Open Source Software Faces Threats of Protestware and Sabotage – WIRED

A string of sabotage incidents in open source software is reigniting discussions of how to safeguard projects that underpin digital platforms and networks around the world. Many of the recent incidents have been dubbed protestware because they relate to open source developers making code changes to express support for Ukraine amidst Russia's invasion and ongoing attack of the country.

In some cases, open source software has been modified to display anti-war overlays or other messages of solidarity with Ukraine. In at least one instance, though, a popular software package was modified to deploy a malicious data wiper on Russian and Belarusian computers. This wave of protests in open source comes just a couple of months after a seemingly unrelated incident in which a maintainer sabotaged two of his widely used open source projects out of apparent frustration stemming from feeling overworked and under-compensated.

The incidents have been relatively contained so far, but they threaten to further shake confidence in the ecosystem just as the tech industry scrambles to address other software supply chain security issues tied to open source. And while financial support, promises of automated tools, and White House attention are welcomed, the open source community is left in need of more robust, sustained help.

In a statement on Thursday, the Open Source Initiative, which has categorically denounced Russia's war in Ukraine, came out against destructive protestware, imploring community members to find creative, alternative ways to use their positions as maintainers to oppose the war.

The downsides of vandalizing open source projects far outweigh any possible benefit, and the blowback will ultimately damage the projects and contributors responsible," the group wrote. "By extension, all of open source is harmed. Use your power, yesbut use it wisely.

Open source software is free for anyone to use, so the tools and programs are incorporated into everything from independent projects to mainstream, proprietary consumer software. No one wants to take the time to write and test a component from scratch when they could just plug and play a readymade version. This means, though, that all sorts of software rely on projects that are maintained by one or a handful of volunteersor projects that are no longer maintained at all.

A long-touted benefit of open source software is that it has the potential to be just as secure as, or more secure than, proprietary code, because its open to independent vetting. The idea is that many eyes make for few bugs. In practice, though, this safeguard has limitations precisely because there often aren't a lot of eyes available. The question of sabotage, though, strikes at the heart of open source's premise as a decentralized, unfederated space.

Theres nothing really in place, systemically, to keep incidents of insider sabotage from happening more often, says Dan Lorenc, an open source software supply chain researcher and founder of the security firm ChainGuard. Projects build a reputation over time, and people who are often pseudonymous come to trust each others digital identities because of the work they've done. There's no global approvers list, and each project has a different culture of how you become an approver, or a developer who is empowered to approve and publish code changes.

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The Promise of Open Source Code and the Paradox of ProtestWare – Security Boulevard

The Open Source Software (OSS) community has been split in two after an OSS author repurposed his own library to protest the Ukrainian-Russian war. On March 7, RIAEvangelist released several versions of his node-ipc software packagewhich has been downloaded millions of timeswith some versions reportedly overwriting code on machines presumably located in Russia and Belarus.

About one module, called peacenotwar, RIAEvangallist, wrote:

This code serves as a non-destructive example of why controlling your node modules is important. It also serves as a non-violent protest against Russias aggression that threatens the world right now. This module will add a message of peace on your users desktops, and it will only do it if it does not already exist just to be polite.

His actionsi.e. deliberately sabotaging his own codehave sparked a massive controversy while giving birth to a new surge of protestware, where other hacktivist developers may target Russian-based machines.

The Open Source community was formed on the ideals of improving software, skills, and empowering change. By that definition, you can argue that RIAEvangelist, whose given name is Brandon Nozaki Miller, is pushing for change. At the same time, however, the community does not tolerate bad actors. Does node-ipcs changes fulfill or neglect the ideals that led to the creation of the Open Source community? That is up to the community to decide.

The node-ipc event has led to the coining of protestware and its aftermath may inspire other developers to follow suit. Russias largest bank in particular is wary of this as they have advised its customers to avoid updating computer programs, or insisting them to manually check the source code of any open source project.

If this trend continues it can lead to a slippery slope as OSS is supposed to help. Nearly every industry has adopted technology so therefore, the foundations of countless organizations systems and products run on OSS. If other authors, owners, and maintainers choose to morph their projects into protestware there is a high chance that many organizations will become collateral damage. And if people cannot trust Open Source, then theoretically the community could fall apart.

Were RIAEvanglists actions malicious? Depending on who you ask, some might say that there was nothing wrong about his intentions:

Some like the GitHub user above, as well as RIAEvangelist himself, stand by his decision. However, the opinion that most in the community have is that his actions are a massive blow to the credibility and trust of OSS:

A few have also come forward claiming that RIAEvangelists actions have had direct consequences on their businesses. On March 17, a user claiming to represent an American Non-Government Organization stated that node-ipc allegedly wiped over 30,000 of their messages and files detailing Russian war crimes committed against Ukraine.

While the authenticity of this claim is disputed, it does highlight that IP-based attribution is not reliable. Just because a machines IP is located in a certain country, it doesnt mean that it is directly controlled by them. Initiating malware by country code could do more harm than good, impacting Russian or Belarusian organizations that are fully and publicly against the war.

When it comes to Open Source Software, everyone (seemingly) benefits. Technologists get to work on passion projects that they get to control, while also gaining status if it becomes widely used. Hobbyists gain access to code that they might not be able to write themselves, and get to learn from the best in the industry. And for corporations, they get to use (mostly) reliable and tested code for free, saving them considerable time and money.

