While there are few days left in the ultimate release of the blockchain project EOS, the 360 antivirus team has disclosed the presence of significant vulnerabilities in the codebase of the system. Before the research by 360 antivirus, these vulnerabilities were never revealed or made public due to the fact that fewer people have tried to find any bugs. According to the sources and an analysis prepared by 360 security centre, these vulnerabilities enable the arbitrary code to execute on several EOS nodes distantly. This team disclosed the errors on 29th may, and as per the representative of EOS gave the statement, it was clarified that EOS is not going to be launched and available to the people until the 360 antivirus team successfully fix the issues.
Vulnerabilities to Manipulate the entire Blockchain System
The cryptocurrency and blockchain shape the comprehensive financial ecosystem and thus, it is often believed that even a small flaw in this network can adversely affect the online users. Apart from resulting in cyber attacks, these bugs may cause the leakage of data, privacy, and other such confidential information.
Since the entire nodes of blockchain are interconnected to each other and are self-replicating, a vulnerability in a single node can manipulate the complete network. To manipulate the EOS, hackers design and discharge the smart contract consisting of the malicious code. On the execution of such codes, EOS BP (block producer) is compromised hence leading to the manipulation of the whole blockchain network. As the malicious code influences the entire system, the hackers are capable of practising cyber attacks such as the leakage of the private key of EOS block producer, hacker’s access to the private and confidential information of any particular node, and the control over each and every transaction made through EOS network.
Security in EOS Requires Additional Investment
Being termed as the third generation of the blockchain system, EOS reportedly comprises a total of around 10.8 trillion United States Dollars. Besides that, it is ranked as fifth in the valuation of cryptocurrency worldwide. In the platform of EOS BP, the vulnerabilities are recently discovered by 360 security team. These flaws are observed in wallets, pools, smart contracts, nodes, and exchanges. Apart from affecting the blockchain system, these errors also have negative impacts in cryptocurrency applications. As per the recent reports, 360 antivirus team is taking certain actions regarding the strictness and improvement of the security in blockchain platform. Moreover, to provide the online users with secure cryptocurrency transactions, the system is investing more in fixing the vulnerabilities.
Because of the flaws as mentioned earlier, the team has decided to postpone the access of EOS payments and transaction in blockchain platform till 2nd June. The reports say that on 2nd June, these vulnerabilities will be fixed. However, it has not been confirmed if EOS will be finally launched on 2nd June or not.