PR: Myidm Launches Post Quantum Computer Security

Myidm Launches Post Quantum Computer Security

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

Encryption is one of the most important methods for providing data security. Encryption is widely used on the internet to protect user information being sent between a browser and a server, including passwords, payment information and other personal information that should be considered private. However, with recent developments in quantum computers, more powerful and capable than “traditional computers”, the “traditional” data security comes to a threat. Are we prepared for post-quantum era cyber security? IDM service provides today a complete post-quantum protection for tomorrow. With new SIZE algorithm IDM team has developed a security solution to tackle the quantum computer supremacy.

Quantum computer development
Quantum computing takes advantage of a strange ability of subatomic particles to exist in more than one state at any time. In common digital computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or ‘qubits’ instead. These are quantum systems with two states. This difference allows a future quantum computer to solve some difficult mathematical problems easier, faster and with less energy.

Quantum computers operating on completely different principles to classic computers can solve particular mathematical problems, like finding very large prime numbers. This problem is classically very difficult to solve. In fact, it is so difficult that it forms the basis of RSA encryption, probably the most popular method of encryption used today. Since prime numbers are so important in cryptography, it is likely that quantum computers would be able to crack practically any of the existing data security systems.

To estimate the scope of a potential security problem we have to answer few questions: What kind of attacks can quantum computer perform? What are the most vulnerable scenarios? How far away is the quantum computing? How can we prepare for the future?

Today Google, IBM, Honeywell, Microsoft, Rigetti and some other companies and laboratories are developing a quantum computer. Currently, with the number of qubits less than 100, a quantum computer is far from being practically viable. However, continuous research and development are bringing fast the day when a quantum computer could surpass the abilities of conventional computers. In anticipation to this day IDM has developed a solution for protection of data security from quantum supremacy. This solution is very different from commonly employed encryption methods.

Quantum threat to encryption
Quantum computer is a threat to data security. There are some particular scenarios, use cases, algorithms necessary to consider when referring to the quantum supremacy.

Hash algorithms
Cryptographic hash algorithms are the basis of blockchain technology. It is the hash function that protects any blockchain record from being modified. In addition, the proof-of-work system uses a hash to control the difficulty level of mining process. There are many other use cases of these algorithms, which are very popular in any industry: it is a part of the digital signatures and helps to store password securely.

A hash function maps input data of arbitrary size to a fix size (a hash) and is designed to be a one-way, that is, a function which infeasible to invert. Any change in input data leads to a different hash. The hash function is irreversible: it is impossible to retrieve input data from output hash string.

Is it possible to mine all Bitcoins at once with quantum computer?
Alex Beath, a Toronto-based physicist, formulated a popular idea: the first quantum computer will mine all of the remaining Bitcoins instantly. There are different opinions in the scientific and crypto community, which are based on theoretical research and practice. Briefly, to make quantum computer be practically useful for Bitcoin mining, we need thousands of qubits. It will eventually happen in 10-20 years from now when 99% or more bitcoins will be in circulation.

Are my passwords safe?
When we read news about brute force attack on passwords, such as attack on WordPress in 2017, we worry about our password strength. How is it being done? It is not possible simply to continue retyping passwords directly into a user interface of a site or service: the protection such as captcha prevents such attack. Most modern services store passwords as hashes. Attackers somehow obtain user database with these password hashes and match these hashes with dictionaries of common password hashes. The brute-force searching with a quantum computer will probably be much faster. IDM allows to store complicated, very long passwords and all your sensitive data in a quantum resistant manner.

Symmetric Encryption
Symmetric algorithms apply the same key for encryption and decryption. We use such algorithms as AES for storage and transition of sensitive data, including access to banking accounts. Probably, a quantum computer will be able to break easily the popular 128-bit AES algorithm by the Grover algorithm in several years. To prevent losses, information security community already discusses AES-256 as a medium-term protection against the quantum attack.

Increasing the algorithm complexity with a key length is just a temporary measure. The ultimate solution offered by IDM allows to protect data completely and on a permanent basis.

Asymmetric Encryption
Public or asymmetric encryption, including RSA and elliptic curve techniques, is very popular on the Internet and in cryptocurrency word. Cryptocurrency transaction uses a signature and a public key to verify that it was the owner of the private key that signed it. It is an example of public algorithm usage. Other examples include access to websites, messaging, sending e-mails.