As such, OSS has become integral to the development process for organizations, allowing development teams to push products to market faster. These days, vendors are releasing products that contain hundreds or even thousands of open source components, and nearly all of them are needed to function properly. This practice has gone on for decades, which has made nearly every industry reliant on OSS code and dependenciescreating tons of security concerns.

There are risks when using OSS. For starters, many vendors and organizations arent keeping track of which OSS components are being used in their products. Indiscriminate consumption of OSS can lead to possible lawsuits if organizations unknowingly use licensed code. But more importantly, not knowing which libraries are bundled makes it near impossible to keep them up-to-date, or to detect the vulnerabilities inside of them.

Products can inherit vulnerabilities contained in OSS code and if exploited, these issues can give malicious actors an open door into even the largest organizations. In addition to vulnerabilities, other third-parties could attempt to add malicious updates, or try to typo-squattricking organizations to download fake versions of popular libraries.

In terms of tampering, node-ipc did two things. The first is overwriting code for Russian and Belarus-based machines, and the second is the peacenotwar package. For detailed information on each version, check out Risk Based Securitys original post. However, the most important takeaway is that current versions of node-ipc do not overwrite code.

If situations like the Node-ipc incident were to become common, organizations would have three options:

By and large, this is the current state of Open Source security, and if you want proof, youd only have to look at struts-shock, heartbleed, and log4shell. All of these were OSS vulnerabilities that had major impacts on organizations. And despite some of these issues existing for years, undiscovered in open code, most organizations still choose to indiscriminately consume open source components.

Enterprises should at least create a Software Bill of Materials (SBOM) to keep tabs on the various OSS components being used in their deployed software. Doing this will help their security teams track vulnerabilities affecting third-party libraries and dependencies. It can also help prevent developers falling for typo-squatting attempts.

However this wont do much in situations in which the perpetrator is the author, owner, or maintainer for a third-party library. There are a few examples of where authors delete or sabotage their own code due to burnout or being wronged in some way. And when this happens, it can create chaos potentially giving malicious actors an opportunity to capitalize.

To lessen the impact that one developer can have, organizations may want to consider forking the OSS libraries they use and maintain them internally moving forward. Although this is likely the best option in some cases, it will require a SBOM and a significant amount of resources.

One product often contains hundreds of bundled libraries so depending on how much software is deployed, this will likely be an incredible undertaking. There are few organizations that can dedicate personnel to accomplish this and even if they tried, there are too many libraries for one team to track and monitor. If some organizations are having trouble checking release notes, it is very likely that they will not be able to take the time to audit newly released code.

This method requires the most time and resources and will likely never happen for many organizations. There is a reason why organizations choose to use OSS for their products. Production cycles have become incredibly short and are very demanding. Adding more custom code that performs critical functionality makes this more difficult. As such, reliance on OSS will never cease.

Maybe Node-ipc will be the watershed moment that makes organizations realize the risks that OSS can introduce. That is uncertain, but what is certain is that the work done by technologists often goes unthanked. Whenever issues go wrong with third-party libraries and dependencies, those who arent in the know tend to place the blame directly on the project.

We dont often think about the scope of most OSS projects. According to a report, many of the top 500 most used free and open-source software projects are listed under a single developers personal account. Most OSS is written and maintained by one or a small group of enthusiasts in their spare time, so is it fair to hold them accountable for the security of thousands of organizations? These are usually unpaid, passion projects and if things go wrong they have to fix it off the clock.

Like CVE wasnt intended to be the vulnerability bible, OSS software wasnt supposed to be massively consumed by corporations. To avoid the ramifications of a developer going rogue, organizations should take ownership of their own security. And to do that, they will need to take SBOMs seriously and use quality vulnerability intelligence to understand the cost of ownership for the products they deploy.

In order to detect risk in Open Source Software and dependencies, organizations need quality vulnerability intelligence. Flashpoint tracks and monitors thousands of third-party libraries. Sign up for a free trialand learn more today.

The post The Promise of Open Source Code and the Paradox of ProtestWare appeared first on Flashpoint.

*** This is a Security Bloggers Network syndicated blog from Blog Flashpoint authored by Jonathan Zalman. Read the original post at: https://www.flashpoint-intel.com/blog/the-promise-of-open-source-code-and-the-paradox-of-protestware/

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Why now is the time to host your code in the cloud – TechRadar

Cloud adoption is rocketing. Businesses of every size, in every sector, are switching on to the undoubted benefits of hosting applications, services and code in the cloud. The pandemic has expedited the trend, with organizations forced to rethink their IT operations and infrastructure virtually overnight. So much so that Gartner estimates that global end-user spending on public cloud services is set to grow by more than 18 per cent in 2021 to $304.9 billion, not least due to the upheaval in working processes caused by Covid-19.

About the author

Kai Hilton-Jones is the Director of Enterprise Solutions Engineering EMEA at GitHub.

One of the central forcing factors for enterprises to make the shift to the cloud is that being cloud-based makes it easier to fully unlock the power and potential of open source software development.

Open source has become synonymous with innovation because it helps developers collaborate and build better software, faster. It hinges on a culture of collaboration and shared values. Through the cloud, enterprises are able to tap into the full open source community and benefit from the expertise of an army of skilled developers. Businesses gain more ways to share code, best practices, and expertise. GitHubs 2021 State of the Octoverse research indicates that developer team performance can increase as much as 87 percent when reusing code.

