EOSIO is a blockchain-based smart contract protocol used to develop and host decentralized applications (DApps). It employs a consensus model called delegated proof-of-stake.

EOS developer Block.one has announced the release of version 2.0 of the EOSIO open source protocol, according to an official press release shared with Cointelegraph on Oct. 8.

Protocol updates: smart contract efficiency and security

According to Block.one’s announcement, the core of EOSIO 2.0 includes various improvements to EOS VM – a high-performance WebAssembly engine specialized for blockchain applications that enables more efficient use of system resources when processing smart contracts.

Block.one claims that the updated EOS VM offers up to a 16x performance gain over EOSIO 1.0, thereby greatly improving smart contract efficiency.

Other major developments include the adoption of WebAuthn authentication standards, allowing to use a hardware device for authenticating and signing transactions in browsers without extensions or extra installed software for EOSIO applications.

This will improve security without users needing to keep track of private keys or other account information, the press release claims.

For the network’s block producers Block.one has also developed what it dubs “weighted threshold multi-signature block production” – a way for them to “securely sign blocks by utilizing a permission layer that allows for multiple block signing keys in a flexible scheme without sharing any sensitive data.”

New developer tools

The release also includes a new web-based development tool dubbed EOSIO Quickstart Web IDE – currently at an alpha support stage – which aims to decrease the complexity and system requirements for building EOS.io applications.

As Cointelegraph reported on Sept. 14, a hacker had allegedly stolen over $110,000 in cryptocurrency through an exploit of EOS gambling game EOSPlay.

Industry developers have subsequently contextualized the hacker’s exploits amid a purportedly wider problem: an inexpensive technique that allegedly allows hackers to “congest” the network – or put it into a low-efficiency mode – with just a few dollars worth of EOS.

Block.one executives have rejected this claim and contended that the network is operating correctly.

Elliptic Raises $23 Million in Funding Round Led by SBI Holdings

Cryptocurrency compliance company Elliptic has raised $23 million in a Series B funding round led by Japanese financial powerhouse SBI Holdings.

Elliptic continues to expand in Asia

According to a press release shared with Cointelegraph on Sept. 3, the funding will be used to support continued expansion into Asia, with new offices opening in Japan and Singapore.

The new investment will purportedly accelerate product development to support asset-backed cryptocurrencies such as Facebook’s Libra, Line Corporation’s LINK and central bank digital currencies.

Founded in 2013, the company was established to support the mainstream adoption of crypto assets. One year later, Elliptic launched the world’s first crypto asset transaction monitoring system, making it possible for businesses to safely engage with the emerging asset class.

Support of SBI Holding is pivotal

Co-founder and CEO of Elliptic James Smith said that the company is pleased to have the support of SBI Holdings, who will play an important role in the expansion into Asia.

Smith added that it no longer makes sense to think of a divide between the crypto economy and the wider financial system. He said:

“Crypto-assets represent new opportunities for financial institutions, and as they move towards addressing these, we are here to support them.”

The representative director president and CEO of Tokyo-based SBI Holdings, Yoshitaka Kitao, echoed similar sentiments by saying that he believes cryptocurrencies will play an increasingly important role in the future of banking.

Cointelegraph reported at the beginning of August that Elliptic released the Elliptic Data Set, which was designed to help users identify illicit transactions, as well as transactions associated with money laundering, sanctions violations or terrorist financing.

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