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Orbs Launches The TON Verifier To Verify The Ecosystem’s Smart Contracts Code

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Tel Aviv, Israel–(Newsfile Corp. – December 15, 2022) –  

Leading Layer-3 Blockchain Solution Orbs Announces TON Verifier

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The TON Verifier marks a big step in bringing more transparency to the TON chain. Its potential for smart contracts is undisputed, yet users and developers aim for better accountability. Moreover, transparent and verified source code makes assessing the integrity of contracts straightforward.

Decentralized environments like the TON chain thrive on being trustless. However, users must still trust the code they interact with. Verified source code is one way of achieving that goal without friction. Orbs’ TON Verifier is a powerful tool when dealing with financial balances, transactions, accounting, etc.

The potential of smart contracts is very promising, yet humans write the code. A developer might want to change the code once their contract has been used to deposit funds. Another common threat is the backdoor in the contract, enabling culprits to drain the contract and its belongings. Conducting due diligence is paramount for users and developers. With TON Verifier, anyone can match the contract’s source code to the bytecode on-chain.

Through the new tool by Orbs, developers can upload smart contract source code and include a signed proof to ensure it compiles to the on-chain version. Contracts are verified through the app, which compiles and verifies the source.

If everything checks out, the app will receive a BoC, which the user can send to the verifier and sources registries. Should the compilation fail or there is a hash mismatch, users will receive suggestions to acquire the correct hash.

Orbs takes a decentralized approach to ensuring smart contract integrity. With its TEP-91 solution, users don’t need to rely on the Orbs-run backend. Instead, everyone can spin up a verifier, register it to the registry, and assign their backend. All sources are stored through IPFS, with a later migration to TON storage.

The TON Verifier by Orbs is a big step in the right direction to establishing trust and transparency. However, verified source code doesn’t always negate every risk. Users still need to conduct due diligence while analyzing code and its potential implications, regardless of matching on-chain bytecode. To that end, users can flag potentially misleading code to warn others about risks.

Orbs remains committed to the TON network and its future success. The team recently introduced Minter, used to deploy alt-tokens on TON. That project has given birth to nearly 500 tokens, expanding the ecosystem’s growth and appeal. Orbs builds tools to improve transparency and security for developers and users.

About Orbs

Orbs is a public and decentralized blockchain infrastructure operated via a secure network of permissionless validators and the Proof-of-Stake (PoS) consensus mechanism. The platform serves as a decentralized execution layer between existing layer-1 and layer-2 chains and the application layer. By enhancing the capabilities of EVM and non-EVM smart contracts, Orbs powers new use-cases for DeFi, NFTs, GameFi, and other emerging blockchain-based sectors.

About The Open Network (TON)

TON is a third-generation proof-of-stake blockchain designed in 2018 by the Durov brothers, the founders of Telegram Messenger. Later, it was handed over to the open TON Community, which has been supporting and developing it ever since. TON was designed for lightning-fast transactions, and it’s ultra-cheap, user-friendly, and fully operational.

Contact
Ran Hammer
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148162

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Blockchain

Correction: CBiGroup Completes $15M Series A Funding, Focuses on R&D

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correction:-cbigroup-completes-$15m-series-a-funding,-focuses-on-r&d

CBiGroup Completes $15M Series A Funding, Focuses on R&D

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Blockchain

COTI V2 changing private play on blockchain via encrypted circuit

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coti-v2-changing-private-play-on-blockchain-via-encrypted-circuit

COTI V2 is revolutionizing blockchain technology with private play through encrypted circuits, offering enhanced speed and efficiency. Currently, the Genesis builder network is live, and the company is inviting developers to join their program. The network supports private play upgrades for Ethereum.

As a privacy-focused Ethereum layer 2 solution, COTI V2 employs advanced encryption technology and encrypted circuits, enabling operations on all devices without compromising personal data.

The primary goal of COTI V2, as outlined in its whitepaper, is to address private play issues on blockchains. Developers can protect privacy through encrypted circuits. The COTI V2 Devnet provides a user-friendly, connectible EVM space (gcEVM) using the Solidity programming language.

Additionally, the COTI V2 network offers developers tools for privacy play with TypeScript and Python SDKs, along with EVM RPC, documentation, a faucet, an explorer, and Hardhat.

COTI has received positive feedback from Civic, a provider of Web3 identification toolkits.

The COTI Foundation plans to launch a privacy-focused growth fund, the ABC Growth Fund, allocating 400 million COTI tokens to provide real-time privacy services.

Developers using the COTI V2 builder network can explore use cases such as confidential DeFi, private payment transactions, stablecoins and RWAs, on-chain data control, confidential AI and machine learning, and decentralized identity recognition.

According to COTI CEO Shahaf Bar-Geffen, the COTI V2 builder and developer program is now available to the public, inviting developers to join the network.

Source: cryptonewsz.com

The post COTI V2 changing private play on blockchain via encrypted circuit appeared first on HIPTHER Alerts.

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Blockchain

Justin Sun Emphasizes the Importance of User Protection

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Justin Sun, the founder of the Tron Foundation, recently emphasized the critical importance of protecting users in the cryptocurrency sector. Drawing on the experiences of industry leaders like Jack Ma and Changpeng Zhao, Sun argued that prioritizing user safety above the interests of investors, partners, and employees is essential for building trust and ensuring the sector’s long-term sustainability.

He acknowledged that this focus is challenging but necessary for fostering a secure and reliable crypto environment. Sun’s perspective highlights the need for the crypto industry to evolve in a way that prioritizes user interests. He believes that learning from successful leaders can help guide this process. By adopting these principles, the industry can better protect its users and create a more trustworthy ecosystem. Sun’s advocacy for user protection underscores a broader vision of developing a safer, more user-centric cryptocurrency landscape.

His comments reflect a commitment to ensuring that the industry’s growth is not only rapid but also responsible and sustainable. This approach, according to Sun, will ultimately benefit everyone involved in the cryptocurrency space by fostering greater confidence and reliability in digital financial systems.

Source: blockchainreporter.net

The post Justin Sun Emphasizes the Importance of User Protection appeared first on HIPTHER Alerts.

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