SmartState blog

September 6, 2023

The role of blockchain in cybersecurity and data privacy

There always used to be a need for protection of personal and confidential data. Blockchain technology has changed the situation and took cybersecurity and data privacy to another level and its role is dramatically great in this area. Its decentralized structure helps blockchain become more resistant to fraud and authorized accesses, it is immutable and operates transparently and publicly which allows all participants to check and verify ...

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September 4, 2023

Top-10 Web3 Privacy Enhancement Tools and Protocols: Protecting User Privacy in a Decentralized World

As the Web3 ecosystem continues to evolve, ensuring user privacy becomes paramount. Web3, built on blockchain technology, offers decentralized applications (dApps) and smart contracts that provide transparency and security. However, security is still a concern. In this article, we'll explore privacy-enhancing tools and protocols designed specifically for Web3, allowing users to protect their personal information and maintain their privacy. ...

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September 1, 2023

Risks associated with initial exchange offerings

Initial exchange offering (or IEO) allows start-up companies to raise capital by means of selling tokens, which may help to prove the preferred company status on a cryptocurrency exchange platform. First initial exchanging offerings emerged in January 2019 with the launch of BTT (BitTorrent token) and quickly became popular because they were quite easy to take part in. IEO helps users to assess a project's reliability and participate in ...

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August 26, 2023

The role of non-custodial wallets in managing and securing cryptocurrency assets

There are two types of wallets involved in digital financial transfers, custodial and non-custodial. The main difference is based on the key storage method. Custodial wallets store and backup private keys automatically, which is rather convenient for users, who have just signed in to get access to the wallet. Non-custodial wallets allow the user to take care of their private keys by themselves. As soon as the wallet is created, its owner ...

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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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