Block.one Introduces EOSIO 2.0 Amid Vulnerability Claims

Block.one on Tuesday has released a new version of its EOSIO protocol, adding more features to it.

Per the announcement, the main aim of the upgrade is to make the existing platform “faster, simpler, and more secure.”

The Smart Contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term protocol, which uses a delegated proof-of-stake as its consensus mechanism, is used to develop and host decentralized applications (DApps).

The primary changes were made at the core of EOSIO 2.0. The developers have included various improvements to EOS VM, including a high-performance WebAssembly engine to enable the DApps to use the system resources more efficiently while processing smart contracts.

“EOS VM, our purpose-built Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term WASM engine, runs the EOS Mechanics WASM CPU benchmarks up to 16x faster than Binaryen, which was released with EOSIO 1.0,” the company stated.

To ease the efforts of the developers, Block.one introduced EOSIO Quickstart Web IDE, a development tool that allows new developers to go from “start to ready-to-build in minutes.”

In addition, it also integrated WebAuthn authentication standards. This will allow the hardware devices to authenticate and sign transactions in the browser without the need for any extensions.

“With this release of WebAuthn support for EOSIO, developers can begin testing transaction signing with WebAuthn in their EOSIO applications, providing a level of security for private keys that doesn’t exist in blockchain today,” the company added.

Reactionary changes or scheduled ones?

The upgrade was introduced weeks after the report of a major vulnerability on the previous version of the protocol was surfaced. That also resulted in the theft of $110,000 worth digital currencies from an EOS gambling application – EOSPlay – last month.

Block.one executives, however, rejected all the claims and stressed that the EOS network is working as intended.

Meanwhile, Bitfinex, along with EOSfinex, recently chainswapped $5 million in USDT tokens onto EOS blockchain protocol, Finance Magnates reported.