Because asymmetric encryption uses two connected keys – private and public – it is more vulnerable than symmetric. Dr. Michele Mosca, deputy director of the Institute for Quantum Computing at the University of Waterloo, Ontario, estimates the chance that some fundamental public key crypto will be broken by quantum computing by the year 2026 as one in seven, and a one-in-two chance of the same by 2031.
MIT is constantly exploring this too. In 1994, Peter Shor, a math professor at MIT, invented an algorithm able to crack asymmetric encryption by the quantum computer. In 2015, MIT demonstrated practical ability to break RSA by the quantum computer.

The threat to public encryption is tangible and cannot be eliminated by a simple key length extension. Information security specialists are discussing different types of algorithms, such as lattice-based cryptography and error-correcting codes.

IDM is based on the SIZE technology utilizing new type of error-correction codes.
The out of the box solution

The purpose of the data encryption is to transform information in order to prevent unauthorized access to it. IDM guarantees a prevention from unauthorized access by applying the SIZE algorithm. The SIZE algorithm relates to a class of correction codes that correct errors, producing multi-level file transformation, same way as encryption algorithms do. And just like encryption algorithms, our code makes unauthorized access to the data impossible.

For data protection, the SIZE algorithm applies well-known digital electronics operations. However, these operations have never been applied to special algorithms with a special sequence of mathematical operations and have never been used to protect information. The algorithm is used to transform any digital content into a new form — a set of digital packages. Each of these individual packages has no functional value and may not contain a single bit of the original information. To restore the original information, it is necessary to reassemble the original file from a set of packages in a specific way, performing a series of mathematical operations.

There is an infinite number of ways to transform data, the algorithm specifies only the general direction of the process. The data transformation is user specific, so no-one else can access this data, except for the user.

To summarize, the SIZE technology guarantees privacy and security for a data storage and transmission. The algorithm characteristics fully meet requirements for the post-quantum protection system.

In addition to ultimate protection, IDM’s technology provides the highest level of data recovery and has minimum requirements for computing resources. We provide an excellent opportunity for everyone to share the success of the company. On May 28th we start a crowdfunding campaign on our site. Join us to be a part of the secure future!

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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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World’s Second Largest Search Engine Bans Crypto Ads

World’s Second Largest Search Engine Bans Crypto Ads

Melissa Alsoszatai-Petheo, of Microsoft’s Bing search engine, announced its advertising arm is banning all cryptocurrency advertisements. This follows market leaders such as Google, Facebook, and Twitter either severely restricting crypto ads or banning them altogether.

Also read: Ethereum Futures in US One Step Closer as CME Deal is Struck

Microsoft’s Bing Search Engine Bans Crypto Ads

Advertiser Policy Manager, Melissa Alsoszatai-Petheo, posted an update to Microsoft’s Bing search engine ad policy. Bing Ads to Disallow Cryptocurrency Advertising is the title of the company’s rather obvious move. “We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem,” Ms. Alsoszatai-Petheo began. “Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

World’s Second Largest Search Engine Bans Crypto Ads

Bing has consistently ranked a very distant second behind the Google juggernaut, which gobbles up better than 60% of search traffic on the internet. Google at the beginning of 2018 announced a far more specific series of cryptocurrency related prohibitions, down to defining contract for difference (CFDs) products.

It wasn’t too much later when Facebook followed, as we reported at the end of January, with “a new ruling issued on January 30, ‘ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.’” Twitter too, a mere two months later, presented its new advertising policy, severely restricting initial coin offering (ICOs) and token sales.

World’s Second Largest Search Engine Bans Crypto Ads

Protection is the Pretext

“To help protect our users from this risk,” the notice from Bing continued, “we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.”

Other than seeking a press cycle of promotion, it does appear “scams” were a bit of a problem during 2017, according to Bing’s annual report. “Tech scams are widely used by bad actors and we rejected 25 million ads in this category in 2017,” they insisted. And under the banner of misleading ads, Bing noted how last “year, we took down 30 million such ads, 20,000 such websites and 43,500 bad actors.”

