It is fair to say, EOS is going through a hard time. After repeated hold-ups, the MainNet launch took place yet the occasions that complied with including freezing accounts can not be counted as pleasant. To add to that, currently a blockchain safety company, PeckShield created another bad news for the customers.
The blockchain protection firm lately examined the safety of EOS accounts as well as found that some users were using a secret key to major security threats. The found that the main root cause of the issue is that the component of the secret trick generation device allows the customers to use a weak mnemonic combination. As well as, the secret trick that’s produced in this way is extra vulnerable to “rainbow” strikes. It could also cause the theft of digital assets.
PeckShield composed, “The significance of the threat is caused by an incorrect use third-party EOS key-pair generation devices, including yet not limited to EOSTEA. With user-provided seeds, these tools greatly facilitate customers to produce their EOS key sets.”
They likewise included a service saying, “… if a basic seed is picked (by the individual) and also allowed (by the device), the generated keys may be revealed as well as made use of by introducing the rainbow table strike (or thesaurus attack).” They discussed in their blog that in order to protect damaged holders, PeckShield will be releasing a public service called EOSRescuer.
Solution to EOS security problem
The Blockchain security business prepares to save the high-risk accounts– at risk to rainbow strikes. They pointed out exactly how they would do it– they would certainly first develop a protected EOS account, next, make a makeshift plan so that they can move the EOS equilibriums from susceptible accounts to the safe one. Afterwards is done, they will certainly return the moved balances back to original customers in a transparent and verifiable method.
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Ontologywiki.