It is reasonable to state, EOS is undergoing a bad time. After repeated hold-ups, the MainNet launch occurred but the events that complied with consisting of freezing accounts could not be counted as enjoyable. To contribute to that, now a blockchain security firm, PeckShield came up with another problem for the users.
The blockchain security company just recently examined the safety of EOS accounts as well as discovered that some customers were utilizing a secret key to major protection threats. The discovered that the main root cause of the trouble is that the part of the secret trick generation device allows the customers to make use of a weak mnemonic mix. And also, the secret trick that’s produced this way is more prone to “rainbow” attacks. It can even result in the burglary of electronic properties.
PeckShield created, “The significance of the risk is triggered by an incorrect use third-party EOS key-pair generation tools, consisting of yet not limited to EOSTEA. With user-provided seeds, these devices considerably facilitate customers to generate their EOS trick sets.”
They also included a solution stating, “… if an easy seed is picked (by the individual) and allowed (by the tool), the produced keys might be subjected and also manipulated by releasing the rainbow table assault (or dictionary assault).” They stated in their blog that in order to safeguard damaged holders, PeckShield will be launching a civil service known as EOSRescuer.
Solution to EOS protection problem
The Blockchain security firm plans to rescue the risky accounts– prone to rainbow assaults. They mentioned just how they would certainly do it– they would first create a secure EOS account, following, make a makeshift arrangement to ensure that they could move the EOS balances from vulnerable accounts to the safe and secure one. Afterwards is done, they will return the transferred balances back to original users in a transparent and proven 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 Cryptospecies.