Do you think crypto ad bans will have a negative impact? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

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The UK and USA need to extend their “special relationship” to technology development

The UK and the USA have always had an enduring bond, with diplomatic, cultural and economic ties that have remained firm for centuries.

We live in an era of profound change, and are living with technologies set to change things ever faster. If Britain and America work together to develop these technologies for the good of mankind, in a way that is open and free, yet also safe and good for our citizens, we can maintain the global lead our nations have enjoyed in the fields of innovation.

Over past months we have seen some very significant strides forward in this business relationship. All of the biggest US companies have made decisions to invest in the UK. Apple is developing a new HQ in the iconic Battersea Power Station, close to the new US embassy, while Google is building a billion dollar new HQ in the increasingly fashionable King’s Cross. Facebook, Amazon, IBM and Microsoft are all extending their operations, and a multitude of smaller US firms are basing their international headquarters in London.

They are all coming here because as we prepare to leave the EU we are building a forward looking Britain that is open to the wider world, and tech is at the heart of this.

Similarly, there have been major expansions or new investment from British firms into the US. Jaguar Land Rover, the UK’s largest automotive manufacturer, supports more than 9,000 jobs in the USA and have recently opened their new multimillion-dollar corporate North America HQ in New Jersey.  iProov, a leading British provider of biometric facial verification technology, became the first international company to be awarded a contract from the US Department of Homeland Security Science & Technology Directorate’s Silicon Valley Innovation Program last month.

We want to work with our global partners – to share expertise, and encourage investment – as we harness technology for the wider good. And that of course includes our old friend and closest ally, the USA.

We have a great deal to offer.

The UK was recently ranked the most AI ready nation among all the OECD countries. In the past three years, new AI start-ups have been created in the UK on an almost weekly basis.

Recently, UK government and industry together committed over $1 billion to support our AI sector, much of which will go towards entrepreneurs. Funding has been set aside to create a nationwide network of tech incubators, that we’re calling “Tech Nation”, which will support new AI businesses as they get off the ground.

We are also excited by — and I am a firm advocate for — the development of blockchain and similar technologies. The UK is leading the way in many areas where blockchain has the potential to be used, such as Fintech. There are now more people working in UK Fintech than in New York or in Singapore, Hong Kong and Australia combined.

And we are eminent in the development of immersive technologies, like Augmented and Virtual Reality, which look set to radically improve many areas of life in coming years, with applications as varied as flight simulation and surgical training techniques.

There is so much to be gained from close collaboration between our two countries on these new technologies and from sharing our expertise.

Together, we can reap the economic benefits of stealing an early lead in their development. We estimate that AI, for example, if widely adopted, could add $33 billion to the UK economy. But, perhaps most importantly, we can also work together to build a strong regulatory and ethical frameworks for their wider application.

It is the role of governments across the world, the UK and US included, to set frameworks for these decentralised, cross border systems so we can manage their use in a safe and effective way.

Our aim should be to harness the power and capability of technology but always for the benefit of, and in service to the populace.

We in the UK are avowedly pro-tech, always seeking to put its power in the hands of our citizens.

We have all learned valuable lessons from the recent scandals regarding data use, most recently around Facebook’s use of data.

We want to build a system that protects and cherishes the freedom of the Internet while protecting the rights of individuals, and their property, including intellectual property.

We want to see freedom in a framework; where our tech entrepreneurs have the space to innovate, knowing they do so with full public trust. Trust underpins a strong economy, and trust in data underpins a strong digital economy.

So in the UK we are developing a Digital Charter, to agree norms and rules for the online world and put them into practice. Our starting point is that what is unacceptable offline should not be tolerated in the online world. That includes how tech companies treat private citizens and use their data, as well as how people treat each other online.

Important changes like these cannot be agreed by one country alone. It is more important than ever that we work together and find common ground so we can make sure that tech continues to change the world for the better. Based on our mutual love of freedom and individual rights Britain and America have through history risen to challenges together. I firmly believe working together we can build that brighter future.