Crucially, cloud-based businesses are in pole position to attract and retain ambitious developer talent. Developers thrive on a shared culture where they are able to constantly learn, evolve and test themselves. Creating a positive developer experience inevitably means different things depending on the context. It might encompass the experience developers inside an organization have building software, how developers outside an organization interact with external tools like API keys, and just about everything in-between. But however you define it, empowering developers by delivering them the best environment to work to their full potential - eliminating barriers and making the process as smooth as possible - attracts the most talented and ambitious developers. And it accelerates the pace of innovation in the process.

As the impact of the developer experience on the speed of innovation becomes clearer than ever, businesses around the world are striving to create the optimal conditions for developers so they can make the most of their passion and skill. A cloud environment - with cloud-hosted code - is significantly better suited to provide that positive developer experience.

Developers also want the benefits of distributed work. Covid-19 has prompted a working revolution, with more than three-quarters of global office workers wanting to continue working from home after Covid-19. Our own research shows that just 11 percent of developers expect to return to a co-located workplace - a major drop from the 41 percent who previously worked in an office. By definition, cloud environments are significantly better placed to allow developers to work how and where they want.

Security is also another factor. Companies are shifting to the cloud in no small part because they no longer want to have to manage the infrastructure required to self-host security solutions, especially given cybersecurity requirements are constantly evolving. A cloud environment offers them the ability to work with vendors to host solutions for them, which can reduce costs, increase available resources, eliminate upgrade downtime and boost scalability and performance.

Developers are also able to then use the cloud to unlock the full benefits of DevSecOps - effectively baking security into all stages of software development rather than tacking it on to the end of the process. DevSecOps ushers in a developer first approach, where they are empowered to identify and fix vulnerabilities as they are discovered, so they dont enter the production cycle. It hinges on a cultural shift to break down siloes between engineering and security teams - the implementation of which, inevitably, the cloud is crucial to. Underpinned by the cloud, security becomes a community responsibility and the upshot is more reliable software is shipped, more quickly.

That cloud adoption is growing is not up for debate. But what is sometimes overlooked is that some enterprises remain reluctant to migrate their setups to the cloud, missing out on the transformative role of the cloud - and the full potential of open source.

Traditionally organizations have cited challenges with security, GDPR, proximity and data privacy protocols as reasons for hosting their servers and systems on premises. In the face of these barriers, it is perhaps understandable that some choose to take the path of least resistance. However, these oft-cited concerns are being met with solutions, and the direction of travel is changing.

Migrating to the cloud is not a small step. There will always be obstacles, but the traditional barriers are entirely surmountable as exponential growth in cloud adoption is testament to. Organizations require a shift in mindset that focuses on what they gain from the cloud in the long-term. Fostering a culture of innovation has become a priority, and in particular equipping developers with the services and tools they require. In todays innovation economy, businesses that host their code in the cloud are giving themselves a significant advantage.

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Software Composition Analysis Market to Witness Massive Growth by 2029 | Open Source Software, Oracle, Smartbear Software – Digital Journal

The Software Composition Analysis Market research report provides all the information related to the industry. It gives the outlook of the market by giving the authentic data to its client which helps to make essential decisions. It gives an overview of the market which includes its definition, applications and developments and manufacturing technology. This Software Composition Analysis market research report tracks all the recent developments and innovations in the market. It gives the data regarding the obstacles while establishing the business and guides to overcome the upcoming challenges and obstacles.

The global Softwre Composition Analysis Market is expected to grow at a significant CAGR of 19.69% by 2029.

Software composition Analysis (SCA) is an automated technique for determining which open-source software is included in a codebase. The purpose of this analysis is to assess security, licencing compliance, and code quality. Open-source licence limitations and obligations must be understood by businesses. Manually tracking these duties became too time-consuming, and code and its associated vulnerabilities were frequently ignored. SCA, an automated solution, was created, and it was expanded beyond this original use case to assess code security and quality. SCA has revived the shift left concept in a modern DevOps or DevSecOps environment. Earlier and continuous SCA testing has enabled developers and security teams to drive productivity without compromising security and quality.

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Those looking for clues to Googles search demise are asking the wrong question – TechRepublic

Image: warmworld/Adobe Stock

Tis the season for wishful thinking about toppling Googles search business, I guess, because over the past week several sources have popped up to ask, Why isnt there a Google competitor emerging? The answer, of course, is that there is a viable competitor to Google. As Ive written, DuckDuckGo has been booming of late, though its booming hasnt translated to bust for Google. Far from it. By any measure (like StatCounters), Google dominates search on the Internet.

SEE: Google Workspace vs. Microsoft 365: A side-by-side analysis w/checklist (TechRepublic Premium)

Yet people feel compelled to ask, If Google sucks then why is everyone still using it? The answer to that, dear reader, has implications well beyond Google, or search, and has everything to do with convenience.

By some accounts, Google search has somehow deteriorated in quality. Never mind that quality will always be somewhat subjective. In the article linked above, Daniel Gross tries to parse how users are apparently adding search modifiers now to make Google search results more relevant. (As an example, I sometimes add the - modifier to tell Google I dont want results on Banbury Cross, the place made famous in a nursery rhyme, and instead just want results on Banbury Cross, the best doughnut shop in Utah.)

