Gemini Gets Insured
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 3 October 2018
⏱️ 5 minutes
🧾️ Download transcript
Summary
- A critical exploit originally found in bitcoin’s code was patched last month before criminals could act on it. But it now appears there were some victims.
- IBM claims to have found a way to reduce the energy consumption needed on proof-of-work blockchains.
- This week RIpple was out in full force at its Swell conference.
- Crypto exchange Gemini announced that from now on the digital assets it holds in custody will be covered by the insurance company Aon.
- A new Congressional bill dubbed Blockchain Promotion Act of 2018 was recently introduced to the U.S. House of Representatives.
Host Pete Rizzo has the latest.
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Transcript
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| 0:00.0 | A bug originally discovered and Bitcoin's code was exploited, but not where you might expect. |
| 0:07.0 | Good evening. I'm Pete Rizzo, and this is Late Confirmation from CoinDesk, bringing you the top stories from October 3, 2018. |
| 0:14.8 | Greenpeace Rejoice. IBM says it found an optimization for Bitcoin's energy-intensive proof of work. |
| 0:20.7 | Ripple's conference sees talk on crypto adoption. |
| 0:24.0 | Gemini gets insurance, and Congress introduces the Blockchain Promotion Act. |
| 0:31.0 | A critical exploit originally found in Bitcoin's code was patched last month before |
| 0:35.7 | criminals could act on it. But it now appears there were some victims. |
| 0:39.1 | Developers of a little-known cryptocurrency called pigeon coin confirmed yesterday |
| 0:42.8 | that the bug was used to inflate the currency to the tune of 235 million pigeon coins |
| 0:47.2 | worth around $15,000. |
| 0:49.2 | But that's no small amount if you figure it's equal to one-fourth of the total supply. |
| 0:53.9 | In response, the only |
| 0:54.9 | exchange where pigeon coins are changing hands, crypto bridge temporarily suspended trading. The developers |
| 1:00.0 | were able to copy the patch applied to Bitcoin and fork before any more damage could be done. Yet, |
| 1:04.6 | it's an example of how other smaller cryptos, using Bitcoin's code, could also suffer from the bug. |
| 1:11.3 | IBM claims to have found a way to reduce the energy consumption needed on proof-of-work blockchains. |
| 1:16.6 | The technology named the hybrid IOT blockchain is claimed to minimize the trade-offs |
| 1:20.8 | between energy efficiency, scalability, and security using the consensus algorithm. |
| 1:25.7 | The idea is that the mining work can be divided into groups of IoT devices, |
| 1:29.3 | consisting of 250 to 1,000 machines which would act as nodes. |
| 1:33.1 | An algorithm decides what proportion of each group should be doing the mining work, |
| 1:36.7 | depending on the amount of power each node is using. |
... |
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