Software Giant Oracle to Debut Blockchain Platform This Month

This month, Oracle Corp. will present its platform-as-a-service blockchain product, making it the most recent software company to enter the blockchain industry, according to Bloomberg. The company will follow up next month with blockchain based apps, according to Thomas Kurian, the company’s president of product development. Kurian said the new product will be compatible with

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After Telegram, Viber May Be Blocked, Russian Minister Says

After Telegram, Viber May Be Blocked, Russian Ministers Says

Viber may be treated like Telegram if security services are not able to obtain its encryption keys, Russia’s telecom minister said. The app offers end-to-end encryption, and is the most popular messenger in several Eastern European countries. Recently, its CEO, Michael Shmilov, said the company would not be able to hand over the keys.

Also read: Six Alternatives to Telegram for Cryptocurrency Communities

“Can’t Give What We Don’t Have”

After Telegram, Viber May Be Blocked, Russian Ministers SaysRussian authorities may try to block Viber if the Federal Security Service (FSB) does not gain access to its encryption keys, according to comments made by the Russian Minister of Communications and Mass Media, Nikolai Nikiforov. “This matter concerns the FSB which has the powers to implement an order to provide the encryption keys. If the security services have problems with acquiring the keys, they can turn to the court and obtain a similar decision,” Nikiforov said, quoted by ITAR-TASS.

The minister was confronted with a question about the future of Viber after Russian authorities have been trying to block Telegram since April 16, following a decision by the Tagansky District Court of Moscow from April 13. So far, their attempts have been unsuccessful but the messaging service, widely used within the crypto community, has been experiencing issues while trying hard to circumvent imposed restrictions.

In March, the chief executive officer of Viber Media, the operator of the messenger, told RBC that Viber would not be able to fulfill a request to hand over the encryption keys. Michael Shmilov said the company cooperates with law enforcement agencies in many countries but stressed that it would not do certain things. And, handing over encryption keys is one of them. “We cannot give them something that we don’t have. They can ask the users for their keys. We can’t see them, and we don’t stored them,” he explained.

End-to-End Encryption Offered

Viber was launched as an instant messaging and voice over IP service in 2010. The software was originally developed by the Israel-based Viber Media, which was bought by the Japanese company Rakuten in 2014. Last year the corporate name was changed to Rakuten Viber. The company is currently based in Luxembourg.

After Telegram, Viber May Be Blocked, Russian Ministers SaysThe messenger, which claims to have 900 million users, is very popular in Eastern Europe and is the top messaging app in countries like Belarus, Moldova, and Ukraine. In Russia, it’s currently the second most popular application, after Whatsapp. According to a survey conducted by the Russian Modern Media Research Institute in January, Facebook owned Whatsapp has a share of 59% of the Russian users, while Viber is used by 36%. The messenger of the Russian social network Vkontakte is third, with 32%. Telegram is used by 19% of the Russians, and Facebook Messenger – by 14%.

According to the company’s website, Viber uses end-to-end encryption by default for text messages, in both private and group chats, and also for voice calls – a feature that was introduced as standard setting in 2016. It claims it doesn’t have access to conversations and does not store delivered messages on its servers. Keys to encrypt/decrypt data are kept only on client devices, according to Viber’s privacy policy.

What’s Next, Whatsapp?

After Telegram, Viber May Be Blocked, Russian Ministers SaysThe clampdown on private messaging in Russia started when the country’s telecom regulator, Roskomnadzor, tried to restrict access to Telegram by blocking IP addresses used by the app. Despite some interruptions in its services, authorities have not been able to completely prevent the use of the massager. Roskomnadzor blocked about 20 VPN and proxy services which offering access to Telegram servers.

IP-addresses of ordinary Internet users may be blocked as a result of the conflict between the messenger and the regulator, warned Dmitriy Marinchev, Russia’s Internet Ombudsman. “Sooner or later, Telegram may switch to a peer-to-peer network and Roskomnadzor will have to block all their users’ IPs,” he explained.  Marinchev added that everything now depends on how far Telegram will go in rewriting its software.

After Telegram, Viber May Be Blocked, Russian Ministers SaysSkype is a messenger which started as a peer-to-peer and client-server system, features that were part of its appeal. After changing hands several times, however, the platform hasn’t kept much from the original P2P concept. In 2011, Skype was acquired by Microsoft which transformed it into a centralized service based on MS’s cloud computing platform Azure. Leaked documents revealing mass surveillance of global communications showed that the company had granted American intelligence unrestricted access to Skype. This year, the messenger announced it is going to offer end-to-end encryption for audio calls, text and multimedia messages through Private Conversations. The feature, however, will not be set as a default option and won’t be available for video chats.