Gross and others think that modifying Googles search for different sites like Reddit offers clues to users wanting more specific search that helps them answer more complex, long tail queries. Somethings broken, and a tiny share of Google is open for the taking, he wrote. A tiny share of Google is, of course, worth a lot of money, as DuckDuckGo has discovered. But its still not pointing to a big problem in little searches.

Similarly, other commentators suggest that People are increasingly asking the questionsthat really matter in their Facebook and WhatsApp groups, Twitter, Discord and Slack communities, etc. But then they resolve their question (If Google sucks then why is everyone still using it?) by pointing out Google delivers on the bulk of search queries: It does not matter that results are bad in the tail (complex but rare queries) because it makes for a small percent of total queries, and most users form search habits based on head queries, which Google is exceedingly good at.

As for those modifiers (like searching a specific site), some note that Despite the fact that 90% of my searches for WTF does this stacktrace mean? end up on StackOverflow, I invariably start my search on Google because every now and then it gives me useful non-StackOverflow tidbits, and I know I can always drill in more with specific tags on StackOverflow later. It doesnt help that Googles search of such specific sites is generally better than the sites own search.

All of which starts to feel like people are searching for answers to a question that has been answered for years: Why do people persist in using Google (or some other product)? Because its good enough (and convenient). Ah, convenience. Redmonks James Governor once declared that Convenience is the killer app. He was right then. Hes right now.

If your question is If Product/Service X is bad so why does everyone use it?, its arguably a bad question. The question should really be Why does everyone use X? There may be all sorts of reasons that you wish they wouldnt, but good answers dont emerge from wish fulfillment.

Take open source, for example.

Ive worked in open source since 2000, when I joined an open source software startup, Lineo. Getting into open source wasnt a conscious decision of mine (it was a serendipitous summer internship that has lasted 22 years), but staying in it has been. During this time, it has seemed obvious to me that customers would want to choose open source alternatives to Microsoft, Oracle, and [insert name of big proprietary incumbent]. Microsoft Office? Yep, Ive raged against that machine. Ditto Windows, Oracle databases, etc.

SEE: Top keyboard shortcuts you need to know (free PDF) (TechRepublic)

And yet, billions of dollars later, people still happily use Office, still run Windows, still use Oracle, etc. Even AWS, which had strong technical (and marketing) reasons for moving off Oracle, spent over a decade trying to get off (and finally succeeded). Why? Because it was inconvenient to move.

Which is why profound, industry-wide changes sometimes start with small choices made by individual developers. Those changes may not upend decades of Office adoption, for example, but they can create new patterns of convenience. (I and others prefer using cloud-based Google Docs, for example, as my office productivity suite.) Similarly, Microsoft still prints billions from its Windows Server business, but developer demand for Linux has prompted it to offer Linux on its Azure cloud service. Will this spell the death of Windows that I once thought imminent? Probably not, because it will remain convenient for many organizations to keep running Windows, perhaps for decades.

Which may ultimately answer those original questions about Google and search. Those looking to topple Google will almost certainly fail. Markets are rarely won by head-on collisions between opposing forces. Convenience militates against such confrontations. But will new patterns of convenience emerge that siphon away search energy toward different platforms, perhaps in ways that dont sound like search at all? Perhaps.

Put through an enterprise software lens, years ago I could have saved myself some righteous indignation at the persistence of legacy technologies by instead noticing new patterns of developer convenience. Such patterns clearly showed developer desire for more autonomy, which led to open source and cloud. In the process, a process that has taken decades, they have dramatically changed how we buy software, and from whom. Heres to decades more of the same.

Disclosure: I work for MongoDB but the views expressed herein are mine.

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Why post-quantum cryptography is a key security differentiator – TechHQ

Post-quantum (PQ) cryptography is the development of new cryptographic approaches that can be implemented using todays computers but will be impervious to attacks from tomorrows quantum ones.

With quantum computing seemingly on the agenda of major enterprises today, many organizations are still not fully prepared for the challenges and opportunities presented by quantum computers.

In fact, advances in quantum computing may threaten the integrity of traditional asymmetric encryption algorithms in the near future. As such, the potential to empower brute force attacks could eventually succeed in minutes rather than years.

According to Microsoft researchers, existing public-key cryptography is based on the difficulty of factoring and the difficulty of calculating elliptic curve discrete logarithms. Because those two problems will be readily and efficiently solved by a sufficiently large-scale quantum computer, we are looking now at cryptography approaches that appear to be resistant to an attacker who has access to a quantum computer. We are developing cryptosystems whose security relies on different, hard mathematical problems that are resistant to being solved by a large-scale quantum computer.

Recently, the National Institute of Standards and Technology (NIST) published a shortlist of PQ safe algorithms which will be resilient to these attacks. Although these algorithms are undergoing review from academics and industry, security-conscious organizations need to start work now in order to be fully prepared for a post-quantum future. This includes carrying out due diligence by investigating the adoption of the short-listed algorithms in their cryptographic ecosystem.

Apart from NIST, NATOs Cyber Security Center (NCSC) has also tested a PQ VPN provider by UK-based quantum computing provider Post-Quantum to secure its communication flows. The White House further released a National Security Memorandumwhich gave the National Security Agency (NSA) 30 days to update the Commercial National Security Algorithm Suite (CNSA Suite) and to add quantum-resistant cryptography.

