GM Readers!📪 It's BitDegree Insider, and here's what's cooking.
⭐️Today's selection:
- 😎Cool Facts Tuesday
- 👌Selected Meme of The Day
- 📰Bite-Sized News
COOL FACT DERBY
FACT #1MetaMask Snaps
Snaps… what? Why? Don't worry, it only sounds that dramatic.
In the beta version of MetaMask Flask (a wallet version for developers), a new protocol called Snaps has been released. This little gem allows for the addition of new APIs (Application Programming Interface) to MetaMask, giving you the power to create your own personalized wallet. According to the latest reports, this process is becoming fairly straightforward - but what wonders does the final version hold for the main wallet?
To make things crystal clear, let's break it down with a super easy-to-understand analogy!
Think of MetaMask as the Chrome browser, and Snaps are like the extensions for this Chrome browser. By using these extensions, you can enhance your interaction experience, making it better, faster, and more intuitive.
In theory, we might even see the emergence of a Snaps store, where anyone can add any Snaps they fancy to their wallet. This opens up a world of opportunities to guard against scams or simply customize your user experience - and all this might be just around the corner! All of these features can be added to MetaMask at the click of a button.
If we extend the Chrome analogy, it won't be long before other browsers start popping up based on its foundation. So, Chrome is sort of a Layer-1, giving us a glimpse into the potential trajectory for MetaMask to become a Layer-1 wallet, a base for other Web3 wallets.
But, don't expect the competition to just step aside. What are your thoughts on this?
TL;DR: MetaMask Snaps is a new protocol that allows developers to add new APIs to the MetaMask wallet, enabling users to create personalized wallets. Similar to Chrome extensions, Snaps enhance the user experience and could lead to the emergence of a Snaps store, bringing more customization and security options to MetaMask, potentially paving the way for it to become a Layer-1 wallet for other Web3 wallets, though competition in this space remains a factor.
FACT #2Patent X
We're into the second day of this thrilling rebranding saga, and what was once Twitter is now practically overflowing with deceptive 'X' pages. But that's not all - some super intriguing tidbits are bubbling to the surface. Check this out: Did you know that since way back in 2003, Microsoft has been holding a patent for the single-letter trademark 'X'?
Now, isn't that something? The question that arises now is — can this game of trademarks and patents accommodate two players?
Obviously, we're about to see many more Xs in the upcoming news.
TL;DR: Since way back in 2003, Microsoft has been holding a patent for the single-letter trademark 'X.' This will be a problem for Twitter's rebranding.
FACT #3Experts Thwart a $5.2 Million Exploit. Get Rewarded a Mere $500
Decurity, a cybersecurity firm, made headlines by uncovering a $5.2 million vulnerability in the DxSale protocol. However, their reward from DxSale? The entire sum of… $500.
While conducting a routine audit, they stumbled upon an unverified smart contract on BSC (Binance Smart Chain).
Despite lacking source code, a substantial amount of Liquidity Provider Tokens from PancakeSwap resided in the contract's balance, as detailed in their report.
Decurity specialists discovered a curious detail after decompiling the contract. It allowed the locking of liquidity in separate pools on DxSale. But there was a snag.
A loophole was found: a hacker could endlessly unlock tokens in the contract due to a missing verification check.
Overall, 21,600 wBNB (wrapped Binance Coin) were present in the pools interacting with the contract, as outlined in the report.
This scenario indicated a potential loss of $5.2 million from a smart contract breach.
But what about DxSale's reaction? "As soon as we confirmed our findings, we reached out to DxSale via Telegram. Our messages went unanswered for a while, and when they finally did respond, they were skeptical that we were auditors," stated Omar Ganiev, Decurity's CEO.
Despite the vulnerability being rectified by implementing a lock fee at a level that would make any hacking attempt futile, Decurity voiced their concern about the effectiveness of the solution. Unfortunately, their feedback fell on deaf ears.
In the end, the platform's administration offered the analysts a reward of just $500. According to Decurity's CEO, while they're glad to have protected users' assets, the approach to vulnerability resolution and the proposed payout are "disappointing."
TL;DR: Decurity, a cybersecurity firm, found a vulnerability in DxSale's DeFi protocol smart contract that could have potentially caused a $5.2 million loss. The company contacted the platform's administration, but they were initially met with skepticism. Eventually, Decurity was offered a reward of $500, which, according to the company's CEO, was a "disappointment."
SELECTED MEME OF THE DAY