The measures against Telegram have created difficulties for many Russians, even including those who are not using Telegram. Large Internet companies – including search engine, Yandex, and social media networks, Vkontakte, and, Odnoklassniki – have been affected. In April, Russian Viber users also complained about interruptions. According to the company, the issues were related to the blockade of Telegram. On May 1, Viber announced it had restored full access to its platform. Russian media have been asking the question “What’s next?” hinting about the most popular messenger in the country – Whatsapp. It uses end-to-end encryption for calls and messages in its latest versions.

Which messenger do you most often use for private conversations? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock.

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Crypto Community Fears Passage of the CLOUD Act

Crypto Community Fears Passage of CLOUD Act

The Clarifying Lawful Overseas Use of Data (CLOUD) Act just passed – almost in secret – tucked deep inside a voluminous spending package of well over a trillion dollars. No debate. No up or down vote on the merits of CLOUD. Instead, lawmakers would have had to reject the entire bill, thousands of pages, and risk government shutdown, in order to mount any kind of opposition. CLOUD is a broadening of international law enforcement power when it comes to online activity, and the crypto community is worried.

Also read: Bitcoiners Demand More Crypto CFDs and Spread-Betting in the UK

Hey! You! Get Off My CLOUD!

Senator Orrin Hatch, President Pro Tempore of the US Senate, explained, “The CLOUD Act bridges the divide that sometimes exists between law enforcement and the tech sector by giving law enforcement the tools it needs to access data throughout the world while at the same time creating a commonsense framework to encourage international cooperation to resolve conflicts of law.”

It hasn’t been a great couple of weeks for cryptocurrency privacy advocates. Revelations from notorious whistleblower Edward Snowden showed a long, consistent pattern of US government eavesdropping and tracking of bitcoiners in particular since at least 2013. Now, new US legislation smuggled into an2 omnibus spending bill appears to give government ever-more power in its ability to monitor online privacy.

Crypto Community Fears Passage of CLOUD Act
Sen. Rand Paul proved the only lawmaker to attempt reading all 2,232 pages.

On page 2,201 of a 2,232 page document finds S. 2383/H.R. 4943 Clarifying Lawful Overseas Use of Data portion, commonly referred to as the CLOUD Act. It’s the combined brainchild of legal minds at Apple, Facebook, Microsoft, Google, Yahoo! and Senator Orrin Hatch, 84, who has held his seat since 1977 (Star Wars opened, Jimmy Carter was president, and Atari 2600 was released).

A joint statement from all five companies reads, “The new Clarifying Lawful Overseas Use of Data (CLOUD) Act reflects a growing consensus in favor of protecting Internet users around the world and provides a logical solution for governing cross-border access to data. Introduction of this bipartisan legislation is an important step toward enhancing and protecting individual privacy rights, reducing international conflicts of law and keeping us all safer.”

EFF and ACLU See Further Intrusions and Worse

Companies such as Microsoft have been involved in privacy battles, and one of them has reached the US Supreme Court this year. The Court is mulling over whether Microsoft must give the Department of Justice (DOJ) data stored in Ireland. The case has been ongoing since 2013. It’s probably the case major tech companies want a uniform set of rules governing international compliance laws instead of litigating at every turn. Evidently these platforms feel the CLOUD Act is an optimum compromise between protecting privacy and necessary law enforcement access.

The Electronic Frontier Foundation (EFF), however, is having exactly none of it. Referring to the legislation as A New Backdoor Around the Fourth Amendment, the EFF stresses the CLOUD Act fails “to require foreign law enforcement to seek individualized and prior judicial review. Grants real-time access and interception to foreign law enforcement without requiring the heightened warrant standards that U.S. police have to adhere to under the Wiretap Act. Fails to place adequate limits on the category and severity of crimes for this type of agreement. Fails to require notice on any level – to the person targeted, to the country where the person resides, and to the country where the data is stored.”