To help organizations assess their cryptographic stance and integrate quantum-resistant algorithms into their encryption workflows and services, Entrust has announced four new solutions. They include:

For Anudeep Parhar, Chief Information Officer at Entrust, post-quantum computing is an inevitable threat to cybersecurity. While it is unclear when exactly the post-quantum threat will become real, it is generally expected to occur within the decade. He added that as the migration to quantum-safe algorithms can take several years, now is the best time to prepare for post-quantum.

Entrust is at the forefront of post-quantum cryptography. We are participating members of the Internet Engineering Task Force (IETF), and we are also participants in the NIST PQ competition, commented Parhar. Through growth initiatives and investment in solutions like those announced today, we are helping our customers today to prepare for tomorrow.

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What The Biden Administration’s Executive Order Means For The Crypto Industry – Texas A&M University Today

A recent executive order sets the stage for potential regulation of cryptocurrency.

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The White House has turned its attention toward the cryptocurrency market with the release of an executive order in response to the dramatic growth of digital assets.

The executive order signed by President Joe Biden earlier this month calls on the government to examine the risks and benefits of cryptocurrencies. Hagen Kim, the J. Rogers Rainey and Annie Bob Rainey associate professor of banking and finance at Texas A&M Universitys Mays Business School, spoke with Texas A&M Today about how the order could impact the future of digital currency and assets and why the government is taking an interest.

A cryptocurrency is a digital asset that uses highly encrypted communication protocols regarding financial transactions. The technologies behind cryptography make it very difficult to manipulate. Therefore, once people trust this technology and use cryptocurrencies, they can spend and move their wealth via the interconnected network. Related, cryptocurrencies use blockchain technology to implement decentralized networks. Blockchain is a distributed ledger, or a book of financial accounts maintained by a disparate network of various individual computers. In sum, cryptocurrency and the associated decentralized network can create a financial transaction system neither issued nor maintained by a central authority.

We use money printed by the government or assets backed by credible financial institutions and firms in economic transactions. Thus, compared to the traditional money and banking system, cryptocurrencies may be advantageous because of more affordable, more accessible, and faster money transfers and decentralized systems that are more resilient and robust to possible system failures. In addition, cryptocurrency can be less manipulated by the government or central authorities. Hence, if properly implemented and used, the cryptocurrency market can compete with the incumbent financial technologies.

However, cryptocurrencys innovative and new aspects also expose users and investors to excessive price volatility, possible use in criminal activities, potential manipulation by major blockholders, high energy usage for crypto mining and network maintenance, and related environmental risks.

The growing popularity of cryptocurrency can be attributed to several reasons. However, one notable observation to help understand this phenomenon is that investing in cryptocurrencies is similar to investing in newly available growth stocks with high potential yet high uncertainty. As investors recognize the potential benefits of new digital assets, they start using and trading them, which reinforces the popularity and technology adoption.

Crypto assets and their markets have seen significant growth in recent years, and the United States has been one of the leading countries in this enterprise. Furthermore, due to recent severe regulatory policies (e.g., banning crypto asset mining) enforced in countries like China and Russia, the U.S. is becoming the industrys frontrunner in technological innovation, market formation and trading.

The United States government wants to minimize the risks mentioned above without losing the leadership and benefits from this rapidly growing industry. Specifically, the executive order asks government agencies to form committees, research cryptocurrencies and work toward creating a regulatory framework for crypto-asset markets.

The executive order calls for measures to mitigate risks related to the cryptocurrency market. From the experiences of the 2007-2009 financial crisis, it is well known that new financial assets can cause significant market disruptions and economic downturns unless proper laws are available and operational. In a sense, the executive order acknowledges the importance of cryptocurrency markets and associated industry.

Cryptocurrency is barely regulated at this stage. Because of the central theme of cryptocurrency being decentralized financial networks, many crypto investors worry that regulation will hurt the industry and related innovation. However, this industry is still at an infant stage, growing at an unprecedented speed with so much volatility, speculation and uncertainty. Uncertainty regarding when and how regulatory measures unravel is one of the main elements of price volatility. Therefore, the first set of regulations will focus on stating the basic rules to protect investors and consumers from fraudulent activities, help them make informed decisions and allow firms to build innovative financial platforms. If correctly done, the new policies and laws should help reduce excessive price volatility. Without a doubt, market stability is vital for the success of cryptocurrency to become a mainstream financial technology.

The executive order asks to explore a U.S. Central Bank Digital Currency (CBDC), which is a digital form of the U.S. dollar. CBDC is a centralized cryptocurrency, unlike other cryptocurrencies. The concept of centralized digital currency is not new. We constantly use domestic and international wire transfers (e.g., ACH, SWIFT). Thus, the main differences lie in the utilization of cryptography and the restrictive applications of blockchain technology.

Many countries are studying and considering launching pilot versions of their CBDC. If the U.S. starts circulating the digital dollar, this can dramatically affect how money changes hands domestically and globally. However, foreign exchange investors and users probably do not tell much difference, except for smaller fees and more prompt money transfers, because most of the changes have to do with the backend. Whether CBDC will be more centralized than the current system and whether CBDC will drive out private cryptocurrencies are open questions and require further investigation.

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What is DeFi, and how to Invest in DeFi with the best defi projects? – Crypto Reporter

The word decentralized finance is referred to as defi. Its a short form of Decentralized Finance, defined as a financial system based on Blockchain. Also, Cryptography, Blockchain, and smart contracts are the three major components of DeFi.

