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Protocon

[June Week 2] PEN TALK

Today’s Topic

📌 No more hacking on the blockchain! “Fact Hash”

📌 Yoonil Choi, former Principal Research Engineer at Samsung, joined as CTO of Protocon

📌 SEC’s next target is Binance’s BNB…? 😱

No more hacking on the blockchain! “Fact Hash”

Image Credit: TechM

On the 2nd, “Web3 Korea 2022”, the largest web3 conference in Korea hosted by Chain Partners, was held at Hanwha Dreamplus Gangnam Center. At this event, experts from various fields such as DeFi, NFT, P2E, and DAO presented and communicated with market, Product & Protocols, and Tech under the main themes.

Through this event, Protocon leader Jeon Myung-san introduced the “Fact Hash” that dramatically improves security and data processing speed when constructing bridges and side chains between heterogeneous networks and building multi-chains, and Protocon’s bridge and multi-chain strategy based on it.

A blockchain is a transaction record for the transfer of digital assets. The hash value of a typical transaction requires the value of each field in the transaction to be known, but it is virtually impossible to extract the value through calculation unless the owner who created the account. In the end, systematized verification or confirmation of the transaction processing result is impossible unless it is recorded individually, and this acts as a security loophole when constructing a bridge of heterogeneous blockchains. Because there is no way to verify cross-chain transaction history in the data processing structure of existing blockchains, serious security problems such as Solana’s Ethereum bridge wormhole hacking occur.

In addition to traditional transaction hash, Leader Jun Myung-san said that hacking problems can be solved with fact hash technology that generates separate hash values consisting of only disclosed information and provides external verification of internal data. In addition, it becomes a structure in which only a specific bridge does not have to be completely trusted. He added that fact hash allows you to check the other person’s data structure even with different chains.

TechM

Yoonil Choi, former Principal Research Engineer at Samsung, joined as CTO of Protocon

Image Credit: IT Chosun

A strong member has joined the public blockchain project Protocon!

Yoonil Choi, our new CTO, is a security expert who has completed his master’s degree in electrical engineering at KAIST and has obtained the Certified Information Systems Security Professional (CISSP). Mr. Choi has served at Samsung Electronics since 2005 and has been in charge of designing the security structure for 4G/5G mobile communications, and is currently serving as a member of the Operating Committee of Busan Blockchain City.

As a result, Protocon has established an optimal technology development position with engineer Bae Min-hyo, who leads the development of blockchain source technology, and CTO Yoon-il Choi, who is in charge of mainnet application infrastructure development, operation, expansion, and ecosystem construction.

It is very difficult to recruit talented people in the recent blockchain industry. The industry is paying attention to what results Protocon will show with the newly recruited CTO ahead of the mainnet launch. Protocon’s mainnet is scheduled to launch in the second half of this year.

MBN

SEC’s next target is Binance’s BNB…? 😱

Image Credit: Binance

The SEC is now looking into Binance to see if its BNB token constituted an unregistered security during its initial coin offering back in 2017.

The case began in 2017 with the SEC alleging that Binance violated securities regulations by issuing coins without being registered with regulators in the course of selling BNB. It is also known that Binance is also being investigated for possible insider trading manipulation and involvement of its subsidiary, Binance US. The U.S. Department of Justice, the Commodity Futures Trading Commission (CFTC), and the National Tax Service are also closely monitoring allegations of money laundering, so this is an emergency for Binance.

Regarding the investigation, Binance said, “It is not appropriate to comment on ongoing discussions with regulators. Binance is working with the authorities and will meet all the standards set by the authorities.”

Founded by Chinese-Canadian Changpeng Zhao, Binance is the world’s largest cryptocurrency exchange with more than 500 listed coins as of June 9, 2022. According to CoinMarketCap, the 24-hour trading volume is about 13 billion dollars, which is a really impressive level.

After the news of the SEC investigation, BNB once fell as much as 4%, and there are worries in the industry about whether it is going through the proceedings of Ripple (XRP), which is accused of violating the securities law.

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