Crypto Community Fears Passage of CLOUD Act

American Civil Liberties Union (ACLU) released its own warning regarding CLOUD in conjunction with two dozen privacy-oriented organizations. Among “other things, the legislation would: Allow foreign governments to wiretap on U.S. soil under standards that do not comply with U.S. law; Give the executive branch the power to enter into foreign agreements without Congressional approval; Possibly facilitate foreign government access to information that is used to commit human rights abuses, like torture; and Allow foreign governments to obtain information that could pertain to individuals in the U.S. without meeting constitutional standards.”

Well-respected cryptocurrency luminary Andreas Antonopoulos urged, ““The CLOUD Act passed. It destroys privacy globally, so it had to be snuck into the $1.3 trillion omnibus without debate. Encrypt. Encrypt. Encrypt. Go Dark. When privacy is criminalized, only criminals have privacy. We got sold out, again.” Indeed, cryptography by definition is a privacy oriented pursuit. And so undoubtedly the quest for better privacy coins and encryption methods will continue with at least a little more urgency.  

Does legislation like CLOUD worry you? Let us know in the comments!

Images via Pixabay, Twitter. 

At we do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

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UK Fintech Settles Security on Ethereum Blockchain in a World-First with Microsoft

The blockchain has just disrupted another niche. UK-based Nivaura in partnership with Microsoft’s Azure cloud has proved in a test case that the public ledger can be used to support regulated assets. The blockchain is an increasingly attractive option as the payments industry continues to embrace cryptocurrencies and even digital fiat money. The technology was created … Continued

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Bitcoin Cash Ecosystem Sees a Tidal Wave of Merchant Acceptance

Bitcoin Cash Ecosystem Sees a Tidal Wave of Merchant Acceptance

Just recently reported on Bitpay launching bitcoin cash (BCH) integration for the firm’s loadable Visa debit cards. Since then the company has implemented BCH invoice support for all of the firm’s vendors, and now bitcoin cash can be spent with thousands of merchants worldwide.

Also read: Some of Bitcoin’s Earliest Adopters Find it Difficult to ‘Cash Out’

Thousands of Merchants and Nonprofits Now Accept Bitcoin Cash

Merchant adoption has been increasing lately for the BCH ecosystem, but in one day that metric spiked considerably. Bitpay has fully integrated bitcoin cash payments for all of its vendors and merchants that utilize the company’s payment processing services. Since the ‘cryptocurrency fever’ swept the globe in 2017, Bitpay’s merchant list has grown considerably last year. This includes significant merchant growth in the U.S., South America, Asia, and Europe.

Bitcoin Cash Ecosystem Sees a Tidal Wave of Merchant Acceptance
Bitcoin cash can be used with well-known merchants like Microsoft.

Bitcoin cash supporters have been extremely pleased to see some of their favorite merchants accepting BCH as a form of payment and network fees are considerably less. The list of Bitpay vendors who now accept BCH, includes Newegg, Apmex, Vultr, Namecheap, eGifter, Gyft, Zeek, Wefunder, Heifer International, Vodi, JM Bullion, and many more. This also includes a wide variety of nonprofits and charities like Save the Children, the Internet Archive, the Electronic Frontier Foundation and Wikipedia.

Bitcoin Cash Ecosystem Sees a Tidal Wave of Merchant Acceptance
Bitcoin cash can be used to donate to hundreds of charities and nonprofit organizations like the Electronic Frontier Foundation.

BIP 70 Wallet Support for Bitcoin Cash and BCH Being Used for South Korean Cross-Border Payments

In addition to the full range of merchants and non-profits now available to the BCH ecosystem. Bitcoin cash payments are also now compatible with the Payment-Protocol (BIP70) used in Bitpay invoices. Further, there are currently more supporting wallets utilizing this feature, and the Electron Cash client was added yesterday. Wallets that are compatible with the BCH Payment-Protocol include BRD Wallet, Bitcoin Core, Edge (formally Airbitz), Electrum, Mycelium, Copay, Bitpay, and the Wallet. Bitcoin cash users who have these types of wallets can utilize any Bitpay merchant.

