According to a report from TrendMicro Security Intelligence, a new cryptojackinghas hit many users around the world and is “capable of taking control of systems to mine Monero and steal sensitive browser data, such as passwords and cookies.”
This is a strain of the Glupteba malware, which exploits a known security vulnerability in MicroTik routers to turn the target machine into a SOCKS proxy. In this way, the attack can make extensive spam propagation attempts that can affect Instagram users.
The use of sophisticated hacking is nothing new for blockchain. New technologies, such as Cryptocurrencies and blockchain, are constantly facing new challenges.
Blockchain technology is experiencing changes
The launch of the Bitcoin network in 2009 was the first widespread application of blockchain technology, but some of the principles that were in place at the time no longer hold. Scaling, security, and transaction throughput are significant challenges that must be addressed in order for the technology to evolve further.
By reimagining how blockchain networks secure blocks and store information, ILCoin's RIFT protocol unleashes blockchain technology and creates a foundation for the next generation of decentralized platforms.
RIFT is a protocol designed to create infinite opportunities for blockchain technology. It not only provides extensive use cases and functionality for cryptocurrency applications, but also combines blockchain technology with everyday life. RIFT’s “next version of blockchain” allows the platform to minimize security risks while solving important issues such as cost, scalability, speed, privacy, and on-chain data storage.
Many businesses choose to store data offline due to the risk of breaches. Others are turning to hybrid solutions such as IPFS, which currently lacks the scalability to provide enterprise-level functionality. The core strength of ILCoin’s RIFT protocol, however, is based on the fundamental principle of blockchain technology. The RIFT protocol applies fractal principles to block architecture, creating a second layer of “mini-blocks” that significantly expands data storage capacity.
Using the RIFT communication protocol, blockchain networks are able to dramatically speed up transaction times and store data on-chain through a unique “nested” block structure. Data protection within the RIFT protocol is guaranteed, as all transmitted or stored data is fully encrypted.
The major difference that RIFT offers is the use of “Mini-Blocks” to store large amounts of data on-chain. Each RIFT mini-block size is set at 25MB.
Through the RIFT protocol, synchronization is performed asynchronously, via mini-blocks. This communication structure allows nodes to synchronize with each other in a decentralized manner. The RIFT protocol fundamentally changes the way blockchain networks manage data, enabling a complete chain-based data storage solution.
The RIFT protocol has been created to dramatically change the way blockchain technology is used in both business applications and everyday life.