Cryptography is more of a foundation than a system in DeFi, and its referred to as secure communication between two people that only those two people can participate in to access it. This new system was introduced solely based on cryptography. Its technology side is Blockchain. Blockchain is a peer-to-peer network of computers that keeps track of bitcoin or other cryptocurrency transactions. Smart contracts are also deterministic code chunks that can be executed autonomously.

We live in a centralized world with centralized money, which implies that governments and banks can only control our financial system. Inflation and a significant increase in interest rates are among the outcomes. On the other hand, Defi was offered a viable alternative to this economic system.

Money must be transmitted or received through intermediaries such as banks or stock exchanges in the traditional financial system. Furthermore, all parties must have faith in the intermediaries fairness and honesty to feel at peace with the transaction. Many DEFI projects got launched and listed on crypto exchanges. Do compare different platforms to buy cryptocurrency.

In BlockChain, however, these points and banks are replaced by codes. Instead of going through banks or stock exchanges, people trade directly with one another, with blockchain-based smart contracts creating markets, settling trades, and ensuring that the entire process is fair and trustworthy.

The question now is how to put money into Defi

Defi is not a commodity. It is a financial system, and many companies/communities have released products based on this system or technology, such as bitcoin or Ethereum. These societies are frequently decentralized, implying that they adhere to the fundamental concept of decentralized money. You may acquire these projects coins or tokens on crypto exchanges to invest in them.These coins and tokens function similarly to company stock. You directly invest in that community or system by purchasing tickets or coins.

Here are the most extraordinary Defi Projects that are now available for investment.

Bitcoin

Bitcoin is a well-known cryptocurrency that was created in 2009. After the 2008 stock market meltdown, many people saw it as the first effort at a decentralized financial system. Bitcoin has overtaken Ethereum as the most influential cryptocurrency. Many people continue to invest in cryptocurrencies and earn from them regularly. You can also begin investing in bitcoin, the most valuable cryptocurrency in market capitalization. You can also buy bitcoin securely on a local crypto exchange because they have multi-signature wallets, so your assets would be safe on bit oasis.

Ethereum

Ethereum is a decentralized financial system, and It is an open-source blockchain that allows users to create smart contracts. The platforms native cryptocurrency is Ether. Ethereum is regarded as a Blockchain internet that houses a robust financial system and has also aided several technological advancements in blockchain technology. In terms of market capitalization, it is the second-largest cryptocurrency. You can check Ethereum price in AED to begin investing in UAE, also known as crypto heaven.

Cardano

Charles Hoskinson, a co-founder of Ethereum, began developing the platform in 2015 and unveiled it in 2017. Cardano is a publicly accessible blockchain platform. Its open-source and decentralized, with consensus achieved by proof of stake. It can facilitate peer-to-peer transactions thanks to its built-in cryptocurrency. Cardano is one of the top ten most valuable currencies in market capitalization. You can buy Cardano in the United Arab Emirates from the local crypto exchange.

EOS

The EOS platform was built by Dan Larimer and distributed as open-source software. EOS.IO is a blockchain system based on the cryptocurrency EOS. This smart contract platform claims to be capable of processing millions of transactions per second while obviating transaction fees. In the future, EOS could play a significant role in Defi. It could be your best long-term investment. You can check the EOS price chart on a local crypto exchange.

Tezos

Tezos was first introduced in 2014 by Arthur and Kathleen Breitman, a husband-and-wife duo. Tezos is a decentralized open-source blockchain that may be used to conduct peer-to-peer transactions and serve as a platform for deploying smart contracts. The Tez, abbreviated as XTZ, is the native coin of the Tezos network. The Tezos network uses Proof-of-stake to gain consensus. Tezos has an on-chain governance architecture that allows the protocol to be updated when community members approve upgrade proposals.

Conclusion

So as we all are witnessing, that world is going towards Decentralized systems, so why not invest now? DeFi is getting more and more investors day by day. You could be one of them by investing in any good DeFi project. All the tasks mentioned above are credible and secure, so you must give them a try.

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What is DeFi, and how to Invest in DeFi with the best defi projects? - Crypto Reporter

Three ways the European Union might ruin WhatsApp – The Verge

Today, lets talk about Europes aggressive move to require big online messaging services to be interoperable, and see how WhatsApp is thinking about the contradictory mandates its receiving from regulators.

In Europe, two big ideas currently hold sway among the people regulating technology companies. One is that it should be easier to compete with tech giants, and that a good way to accomplish this is to force their services to play nicely with others. Two is that users data privacy is of paramount concern, and any data sharing between corporations is to be treated with the utmost suspicion.

Its unclear the extent which regulators realize that, in hugely important ways, these ideas are often in conflict. But at the moment they are on an absolute collision course, and it doesnt feel hyperbolic to say that the future of end-to-end encryption hangs in the balance.

I have now written about global threats to encryption enough that I feel like a somewhat tedious party guest, always steering the conversation back to my pet issue no matter what else is happening elsewhere. But the aftermath of Russias invasion of Ukraine, in which Moscow police stopped antiwar protesters and rifled through the messages on their phones, offered only the latest illustration of why it all matters: the ability to communicate privately in a world of ubiquitous expanding surveillance and data retention is of real, practical importance to almost all of us.

