At the time of Bitcoin’s launch, cryptocurrencies were touted to be the epitome of security and safety. This was true for the initial years, but later on, cybercriminals and hackers found ways to attack crypto exchanges, which led to losses counted in hundreds of millions.
The risk of hacks has caused many platforms, mainly developers, to monitor activities and movements on the platform continuously. And whenever any risk is detected, it is duly informed to the community and then necessary actions are taken. This lets users be aware of the developments, but the downside was that it would make hackers alert and proactive.
In a unique move, Steem Network, the governing platform for STEEM cryptocurrency announced on Wednesday that the platform suffered a Denial of Service Vulnerability, which has now been fixed. The announcement came via a tweet, in which the network also shared a detailed article published on the official website.
— Steem (@SteemNetwork) April 17, 2019
In the blog published on the website, it was stated,
“The vulnerability involved the pending transaction queue. We’ve been working on, and testing, various solutions since we were informed of the vulnerability by @netuoso about 2 weeks ago. Due to the nature of the attack, we could not publicly disclose our work on this issue, and we even limited knowledge of the vulnerability within the organization to minimize risk.”
Limiting the knowledge of the vulnerability was a great move by the network, as it wouldn’t have given hackers a time to react. However, such vulnerabilities are still a great threat to cryptocurrencies. The markets have witnessed million and millions being lost in cyber attacks, but still, complete security or zero vulnerability hasn’t been achieved yet.
The vulnerability issues are one of the main reasons which have kept many big investors and general users away from using digital currencies. Nonetheless, the crypto space at large is expanding rapidly, and focus on security has increased substantially. One of the most important parts in identifying threats and weaknesses is played by community developers, which constantly check out blockchains and find the bug almost every time.
In its blog, Steem Network emphasized on the importance of developers by stating,
“This vulnerability was brought to our attention by the Steem community developer, @netuoso. This highlights how important Steem’s amazing developer community is to the protocol. Their continued inspection of the chain and effective communication of their findings is a critical component of maintaining a safe and secure network.”
Developer activity has been a core strength of blockchain and crypto communities. However, they must be valued and rewarded according to space has witnessed quite a few developers leave a few famous platforms as they were not satisfied either with development or the rewards.