Bitcoin Cash Ecosystem Sees a Tidal Wave of Merchant Acceptance
The BCH wallet Electron Cash can now be used with the Payment-Protocol for those who wish to pay Bitpay merchant invoices.

Another announcement from Bitpay that will also please BCH proponents is the company’s recent partnership with the South Korean exchange Bithumb. The two companies are launching a cross-border payment solution which will utilize BTC and BCH to help cheapen the costs of international payments for South Korean businesses. Bitpay executive Sonny Singh says that South Korean companies are sometimes paying or receiving $100,000 – $5 million USD per invoice. “A 1 -2% savings on each invoice can lead to dramatic cost savings,” explains Singh.

Overall the announcement of Bitpay integrating bitcoin cash has pleased BCH proponents quite a bit as the number of merchants added to the ecosystem, and the new South Korean cross-border payment platform will increase BCH usage greatly. In addition to Bitpay, since the San Francisco company Coinbase integrated bitcoin cash support, BCH payments can be used with its new merchant plugin.

What do you think about Bitpay integrating bitcoin cash? Let us know in the comments below.

Images via Shutterstock, Bitpay, Bitcoin Cash, Microsoft, and the EFF. 

Need to calculate your bitcoin holdings? Check our tools section.

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Hackers Target 400,000 Computers with Mining Malware

Hackers Target 400,000 Computers with Mining Malware

More than 400,000 personal computers have been attacked in a large-scale attempt to distribute cryptocurrency mining malware. The hackers used sophisticated trojans to infect PCs mostly in Russia, but also in Turkey, Ukraine, and other countries. The coordinated assault lasted more than 12 hours.

Also read: New Monero Mining Malware Sends Proceeds to Kim Il Sung University, North Korea

Several Countries Affected, Russia Hit Harder

The complex malicious software has been trying to overcome antivirus defenses for more than 12 hours on March 6. According to Microsoft, the majority of the attacked computers, 73%, were located in Russia, followed by Turkey with 18% and Ukraine – 4%. Other countries have also been affected.

Hackers Target 400,000 Computers with Mining Malware“Windows Defender blocked more than 80,000 instances of several sophisticated trojans that exhibited advanced cross-process injection techniques, persistence mechanisms, and evasion methods”, the research team developing Microsoft’s AV software announced. More than 400,000 users have been targeted, Bleeping Computer reports.

The behavior-based and cloud-powered machine learning models included in Windows Defender detected the trojan attack in its early stage, the researchers said. The threat was identified by the antivirus program, which started blocking further attempts within minutes.

According to the Windows Defender team, the Dofoil malware used in the attack tried to penetrate the explorer.exe process of the operating system and inject malicious code. Then, another explorer.exe was supposed to download and run the cryptocurrency miner masked as a legitimate Windows binary – wuauclt.exe. The antivirus software was able to detect these attempts, as the process was running from a different location on the hard drive.

The Malware Mined Electroneum

Suspicious traffic was generated by the malware, when the coinminer tried to contact its command and control server located on the Namecoin network infrastructure. The malicious software was programmed to mine Electroneum. The cryptocurrency uses “app based mobile mining”, according to its website.

Microsoft claims that Windows 10, 8.1, and Windows 7 computers with installed Windows Defender or Microsoft Security Essentials have been protected automatically. According to Bleeping Computer, other antivirus programs have most likely detected the threat as well. Dofoil has been a known and active malware strain for several years now.

Hackers Target 400,000 Computers with Mining MalwareMalicious scripts have become a popular instrument for hackers trying to steal computing power in order to mine cryptocurrencies. There have been attempts to use popular platforms, like Facebook Messenger and Youtube, to spread mining malware. In multiple reports, cybersecurity firms have warned about attempts to hijack personal computers and even smartphones to mine different coins.

According to a recent study by Kaspersky Lab, hackers are also targeting industrial enterprises, trying to take advantage of their computers and servers. Attacks on automated control systems have increased in the past year. From California-based electric car manufacturer Tesla, to a water purifying plant in Europe, a growing number of companies and institutions have reported attacks, despite their investments in cybersecurity.

Do you think your computer has been targeted by crypto mining malware? Tell us in the comments section below.

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The post Hackers Target 400,000 Computers with Mining Malware appeared first on Bitcoin News.