Bitcoin News Mash-Up: EFF Up Against BitLicense; Weak Bitcoin Signatures Identified; and More

0
107

Bitcoin News Mash-Up: EFF Up Against BitLicense; Weak Bitcoin Signatures Identified; and More

Following are the major Bitcoin news of the day

Electronic Frontier Foundation Launches Campaign against BitLicense
The Electronic Frontier Foundation (EFF), an organization known for its defenses for individual rights on the internet, openly criticized the BitLicense proposal in a blogpost recently. On the wall of its homepage was a pre-written letter, which highlighted the unfair rulings described in the BitLicense proposal. In the text, the writer poses a hypothetical situation in which, in a coffee shop, a person is asked to provide a lot of personal information in order to buy a coffee with cash. Bitcoin tends to fall into the same category as cash, because it is much more difficult to track the financial activity controlled by banks and credit card companies.

Developer Creates Tools to Identify Bitcoin Security Lapses
Filippo Valsorda, the developer who created a platform to detect Heartbleed vulnerability, is now back once again with a new tool that tracks unsafe Bitcoin wallet signatures. These signatures are what which can expose private keys to hacking attacks and increasing the risk of Bitcoin thefts. According to his research, there are some flaws in Elliptic Curve Digital Signature Algorithm (ECDSA) which provides cryptographic protection for Bitcoin transactions, wallets and from incoming attacks as well. “I applied a known attack to the real world and showed how you could use ECDSA in a safe way that doesn’t need random numbers so that it would not fail scanning the block chain,” Valsorda told Vulture South at The Register.

BitFlyer Receives $236,000 in Funding
BitFlyer, a Tokyo-based Bitcoin exchange, received an investment of $236,000 by Bitcoin Opportunity Corp (BOC). It will be used to fund new services and expanding the business internationally. BOC, under the guidelines of CEO Barry Silbert, has previously invested in many Bitcoin, including startups Coinbase, Circle, BitPay, Safello, etc. Though it is the first time he has invested in a Japanese cryptocurrency company. BitFlyer had already raised $1.6 million in July this year, aiming to become the Japan’s foremost Bitcoin exchange.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com