Trump's Ex-Adviser to Launch Stablecoin

Stephen Moore is launching USD 1:1 backed token called Frax, along with co-founder of Everupedia and ex-adviser of Ronald Reagen
22 October 2019   369

Economist Stephen Moore, an adviser of Donald Trump, co-founded Frax, which will release the eponymous stablecoin to compete with central banks, Fortune reports.

Its partners are Sam Cazemian, co-founder of Everipedia (a blockchain competitor to Wikipedia) and former adviser to the Reagan administration Ralph Benko.

If I had been on the Fed, I would like to have seen encouragement for the development of cryptocurrencies like Frax. It can be a check and balance against runaway currencies.

Stephen Moore

Co-founder, Frax and Donald Trump's ex-adviser

He also added that the world needs a stable global currency, given the raging hyperinflation in some countries.

I’ve followed monetary policy for 30 years and always been troubled by the government monopoly on currency, which is unhealthy for markets. It’s very healthy for private competitors to challenge central banks over the money supply.

Stephen Moore

Co-founder, Frax and Donald Trump's ex-adviser

Frax will be pegged to the US dollar in a 1: 1 ratio, however, reserves will be used to issue loans under the control of a number of algorithms. Moore, whom Donald Trump has nominated to the Governor of the Fed, will not abandon the concept of partial reservation. 

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   921

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.