On Thursday, European officials reached an agreement on the Digital Markets Act, a landmark piece of legislation that would reshape the ways in which tech giants compete with their rivals. The act applies to what it calls gatekeepers defined as any platform that has a market capitalization of 75 billion, or more than 7.5 billion in European revenue. So: yes to WhatsApp and iMessage; no to Signal and Telegram.

Among many other provisions, the DMA would likely bar Amazon from using data from its third-party sellers to inform its own product development, and require Android to offer users alternatives to Google search and email.

I say likely because the current text of the agreement is not available for public inspection. I never feel more at risk of making an error than I do writing about the European Unions legislative process; the last time I did so I had to publish corrections two days in a row. But my understanding is that what has been agreed upon is essentially a rough framework for the eventual law, and the final text is still forthcoming.

Meanwhile, legislation is now being crafted in working groups; some of the language they are considering is leaking out and being posted to Twitter by various parties. Those leaks, combined with past public statements and previous draft legislation, is how we know anything about Europes plans for messaging apps.

For example, what we know about the DMAs plans for interoperability comes in part from Benedict Evans tweeting language from the draft proposal:

Allow any providers of [messaging apps] upon their request and free of charge to interconnect with the gatekeepers [messaging apps]. Interconnection shall be provided under objectively the same conditions and quality that are available or used by the gatekeeper, its subsidiaries or its partners, thus allowing for a functional interaction with these services, while guaranteeing a high level of security and personal data protection.

Over the weekend, cryptography experts sounded the alarm about this idea, saying that platforms might not be able to do this in a way that leaves messages encrypted. As Alex Stamos of the Stanford Internet Observatory put it to me: Writing the law to say You should allow for total interoperability without creating any privacy or security risks is like just ordering doctors to cure cancer.

The problems are straightforward enough; Corin Faife captured some of them here at The Verge:

Given the need for precise implementation of cryptographic standards, experts say that theres no simple fix that can reconcile security and interoperability for encrypted messaging services. Effectively, there would be no way to fuse together different forms of encryption across apps with different design features, said Steven Bellovin, an acclaimed internet security researcher and professor of computer science at Columbia University.

Trying to reconcile two different cryptographic architectures simply cant be done; one side or the other will have to make major changes, Bellovin said. A design that works only when both parties are online will look very different than one that works with stored messages .... How do you make those two systems interoperate?

Disdain for the new requirements is not universal; Matrix, a nonprofit organization working to build an open-source standard for encrypted communication, published a blog post Friday explaining some possible technical paths forward.

But its clear that, to the extent that there might be a way for services like iMessage and WhatsApp to interoperate and preserve encryption, that way has yet to be invented.

At the very least, it hasnt yet been built.

Owing in large part to the confusion over what exactly is being proposed, platforms have so far had little to say about the DMA and interoperability. (The giants lobbied against the DMA heavily, but apparently without much success.) Apple and Google did not respond to requests for comment from me.

But on Monday afternoon, I spoke to WhatsApp chief Will Cathcart over Zoom. End-to-end encryption has become WhatsApps signature project under Cathcart, both on the product side (it rolled out encrypted backups last fall) and the policy side (fighting an ongoing legal battle to preserve encryption in India).

I asked how he was feeling about the DMA as he understands it so far.

I have a lot of concerns around whether this will break or severely undermine privacy, whether itll break a lot of the safety work weve done that were particularly proud of, and whether itll actually lead to more innovation and competitiveness, Cathcart said.

Its easy to dismiss these concerns as self-interested: of course WhatsApp is going to oppose opening its doors to allow other apps to integrate themselves into its own user experience. But when I pressed Cathcart on WhatsApp on what would be so bad about it, his answers offered plenty of things for regulators and everyday WhatsApp users to worry about.

Among them:

How much of this do European regulators understand?

Its really hard to say without being able to see what they decided, Cathcart said. I dont know. Did they consult extensively with security experts? The reactions from a bunch of security experts that Ive seen suggests that those experts, at least, werent consulted.

Its also worth asking what interoperability will actually do to make the messaging market more competitive. Email is an open, interoperable standard and has been for decades; but today, Apple, Google, and Microsoft own around 90 percent of the market. Meanwhile, the market for messaging apps is much more dynamic even without interoperability: it includes apps from Meta, Telegram, Signal, Snap, and others.

In part thats because companies can add features more quickly when they dont have to create open APIs to support them. Notably, Snap said two years ago that mandated interoperability would be an own goal of huge proportions for regulators, since the end effect would be to ossify the market, foreclosing it to innovative newcomers.

All that said, Im not totally immune to the lure of interoperability. As someone who spends most of my day switching between inboxes, the idea of having fewer places to send and receive messages has clear appeal. And Im open to the idea that upstarts could use access to APIs from iMessage, WhatsApp and the like to put innovations in front of users faster than the typically slower-moving tech giants, and grow more quickly as a result.

But Europes simultaneous push for increased competition and maximum user privacy feel like a clear case of one hand not knowing what the other is doing. The fact of the matter is that almost no one I have read or spoken with believes you can do both, at least not in the way that the EU has proposed. And any solution that materializes may open up worrisome new vulnerabilities around privacy, misinformation, hate speech, and other danger zones.

