25 billion XLM (at that time about $ 10 million).

Subsequently, the coins were transferred to exchanges and probably sold in the first half of 2017. Analysts were able to detect the history of transactions related to bug through the Horizon client, which is not available in block browsers.

This illicit inflation represented nearly 25% of circulating supply in April of 2017, but public disclosures at the Stellar Development Foundation (“SDF”) regarding the event were relatively muted, and no media seems to have previously reported on the bug or the SDF’s subsequent decision to burn an equivalent amount of XLM from its community reserve to offset the illicit inflation.
 

Messari Bug

The preliminary fix for the bug was introduced by Stellar founder Jed McCaleb on April 6, but until his official release on April 30, the attack vector remained open.

In turn, representatives of Stellar stated that they had mentioned the use of the bug a couple of times in the release notes and since then have substantially revised the standards for disclosing information.

We recognize that Stellar has since become significant financial software, and our disclosure standards have grown to reflect that reality. There’s been no notable bug since, and if there were we would disclose it in full detail as soon as it was patched.
 

Stellar Team

In November 2018, transactions for billions of XLM tokens, made at the same address, were seen on the Stellar network. The total amount of transfers then exceeded the coin offer available on the market, but it soon became clear that the transactions were fake.