SmartState blog

August 12, 2023

New 0-day vulnerabilities caught up

Two 0-day vulnerabilities (Bitforge) have been detected recently. They allow hackers to drain cryptocurrency from popular wallets in mere seconds.So-called Zero-day vulnerabilities belong to one of the most tricky and dangerous vulnerability types, because they emerge unexpectedly, and there are no patches or at least detection strategies at hand.. They can pop up anywhere, at any time, and are very frequently exploited for malicious. ...

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August 8, 2023

Why It's Still Necessary to Audit Bitcoin Ordinals (Even Though They Don't Have Smart Contracts)

As Ordinals blaze a trail in the Bitcoin community, shattering daily inscription records, for instance, in April 2023 with a torrent of multimedia content, one can’t help but wonder: Amidst the buzz, are we overlooking the vulnerabilities? Is this groundbreaking innovation truly as safe and sound as it appears?Bitcoin Ordinals, what is this?A genuine and insightful approach to create non-fungible tokens in the Bitcoin Network. Bitcoin ...

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August 7, 2023

zkKYC: Zero-Knowledge Proofs in Blockchain KYC

The emergence of decentralized platforms and the quick development of digital banking have created new opportunities and difficulties for both private citizens and corporations. The idea of pseudo-anonymity is one of the fundamental parts of this change, and it is becoming more crucial with the introduction of the zkKYC system.What is KYC?Know Your Customer, also known as KYC, is a collection of steps organizations take to confirm the ...

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July 31, 2023

Stablecoins and their role in the cryptocurrency market

As seen from the name, stablecoins are a specific sort of cryptocurrency which maintain a stable value and are pegged to some asset or a set of assets (fiat currency, valuable products or other crypto). It helps them to avoid high volatility which plague traditional cryptocurrencies, as they are backed by reserves of the assets they are pegged to. Stablecoins are supposed to be an answer to cryptocurrency fluctuation, as they are seldom ...

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July 21, 2023

UTXO vs Account-Based blockchain models

There are different methods of record keeping and recording provenance on blockchain. The most popular among them are the Unspent Transaction Outputs model (UTXO) and the Account-based model. While Bitcoin and its derivatives (Bitcoin Mainnet, Zcash, Bitcoin Cash, Litecoin, Dash, Dogecoin, Bitcoin CV. etc.) use UTXO, Ethereum, Tron, EOS, Ethereum PoW and Ethereum Classic belong to account-based chains. They may look rather similar from, ...

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July 18, 2023

What is SBT (Soulbound Token)?

Soulbound token (SBT) is a peculiar kind of NFT. These tokens can be transferred to anyone on creation, then they are tied to the owner’s wallet. The project was highlighted in May 2022 as a new idea of non-fungible tokens. Vitalik Buterin, the creator of the new project, more widely known as a co-creator of Ethereum, predicted that SBTs would have become a trend by 2024. First Buterin declared that in his personal blog, and then the ...

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July 12, 2023

The role of blockchain in food industry

One famous New York restaurant on the lower east side of the Manhattan neighborhood took up an advanced technology. They decided to issue their own NFT, Flyfish. Owning one served as a pass to this private dining club. VCR Group, the program developers and restaurateur business veterans, call their creation ‘the first NFT restaurant in the world’. The place was called Flyfish Club, and was created as a conceptual food club with ...

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July 11, 2023

What are Ethscriptions?

Ethscriptions are a kind of on-chain digital artifacts (somewhat analogous to BTC Ordinals) created by MiddleMarch in the Ethereum ecosystem. They offer a new way to create and share digital artifacts on the Ethereum blockchain using calldata of transactions. Although the first Ethscription is said to have been created several years ago, the notable interest in them took off in June 2023. Their creator Tom ‘Middlemarch’ Lehmann ...

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July 9, 2023

A new solution, BRC-721E standard

BRC-721(1) is a newly released token standard which brings Bitcoin and Ethereum even closer. It builds an important bridge from one to another, allowing users to transfer their NFTs to the Bitcoin network. The new standard has been launched by Ordinals market (a Bitcoin ordinals-based marketplace) in collaboration with Bitcoin Miladys collection. Ordinals provide the mechanism to transfer ERC-721 NFTs to the Bitcoin blockchain. It has ...

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June 30, 2023

The role of blockchain in the sports industry

Recently the results of a triathlon competition have been calculated and verified with the help of smart contracts on the Masterchain blockchain platform. And this event was not something unique for the industry.Mookie Betts Legendary collectible tokens (with the famous baseball player dressed in Boston Red Socks uniform) cost more than 2 mln US dollars each, rare Diego Maradona tokens with images of the Argentinean legend cost more than 4 ...

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