Blockchain and smart transaction platform known for its energy efficiency Chia Network, To address the vulnerability found after an outside auditor identified potential weaknesses with the token standard, Chia will replace asset tokens (CATs) with a new token.
Chia will stop the token it calls CAT1 after block height 2,311,760 on July 26 and will start supporting its reissue as CAT2.
Chia Altcoin Announces Identification of Weaknesses in Blockchain Network
Cryptocurrency Chia, the company of BitTorrent co-founder Bram Cohen, said it was investigating the issue further after the controller named Trail of Bits discovered potential weaknesses in the Blockchain network. The company stated that although investors’ CAT assets are safe, it was decided to switch to the CAT2 system due to a risky area.
Paul Hainsworth, Chia’s vice president of products, said:
“It took quite a bit of research to reach a high degree of conviction that this wasn’t just a gimmick vulnerability. This is a serious vulnerability. We need to deprecate CAT1, update it, and upgrade everyone to CAT2.”
Hainsworth added that shortly after Trail of Bits voiced his concerns, the firm installed a 24-hour monitor to make sure no one’s CAT assets were compromised.
Many Blockchain protocols hire auditors to investigate their weaknesses, but reissues of tokens rarely happen. Hainsworth said that as a “business and enterprise-focused Blockchain,” the company makes security issues a priority and conducts regular audits for new releases.
Chia signed on with Trail of Bits, a reputable security audit firm, in December, a month before CAT’s launch.
*Not investment advice.