Chia Network Replaces CAT Tokens to Address Security Vulnerability

Chia Network Replaces CAT Tokens to Address Security Vulnerability

Bram Cohen’s next-generation open-source blockchain and wise deal platform, Chia Network, replaces its CAT1 (chia property tokens) to address security vulnerabilities with the token’s requirement.

According to the article, auditor Trail of Bits discovered vulnerabilities in the token which led the Chia group to discover the security defect in the CAT1 property token requirement.

Chia validated that this problem has actually not been made use of, and the group is continuing to keep track of the chain. But they figured out that the security vulnerability is serious adequate to warrant moving from CAT1 to CAT2.

This upgrade is expected to repair the vulnerability, shut down CAT1, and enable the issuance of CAT1 coins as CAT2.

CAT1 will be formally EOL and changed by CAT2 on Tuesday, July 26 around 10 am PDT after a block height of 2,311,760. Version 1.5.0 will be readily available for download, consisting of the updated wallet to assistance CAT2.

For CAT companies to reissue their Felines to holders, the EOL turning point will be utilized as a guide.

Stably USD will reissue the exact same 1000 USDS worth to the holder as a CAT2 property, for example, if the holder had 1000 USDS in their wallet at the EOL block height.

A CAT2 token of the exact same type and worth will be utilized in location of each CAT1 coin that a user had at the time of the EOL block.

If the exact same user-traded a few of their 1000 CAT1 USDS for another property after the EOL turning point, they would still just get the 1000 USDS in CAT2 worth.

The CAT requirement has actually been upgraded to repair a bug that just affects CAT1 tokens. The XCH, NFTs, and blockchain are untouched while doing so.

The network recommends downloading variation 1.5.0 for anybody holding Felines consisting of USDS, as the wallet will no longer reveal CAT1 balances due to the upgrade.

Chia is prompting the users to upgrade to variation 1.5.0 prior to making or accepting Chia Offers of XCH for CAT1 or trading NFTs for Felines, as any CAT1 deals made or accepted after EOL will not stand for reissuance.

After the block height EOL, if the user makes or accepts a trade deal for CAT1 tokens, their XCH funds will be lost and the CAT1 properties they get will not be updated to CAT2.

“End users should be made ‘whole’ on the CAT1 holdings,” Chia Network kept in mind in a declaration that will be readily available on the Chia blog site.

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Compiled by Coinbold.

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