Regulation is always a matter of attempting to solve old problems without trying to create too many new ones in the process. But doing that successfully requires developing a deep technical understanding of the issues at stake, and discussing them with experts in public. So far, the European Union hasnt shown much evidence of doing either.

For encrypted messaging to have a real future, thats going to have to change, and soon.

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Three ways the European Union might ruin WhatsApp - The Verge

The 5 Best Cyptocurrency Platforms and Exchanges in 2022 – Techpoint Africa

Are you a cryptocurrency enthusiast? Or are you eager to start your cryptocurrency investment journey? So this is your lucky day because we will review the best cryptocurrency platforms.

So far, the number of cryptocurrency platforms that flood the market is overwhelming. Therefore, it can be a stressful experience to look for a platform that works best for you. To settle for a cryptocurrency platform, you must be well informed.

Trading and investing in cryptocurrencies is an obvious risk. But by working with the best platforms, you can greatly reduce the risk. So, before immersing yourself, take your time to learn more about the cryptographic platform. Before entering the best cryptocurrency platforms, lets first review the factors used to evaluate these platforms.

Evaluation criteria

1. Compatible cryptocurrencies

Are you looking for a platform with diversified cryptography to invest and trade? Then, you must know the cryptocurrencies provided by the platform: either Ether, Bitcoin, Dogecoin, Ripple, or Litecoin.

The more cryptocurrencies, the more diversified your portfolio will be. And not only for digital currency, but also for fiat currency and other financial assets.

2. Mandatory rates

Like a bank, cryptographic platforms often make money from exchange rates. So expect to pay some fees to keep your investment or trade going. These rates include inactivity fees, withdrawal fees, deposits, and even CFD trading fees. In addition, some platforms charge fees for any transaction made on the platform.

3. Security measures

A cryptocurrency platform cannot be the best without following crucial security measures. Security measures such as data privacy and fund security. Large cryptocurrency platforms and exchanges are well known for their reputable security measures. These platforms are well aware of the great insecurity posed by the attackers and thats why they work overtime to prevent any case of assaults and robberies.

4. Customer service

Certainly, we cant talk about the best encryption platforms without consulting their customer service. The best platforms have the best customer service that provides outstanding services to their users. These support services can be transactional, technical, or even general crypto subjects. Most of the platforms we review provide you with an email or even a chatbot for customer service.

5. Withdrawal and deposit methods

Platforms must provide the most available transaction methods for transactions. Nowadays, bank transfers and debit/credit cards are becoming obsolete. Therefore, most cryptographic platforms have adopted digital transaction methods.

6 User experience

Another equally important factor is the user experience of a platform. Often, this is a factor that is overlooked and often considered unnecessary. However, a well-designed and easy-to-use platform undoubtedly establishes the right way for your trading sessions. And it applies not only to the desktop interface but also to mobile applications.

So, following the above criteria, lets move on to the best cryptocurrency platforms you should consider.

There is a reason why Coinbase is number one on our list. It is still the oldest cryptocurrency platform on the market after its launch in 2012. And in 2021, it was made public in Nasdaq. At the same time, this platform provides you with more than 50 cryptos for your business experience. More importantly, it comes with a free wallet with private keys to ensure its cryptographic storage.

Coinbase is well known for its above-average transaction fees. You will incur a Coinbase fee and a distribution fee when making transactions.

If youre looking for a Nigerian-based platform with a wide variety of cryptocurrencies that supports mobile transactions Pandar could be the right one for you. It provides its users with almost all the most popular cryptocurrencies to trade and invest in. So far, the platform does not have a minimum deposit, which makes it even better for beginners.

Launched in 2016, Pandar is an easy platform to navigate and work with. That is why it continues to be an accessible platform for both active traders and beginner investors. When it comes to customer service, Pandar does not disappoint. It provides customer service both by phone and email, accessible at any time.

This cryptocurrency platform needs almost no introduction. It is large, and popular in the market right now. Binance provides users with several cryptocurrencies to trade and invest in. To make it convenient for users, Binance has an official Trust Wallet for cryptographic storage. This wallet is a highly qualified free application on the App Store and Google Play Store. And since the wallet is not essential, you can freely use another crypto wallet.

In addition to crypto security, Binance also protects deposits made in US dollars. This money is stored directly in bank accounts in the custody of the FDIC. Even better, if your cash amount is up to $250,000, you get automatic insurance that allows compensation in case of bank failures, theft, brokerage failures, or even unauthorized transactions.

BlockFi is one of the platforms that provide interest for your crypto. In addition, it allows you to save your crypto assets in case you need cash. And how do you do this? BlockFi loans make it possible. It allows a minimum account of $0, which means that you can deposit any trading amount. More importantly, it provides diversified customer support for its customers. Customer service ranges from the phone to email and chatbot. BlockFi charges a margin fee for any operation carried out. In addition, it provides a free withdrawal for cryptocurrencies and stable currencies per month. So, to save money, you can limit your withdrawals to one per month.

In addition, to the crypto features mentioned above, Pandar also offers its users a platform to trade other digital assets like gift cards via mobile app available to Android and iOS users. It has an interface that looks as elegant on the phone as it is on the desktop.

Now that you know the best encryption platforms, you can easily choose the one that best suits your needs. Also, remember that dealing with cryptocurrencies can be risky. So you may eventually want to know more about ways to secure your cryptography.

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The 5 Best Cyptocurrency Platforms and Exchanges in 2022 - Techpoint Africa